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Whistleblower exposes insider trading program at JP Morgan

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posted on Mar, 17 2009 @ 06:20 AM
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Whistleblower exposes insider trading program at JP Morgan


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A confidential memo obtained by Wikileaks shows that not only has the U.S. Securities and Exchange Commission created an insider trading loophole big enough to drive a truck through, but that Wall Street is taking full advantage of it, establishing 'how-to' programs and even client service divisions to help well-heeled clients circumvent insider trading regulations.

Most of us think of insider trading as illegal. It allows those with inside knowledge to tilt the playing field, with the small investors invariably losing to the privileged few. Unfortunately for the small investor, the big boys get to play by different rules, and it has all been made legal, thanks to the SEC.

(visit the link for the full news article)




posted on Mar, 17 2009 @ 06:20 AM
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Given the current ecomonic scenario in the US, I feel this act of some greedy wealthy Wall Street executives is nothing short of shameful.

Why doesnt Obama breathe down their necks like he did with AIG?

Insider trading is nothing new to the US and has been happening inspite of sophisticated technology developed by the SEC. What is worse that everyone seems to have his share of the pie.

Guess those who want to indulge in it will keep inventing new ways to hoodwink the common man, the retail investor and the regulators

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(visit the link for the full news article)



posted on Mar, 17 2009 @ 06:29 AM
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I remember reading a report, maybe 3 or 4 years ago, pointing out how well the stock portfolios of members of congress perform versus the portfolios of the ordinary man in the street.
Needless to say, when they are constantly talking to the lobbyists, making rules that will affect stock prices etc, they will always have an insider advantage over everyone else. That is one of the things that makes the whole current system of government so corrupt.

I have suggested before that all politicians, from local all the way to national, either relinquish all such investments on taking office, or they simply do not get to serve. That way we remove the temptation to enrich themselves using insider knowledge and remain a neutral party to any discussions affecting trade and finance.



posted on Mar, 17 2009 @ 06:35 AM
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Here is the link to the actual memo. It is a pdf file

memo

The "insider training' part comes from the PrlSM section of the document



posted on Mar, 17 2009 @ 06:37 AM
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this is, actually, one year old story

gawker.com...



posted on Mar, 17 2009 @ 07:40 AM
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I guess the big boys can get away with this while Martha Stewart ended up in Federal Prison.

Whether it is a year old or not, there is no surprise in this one!



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