Insider trading crackdown nabs 40 and counting

Insider trading crackdown nabs 40 and counting

money.cnn.com

NEW YORK (CNNMoney) -- In the nearly two years since the government began cracking down on insider trading, federal prosecutors have charged and convicted dozens of people in several overlapping cases.

The sweeping probe has resulted in criminal charges against 49 individuals and has yielded 40 convictions since August 2009, according to the U.S. Attorney's Office in Manhattan.

(visit the link for the full news article)

This makes me HAPPY. It's about time these criminals were held accountable....past time. WAY past time.

"The sheer number of people that have been charged and convicted in all these cases is stunning," said Jonathan New, a former federal prosecutor in the Southern District of New York, who is now at Baker Hostetler.

In addition to its size and scope, the investigation has been remarkable for its use of wire taps and cooperating witnesses.

These tactics, normally used to fight organized crime and drug cartels, have helped prosecutors connect individual defendants to a broad network of insider trading, said John Coffee, a professor of securities law at Columbia University.

But, they ARE organized crime and cartels. Money cartels.

There were numerous articles earlier this week about banker's woes, and one said Jamie Dimon (even typing his name makes me irate) is whining that the new regulations are hurting banks...meanwhile he was paid 10s of Millions of dollars last year.

Then there was an article about people staying in their homes rather than leaving when foreclosed. From sea to shining sea, they are refusing. And I say more power to 'em...

And also today,
money.cnn.com...

Treasury punishes top servicers for failing troubled homeowners

NEW YORK (CNNMoney) -- Three top mortgage servicers are finally being taken to the woodshed by the Obama administration.

Federal officials say these banks are doing such a bad job at foreclosure prevention that the government will stop paying them for modifying delinquent loans.

The Treasury Department announced on Thursday that it will withhold incentive payments to Bank of America (BAC, Fortune 500), J.P. Morgan Chase (JPM, Fortune 500) and Wells Fargo (WFC, Fortune 500) until they substantially improve their performance in the federal Home Affordablle Modification Program, known as HAMP.

tee hee....!!
Cool. It's about time the SHTF for these sociopaths. And if you look at the article here...
money.cnn.com...

Squatter Nation: 5 years with no mortgage payment

you'll learn how many people are doing just that, and are rethinking the "principles" of "doing the right thing."

I agree with that idea. When we are taught to live up to our obligations, to make good on our debts and responsibilities, the vast majority of us make every effort to do so. We feel BAD if we don't. There used to be a horrible stigma for deadbeats and charge-off creditors...but that's changing.

And I think it's perfectly fair. The criminals who have been scamming secretly to get ultra-rich while heartlessly destroying people's lives and futures and then laughing about it are beling called out.

And what did they expect? That the people they've misled will just say "oh, that's okay. I'll still be honest and hold up my end of the bargain." Uh, NO.

What do you think, ATS?
[

money.cnn.com
(visit the link for the full news article)

so why is George Soros still running loose?
He's one of the biggest there is.

Not to mention he was already convicted of
the same offense in France.

reply to post by wildtimes


Only 40??

Tell em to check current and past politicians..
They'll nab 40 a day easy..

Originally posted by backinblack
reply to post by wildtimes

 

Only 40??
Tell em to check current and past politicians..
They'll nab 40 a day easy..

just so you know,
congressmen are immune to
insider trading laws.
look it up for urself.

I know, guys, "only 40" and Soros still loose. But this SEEMS it might be the beginning of a domino effect. I hope. They'll get more and more info out of these criminals in plea bargains, immunity offers and the like, and bring the whole system to a screeching halt, if they do it right.

I'm glad that it's not up to Congress, but the Justice dept (isn't it?). Congress in and of itself is being exposed as including plenty of depraved and unworthy persons.

It's better "only 49" than "only Madoff". It's a start....

reply to post by boondock-saint


I knew that..
Doesn't mean they don't do it...

Maybe someone should point out how often they do,
but then that's probably against the law..

Originally posted by wildtimes
I know, guys, "only 40" and Soros still loose. But this SEEMS it might
be the beginning of a domino effect. I hope.

I don't think we see this the same way.

I see this whole crackdown as a turf war
on Wall Street. Soros is eliminating his
competition so he is free to manipulate
without outside interference.

Once he gains total control of Wall Street
then he can crash it at will to implement
NWO.

Wow, something is actually being done to fight corruption! In the grand picture this probably isn't 'huge' but at least it shows that something is being done to thwart some of those responsible for many of the financial woes of America.

I wonder how high up this will reach. To the very top I hope. lol (I can hope right?)

Thanks for the post OP!

I hope that this isn't just a show being staged to quell the rising tides of people who are fed up with all the BS that is running rampant in the financial circles.

SnF

-AS-

boon, it may be only a turf war, but it feels to me, as a mortgage holder in perfect standing but having to use savings to do it, and a victim of one of these sociopath regular citizens who RUINED my credit rating by defaulting on his court-ordered payment of debt we had together when we divorced, and a person within 15 years of retirement age (hah!) like it's good.

Being taken advantage of is awful. And the turf in this case is our entire nation, not just Wall Street. People are thrown out of their homes, left on the streets or to the mercy of friends and family, while these cats just grin and look out over Central Park. It's sickening.

Thanks for S&Fs, team ATS...

Originally posted by backinblack
reply to post by boondock-saint

 

I knew that..
Doesn't mean they don't do it...

Of course they do it.
They create the laws which affects
companies they own stock in.
So they can raise the stock prices
when they want, making millions.
They abuse their political position
to make them rich.

This is how Newt Gingrich's wife
can have a half million dollar account
at Macy's which Newt doesn't make
half that much in congress.

His expenses are more than his
intake. That is political corruption.
he makes up the difference with
his illegal insider trading deals.

I can't help but wonder if this isn't just a show to quell the rising tides of people who are fed up with all the BS that is running rampant in the financial circles.

AeonStorm, I hope not, too, but it sure makes me feel less guilty about not being able to line their pockets the way they'd prefer me too. So, even if it's only psychological, it takes the strain away to some degree. I'm not a loser and I have a lot to lose if the corruption isn't rooted out...

Boon and Black, as for Newt (who I loathe also), and the politicians, WHY are they immune? That should be changed. And lobbyists should be prohibited from using MONEY to buy their support. That's money that could be feeding the hungry, paying teachers, rehabilitating distressed property, etc.

just so ya know:

the Dow Jones is currently
dropped by 148 points.

Maybe some are running scared
and pulling out their dough.

reply to post by wildtimes

Boon and Black, as for Newt (who I loathe also), and the politicians, WHY are they immune? That should be changed. And lobbyists should be prohibited to use MONEY to buy favors. That's money that could be feeding the hungry, paying teachers, rehabilitating distressed property, etc.

They're immune because Americans are too busy watching Idol and Superbowl..
Why aren't there protests in the streets about it???

How horrible there are 40 patsies, who have been pinned.
When will the "authorities" get to the criminal masterminds?
All I am seeing is theatre for the masses.
Now the sheep are thinking, "Whew I'm glad that's over! No more insider trading and we're all safe now".

I will believe this is a true crackdown
only after Soros is indicted.

Until then, it's political theater

Oh, trust me, I know. My spouse just had to cash in a portion of his retirement so we stay afloat. And i'm glad he did. I just wish he could stash it under the mattress instead of trusting it to a bank....

I also know the dollar's frailty, and pay attention to the markets. With all the stuff about there being no gold to bak up the fiat system at all, and related panic going on (I read the thread yesterday about whether the gold is at the Fed or at Ft Knox), and a link in that thread to a story that China wanted delivery of some of its gold notes, and got the gold-painted stuff, yeah...it's troubling.

It's all just ink on paper, as I've said before, and there is NOT enough gold in the WORLD to back all the currencies, or to deliver to all of the people who hold "notes" that say they own it. It's just not there.

If everyone made a run on their banks to withdraw their accounts in full, the banks would ALL fall, and they CERTAINLY don't have gold. The banks only have 10-15% in CASH (fiat) for every deposit. China just recently upped their banks' required cash-on-hand to 20% (I can see if I can find that article from a few weeks ago)...

So...this means either gold and silver are undervalued, or the balance sheets, when everyone tries to cash in their "notes", are going to go up in flames. People who have huge wealth only have it on PAPER. When the market crashes and all those numbers go to zero and negative...it's what you OWN PHYSICALLY that is going to matter. House, vehicle, books, food, water, etc. The things necessary for survival.

reply to post by backinblack


People have become WAY to apathetic. I gather this is the same reason why there is a lack of anti-war protesters (as AshleyD pointed out).

This probably has much to do with the size, scope, and length of time of these problems as well as the fact that yes, it's just easier to ignore it all and turn on American Idol.

At some point though, as things worsen, more and more will stand up, take notice, and perhaps even act.

-AS-

Originally posted by boondock-saint
I will believe this is a true crackdown
only after Soros is indicted.

Until then, it's political theater

There's many more big fish than Soros Boon...

It should be a law that if you are
a congressman then you are not
allowed to own publicly traded
stock. Nor receive dividends of
being in their employ.

good luck getting that law passed