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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.
"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.
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.
Squatter Nation: 5 years with no mortgage payment
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.
Originally posted by backinblack
reply to post by boondock-saint
I knew that..
Doesn't mean they don't do it...
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.
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.
Originally posted by boondock-saint
I will believe this is a true crackdown
only after Soros is indicted.
Until then, it's political theater