This page contains a single entry from the blog posted on November 20, 2010 2:38 PM. The previous post in this blog was For your reference library. The next post in this blog is Something for the Urban Survivalists to look forward to. Many more can be found on the main index page or by looking through the archives.

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Saturday, November 20, 2010

Impending insider trading bust has Portland connection

A couple of readers have alerted us to this story.

Comments (2)

"Goldman Sachs is among the firms under scrutiny, according to a person briefed on the investigation who was not authorized to discuss the matter publicly. The person said the inquiry involved several low-level Goldman employees, not executives."

Just another futile exercise involving "low-level Goldman employees?" Just another gnat for GS (and other "too-bigs?") to swat?

Still waiting for an explicit mention of local players among the prominent miscreants in this investigation:

"A telephone call between a financial adviser in Beverly Hills and a trader in New York was all it took to fleece taxpayers on a water-and-sewer financing deal in West Virginia. The secret conversation was part of a conspiracy stretching across the U.S. by Wall Street banks in the $2.8 trillion municipal bond market."


"West Virginia was just one stop in a nationwide conspiracy in which financial advisers to municipalities colluded with Bank of America Corp., Citigroup Inc., JPMorgan Chase & Co., Lehman Brothers Holdings Inc., Wachovia Corp. and 11 other banks.

They rigged bids on auctions for so-called guaranteed investment contracts, known as GICs, according to a Justice Department list that was filed in U.S. District Court in Manhattan on March 24 and then put under seal. Those contracts hold tens of billions of taxpayer dollars."


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