"Federal authorities, capping a three-year investigation, are preparing insider-trading charges that could ensnare consultants, investment bankers, hedge-fund and mutual-fund traders and analysts across the nation, according to people familiar with the matter.
The criminal and civil probes, which authorities say could eclipse the impact on the financial industry of any previous such investigation, are examining whether multiple insider-trading rings reaped illegal profits totaling tens of millions of dollars, the people say. Some charges could be brought before year-end, they say.
The investigations, if they bear fruit, have the potential to expose a culture of pervasive insider trading in U.S. financial markets, including new ways non-public information is passed to traders through experts tied to specific industries or companies, federal authorities say.
One focus of the criminal investigation is examining whether nonpublic information was passed along by independent analysts and consultants who work for companies that provide 'expert network' services to hedge funds and mutual funds. These companies set up meetings and calls with current and former managers from hundreds of companies for traders seeking an investing edge."
You would think that after all that has happened recently, these guys would figure out how to behave. At least they could learn how to behave in the highly regulated environment where they choose to work. Without looking at the additional information I can guess that many of the acts that resulted in charges were things no reasonable person would consider "insider trading." I can also guess that enough of it was true, illegal insider trading.
In general, I still view the US government's enactment and enforcement of 'insider trading' as a sham. Doing thorough research should not be punished. Neither should cutting beneficial deals with your fellow business people.
Representative Charles Rangel (D-NY) whines in his ethics hearing about not having a lawyer and walks out.Video here (not embeddable at this writing).
Transcript excerpt via CSPAN, its entirety at the above link. Speaker identification by me.:
Unidentified Speaker IF I MAY INTERRUPT, MR. RANGEL, JUST TO CLARIFY THIS. THERE IS -- WE WERE NOTICED, AS WERE YOU, OF THIS MOTION. I WOULD LIKE TO MAKE CLEAR, HOWEVER, THAT...
Unidentified Speaker (Rangel) I APPRECIATE THE -- WOULD THAT INCLUDE THE RIGHT FOR ME TO HAVE A LAWYER? Unidentified Speaker
YOU MAY HIRE WHOEVER YOU WISH AS A LAWYER. THAT IS UP TO YOU.
Unidentified Speaker (Rangel) WELL, ALL I'M -- YOU'VE SEEN THE RECORD. $2 MILLION ALREADY. AND I'VE BEEN ADVISED THIS HEARING COULD COST ME ANOTHER MILLION. YOU'VE OFFERED ME THE OPPORTUNITY...
Unidentified Speaker THANK YOU --
Unidentified Speaker (Rangel) -- OBJECT TO JUST THE PROCEDURE. I DID NOT KNOW UNTIL A WEEK AGO THAT THIS 80 PAGE WOULD BE THE WAY YOU INTENDED TO JUDGE MY CONDUCT. A WEEK AGO. SO I...
Unidentified Speaker IF YOU -- IF I MAY, MR. RANGEL, IF YOU COULD BE SEATED, THE -- FOR CLARIFICATION, THE RESPONDENT HAS INQUIRED OF THE COMMITTEE WHETHER A FUND COULD BE...
Unidentified Speaker (Rangel) ALL I ASK -- I AGREE WITH YOU 100%, MADAME CHAIR. ALL I'M ASKING FOR IS THE TIME TO GET COUNSEL. I HAVE LAWYERS FROM WASHINGTON, D.C., AND NEW YORK WHO...
Unidentified Speaker I GATHER THAT YOU DO NOT OBJECT TO THE ADMISSION OF THE EVIDENCE THAT HAS BEEN PROFFERED BY COMMITTEE COUNSEL AND THEREFORE --
Unidentified Speaker (Rangel) I OBJECT TO THE PROCEEDING, AND I, WITH ALL DUE RESPECT, SINCE I DON'T HAVE COUNSEL TO ADVISE ME, I'M GOING TO HAVE TO EXCUSE MYSELF FROM THESE PROCEEDINGS...
Unidentified Speaker MADAME CHAIR, BEFORE THE RESPONDENT LEAVES MAY I ASK THE CHAIR AN ADDITIONAL QUESTION?
Unidentified Speaker CERTAINLY.
Unidentified Speaker EVEN THOUGH THE RESPONDENT DID NOT SPECIFICALLY MAKE A MOTION TO CONTINUE THIS HEARING, I DEEM HIS COMMENTS TO BE A MOTION TO CONTINUE. AND I WOULD LIKE...
Unidentified Speaker THAT IS A REQUEST BY ONE MEMBER TO HAVE A DISCUSSION ON THE, WELL, YOUR MOTION TO --
Unidentified Speaker I'LL MAKE A MOTION TO CONTINUE THE MATTER.
Unidentified Speaker TO CONTINUE THE MATTER.
Unidentified Speaker SESSION. WE TAKE IT UP IN EXECUTIVE
Unidentified Speaker WE WILL GO INTO OUR CLOSED SESSION AND HAVE A BRIEF DISCUSSION AND THEN WE WILL RETURN.
Unidentified Speaker WAS THERE A SECOND --
Unidentified Speaker YES, THERE WAS.
Unidentified Speaker MOTION. THERE WAS A SECOND TO THE ALL RIGHT.
The gentleman later left the chamber, walking out on his own hearing. Sorry Charlie, not original. Howard Hughes did the same thing long before you, although you may have been representing Harlem then, and he knew enough to bring a lawyer. I find it amazing that he fired his legal team a few days ago and now claims he is being denied legal representation. No free lawyers offering their services to you Chuck?
"The administration has concluded that it cannot put Mohammed on trial in federal court because of the opposition of lawmakers in Congress and in New York. There is also little internal support for resurrecting a military prosecution at Guantanamo Bay, Cuba. The latter option would alienate liberal supporters.
The administration asserts that it can hold Mohammed and other al-Qaeda operatives under the laws of war, a principle that has been upheld by the courts when Guantanamo Bay detainees have challenged their detention."
Why even go through the show of saying you are going to have a trial, then saying even if found not guilty KSM can still be held in jail. In this story I am amazed again. This time with this administration admitting that their approach to this terrorist is entirely political. That has been their and the Clinton administration approach to terrorism the whole time.
Got some more pictures around noon today. The plan is to get some video later. All of the stills can be found in high definition and mapped on my Paroramio page and all of my videos can be found on my YouTube channel.
