A HEDGE-FUND MANAGER arranged with mutual-fund firms to improperly trade f

[Nottingham]

http://online.wsj.com/public/us



reaping millions of dollars in profits at the expense of other investors, New York Attorney General Spitzer alleged. Canary's Edward Stern agreed to pay $40 million to settle charges. Spitzer said action against the fund firms is "almost certain."



more...

Why is that a Democratic NY Attorney General Spitzer with like 8 employees can prosecute Merril Lynch and all these big Corporations for Billions and yet the SEC with a staff of 1000's can't!

Whats WRONG with the SEC!

:bounce:

[nothingshocksmeanymore]

1. I was thinking about that too.

I hope any Dem admin makes Spitzer the atty general..or better yet..hehe..let him chair the SEC.

[Nottingham]

3. Spitzer for SEC Chairman! Hope Democratic Candidate for Prez

Picks him!

I'm truly amazed at this man! He has found the most Corrupt Fraud Stealing in Money Funds in the Decade!

:bounce:

[nothingshocksmeanymore]

4. He is impressive.

Reminds me of a modern day Roosevelt (Franklin)

[aquart]

2. SEC? What can it be? Why won't they prosecute?

Is his name George?

[Tandalayo_Scheisskopf]

5. As long as the maladministration...

Continues to hamstring the SEC and allow business and financial corruption to go unchecked, hundreds of billions of dollars in foriegn investment capital will NOT be placed in the US. Thus spavening any economic recovery.

You can take that to the bank.

[cthrumatrix]

6. Good work by Spitzer...they'll fry the funds...but didn't prosecute others

This is great investigative work...Lord knows the sec should have been all over this and alot of other crap that Spitzer revealed earlier.

The sad truth is many deals were cut with the investment houses when their "shams" were brought into the spotlight. You don't see the names of JP Morgan who aided Enron or the darling analysts who were part of the "bubble mania cheerleading" brought to task. They all cut their deals...

But the funds....let's get them. I hope the fund mgrs. turn on them and start "squealing" by naming names of the "big boys".

[Turley]

7. That's easy

The SEC can't prosecute anyone. It has only civil enforcement authority. Only the courts can prosecute. The $1.5Bn settlement from Wall Street firms for the analysts scandals was the joint work of the NY AG and the SEC. Nearly all prosecutions for securities fraud are a result of SEC cooperation with the courts.

[indepat]

8. What;s wrong with the SEC is but the tip of the iceburg: politicalization

of the entire Federal government.