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April 11, 2006
BusinessWeek's Latest Insider Trading Scandal
For the second time in memory people have now been nailed for running insider trading rings around Gene Marcial's "Inside Wall Street" column in BusinessWeek. Once again, people "infiltrated" the printing plant where the magazine was bound, and then leaked company names to outsiders who profited from the information by front-running the news.
The actual SEC complaint, released this morning, is particularly entertaining reading. It includes discusson of the roles of Merrill and Goldman employees, plus that of a retired Croatian seamstress, and let's not forget "The Direktanlage Traders" (which reminds me more of a German oompah band than stock tippees).
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