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April 12, 2006

2 Wall Street Employees Charged With Insider Trading

In light of UIUC's new Center for Professional Responsibilities, this article from NYT seemed timely:

By JENNY ANDERSON
Published: April 12, 2006
Ever since Michael Douglas declared that "greed is good" in the 1987 movie "Wall Street," the character he played, Gordon Gekko, has been the face of insider trading on Wall Street.

But it was $2 million in profits made by a 63-year-old retired seamstress in Croatia that tipped off the Securities and Exchange Commission about an ambitious and unusually creative insider trading ring, investigators say. That lead culminated in the arrests yesterday of two junior-level employees at Goldman Sachs and Merrill Lynch.

LINK (free, but must be signed up)

Posted by Becky at April 12, 2006 11:46 AM Posted to Ethics | Investments/Finance