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From the film "Wall Street":
INT. ROGER BARNES' OFFICE - DAYBud enters, preoccupied. Barnes is nervous.
BUD
So what's the problem?ROGER
(whispers)
...got a strange call from the SEC.
They asked to see my records...
Bud, this is a heavy...BUD
(shrugs)
....Relax Roget
(French pronunciation)
You're 82M in the account numbers
and I'm the Invisible Man...
they're always looking for red
flags, Gekko's always getting
checked by them, they never come up
with anything... we're invulnerable
on this...ROGER
Alright... I just wanna slow down
Bud... no more calls for awhile, no
lunches... we suspend our business,
alright...
From the NYT:
Federal prosecutors charged 14 hedge fund employees, lawyers and other investors with trading on insider information on Thursday, in a series of criminal complaints that all appear to be connected to charges already filed against the hedge fund billionaire Raj Rajaratnam.The broadest of the complaints names seven defendants, including Arthur J. Cutillo, a lawyer at the prestigious firm of Ropes & Gray, who is accused of offering tips on impending takeovers that the firm worked on. The tips were then passed among a group of lawyers and traders who, in the hopes of avoiding detection, used prepaid cellphones, referred to stocks by fake names and met in cars. Some members of the ring were paid off in cash, according to the complaint.
Mark Lacter created the LA Biz Observed blog in 2006. He posted
until the day before his death on Nov. 13, 2013.