SEC Probing Trades Before S&P Downgrade of U.S.: Report

[deminks]

Source: International Business Times

Securities regulators have sent subpoenas to hedge funds and other trading firms in a probe of possible insider trading before the U.S. government's long-term credit rating was cut last month, the Wall Street Journal said, citing people familiar with the matter.

Securities and Exchange Commission officials demanded more information about specific trades made shortly before Standard & Poor's downgraded the country's rating to AA-plus from AAA on Aug. 5, the paper said.

SEC officials are zeroing in on firms that bet the stock market would tumble, the Journal said.

It is unclear which investment firms are being investigated, but the subpoenas are unusually broad, seeking information about why certain trades were made, a person told the Journal. An SEC spokesman declined to comment to the Journal.

Read more: http://www.ibtimes.com/articles/216581/20110920/sec-probing-trades-before-s-p-downgrade-of-u-s-report.htm

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American Corporatocracy - Y U No Bet for America?


#ourwallstreet

[SpiralHawk]

1. Betting against America? WTF? How Republicon can you get...

NO wonder the Republicons are so damn determined to eliminate any regulation whatsoever on Wall Street. They want to continue doing this shit...

Foul. Exceedingly foul (R).

[RKP5637]

2. Well, this pretty well underscores that wall street doesn't give a F about America. n/t

[babylonsister]

3. Excellent. Rec'd. nt

[leftyohiolib]

4. "It is unclear which investment firms are being investigated"

why arent we being told?

[Moostache]

6. You don't know how much I hope it turns out to be Cantor...

That fucking piece of shit, who OPENLY held positions that would benefit from American debt downgrade or default, should be tried for treason.

[beac]

9. I DO know how much and I share your hope. Cantor belongs in prison. n/t

[Bluestar]

5. I knew it! Bastards! n/t

[Tippy]

7. K&R.......

[DonCoquixote]

8. To quote Alexander Pope

"when treason doth prosper, none dare call it treason."