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Everybody on Wall Street to be named in insider trading probe

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November 22, 2010 – Comments (9) | RELATED TICKERS: GS , JPM , C

Story and video here

Indictments and significant penalties may be coming, except for Goldman Sachs and J.P. Morgan, and any other ridiculously well connected banks. If public outrage is unusually inflamed, expect a slap on the wrist for GS and JPM. If no letters are written or phone calls made to congress, don't hold your breath.

9 Comments – Post Your Own

#1) On November 22, 2010 at 2:35 PM, alstry (35.99) wrote:

What is the Big Deal.....High Frequency Trading computers have been front running for years.......

and nobody says a thing....

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#2) On November 22, 2010 at 2:53 PM, Mary953 (78.91) wrote:

If anyone in CAPS is indicted, please send word and we will all write letters protesting....

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#3) On November 22, 2010 at 2:55 PM, BillyTG (29.11) wrote:

I'm not holding my breath.  My fellow Americans don't give a F@$% about justice or anything but themselves.  It takes LITERALLY a government employee FONDLING their balls to make them act.  If our little worlds aren't directly and flagarantly negatively impacted, then we don't care.  Like Charles Hugh Smith says, social entitlements are "low cost rebellion reduction programs."  The lie will keep going until it can't go any more.

Ok, rant over. I know some people out there (maybe 1-2%?) actually care enough to email a congressman, or to peacefully protest by walking out of the airport if illegally searched, or to withdraw money from the system.

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#4) On November 22, 2010 at 2:57 PM, Mary953 (78.91) wrote:

I know.  That was not at all nice, was it?  Sorry, guys.  I actually get rather nervous about the idea of the government disciplining anyone in the private sector.  I am enough of a cynic to think that it is mostly show to distract us from what the government is doing - especially when it is announced ahead of time.

 

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#5) On November 22, 2010 at 3:04 PM, truthisntstupid (92.30) wrote:

I'll never fly unless they make everone bend over & spread their cheeks.  And then probably not.

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#6) On November 22, 2010 at 3:07 PM, Mary953 (78.91) wrote:

Billy, We cross posted, but you made my point better than I would or could have.  My CAPS score nose-dived out of the high 90's because when the banks were shown to be - less than honest (?), I red-thumbed the bunch of them.  If they were so badly run that they needed bailouts, then surely they would be dropping in share price, right?

I have learned not to invest in anything I don't understand.  I have also learned NOT to invest on principal.  If it is morally abhorent to me, find another place for my money.  There are plenty of other investment options.  Happily, I don't know how to short or do anything other than the straight buy/sell, so the only place I lost big was in CAPS.  In July, I would have been one of that 1-2%.  Now I am smarter about the investment world.  I am not sure whether to be glad of that or not.

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#7) On November 23, 2010 at 10:44 AM, outoffocus (23.17) wrote:

I have learned not to invest in anything I don't understand.

Thats probably the biggest lesson I learned from CAPS.  Thats why I don't really care about score.  I learned more by screwing up my score than most of the people on here who brag about theirs.   Talk about me all you want, its better I screw up in CAPS than in real life.

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#8) On November 23, 2010 at 11:15 AM, Mary953 (78.91) wrote:

I remember when you were below 20 and absolutely determined to slowly work your way out by sticking to a sane investing plan.  That memory and the fact that you continue to rise in the ranks is what I cling to now.  You are another one that I am grateful to for showing me wisdom and true character.  I refuse to abandon this persona, using you as my 'focus.'

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#9) On November 23, 2010 at 12:26 PM, truthisntstupid (92.30) wrote:

Good for you two!  I did finally read how score, accuracy, and rating is figured in the wee hours of this morning.  I know now how make my rating better.  But I still don't care and I still won't close any long-term picks just to have a higher number by my name.

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