Friday, May 15, 2009

The Debts of the Spenders: Allegations of SEC Insider Trading Surface

Do as I say. Not do as I do. Hey, if Henry Paulson and other esteemed leaders can do it then why not lower ranked functionaries?


Two attorneys for the Securities and Exchange Commission are under criminal investigation by the Federal Bureau of Investigation for allegedly trading stocks on insider information, CBS News reported Thursday on its Web site, citing an SEC inspector general report. The attorneys were not identified by name, but one, a man, was described as working in the agency's chief counsel office. The second, a woman, works in the enforcement division.

Both, according to CBS, traded stock in a large financial services company despite being told by another SEC employee of investigations into the company. The attorneys have denied any wrongdoing. The SEC, in a statement, said the its inspector general's report does not accuse any SEC employee of insider trading or conclude that any such activity took place, but that the agency has been taking steps to protect against improper conduct.

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