Specialist Fines!

J

jimmyz

From Briefing.com this morning...

Just a slap on the wrist for these guys and now its back to business as usual!

08:53 NYSE traders tentatively agreed to pay $240 mln - WSJ

The Wall Street Journal reports the NYSE's five largest floor-trading firms tentatively agreed to pay a total of about $240 mln to settle civil charges that they stepped ahead of customer orders that came to the Big Board. As part of the preliminary accord, the specialists would pay a total of about $155 mln in disgorgement of ill-gotten gains to investors; the firms also would pay penalties of about $85 mln, the person familiar with the matter said. The firms that have tentatively agreed to a settlement are Bear Stearns Cos.' Bear Wagner Specialists; Goldman Sachs Group Inc.'s Spear, Leeds & Kellogg; LaBranche & Co.; Van Der Moolen Holding NV's Van Der Moolen Specialists USA; and FleetBoston Financial Corp.'s Fleet Specialist unit.


So...we agree that this happened but now how can the NYSE assure that this is not happeing now?
 
Quote from Durango Kid:

A small consolation for what they stole from us by jumping in front of our orders.
More...

In fact, why should those thieves not go to jail? :mad:
They even threaten good ole Martha with it.
 
And of course, if the settlement is accepted by the regulators, the SEC would refrain from filing suit against the five largest dealers on the NYSE . . . How convenient!

Thank God that Calpers is still filing suit against them for improper trading.
 
You are playing right into their hands and you dont even realize it ...... LMFAO and sad all at once ...... think about it for a minute in terms of who why and when and it all becomes very clear
 
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