are there more crooks on Wall St.

Biggy · 01-25-2005

I say yes, I feel like every week I'm reading about big banks paying fines and settling out of court.

"Goldman Sachs Group Inc. and Morgan Stanley will each pay $40 million to settle civil allegations by the U.S. Securities and Exchange Commission that they improperly induced customers to bid up stock in exchange for granting the customers hot tech IPO allocations, people familiar with the matter said.

A settlement in the long-running case is expected to be announced as early as today. The firms will neither admit nor deny wrongdoing, said people knowledgeable about the terms. Spokesmen at Morgan and Goldman said they couldn't comment on pending regulatory matters. An SEC spokesman declined to comment.

The Wall Street Journal reported last June that the two firms were close to settling the allegations for a combined $80 million.

If concluded, the pacts could be the last in a series of probes into how Wall Street firms handled IPOs during the Internet stock bubble of 1999 and 2000, when IPOs routinely skyrocketed in their first day of trading. The cases at issue involve a practice known as "laddering," in which a firm obtains commitments from investors to buy additional stock at higher prices once a stock begins trading if they are to participate in a sought-after IPO. Regulators have said such activity can distort the market and potentially inflate stock prices.

J.P. Morgan Chase & Co. agreed in an October 2003 settlement to pay $25 million to resolve similar allegations. And the Credit Suisse First Boston unit of Credit Suisse Group in 2002 paid $100 million to settle civil regulatory charges over a variety of IPO-allocation practices. Both firms neither admitted nor denied wrongdoing."

Watch out for this line, you see it over and over again: "The firms will neither admit nor deny wrongdoing, said people knowledgeable about the terms."

Spw Guru · 01-25-2005

Used to be a NY broker. Funny thing is peopel showed me lots of respect. But I hated it knowing I was doing wrong. Now I love my job and people think I'm a porn peddeling scum. Go figure.

JR · 01-25-2005

at a minimum, you can get busted for shaving on wallstreet. thats a lot more than we can say for porn.

Biggy · 01-25-2005

Wall Street - they deal with 100x the money, rip people off for a lot bigger amounts, and settle out of court without acknowledging blame.

JoesHO · 01-25-2005

ABSOLUTLY.....

01-25-2005	#1
Biggy Members Join Date: Jul 2003 Posts: 768	I say yes, I feel like every week I'm reading about big banks paying fines and settling out of court. "Goldman Sachs Group Inc. and Morgan Stanley will each pay $40 million to settle civil allegations by the U.S. Securities and Exchange Commission that they improperly induced customers to bid up stock in exchange for granting the customers hot tech IPO allocations, people familiar with the matter said. A settlement in the long-running case is expected to be announced as early as today. The firms will neither admit nor deny wrongdoing, said people knowledgeable about the terms. Spokesmen at Morgan and Goldman said they couldn't comment on pending regulatory matters. An SEC spokesman declined to comment. The Wall Street Journal reported last June that the two firms were close to settling the allegations for a combined $80 million. If concluded, the pacts could be the last in a series of probes into how Wall Street firms handled IPOs during the Internet stock bubble of 1999 and 2000, when IPOs routinely skyrocketed in their first day of trading. The cases at issue involve a practice known as "laddering," in which a firm obtains commitments from investors to buy additional stock at higher prices once a stock begins trading if they are to participate in a sought-after IPO. Regulators have said such activity can distort the market and potentially inflate stock prices. J.P. Morgan Chase & Co. agreed in an October 2003 settlement to pay $25 million to resolve similar allegations. And the Credit Suisse First Boston unit of Credit Suisse Group in 2002 paid $100 million to settle civil regulatory charges over a variety of IPO-allocation practices. Both firms neither admitted nor denied wrongdoing." Watch out for this line, you see it over and over again: "The firms will neither admit nor deny wrongdoing, said people knowledgeable about the terms." __________________ Create a solid TGP presence for your site(s). ICQ: 110850739

01-25-2005	#3
JR Members The global leader in pay-per-view AEBN Join Date: Jan 2003 Location: in my chair Posts: 3,320	at a minimum, you can get busted for shaving on wallstreet. thats a lot more than we can say for porn. __________________

01-25-2005	#4
Biggy Members Join Date: Jul 2003 Posts: 768	Wall Street - they deal with 100x the money, rip people off for a lot bigger amounts, and settle out of court without acknowledging blame. __________________ Create a solid TGP presence for your site(s). ICQ: 110850739

01-25-2005	#5
JoesHO Members Want to see your own Advertising Here! Join Date: Jan 2004 Posts: 5,085	ABSOLUTLY..... __________________ AEBN THE GLOBAL LEADER IN ADULT EVOLUTION something FIT this way comes!

01-25-2005	#2
Spw Guru Members Join Date: Jan 2005 Location: Mi Posts: 39	Used to be a NY broker. Funny thing is peopel showed me lots of respect. But I hated it knowing I was doing wrong. Now I love my job and people think I'm a porn peddeling scum. Go figure.