Thursday, March 5, 2009

In the casino business it's called skimming

On Wall Street it's called "front running." While neither admitting or denying SEC charges, 14 trading firms have agreed to pay approximately 70 million dollars back in forfeited profits and penalties for systematically and improperly slicing bits of profit from countless trades. These profits should have gone to their customers, but allegedly wound up in the firms' coffers instead. Once again, mattress futures are up.

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