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Monday, March 21, 2011

The Spiderweb of Insider Crooks


If you had any doubt that Wall Street was infested with crooks all you need to do is check out the Bloomberg Businessweek Insider's Guide To Insider Trading. It nicely breaks down the complex three overlapping insider networks that swapped corporate information. So far 22 individuals have pleaded guilty. The three major overlapping insider networks in this case were the following:
  • The Galleon Network -- Rajaratnam and five others were arrested on Oct. 16, 2009.
  • The Zvi Goffer Network -- Goffer and other former Galleon employees were part of a second wave of government arrests in November 2009.
  • The Expert Network Network -- Starting in November 2010, the Justice Dept. brought charges against persons related to Primary Global Research, alleging the “expert networking” firm dealt insider tips.
Is there any doubt that the market is a rigged game and that insiders get the jump on any and all materially significant information?

Here is another diagram of the networks.

zero hedge

Calculated Risk

Mish's Global Economic Trend Analysis

Paul Krugman - NY Times

The Big Picture - Barry Ritholtz

naked capitalism - Yves Smith

Pragmatic Capitalism

Washington's Blog

Safe Haven

Paper Economy

The Daily Reckoning - Australia