Stock Investing Bank Of America, Morgan Stanley, Ubs, And Bear Stearns Swept Up In Latest Insider Trading Scandal
In the biggest Insider Trader scandal in two decades, members of four prominent firms were implicated in the developing scandal. The firms included Bank of America (BAC.N), Morgan Stanley (MS.N), UBS (UBS.N), and Bear Stearns (BSC.N). To begin with, a little history is in order. Insider trading in this country is illegal; this is not the case in certain other countries. In some countries principally England, such trading is legal. Prior to the inauguration of Franklin Delano Roosevelt as President of the United States in 1933, insider trading was legal in this country also.
In order to restore financial confidence in the American economic system after the massive impact of the Depression hit the country in the late 1920s, the newly elected President Roosevelt mandated the creation of the Securities Exchange Commission, part of the Commissions duties were now to reign in, and put an end to insider trading. Who did FDR appoint as the first SEC Commissioner Joseph Kennedy? Old Joe Kennedy was one of the notorious insider traders that took advantage...
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