Sub-Prime FBI

[Hawkeye]

The FBI & SEC just announced they are investigating 1,200 separate cases of suspected insider trading centered around sub-prime mortgage fraud, say people @ Bloomberg. I just love it when Bloomberg reports "people say". What bullshits!. Who? Which damn people?

Duh? You Reckon?

If you think its bad now, go ahead and allow even more email and wireless comm eavesdropping in the name of national security. If your neighbor is a govt worker piloting his own huge yacht, he just may be a FBI Agent with an offshore trading account. LOL

[pooker]

That flew over my head, whats insider trading? :)

[IGID]

That flew over my head, whats insider trading? :)Donnelles stock is at $1.00 a share, but I have it on good authority it's fixing to be bought out at $100.00 per share. Buy now. There ya go.

[Hawkeye]

Donnelles stock is at $1.00 a share, but I have it on good authority it's fixing to be bought out at $100.00 per share. Buy now. There ya go.

Insider trading would be if you bought or sold shares, long or short, on secret company info (before being made public to all) obtained from employees or eavesdropping, and used that info to gain an unfair advantage over the public. This applies only to publicly traded companies but happens every single day. There ain't enough jail cells to hold all the white collar crooks on and around Wall Street.

[pooker]

Dang thats scandalous. You think it would be easy to spot huh, I mean on government wages or whatever living in a half million dollar houses

[bpitt]

They should be hanged, that's all I'm saying.

[Hawkeye]

Dang thats scandalous. You think it would be easy to spot huh, I mean on government wages or whatever living in a half million dollar houses

I was joking about the Feds taking advantage with their eves-dropping but it sure puts some of them in the catbird seat.

"Hey Uncle Vinny, I know you live in Italy, but have your broker pick up a 1000 shares of Boeing, fast." A week later Boeing announces they just bought out Air Bus and invented the anti-gravity propulsion engine that runs on water.
Sha-Baam, the stock triples in a day and Uncle Vinny cashes in. It would be hard to catch. Most are caught when they get greedy and repeatedly play the same company's highs and lows on insider knowledge.

The smarties will have shill buyers make the transactions for a cut and both deposit gains in offshore retirement accounts in layered company names.

Just last week the French finally caught a lowly employee who was ripping off the countries largest bank with ingenious paper work. He took them for $7 Billion before they caught on. Had he not gotten greedy and settled for say half that, he'd prolly still be in business. Like in the movies, the thrill must motivate some of the better crooks more than the money. We only here about the very few who get caught.

Companies like Capital One and Master Card write off multi-millions every year lost to ID theft losses. There's some smart crooks out there who never use a gun or leave their PC, except to spend and have fun. Honest folk end up paying for all these losses one way or the other.

If you get a chance, watch the old movie, Wall Street, starring Michael Douglas. It's spot on and very educational as well as entertaining.