Nyse Pro Breaks Ranks To Testify

[FRED]

NYSE PRO BREAKS RANKS TO TESTIFY
June 22, 2006 (NY Post)

The New York Stock Exchange's fortress of silence was breached yesterday when a Big Board clerk described long-running illegal trading by the most respected names at the corner of Wall and Broad streets.

Assistant U.S. Attorney Lauren Goldberg woke up Courtroom 23-A in the Moynihan Courthouse when Van Der Moolen specialist Joseph Virga took the stand and dropped the dime on his former colleagues, Michael Stern and Michael Hayward.

"The specialists told me to execute improper trades," the 32-year-old Virga testified.

AntiSpin: Imagine our surprise! What's so remarkable is that this has continued so many years after the supposed crack-down on illegal trading activities that went on before New York State Attorney General Eliot Spitzer showed up to bang some heads together. Doesn't look like much fear has been instilled on Wall Street.

[bart]

AntiSpin: Imagine our surprise! What's so remarkable is that this has continued so many years after the supposed crack-down on illegal trading activities that went on before New York State Attorney General Eliot Spitzer showed up to bang some heads together. Doesn't look like much fear has been instilled on Wall Street.
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I think my cynicism is showing but I'm sure this isn't related to recent stellar performances reported by Goldman, Morgan Stanley, JPM, etc.

Eliot needs to bring in the howitzers instead of .22s.

[BK]

Elliot Spitzer - won't attack is political base

I don't believe Spitzer will ever bring out the BIG Guns! He only cuts out or appears to cut out corruption to win him Media Praise - without disrupting the Money Supply from his friends in the Financial Services Industry.

Didn't Spitzer make his money Lawyering in the Financial Industry! He is into making a splash - without hurting future political contributors and friends.

Just my Cynical guess...I may be completely wrong. ;-)

[jk]

I don't believe Spitzer will ever bring out the BIG Guns! He only cuts out or appears to cut out corruption to win him Media Praise - without disrupting the Money Supply from his friends in the Financial Services Industry.

Didn't Spitzer make his money Lawyering in the Financial Industry! He is into making a splash - without hurting future political contributors and friends.

Just my Cynical guess...I may be completely wrong. ;-)

ace greenberg of aig was a big, prominant, powerful guy, and spitzer went after him.

[BK]

Greenberg is a Republican - Spitzer is a Democrat

Greenberg is a Republican and was a big contributor to George Bush II. Perhaps Greenberg should become a Democrat.
Besides, if your Spitzer you've got to at least try to get a guy like Greenberg - he transferred $2 BILLION IN AIG stock to is wife - the burden of the settlement rests on the AIG corporation - for now.

Meanwhile, Spitzer gets a big PAY DAY for the State of New York - $100 Million - and they spend money like drunken Sailors.
Net-Net - pretty smart move by Spitzer. He's a very bright guy - not a fan of his tactics, but you can't question his intelligence.