American - Journalist | -
Newt Gingrich is a boastful kind of guy. But when it comes to Wall Street, the former House speaker is surprisingly modest.
Gary Weiss
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Insider trading by hedge funds has a long and distinguished history, dating to the days when people didn't know that there was such a thing as a hedge fund.
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I'm not an ultra-libertarian who thinks there shouldn't be insider-trading laws at all.
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Ordinarily, the feds piggyback on the S.E.C. in complicated financial cases, but history proves that breath-holding on that score is a dangerous endeavor.
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I've met Dick Syron. I like the guy. He's a man's man kind of character, a real charmer, the kind of guy you'd want to have a beer with, as well as being an economist of considerable repute.
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I found that options traders - the Amex was mainly an options exchange - routinely conspired to keep as wide as possible the spreads between the prices investors paid and the prices floor traders paid for the same securities.
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When it comes to making laws that protect the public from the financial services industry, Congress has done a progressively worse job since the Pecora Commission hearings of the early 1930s, which led to Congress taking bold steps to regulate banking and securities firms in 1933 and 1934.
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The heart of the 2008 financial crisis was a coterie of reckless financial executives, working for too-big-to-fail financial companies, who were handsomely compensated for taking risks that almost ruined the economy when they failed.
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For Randy Neugebauer, the Texas Republican who chairs the investigations subcommittee, the top sources of funding for his 2012 reelection campaign are from the insurance, banking, finance, securities and real estate industries.
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The problem with the focus on speculators, as was demonstrated during the financial crisis, is that it tends to divert attention from the real villains. During the financial crisis, the villains were the actions of the banks, not the speculators betting on bank share prices.
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One problem with the focus on speculation is that it tends to promote the growth of the great intellectual cancer of our times: conspiracy theories.
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Conspiracy theories feed on opacity, and that's a longtime problem with short selling. Large long positions must be reported to the Securities and Exchange Commission in public filings, but not large short positions.
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