Do that funky perp walk, rich boy
US officials have arrested 48 foreign exchange traders on suspicion of fraud in New York City’s financial district.
FBI officials raided a building housing several firms in Manhattan, taking away the workers in handcuffs.
For more on the dismal tale of corruption in high places, check Corporate Crime Blotter, where the daily parade of arrests and indictments is, the webmaster tells me, now becoming too numerous to keep up with. And the scandals are spreading, and may soon claim some very big firms indeed.
Fund scandal spreads to sales (from the LA Times)
The Securities and Exchange Commission is looking into whether 14 of the country’s largest mutual fund companies, including two based in Southern California, engaged in improper sales practices, industry and regulatory officials said Monday.
One of the firms mentioned is PIMCO, who controls hundreds of billions of dollars in bond funds, and is, I believe, the largest mutual fund company in the country, if not the world. The collateral damage from a PIMCO indictment would be worldwide and serious.