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Article: Stock swindle: Ellen Frank believes that insider trading is just business-as-usual in the market that never closes. (Market Manipulation).
- Article from:
- New Internationalist
- Article date:
- July 1, 2003
- Author:
CopyrightCOPYRIGHT 2003 New Internationalist Magazine. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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IN the bad old days of rugged, unrestrained capitalism, Wall Street was virtually synonymous with. lawful thievery. Stock trading was the province of cold-blooded insiders. Wall Street was a place where shrewd operators fleeced the unwary piker by spreading false information, issuing paper in nonexistent companies or borrowing against assets they did not own. After the stock-market crash of 1929, Congress established the Securities and Exchange Commission (SEC) to impose some order. Financial reforms of the 1930s required companies to file audited financial reports, outlawed 'insider trading' and forced banks to spin off their stock-brokerage operations.
This ...