socialmedian: Welcome to Wall Street

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Welcome to Wall Street

Source: observer.guardian.co.uk

Nov 08, 2009

Summary

Imagine The Sopranos, The Wire and Gordon Gekko all rolled into one. You don't have to: the FBI has just broken one of the largest-ever insider dealing rings in Wall Street

Imagine The Sopranos, The Wire and Gordon Gekko's Wall Street all rolled into one. You don't have to: the FBI has just broken one of the largest-ever insider dealing rings in Wall Street. It wire-tapped its way into a seedy world of secret tips, kickbacks and disposable, pre-paid mobile phones. A network including staff of New York law firms, hedge funds and share-trading companies, with links extending to top Plcs, investment banks and consultancies has been revealed. Five people have pleaded guilty, while others maintain their innocence.

The reputation of the financial markets is already at rock bottom. The crash, the bailouts and the extravagant bonuses have convinced ordinary Americans as much as us ordinary Brits that morality and fair play are not values much found in the financial markets. And now there is this.

The alleged ringleader is a thirtysomething called Zvi Goffer – or "Octop

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