After a high-profile setback involving a certain outspoken NBA owner (not that one), the SEC thought it had figured out how to get a jury to see things its way. Did one not just find that a Texas septuagenarian was every bit the conniving fraudster that the SEC said he was?
Chad Johnson, head of New York’s Investor Protection Bureau, told a conference today that while Attorney General Eric Schneiderman examines trading practices, Wall Street should help by suggesting ways to change for the better. It would be a mistake to think concerns about stock-market fairness are just bad publicity or extreme language used by critics, he said…He welcomed moves by some dark pools to make certain regulatory filings public. He said he hopes high-frequency trading firms and dark-pool operators “will engage in some soul-searching and step forward with ideas about how certain practices ought to be curtailed and reformed for the better.” [Bloomberg]
They’ve reviewed the tapes and it appears an apology is in order. Read more »
In case you missed it, here’s Lloyd Blankfein’s first extended television interview in, well, we can’t remember how long. Goldman has long been a firm that refused to answer most journalists’ questions and usually gave a “no comment” to interview requests, even the most innocuous ones.
But, as Lloyd told Charlie Rose on Friday, the firm is doing some “soul searching.” He conceded the firm’s longstanding strategy of not engaging with the public was “probably a mistake.” (Secretive hedge funds take note.) That strategy sowed a misunderstanding among the public at large about what the firm actually does, he said. Read more »