Wall Street ire
We knew Leo Hindery, private equity investor, founder of the YES Network and staunch Democrat, was not a big fan of Wall Street. But his latest column on regulatory reform basically blames financiers for, well, just about everything.
Mark Zaino, a former UBS trader who worked on the firm’s derivatives and municipal securities desk, pleaded guilty to fraud and conspiracy charges today in the wide-ranging investigation into sham auctions and bid rigging in financial products sold to municipalities.
If you thought the SEC’s charges against Goldman Sachs poured fuel on an already-raging populace fire, Wall Street’s involvement in a massive bid rigging scandal in the $2.8 trillion municipal bond market will fan the flames even more.