Apparently, this is the first insider trading case involving credit default swaps. We think it is high time that these points along the access of financial evil be eliminated permanently. Why fat cats should be permitted to continue victimizing innocent media holding companies with these crude, dangerous and unregulated instruments is beyond us. Enough is enough.
The Securities and Exchange Commission today charged Renato Negrin, a former portfolio manager at hedge fund investment adviser Millennium Partners L.P., and Jon-Paul Rorech, a salesman at Deutsche Bank Securities Inc., with insider trading in credit default swaps of VNU N.V., an international holding company that owns Nielsen Media and other media businesses.
[SEC Press Release]