Article: N.Y. Grand Jury Probes Stock Loan Practices

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N.Y. Grand Jury Probes Stock Loan Practices

Steve Coll and David Vise

Washington Post, 21 July 1989

NEW YORK, JULY 20 — The Manhattan U.S. attorney is conducting a criminal investigation of Wall Street’s lucrative securities lending business, focusing on an official of Shearson Lehman Hutton Inc., according to documents and sources familiar with the case.

Subpoenas issued as part of the grand jury investigation, while not stating the precise target of the probe, have requested witnesses to provide records about investments, transactions and accounts involving Dennis Palmeri, who supervises all of Shearson’s stock loan operations.

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