Web: NY Press Dead Silent on SEC Cover-Up, Except For Forbes’ Liz Moyer

Web

NY Press Dead Silent on SEC Cover-Up, Except For Forbes’ Liz Moyer

Bob O’Brien

Sanity Check, 21 August 2006

Maybe if we don’t talk about the SEC cover-up, it never happened?

That seems to be the way our venerated NY press corps is treating the FOIA data on Global Links – the topic of the last two blogs, and of a Forbes article on Friday.

This is playing out like the Dan Rather incident, but times ten. Bloggers and a few mainstream pubs get it and break the story, while the media circles its wagons and goes into denial mode.

Anyone surprised? Note that there is nothing from the WSJ, nothing from the NY Times, nothing from Barron’s, nothing from the NY Sun, nothing from TheStreet.com or Marketwatch, nothing from CNBC, nor Bloomberg, nor AP, nor Reuters…not even from the Post.

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Article: Lawsuits Accuse “Prime Brokers” of Securities Fraud

Article - Media

Lawsuits Accuse “Prime Brokers” of Securities Fraud

Wayne Jett

San Gabriel Valley Tribune cited by RGM Communications via Wayback, 19 July 2006

Two class-action lawsuits filed in Manhattan federal court in April allege fraud by the world’s largest “prime brokers” in securities lending practices.

Goldman Sachs, Bear Stearns, Lehman Brothers, Morgan Stanley, Merrill Lynch, Citigroup, Banc of America Securities, Credit Suisse, Deutsche Bank Securities, UBS Financial and Bank of New York allegedly charge high fees to lend securities for short selling, but fail to deliver the securities sold short by hedge funds.

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Article: Hedge Hogs

Article - Media

Hedge Hogs

Liz Moyer

Forbes, 28 June 2006

So who should be overseeing the $1.2 trillion hedge fund industry? Apparently no one is now. But the U.S. Senate Judiciary Committee has two ideas.

Either the nation needs new legislation to tackle allegations of widespread trading abuses by the hedge funds, or law enforcement officials should simply be encouraged to do the right thing with laws they already have at their disposal?

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