BROWSE BY TOPIC
Stories of Interest
- SEC Charges Additional Defendant in Fraudulent ICO Scheme
- Warren Buffett Simply Blew it on Wells Fargo Stock: Dick Bove (Video)
- Barclays and Deutsche Bank to Lag U.S. Trading Peers
- NY AG Schneiderman Seeks to Close Loophole That Could Let Trump Pardons Block State Charges
- 'Fearless Girl' is Moving to NYSE After Year Staring Down 'Charging Bull'
- What's In Your Wallet - American Express Shares Soar After Earnings Release
- Deutsche Bank's Executive Departures Continue Following Change in CEO
- Reflections of an Economist Commissioner (SEC's Piwowar)
- Billionaire HF Manager and The Fed Chair Runner-Up are Investing in New Cryptocurrency
- Court Finds 2 Brokers Liable for Fraud Involving Mortgage-Backed Securities
- One FINRA: An Organization’s Commitment to Diversity and Inclusion
- 2018 GASB Accounting Support Fee to Fund the Governmental Accounting Standards Board
- Barclays Eyes Move Into Cryptocurrency Trading
- Goldman Breaks From Wall Street Pack with Bond-Trading Boom
- Janney Montgomery Scott CEO Joins FINRA Board of Governors
- SEC Encourages Investors to Do Background Checks on Investor.gov
- The Martin Act: Wall Street Titan Takes Aim at Law That Tripped Him Up
- Bank of America’s Cost-Cutting Drive Pushes Profit to Record
- Larry Fink: Wall Street’s $6 Trillion Man Finally Worth $1Bn
- Activist Investor Wants Barclays Investment Banking Overhaul (Video)
We seek to provide information, insights and direction that may enable the Financial Community to effectively and efficiently operate in a regulatory risk-free environment by curating content from all over the web.
Stay Informed with the latest fanancialish news.
NEWSLETTERS & ALERTS
Wall Street Traders Secretly Used Chat Rooms to Rig Treasury Auctions - Lawsuit
In an expanded class action law suit that was originally files in 2015, several pension funds and wealthy individual investors accused several large banks with having rigged U.S. Treasury auctions, beginning in the 1990’s. The banks named in the suit - including Goldman Sachs, Morgan Stanley, Royal Bank of Scotland, BNP Paribas and UBS – are all primary dealers.
In the new allegations, the banks secretly shared client information in online chat rooms in order to rig Treasury auctions. According to new evidence provided by one of the banks named in the original 2015 suit – and which is now cooperating with the plaintiffs – indicates that traders at the Wall Street banks shared the prices their clients sought to pay for the new Treasury bond issues. This gave each of the banks in the alleged cartel a better idea as to what price they should submit in the auction in order to increase their chances of getter a bigger share of the bond offering.
The banks supposedly worked their scam for years until the NYPost reported in June 2015 on a government investigation into the alleged actions.