Tsafi

[popeyej]

Two excerpts from a David Patch article.

Speaking today before the US Chamber of Commerce during a Summit on Business and Capital Development Chairman Cox took a moment after his speech to identify to reporters that the Commission had settled against Goldman Sachs for the firm’s involvement in two years worth of illegal naked short selling abuses. Cox informed the audience "that is an important case and it reflects our interest in this area" referring to the naked short selling arena of stock fraud.

Some of the larger hedge funds reportedly provide upwards of $150 million or more in trade commissions annually and thus, how insignificant is a $2 million fine weighed against the potential of losing such a revenue stream by having the client take their business elsewhere.