Thursday, March 20, 2008

Wikileaks and Wall Street

TJN has been finding the "uncensorable" internet publication Wikileaks rather interesting of late. Not so long ago, the Swiss-based Julius Baer bank and its Cayman-registered subsidiary Julius Baer Bank & Trust Co. tried to shut down Wikileaks in a court order after the site had made a number of allegations against it, but ultimately dropped the case. (As an aside, look at this correspondence to see how nasty a bank's lawyers can be.)

Now a new and interesting Wiki leak has emerged. It starts like this:

A confidential memo obtained by Wikileaks shows that not only has the U.S. Securities and Exchange Commission created an insider trading loophole big enough to drive a truck through, but that Wall Street is taking full advantage of it, establishing 'how-to' programs and even client service divisions to help well-heeled clients circumvent insider trading regulations.

Take a look. TJN cannot confirm the details of what is in here - this is the first we've heard of it (well, we're a network so it's possible other network members have, though this is the first time this blogger has come across it) but we are pleased to be credited as a general source of information at the bottom of the page, and we think this crime- and corruption-busting site looks like a very good thing for the world.

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