The arrest of a Wall Street investment insider for fraud and manipulative and deceptive practices as he prepared to leave the US should be a story that triggers a push back by the public, the media, the blog world and the Administration. It should bolster the efforts to appoint Elizabeth Warren and to continue the efforts of the Administration to show that the Administration is not beating up on business, treating it like a "Pinata" as hedge fund manager, Anthony Scaramucci, said on CNBC in the John Harwood Town Hall with the President. If you missed this story that is buried below the Dancing with the Stars and Airport groping stories, go below---
The New York Times initial report on the arrest sets out the basic facts and the story has a link to the actual Sealed Complaint, available, unsealed, that has the facts of the allegations of fraud, conspiracy, etc.:
November 24, 2010, Arrest in Insider Trading Inquiry
By PETER LATTMAN
Federal authorities on Wednesday arrested Don Chu, an executive with Primary Global Research, an expert networking firm, on insider trading charges.
The authorities said they arrested Mr. Chu — around 6 a.m. at his home in Franklin Township, N.J. — because he was scheduled to leave for Taiwan on Sunday.
He is accused of passing along information on technology company earnings to Richard Choo-Beng Lee, a former hedge fund trader, who has pleaded guilty to insider trading crimes and is cooperating in the Galleon insider trading case.
. . . .
see:
http://dealbook.nytimes.com/...
Remember the outrageous whining on CNBC in the Town Hall with the President about Wall Street being mistreated by the President and treated like a Pinata! Anthony Scaramucci, the hedge fund guy and commentator who went on and on about how he was at Harvard with the President, did his aggressive presentation of the Wall Street talking points. I look forward to John Harwood, of CNBC, who is their "moderate" an therefor is regularly beat up on and insulted by Kudlow and others, doing an interview of Scaramucci about the virtues of his fellow hedge fund zillionaires. Maybe Scaramucci won't find it quite so much fun to be defending the hedge fund industry and attacking the President and administration for investigating fraud and misconduct and protecting investors. see:
http://washingtonindependent.com/...
For the defense of Wall Street by Larry Kudlow, see this link to his own material. He did the same defense of insider stuff on the AM panel show with the female talking heads he leers at and ridicules on CNBC. see:
http://www.cnbc.com/...
As always lately, the question will be if this Wall Street fraud case will be covered in the MSM or buried below the Dancing Palin and airport groping stories.
It should be covered as part of the stories on why the consumer protection legislation and agency set up, sort of, to monitor defrauding of the public, is so important.
It might also encourage some more favorable coverage of the work of Attorney General Eric Holder, but don't count on it as it does not fit the "What did the incompetent President and his staff mess up today" theme of the MSM.
This arrest and the story should be part of the Administration effort to explain to the public why the blocking of the appointment of Elizabeth Warren is just part of the Republican-Wall Street scheme to continue to take advantage of the investors, retirement funds, etc. in the country. see: http://www.washingtonpost.com/...
The expectation, however, is that the corporate and investor world will turn loose their PR teams to continue the patter like that of Kudlow and make fun of the investigation as just counting boxcars and overreaching by Attorney General Holder, and more Pinata treatment of Wall Street by the President.