Word: marketeers
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Dates: during 1980-1989
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...broker profits from advance information by trading ahead of a customer's order. A crooked broker might receive an order, for example, to buy 250,000 bu. of soybeans at $5.85 a bu. He could easily execute his own order to buy 50,000 bu. first. Later, when the market reacted to the larger order by pushing prices up to $5.95, the trader could sell his contracts, pocketing $5,000 in profits. A second illicit practice uncovered by the feds was "curb trading," in which brokers conspired to consummate deals outside legal market hours "on the curb." Many brokers even...
What will the future of the futures market be? Valukas says the Government's investigation has just begun. At least one guilty plea is expected this week, and new cases may be opened. "We have made a substantial and long-term commitment to ensure the integrity of the markets," says Valukas. "I'll let the convictions do the talking...
...Market Darwinism often condemns admirable art to obscurity. We need more federal aid to prime the cultural pump -- even if some of it goes to artists who offend...
...using computers to take advantage of small discrepancies between the prices of stocks and their associated warrants, which are the rights to buy stocks at a certain price. But then founding partner Jay Regan got greedy. According to the Government's case, the Princeton/Newport executives tried to manipulate the market, starting in mid-1984, through a technique called stock parking. They arranged to sell some securities at a loss and then repurchase them at the same or slightly higher prices. The party ended one wintry day in 1987, when 50 federal marshals burst into the firm's offices, situated above...
Noland accepted the argument of the church and the Greek Cypriot government that the works had been stripped from a small village church on the Turkish- controlled side of the island and illegally offered for sale on the international art market. Said Archbishop Chrysostomos of the Cyprus Church: "This just decision by the American court will help end the illegal marketing of looted archaeological items worldwide." Museum directors expect the decision to set an important precedent for regulating the antiquities market...