Report accuses stock specialists of unethical trading

[Khephra]

NEW YORK (AP) _ Floor-trading firms at the New York Stock Exchange improperly dealt about 2.2 billion shares of stock over the past three years, according to a report by the Securities and Exchange Commission.

The confidential report, obtained by the Wall Street Journal and reported in the paper's Monday editions, accuses the NYSE of failing to maintain an effective self-regulatory structure, costing customers $155 million.

"The NYSE's disciplinary program ... does not adequately discipline or deter violative conduct," according to the report.

The improperly traded stock represents less than 1 percent of the stock traded at the NYSE over the past three years but was still cause for swift reform, according to the SEC.

more.........

http://www.newsday.com/news/local/wire/ny-bc-ny--nyse-report1103nov03,0,865964.story?coll=ny-ap-regional-wire

[bemildred]

1. No shit?

There is a big, unwatched candy jar right in front of them,
and they went and stuck their hand in it? Who would have
thought they would do that? :puke:

[Spazito]

2. Given all the criminal actions taking place on stocks and bonds...

how anyone can still believe that the numbers we see everyday have any basis in reality. Manipulation is the main action on the markets, not reality, imo.

[realFedUp]

3. Glad at least this was uncovered...

Inspiring to investors isn't it...:eyes: