Whole Network Most Recent TOP10 Accounting Compliance Ethics SOX

 

Citigroup: the next instalment

Filed in archive Ethics by leon on April 11, 2006

Citigroup: the next instalment
The Australian regulator's case against Citigroup seems to get weirder and weirder by the day with Australian Securities & Investments Commission's chairman Jeff Lucy announcing over the weekend that ASIClinks was not seeking to ban prop trading.

That completely contradicts Claim No. 7 in ASIC's Statement of Claim which says it seeks "an injunction restraining Citigroup from engaging in...trading in securities on its own account whilst acting for clients to whom Citigroup owes duties in relation to the price of those securities.''

So are they trying to restrain it or not? Try and work that one out.

I have written about how this is one of ASIC's most ambitious and high-risk cases. My colleague Malcolm Maiden has a piece shedding light on how Citigroup may have sent a signal to the market when it brought its transport analyst Jason Smith over the wall, and how an ASIC victory could make prop trading impossible.

This is going to be one very messy case, and the investment banking world will watch it closely.






Permalink: Citigroup: the next instalment
Tags: Citigroup  ASIC  have 

Trackback: http://www.creative-weblogging.com/cgi-bin/mt-tb.pl/19796



Related Entries:

SOX spending for 2006 - 30 November 2005

Citigroup sued for insider trading - 31 March 2006

Gore: Apocalypse Now? Or When? - 19 June 2006

Citigroup in court - 30 June 2006

Citigroup lawsuit - 03 November 2006

The politics and markets of unspeakable jargon - 06 February 2007

More on the Citigroup lawsuit - 08 February 2007

Advertisement


Advertisement


RSSrss   | See all blog subscribe options
Googlegoogle   |   What is RSS?
Yahoo!yahoo
AddthisAddThis Feed Button
BloglinesBloglines
Newsletter

Use our search feature to look for other interesting posts

Just this blog Whole network


 
  • Advertise with us

  • Learn more about our advertising options or email advertising - at - creative-weblogging.com or give Luis a call at +1 (650) 331 8047.


  • Other blogs in the same channel in the Creative Weblogging Network







 
Tagcloud: Accounting boards of directors Compliance corporate crime corporate governance corporate reputation Ethics events executive pay litigation markets regulators risk shareholder activism SOX Sponsored Blog strategy