- The Secret Lives of Traders—Seeking the Next Hot Thing
- China January Trade Surplus Soars as Imports Crumble
- Markets Finally Get Greek Deal —So Where's the Rally?
- Warren Buffett: Stocks Will Outperform Gold and Bonds
- Alibaba Plans to Buy Back Yahoo Stake, Go Private
- Greece Deal Fails to Convince, EU Demands More
- 'Mortgage Deal from Hell' Hurts Sound Borrowers: Bove
- Clint Eastwood: Super Bowl Ad Endorses No One
- Zynga, Hasbro Partner to Make Toys, Games
- New York Fashion Week Hits the Runway as Colors Pop
- Mulling Buffett's Stock Advice? Get in With REITs: Fund Managers
- LinkedIn Earnings Bode Well for Hiring and Social Media
- Top Five Mistakes to Avoid in Online Dating
- Victor Cruz ‘Understands’ Gisele's Super Bowl Frustrations
- Tamminen: The United States of India
- Unusual Volume: Taleo Jumps After Oracle's $1.9 Billion Offer
- Warren Buffett: Stocks Will Outperform Gold and Bonds .. and They're Safer 'By Far'
- So Now You Can’t Give Microsoft Away?
MOST SHARED
- China January Trade Surplus Soars as Imports Crumble
- Jobs You Can Do Forever
- Lightning Round: Yahoo!, CEC Entertainment, Standard Pacific and More
- China City Raises Cash Subsidies for Home Buyers
- Euro Near Two Month Highs After Greece; Outlook Uncertain
- Gold in Tight Range After Greece Deal, CME cut
- Tesla Unveils First SUV: Model X
- US Crude Dips After Three Days of Gains
- Steelers' Antonio Brown Spends Super Bowl Week with Twitter Fan Turned BFF
- Cramer: Berkshire Hathaway Is a 'Screaming Buy'
MOST POPULAR
HOT ON FACEBOOK
SEC Probe Focuses on Lehman, Bear Rumors: Report
Text Size 
The Securities and Exchange Commission is investigating whether traders spread rumors to drive down shares of former investment banks Bear Stearns and Lehman Brothers, USA Today reported, citing an SEC subpoena.
Bear Stearns was saved last March by a merger with JP Morgan [JPM
Loading...
()
], while Lehman Brothers [LEHMQ
Loading...
()
] filed for bankruptcy protection last month.
The subpoena seeks internal trading data, personnel information and e-mail and other communications relating to various market rumors that circulated in June and July, the paper reported.
Among these was that Lehman would get access to the Federal Reserve Bank's discount window, that UK bank Barclays would buy Lehman for $15 a share (its market price was near $20), and that major investment firms SAC Capital and Pimco had stopped trading with Lehman, the paper said.
Similar rumors had been circulated involving Bear Stearns, according to a person with direct knowledge of the investigation who declined to be identified because the case is ongoing, it said.
Along with communications related to market rumors, the SEC subpoena seeks all trading positions for Bear and Lehman from June 1 through early July, as well as names of officials responsible for approving trades, details of all client relationships with Lehman and Bear, plus information about any changes in those relationships, USA Today said.
- Many have called to abolish the Federal Reserve. But what would happen if it was dissolved for good?
- Entrepreneurs have increasingly been buying back their companies over the last three years.
- Where are the best city locations for singles to take the online dating plunge?
- A Steelers fan spent a week with wide receiver Antonio Brown- and it was all due to tweeting.
- Here’s a look at the woman behind the newest collectible toy that kids love.
- Grab a brew—or not—and click ahead to experience the world’s most highly rated beers.
Data is a real-time snapshot *Data is delayed at least 15 minutes
