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FT on Fast: SEC To Soon Wage Goldman-Like Action Against Others

Thursday, 26 Aug 2010 | 5:49 PM ET

We’re hearing that senior officials at the SEC intend to bring more actions against Wall Street firms.

In a first on Fast interview FT reporter Jean Eaglesham tells Fast Money "there are several cases in the pipeline."

Although the SEC won't divulge specifics, the Financial Times has learned that the SEC may wage another high profile suit similar to the contentious civil fraud case it brought against Goldman Sachs.

SEC on the Attack
The SEC will set up enforcement actions against Wall Street regarding the financial crisis, with Jean Eaglesham, Financial Times.

In fact, Eaglesham tells us "several cases are in the pipeline" and she expects them to move forward in the coming months.

And when they hit -- the action should make a splash.

”The language they’re using around it suggests the cases are going to make waves,” Eaglesham tells us. "They're looking for high profile cases, big ones the send a signal of deterrence."

Get all the details. Click here to go to the Financial Times website and read more.

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Trader disclosure: On Aug 26, 2010, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Cortes is long (FCX), (SFD), (BHP), (BMO), (TD); Cortes is long Crude Oil; Cortes is long Australian Dollars; Karabell owns (AAPL), (BHP), (BP), (C), (CSCO), (FCX), (GE), (GS); Finerman owns (BAC); Finerman owns (IBM); Finerman owns (JCG); Finerman owns (JPM); Finerman’s Firm owns (POT) calls; Finerman’s firm owns (WMT); Finerman's firm is short (IJR); Finerman's firm is short (MDY); Finerman's firm is short (SPY); Finerman's firm is short (IWM); Finerman’s firm owns S&P 500 puts; Finerman’s firm owns Russell 2000 puts; Jon Najarian owns (CSCO) call spreads; Jon Najarian owns (MMR) calls; Jon Najarian owns (NKE) short calls; Jon Najarian owns (SLV) short calls; Jon Najarian owns (GLD) calls; Jon Najarian owns (CME); Jon Najarian owns (CBOE)

For Zach Karabell
River Twice Capital owns (CSCO)
River Twice Capital owns (GS)
River Twice Capital owns (IBM)
River Twice Capital owns (MSFT)
River Twice Capital owns (NKE)
River Twice Capital owns (POT)

For Patty Edwards
Edwards own (AAPL) for clients
Edwards own (BAC) for clients
Edwards own (C) for clients
Edwards own (CSCO) for clients
Edwards own (FCX) for clients
Edwards own (GE) for clients
Edwards own (GLD) for clients
Edwards own (IBM) for clients
Edwards own (JCG) for clients
Edwards own (JNK) for clients
Edwards own (MSFT) for clients
Edwards own (NKE) for clients
Edwards own (TIF) for clients


For Dennis Gartman:
Funds managed by Gartman own Gold
Funds managed by Gartman own (ANDE)
Funds managed by Gartman own corn
Funds managed by Gartman own (RJA)
Funds managed by Gartman own (POT)
Funds managed by Gartman own (MOS)

Joe LaVorgna
***No Disclosures***

For Brian Nagel
Oppenheimer & Co. Inc. makes a market in the securities of PETM, SPLS, BBBY, ORLY, and TSCO.

For Charles Biderman
Funds managed by Biderman own (GLD)
Funds managed by Biderman own (AAPL)
Funds managed by Biderman own (CRM)

For Brian Stutland
***No Disclosures***

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