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Punishing Wall Street Cheats

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If you’re trying to cheat the system, the jig is up. Yes, we mean you!

Okay that might be a little Eliot Ness but US lawmakers are now demanding that UBS disclose the names of thousands of rich U.S. clients suspected of dodging U.S. taxes

How much could possibly be at stake, you ask? $100 billion, according to Senator Carl Levin.

The move is seen by the Fast Money traders as a much needed early step in the movement to punish cheaters. What’s the next step? Senator Ted Kaufman recently introduced a bill that would beef up spending on the prosecution of white collar crime.

“Right now we only have 240 FBI agents working on financial fraud,” he tells us. What my bill does is get the FBI agents trained and the prosecutors trained to get the crooks in jail.”

After all you can’t have confidence in the system if there’s not a cop on the beat. “I am committed to increasing prosecution of financial fraud,” he tells us.

Like we said, if you’re trying to cheat the system, the jig is up.



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Trader disclosure: On Feb. 23rd, 2008, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders Najarian Owns (GE) Puts; Najarian Owns (GDX) & (GDX) Short Calls; Najarian Owns (HPQ) Calls; Najarian Owns (MSFT) & (MSFT) Short Calls; Najarian Owns (MS) & (MS) Short Calls; Najarian Owns (X) Put Spread; Najarian Owns (WFC) & (WFC) Calls; Seymour Owns (AA), (BAC), (EEM), (FXI); Seymour Is Short (NUE); Seymour's Firm Owns (PCU); Adami Owns (AGU), (BTU), (C), (GS), (INTC), (MSFT), (NUE); Finerman's Firm Owns (WFC) Preferred; Finerman's Firm Owns (MSFT), (RIG); Finerman's Firm Is Short (IYR), (IJR), (MDX), (SPY), (BBT), (VNO)

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