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A Long Con, a Rate Hike, a Rogue Trader and Frank Quattrone

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The Long Con:

Attorney Matthew Kluger and trader Garrett Bauer allegedly began their insider trading scheme in 1994, when Kluger was still in law school. (Wall Street Journal). The third member of their alleged scheme, who hasn't been charged, was a mortgage broker. 'Nuff said.

Up to 18 British banks could see their senior debt ratings cut several notches. (Reuters via CNBC) The real scandal here is that anyone still listens to ratings agencies.

Frank Quattrone is back. (New York Times) Do you seriously doubt there's a tech bubble again?

The European Central Bank raised interest rates by 25 basis points to 1.25 percent. (Reuters) The BERNANK, however, is still stuck down at zero.

Here's what the world's most famous "rough trader"—Nick Leeson—has to say about the rate hike. (Business Insider). "Not the death knell some are predicting."

Goldman's attempt to launch an exchange for unregistered securities largely failed. (Wall Street Journal) Not enough trading.