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SEC hunts illegal trades in Bear case

Financial Times – US securities regulators are trying to determine whether illegal trading and rumour mongering took place in the days leading up to the emergency sale of Bear Stearns to JP-Morgan Chase, the chairman of the Securities and Exchange Commission said yesterday.

Chris Cox, SEC chairman, told the Senate banking committee that enforcement officials were taking a "very active" look at the trading of securities tied to Bear in the days before the sale.

He said rumours circulating about the bank were "too big to miss".

Answering a question about the SEC’s response to allegations of abusive trading, Mr Cox said: "Your hopes will be, I think, met and exceeded, with respect to the agencies’ response to these concerns."

 

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