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The SEC pursued civil charges against Fabrice Tourre, meaning that his punishment could range from a fine to a lifetime ban from trading in securities. A federal jury in New York City found that Tourre misled investors in a mortgage securities deal.
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The rise is being tied to a drop in weekly jobless claims, as well as assurances from the Federal Reserve that it would continue to support the U.S. economy.
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The government says it has "voluminous" evidence to prove the firm knowingly participated in insider trading over a 10-year period.
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The 57-year-old founder and head of SAC Capital Advisors is accused of allowing senior employees to make trades based on inside information.
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The sharp drop follows remarks by Fed Chairman Ben Bernanke that the central bank's monthly bond-buying spree could soon end. Fears over a freeze in interbank lending in China have also contributed to investor concerns.
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Thomas Peterffy's life story includes a typing robot, a proto-iPad, and a vast fortune he amassed as one of the first people to use computers in financial markets.
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Rajat Gupta was one of the wealthiest and most successful men in America. Why would he throw that away on an insider-trading scheme? A new book from financial journalist Anita Raghavan tries to uncover the motivations of a man who lost everything in the Galleon Group scandal.
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Billionaire Paul Tudor Jones says he's sorry for his comments at a university symposium that motherhood causes women to lose the focus needed to be good traders.
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In Tampa, Fla., Tuesday, JPMorgan Chase holds its annual shareholder meeting. They will vote on a key measure: Whether to strip CEO Jamie Dimon of his title of chairman of the board. A growing number of companies have split the CEO and chairman roles.
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S&P says Berkshire Hathaway has an "excellent business profile," but that its dividend income is too dependent on the insurance companies it owns. The move is not expected to have much, if any, effect on Buffett's company.