Seven people have now been arrested in the UK in connection with the biggest insider trading scandal ever to hit the City. The allegations are believed to centre around the front-running of block trades.
Here are a few quotes on the subject in the media
'The message is coming out loud and clear that the FSA is extremely serious about insider trading. In the past, it may have been perceived that insider trading was not a top priority for the FSA. There's no doubting that it is now'.
Chizu Nakajima, director of the Centre for Financial Regulation and Crime, Cass Business School (Bloomberg)
'Insider dealing is not a victimless crime. That is something we must all remember as we take delight in the recent successes of the Financial Services Authority and the police'.
Nick Goodway, journalist, The London Evening Standard
'Insider trading is like a German joke - it's no laughing matter. It's also not a victimless crime. Every time some scallywag uses his inside knowledge to make a fast buck, the sucker he bought his shares off suffers as a result of no longer owning shares that would have benefited from the premium that a predator is willing to pay. And since some of these schmucks can be people running your pension or ISA, these insider traders are stealing directly off you!'.
Geraint Anderson, aka Cityboy (Here Is The City)
'The FSA is on an absolute campaign at the moment to nail as many people as possible across the banks. They are investigating virtually every bank. It's just a matter of luck if they don't come up with something on you'.
Unnamed senior banker (The Financial Times)