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Opinion
Matt Levine, Columnist

Insider Trader Had All the Answers

Also secret friendships, ad hoc bondholder groups, tweeting material
news, Mango Markets and securities fraud settlements are securities
fraud.

October 1, 2024 at 2:31 PM EDT
[160x160]
By Matt Levine
Matt Levine is a Bloomberg Opinion columnist. A former investment
banker at Goldman Sachs, he was a mergers and acquisitions lawyer at
Wachtell, Lipton, Rosen & Katz; a clerk for the U.S. Court of Appeals
for the 3rd Circuit; and an editor of Dealbreaker.
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The US Securities and Exchange Commission's fiscal year ends on Sept.
30, which is yesterday. Unlike many financial industry employees, SEC
employees do not, as far as I know, actually receive annual bonuses
based on how much revenue (fines) they bring in in a fiscal year.
Nevertheless they keep busy in September. We talked last year about a
paper by Dain C. Donelson, Matthew Kubic and Sara Toynbee -- published
this year in the Journal of Accounting and Economics -- about "the
SEC's September spike," finding that "SEC staff respond to
performance-reporting pressures and file more enforcement actions in
September, the final month of the SEC's fiscal year, than in any
other month."

Anyway here is the SEC's feed of enforcement news. A lot of US
securities law got made in the last week. There are 17 items from
yesterday, 21 from Friday, 13 from Thursday, etc. Let's talk about a
few of them.

 
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