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Context of 'September 10, 2003: SEC, Others Still Keep Mum About Insider Trading Investigations'

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The Securities and Exchange Commission (SEC) later announces that they are investigating the trading of shares of 38 companies in the days just before 9/11. The San Francisco Chronicle reports that the New York Stock Exchange sees “unusually heavy trading in airline and related stocks several days before the attacks.” All 38 companies logically stand to be heavily affected by the attacks. They include parent companies of major airlines American, Continental, Delta, Northwest, Southwest, United, and US Airways as well as cruise lines Carnival and Royal Caribbean, aircraft maker Boeing and defense contractor Lockheed Martin. The SEC is also looking into suspicious short selling of numerous insurance company stocks, but, to date, no details of this investigation have been released. [Associated Press, 10/2/2001; San Francisco Chronicle, 10/3/2001]

Entity Tags: US Securities and Exchange Commission, New York Stock Exchange

Timeline Tags: Complete 911 Timeline, 9/11 Timeline

The Justice Department and the Securities and Exchange Commission (SEC) launch an investigation into allegations that Monsanto representatives paid bribes to Indonesian officials in an effort to advance its business interests there. The Justice Department and SEC were reportedly informed of the suspected bribery by Monsanto itself, which says it launched its own investigation after noticing irregularities in the accounting of its Jakarta-based subsidiary. [Wall Street Journal, 5/27/2004] The investigation lasts about three years. On January 6, 2005, the Justice Department and the SEC announce that Monsanto has agreed to pay a $1 million penalty to the Justice Department, which has charged the company with violating the US Foreign Corrupt Practices Act. The company is also ordered to pay $500,000 to the US Securities and Exchange Commission (SEC). As part of the settlement, Monsanto will allow an “independent compliance expert” to audit and monitor the company and to ensure there are no further breaches of the US Foreign Corrupt Practices Act. The company says it accepts full responsibility and has taken action against those involved. “We accept full responsibility for the improper activities that occurred in connection with our Indonesian affiliates,” says Lori Fisher, one of the company’s spokespersons. “Such behavior is not condoned nor accepted at Monsanto, and the people involved are no longer employed by Monsanto.” [Associated Press, 1/6/2001; Reuters, 1/7/2001; BBC, 1/7/2005; Sunday Herald, 1/9/2005]

Entity Tags: US Department of Justice, US Securities and Exchange Commission, Monsanto

Timeline Tags: Seeds

Slate reports that two years after the 9/11 attacks, neither the Chicago Board Options Exchange nor the Securities and Exchange Commission will make any comment about their investigations into insider trading before 9/11. “Neither has announced any conclusion. The SEC has not filed any complaint alleging illegal activity, nor has the Justice Department announced any investigation or prosecution.… So, unless the SEC decides to file a complaint—unlikely at this late stage—we may never know what they learned about terror trading.” [Slate, 9/10/2003]

Entity Tags: US Department of Justice, US Securities and Exchange Commission, Chicago Board Options Exchange

Timeline Tags: Complete 911 Timeline, 9/11 Timeline

June 6, 2008: AIG Announces Regulatory Probe

Insurance corporation AIG says the US Securities and Exchange Commission and the Justice Department are probing the way it valued derivatives known as credit default swaps. AIG recently announced that it was having problems valuing the derivatives (see February 11, 2008). The company says it is cooperating with regulators, but shares in it fall 6.8 percent to $33.93. [Bloomberg, 9/16/2008]

Entity Tags: US Department of Justice, US Securities and Exchange Commission, AIG (American International Group, Inc.)

Timeline Tags: Global Economic Crises

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