Another Pequot SEC Insider Trading Investigation? “Not Possible!”

I completely exhausted myself on the whole litany of Pequot investigations in this December 14 post on the Enforcement Action blog, where I summarized the nearly double-digit number of investigations that have resulted from a few stock trades in 2001.  In summary form, they were:

  • an investigation by the SEC’s Division of Enforcement.
  • an investigation by the SEC’s Inspector General of the investigation by the SEC’s Division of Enforcement.
  • an investigation and 108-page report by the Senate Finance and Judiciary Committees of the investigation by the SEC’s Inspector General of the investigation by the SEC’s Division of Enforcement.
  • a complete re-investigation and 191-page report by the SEC’s Inspector General of the investigation by the SEC’s Division of Enforcement.
  • a brief “re-re-investigation” and 15-page report by an SEC Initiating Official of the SEC’s Inspector General’s disciplinary recommendations flowing from his re-investigation of the investigation by the SEC’s Division of Enforcement.
  • a new investigation commenced in December 2008 by the Senate Finance and Judiciary Committees of reported new evidence emerging in the Pequot insider trading matter.
  • an FBI investigation commenced in December 2008 based on the reported new evidence.

So all I have left to say on the subject (for now) after reading here that the SEC has decided to open an all-new investigation into whether there was insider trading involved in these trades is this: “Nooooooooo!.  Not Possible! Not Possible!”

However, you must say it the way that the Washington Wizards announcer, Steve Buckhantz, says it at the unbelievable conclusion of this game:

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