Now that we know New York has an attorney general who makes up the law as he goes along when it comes to the securities industry, where will he draw the line? Today Eric Schneiderman said his office has reached agreements with 18 financial-services firms, most of which are Wall Street banks, to “stop their practice of cooperating with analyst surveys administered by certain elite, technologically sophisticated clients at the expense of others.” He said this practice “can put the market at large at an unfair disadvantage.” And maybe he’s right about that.But who said life is fair? And why is it his business whether banks’ stock analysts answer questions from their firms’ customers?
via Eric Schneiderman’s twisted fight against ‘insider trading 2.0’ – Bloomberg View
