Wall Street’s take on ethics and the downfall of PFGBest dominated financial news this week, while the CFTC finally approved rules for derivatives trading and HSBC admitted that for years it had done next to nothing to prevent money laundering.
July 13, 2012
2. Missing In Action
How did the regulators miss this? It's very frustrating to be on the outside looking in and wondering where the regulators have been when all of this has been going on.
—Lauren Nelson, spokeswoman for Attain Capital Management, a broker whose clients used Peregrine's trading business, also known as PFGBest, after $215 million of customer money went missing and the firm’s founder, Russell Wasendorf, attempted suicide on Monday.
Source: Wall Street Journal
