TiggerFan Wrote:

RW13 Wrote:AB can go to hell now. I'll be drinking miller stuff when it comes to domestic consumption now.....

Why? Miller sold too.

I guess you will have to drink Pabst Blue Ribbon if you want to stick with an American-owned brewery

tigerjeb Wrote:we are witnessing the largest transfer of weath in the history of the world.

nice story about the FEDS investigating wall street to see if they are rumormongering to start panic runs for profit.

Quote:SEC to Probe Manipulation Through False Information (Update2)

By David Scheer

July 13 (Bloomberg) -- Wall Street's biggest regulators are examining whether securities firms adequately police rumor- mongering used to manipulate stocks after shares of Lehman Brothers Holdings Inc., Fannie Mae and Freddie Mac tumbled last week.

The U.S. Securities and Exchange Commission's inspections unit, the Financial Industry Regulatory Authority, which monitors brokerages, and the New York Stock Exchange's regulatory arm are checking whether firms have controls in place to prevent the intentional spread of misinformation, the SEC said in a statement today. They will also look at whether employees have been adequately trained.

``The examinations we are undertaking with FINRA and NYSE Regulation are aimed at ensuring that investors continue to get reliable, accurate information about public companies,'' SEC Chairman Christopher Cox said in the statement.

U.S. regulators are already hunting for traders who may have sought to illegally profit from the credit crisis by falsely stoking panics about the stability of companies including Bear Stearns Cos., which collapsed in March amid speculation that clients were pulling business.

Cox told the Senate Banking Committee April 3 the agency takes such manipulation ``very seriously'' and that lawmakers' hopes for a crackdown would be ``met or exceeded.'' In March, the Washington-based agency opened probes into whether hedge funds and other traders spread lies about Bear Stearns and Lehman after those stocks plunged, people familiar with the matter said at the time.

Bear Stearns was forced to sell itself to JPMorgan Chase & Co. March 16 at a fraction of its previous market value.

`Dutch Boy'

Publicly declaring inspections ``may be the most effective step they could take'' to stem the malicious use of rumors, said James Cox, a securities law professor at Duke University in Durham, North Carolina, who isn't related to the SEC chairman. Still, ``it's a little like the Dutch boy with his finger in the dike.'' Many traders, including hedge funds, aren't subject to the inspections, he said.

Finra and NYSE Regulation will join the SEC in examinations in addition to those already under way into manipulation of securities prices through rumor-mongering and abusive short selling, the SEC said. Finra and NYSE rules bar their members from spreading ``sensational'' rumors that can affect markets, even if people aren't using them to defraud.

`No Question'

Lehman's shares fell last week amid speculation that Pacific Investment Management Co., manager of the world's biggest bond fund, and hedge fund SAC Capital Advisors LLC, were backing away from the firm. The companies denied it, and Pimco fund manager Bill Gross told CNBC in an interview that there's ``no question'' about the Lehman's solvency. Its shares are down 78 percent this year.

``Lehman is very susceptible to any kind of negative talk,'' said Rebecca Engmann Darst, an options analyst at Greenwich, Connecticut-based Interactive Brokers Group Inc. ``Its shares respond big and bad to any negative, more so than other brokers, because since March it's been perceived as the next in line after Bear Stearns to suffer a similar fate.''

Lehman dropped last week alongside Fannie Mae and Freddie Mac, which plunged on concern that the home-loan financing companies may be required to raise more capital. The declines forced U.S. Treasury Secretary Henry Paulson to pledge support for the companies.

To contact the reporter on this story: David Scheer in New York at dscheer@bloomberg.net.

Last Updated: July 13, 2008 15:48 EDT

Why in the hell is the Southeastern Conference investigating Wall STreet? They are even bigger crooks :domokun:

want US owned beer? Shiner is the way to go. tastes better too.

supertiger Wrote:

TiggerFan Wrote:

RW13 Wrote:AB can go to hell now. I'll be drinking miller stuff when it comes to domestic consumption now.....

Why? Miller sold too.

I guess you will have to drink Pabst Blue Ribbon if you want to stick with an American-owned brewery

Looks like I'll be going the micro-brewery route. Thank God for the explosion of micro-breweries in the U.S. over the past 20 years. Better tasting and without all that european "gayness".

I hate it for St. Louis, but I haven't spent a dime on an A-B product for my normal home consumption since the glorious day a few months ago when Vitamin Y hit Memphis grocery shelves --- though I've been meaning to give the Michelob Pale Ale a try, but always seem to buy Bridgeport IPA or something similar instead.

supertiger Wrote:

TiggerFan Wrote:

RW13 Wrote:AB can go to hell now. I'll be drinking miller stuff when it comes to domestic consumption now.....

Why? Miller sold too.

I guess you will have to drink Pabst Blue Ribbon if you want to stick with an American-owned brewery

Um, Cough Cough Yuengling Cough Cough America's Oldest Brewery Cough Cough