Wall Street Hijacks Court, Crushes Transparency
Despite propping up each of these failing, morally corrupt institutions, with billions of his own cash, heaven forbid Average Joe try and see what’s going on behind the firewall.
Ruling in favor of Bank of America Corp’s Merrill Lynch unit, Barclays Plc and Morgan Stanley, U.S. District Judge Denise Cote said Theflyonthewall.com engaged in “systematic misappropriation,” essentially getting a “free ride” from its quick publication of upgrades and downgrades that can move stocks higher and lower.
Cote issued a permanent injunction requiring the Summit, New Jersey-based company to wait until 10 a.m. to report research from the three banks that was issued before the market opens, and at least two hours for research issued thereafter. The bulk of research is typically issued before the open.
-Shlok
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