How About Some Ethical Behavior From Our Regulators?

Authorities investigate SEC lawyers accused of insider trading
Federal criminal authorities are looking into two lawyers at the U.S. Securities and Exchange Commission who are accused of trading stock using insider information, a source said. A report from the SEC inspector general said the lawyers traded stock in a large financial-services company. "We take seriously even the suggestion that any SEC employee would engage in insider trading. We note that the inspector-general report neither accuses any SEC employee of insider trading nor concludes that any such conduct took place," an SEC representative said. Reuters (15 May.)

Former chief of U.S. pension insurer likely to be investigated
Charles Millard, former head of the U.S. Pension Benefit Guaranty Corp., is expected to be investigated after a federal watchdog accused him of interfering with a contracting process, leading to the hiring of Goldman Sachs, JPMorgan Chase and BlackRock. Millard is also accused of receiving job-seeking help from Goldman afterward. BusinessWeek (14 May.)