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Thanks so much for -- and wall Wall Street banks Islamist talking about the living their earnings this week with mixed results so far but the market appears to be absorbing these reports fairly well.
The two major Wall Street firms cross the line and preparing investors for these earnings reports -- against.
I'm not the final arbiter not judge jury and executioner but that will tell you this.
There's a law on the books it's called rule left the it prevents Wall Street firms -- -- companies Begin selective guidance to analysts -- investors.
Did Morgan Stanley and Goldman Sachs gives selective guidance to investors before the earnings now we all know.
Everybody knew that Goldman was gonna did post a loss that we were talking about that for weeks.
I reported first report I think last week.
That Morgan Stanley was was indicating to two -- is -- her body in the world except for the general public.
So everybody on Wall Street that is gonna have quote -- quote a solid quarter.
The question is did these two early warnings or sort of early.
Indications for whispered as they were known in the past.
Violate FD I can't tell you that but it's clearly raising suspicions among people like talk to.
Wanting to know if Goldman Sachs and Morgan -- whispering the some sort of any indication.
As to where their earnings would be member gold -- loss.
Street well prepared stock was selling -- Meredith Whitney last week came out with pay out with a statement based -- it was gonna be lost at Morgan Stanley a solid quarter.
-- that violate the law.
Again I can't tell you but it's clearly -- suspicions I will point out this Morgan Stanley said did not violate rule left the there haven't been many -- cases Goldman Sachs said if you look that there you know look at their filings you can sort of determine what what was going on.
I will tell you this though.
You know yes both of those could be true.
There were whispers compatible -- no doubt I think I received OK I was on the receiving in particular Morgan -- Goldman Sachs everybody knew -- whispering.
The question is does the FCC SEC to really takes this at the was seriously.
Are they gonna at least look into this and that's a question we do have a call from this sisters to the securities I -- But if it -- we do have a we we do have quote quote to the securities exchange commission.
They tell us this is a facts and circumstances.
Issue that you know it depends on the -- search and whether -- violent law they have no common as to whether looking at this.
Yeah my question it Mike what are you this area finished with it gets it gets -- how high up does it have to go for rule let the it -- -- taken effect -- -- an analyst calls you.
Of the rank and file employee at it -- not -- call -- with.
It but if that dividend at so what have to go up to a slower level remember analysts generally don't called -- -- -- -- -- to the head of IR.
In the case of Morgan Stanley James Gorman as we were -- that's the -- will go -- where was gilts they were talking about a solid quarter.
I will tell you this I got a call from Morgan Stanley last week after reported that.
Who said that the the the complaints people to -- they were worried about exactly how what how that how I describe.
They're sort of whisper to a two -- to employees into the street.
-- I think this begs for an investigation I mean you know this we're any era where you don't like insider trading you don't like the public.
Not getting a fair shake had information before the insiders and Wall Street.
Let's say they did anything wrong but look at because it this one does smell to be.
And I don't have time -- pot it crosses the line if it's selective thanks it does certainly appreciated all the world's most --
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