Greed
Insider trading breaches has surged according to an ABC interview with Australian Securities and Investments Commission (ASIC) deputy chairman Belinda Gibson. ASIC claims that it is receiving 200 alerts a day in relation to suspicious trading activity relating to the usage of privileged information not available to the public. There have been more insider trading breaches in the past three years than in the entire previous decade.
The world of insider trading was brought to light recently with the court case of John Hartman, an ex-Orion equities dealer. Hartman had been sentenced 4 and a half years jail and a non-parole period through to December 2013. The sentencing judge Justice Peter McClellan had said that, "Paying $350,000 to a … graduate in his early 20s carrying out a task of modest responsibility underlines the extent to which the values which underpin our society can be compromised".
The definition of greed is this: it is the "excessive desire to acquire or possess more (especially more material wealth) than one needs or deserves"... Trading is all about greed, but too much of it and it can all but consume you, your life and your soul. ;)
Who looks after whose interests? Greed and fear runs the markets, do they operate on the CEO too? Mark Cuban, a self made billionaire - rarely heard about in Australia, but nonetheless, being a billionaire has earned a little of my respect revealed some of his views recently about the disconnect between the CEO and shareholders. Can shareholders safely assume that the company CEO is working towards the shareholders' interests? In the view of the billionaire who made his cash on the back of dot com success and now owns the Mavericks NBA basketball team, there is a conflict in today's CEOs intentions that may harm the shareholder's bottom line.
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Date added 31-01-2013 - ASIC Fines CommBank's CommSec
Date added 25-09-2012 - Industry Super Network Calls to Ban High Frequency Trading (HFT)
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Date added 06-08-2011
Top 150 Public Companies Listed on the Australian Stockmarket as at 29/05/2009
- BHP Billiton
- Westpac Banking Corporation (WBC)
- Commonwealth Bank of Australia (CBA)
- National Australia Bank (NAB)
- Telstra (TLS)
- ANZ
- News Corporation (NWS)
- Woolworths Limited(WOW)
- Woodside Petroleum Limited (WPL)
- Rio Tinto
- Westfield Group (WDC)
- Westfarmers Limited (WES)
- QBE Insurance
- CSL
- Newcrest Mining Limited (NCM)
- Origin Energy Limited (ORG)
- Santos Limited (STO)
- AMP Limited (AMP)
- Macquarie Group (MQG)
- Foster’s Group Limited (FGL)
