Goldman, Morgan Fall On Vast Insider Trading Probe
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The Goldman Sachs Group, Inc. (NYSE: GS) and Morgan Stanley (NYSE: MS) are underperforming the finanical sector as a whole today likely on news over the weekend of a vast insider trading probe.
Shares of Goldman Sachs are down 3.8 percent and Morgan Stanley is down 3.1 percent. The broader sector ETF Financial Select Sector SPDR (NYSE: XLF) is down 1.5 percent today.
According to the Wall Street Journal, which first broke news of the probe, "prosecutors and regulators are examining whether Goldman Sachs Group Inc. bankers leaked information about transactions, including health-care mergers, in ways that benefited certain investors, the people say." Goldman Sachs would not comments.
Morgan Stanley was not named, but could also be involved in some capacity.
Shares of Goldman Sachs are down 3.8 percent and Morgan Stanley is down 3.1 percent. The broader sector ETF Financial Select Sector SPDR (NYSE: XLF) is down 1.5 percent today.
According to the Wall Street Journal, which first broke news of the probe, "prosecutors and regulators are examining whether Goldman Sachs Group Inc. bankers leaked information about transactions, including health-care mergers, in ways that benefited certain investors, the people say." Goldman Sachs would not comments.
Morgan Stanley was not named, but could also be involved in some capacity.
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