FBI tells Wall Street that greed is not good
Stephen Foley is a former Associate Business Editor of The Independent, based in New York. He left in August 2012. In a decade at the paper, he covered personal finance, the UK stock market and the pharmaceuticals industry, and had also been the Business section's share tipster. Between arriving with three suitcases in Manhattan in January 2006 and his departure, he witnessed and reported on a great economic boom turning spectacularly to bust. In March 2009, he was named Business and Finance Journalist of the Year at the British Press Awards.
Tuesday 28 February 2012
Fed up with hearing Wall Street bankers telling him Gordon Gekko was an inspiration to them, Michael Douglas, pictured in character, has teamed up with the FBI to launch a campaign against insider trading and investment fraud.
In a public information film unveiled yesterday, the FBI shows Gekko's famous line in the movie Wall Street that "greed ... is good" and then cuts to a stern-faced Mr Douglas who intoned that "the movie was fiction, but the problem is real".
The actor tells viewers how to tip off investigators if they suspect insider trading, and says: "Our economy is increasingly dependent on the success and the integrity of the financial markets. If a deal looks too good to be true, it probably is."
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