Treasury Secretary Timothy Geithner told Congress that he supports a plan by Democratic Rep. Barney Frank that would narrow the purview of the new consumer watchdog. His remarks all but guarantee that lawmakers will move ahead with financial reform legislation less ambitious than the plan that President Barack Obama outlined in June.
In Dell-Perot deal, Texas man is accused of insider trading
WASHINGTON, D.C. — The Securities and Exchange Commission said Wednesday it has charged Richardson resident Reza Saleh with insider trading related to Dell Inc.'s offer to buy Perot Systems Corp. earlier this week.
In a news release, the SEC said Saleh reaped about $8.6 million in "illicit profits" based on his knowledge of "material, non-public information that he learned in the course of his employment with, or duties for, two Perot-related private companies and Perot Systems."
A message left under a listing for Reza Saleh in Richardson was not immediately returned Wednesday.
"The overwhelming evidence in this case allowed the SEC to move quickly against the trader before he could spend the huge profits from his illegal trading," said Rose Romero, director of the SEC's Fort Worth Regional office, in a statement.
Dell said Monday that it will spend $3.9 billio