New York Attorney General Eric Schneiderman file a suit alleging Barclays told investors that it had set up safeguards to protect them from predatory high-frequency traders. But it says Barclays actually catered to those traders.
Large institutional investors have long been at the mercy of flash traders who use computers to make thousands of trades a second, skimming off tiny bits of profit from pension and retirement accounts.
For protection fund managers sought out private stock exchanges called dark pools where only certain investors were allowed in.
Think of them like a fish tank for guppies.
"What Barclays is accused of is making promises that they would keep sharks out of the pool but were actually sort of inviting the sharks into the pool."
Governor Dannel Malloy announced what he called a dramatic turnaround at the Connecticut state police crime lab on Wednesday. He says a national accreditation board has found compliance at the Meriden lab in every category and no negative findings.
Law enforcement officials say a four-month initiative to stem violent crime in Bridgeport and New Haven resulted in the seizure of 73 illegal guns and the expected prosecution of 154 people on firearms, drugs and robbery charges. The operation involved a partnership between local and federal law enforcement.
The Stamford Board of Finance voted 5-1 Tuesday night to approve an 11th-hour appropriation for $2.1M for a projected shortfall in several departments including police and fire. That's not before board members chastised the Martin Administration and this year's budgetary process for not keeping the body better informed of the projections.
Stamford boards of finance and education made necessary approvals Tuesday night to allow the city to meet a grant application to the state by a June 30, 2014 deadline. The final vote by the Board of Representatives is Wednesday night, but essentially the same body already approved the measure last week indicating its support.