Suspicious trading preceded bank megamerger
Exchanges saw a huge spike in the purchase of Bank One options even before news of the huge J.P. Morgan acquisition broke. The transactions were enormously profitable for a fortunate few.
Though Wall Street is struggling to clean up its image, little has really changed -- judging by the huge spike in the volume of stock options that became extremely profitable once news broke Wednesday of a proposed takeover of Bank One (ONE, news, msgs) by J.P. Morgan Chase (JPM, news, msgs).
Posted by Ron at January 16, 2004 01:25 PM