Wall Street: The SEC Moves In

To look at the solid building in Manhattan's Trinity Place that houses the American Stock Exchange, it would seem that the old days of the raucous Curb Exchange were far behind. But last week the Securities and Exchange Commission, after closeting itself for a seven-month study, issued a 127-page report excoriating the practices of the nation's second largest stock exchange, and suggesting that too many vestiges of its past still hang on.

The brokers no longer do their trading from the curbstones of Lower Manhattan dressed in zebra-striped hats and bright blazers, but SEC found that several of the stocks...

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