Americana: Cocaine Options

The trading is always fast and furious on the floor of the Chicago Board Options Exchange, where high-rolling speculators invest in options to buy securities at a set price for a certain length of time.

Last week agents of the U.S. Drug Enforcement Administration, who had been watching the action carefully for more than a year, disclosed that something more than securities was being traded. They arrested five brokers, four clerks and three other financial professionals for selling cocaine at the same time they were working on the exchange floor.

The trendy, expensive drug (about $1,500 per oz. wholesale) is said to both...

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