WALL STREET: Big Brother Is Listening

Big Brother Is Listening

When anyone at Drexel Burnham Lambert talks, the Government may soon be listening. Last week the investment firm said it would submit to unprecedented federal supervision as part of an agreement with the Securities and Exchange Commission to settle charges of insider trading and stock fraud. The deal will enable Drexel to proceed with a separate settlement of criminal charges, first announced last December, for which the firm will pay $650 million in fines.

Drexel's pact with the SEC, which must be approved by a federal judge, will allow the firm to close the book on a 2 1/2-year federal probe....

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