Revelations that at least one hedge fund had a dirty tricks unit. The aim being to discover (often through illegal means) information about share prices that might drop, thus a) allowing short positions to be created and b) spreading that information so that the prices would drop.
The latter part doesn\’t look to be illegal, at least not as I understand it. It\’s the creation of a false market that is, and revealing the truth isn\’t that. The methods of uncovering said truth might have been illegal though.
What really rather amused though was that bankers and hedgies really couldn\’t be expected to do such grubby things themselves:
It was set up by former senior executives from a blue-chip investment firm. However, from 2005, the "dirty-tricks unit" was staffed by former corporate investigators and investigative journalists hired from newspapers.
Such a moral profession, journalism.