Why do crooks rob banks?

Because that's where the money is, of course. In case anyone needed more evidence that the securities industry is a dirty, dirty business, The Boston Globe reports that one brokerage firm, Jeffries & Co., spent over $2 million to lavish gifts and entertainment on Fidelity employees, including Fidelity traders. The gifts (aka bribes) included private vacations and golf outings, tickets to a Justin Timberlake and Christina Aguilera concert (what??), parties at the 2004 Super Bowl in Houston sponsored by Playboy and Maxim magazines, and bottles of expensive wine. Hmm...I would expect more from a fiduciary. According to the Globe, the SEC said in the court filing that Fidelity "may have, directly or indirectly" defrauded some clients or prospective clients during a two-year period starting in 2002. The SEC said actions by Fidelity may have prevented customers from getting the best deals on stock trades. Among other activities, the court filing revealed the SEC is investigating whether former Fidelity trader David Donovan Jr. or members of his family used inside information to profit from stock trades. It has previously been reported that the SEC was investigating whether Donovan steered business to his brother, Peter Donovan, who handled Fidelity business at Banc of America Securities. http://www.boston.com/business/globe/articles/2006/12/05/ny_firm_courted_fidelity_traders_with_2m_in_gifts/