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Wall Street Moles Go to New York’s Top Cop, Spurning SEC Cash

The U.S. Securities and Exchange Commission’s offer of huge payouts for details on Wall Street wrongdoing hasn’t stopped whistle-blowers who want quick results from calling New York’s top cop. A tip that helped spur New York Attorney General Eric Schneiderman’s June lawsuit against Barclays Plc was first shopped to the SEC, as was another that triggered his investigation into a controversial trading practice at BlackRock (BLK) Inc., said people with direct knowledge of the matter. By going to Schneiderman, informants risk hurting their chances of collecting as much money as possible from the SEC. More on Bloomberg here.

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