Against the sweeping morality tale of Lehman, the story of one analyst may seem trivial. But it’s a story central to post-crisis Wall Street, and to the regulators watching over it. Federal authorities today are trumpeting efforts to root out insider trading, and they’ve caught some big fish. Yet many on Wall Street suspect that the sort of chicanery that Mr. Parmigiani says he witnessed at Lehman may be as common as ever.
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