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It could not link SAC Capital and its trader to receiving nonpublic information about Arris from Rengan Rajaratnam or sharing it with Canvas Capital.
The bank didn't want its trader to become a wounded zebra on the savanna, attracting predators.
The investigation was announced last April after Fleet put its trader in charge of General Electric stock, David Finnerty, on leave.
Société Générale, which reported 2 billion euros of credit-related losses last week in addition to the losses from its trader, said they were only partly linked to the mortgage market.
That loss came in the bank's proprietary trading account, which means that the bank apparently encouraged its trader to bring in profits from betting its money on the direction of foreign currencies.
Correction: March 26 , 2000 Sunday An article last Sunday about the Allied Owners Action fund, a mutual fund devoted to shareholder activism, misstated the age of its trader, Deborah Pastor.
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Schonfeld acquired the distressed company's assets–its traders, computers and software systems.
Cameron said while the bank had tried to impose ethical values on its traders, it could not control their behavior.
Another option would be to shut the group or let its traders spin it off into a separate fund or funds and seek capital from outside investors.
The City's futures market is betting on a rise to 5% by the end of 2004, but its traders often get it wrong.
A.I.G. does not need to keep all of its traders, especially since it takes far fewer people to unwind a portfolio than to build it up.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com