Despite acknowledging that late trading probably extended beyond just Edward J. Stern and Canary Capital, the former Securities and Exchange Commission fund regulation head said that late trading is probably not as widespread as some have recently suggested.

In a Q&A with The Wall Street Journal, Barry Barbash also hypothesized about why New York Attorney General Eliot Spitzer got the tip about questionable trading practices rather than the SEC. Barbarsh said that perhaps the tipster thought Spitzer could do more with the information, or, perhaps, the attorney general was simply in the right place at the right time.

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