The Securities and Exchange Commission has received offers from several high-profile New York Stock Exchange firms to settle improper trading allegations, The Wall Street Journal reports. And so far, the SEC's answer has been "not good enough."
While five firms that trade on the NYSE's floor reportedly face SEC action, the Journal said on its Web site Friday that two firms, FleetBoston and Bear Stearns, have offered multi-million dollar settlements.
Fleet offered the SEC something between $30 million and $50 million, while Bear Stearns-owned Bear Wagner Specialists LLC offered to pay $15 million, the paper said.
Neither firm would comment on the reports. Also facing SEC punishment for improper trades are, among others, Goldman Sachs and Spear, Leeds & Kellogg.