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Michael Douglas, star of Wall Street movie, to help FBI | Michael Douglas, star of Wall Street movie, to help FBI |
(40 minutes later) | |
Michael Douglas, who played a greedy executive in the movie Wall Street, is the Federal Bureau of Investigation's new spokesman against insider trading. | Michael Douglas, who played a greedy executive in the movie Wall Street, is the Federal Bureau of Investigation's new spokesman against insider trading. |
In the movie, Mr Douglas played the character Gordon Gekko who famously boasted that "greed is good." | In the movie, Mr Douglas played the character Gordon Gekko who famously boasted that "greed is good." |
For critics the phrase came to embody the excesses of the Wall Street boom years and subsequent problems. | For critics the phrase came to embody the excesses of the Wall Street boom years and subsequent problems. |
However, in his new role Mr Douglas is warning executives against following his on-screen credo. | However, in his new role Mr Douglas is warning executives against following his on-screen credo. |
"The movie was fiction, but the problem is real," he said in an announcement. | "The movie was fiction, but the problem is real," he said in an announcement. |
"Our economy is increasingly dependent on the success and integrity of the financial markets. If a deal looks too good to be true, it probably is." | "Our economy is increasingly dependent on the success and integrity of the financial markets. If a deal looks too good to be true, it probably is." |
'Integrity and fairness' | |
The move is a part of Federal Bureau of Investigation's (FBI) efforts to tackle insider trading and fraud. | The move is a part of Federal Bureau of Investigation's (FBI) efforts to tackle insider trading and fraud. |
Last year, Raj Rajaratnam, a former hedge-fund manager and founder of Galleon Group, was sentenced to 11 years in jail and fined $10m (£6.4m) for one of the biggest insider trading cases in American history. | |
The case saw more than two dozen other people being jailed, with sentences ranging from a few months to 10 years. | |
The FBI said that it will continue to "pursue those who cheat the system." | |
"Integrity and fairness are paramount to the success of our markets. Today's announcement brings us closer to that objective," said the FBI's Assistant Director in Charge, Janice Fedarcyk. |
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