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SEC Reportedly Studying Trading of Carter Hawley

December 10, 1987|Associated Press

WASHINGTON — The New York Stock Exchange has asked the Securities and Exchange Commission to study suspicious trading in the stock of Carter Hawley Hale Stores Inc. in March, 1984, a congressional aide said Wednesday.

The energy and commerce subcommittee on oversight and investigations, chaired by Rep. John Dingell (D-Mich.), plans to subpoena the exchange's referral as part of its investigation into insider trading on Wall Street, the aide said.

The NYSE told the SEC that several Swiss banks as well as concerns based in other countries, including Liberia, Panama and the Bahamas, traded in Los Angeles-based Carter Hawley stock before Limited Inc. announced a hostile tender offer for the company in April, 1984, according to a published account.

The referral is included in a draft of a report being prepared by the General Accounting Office, Congress' watchdog agency, for Dingell's subcommittee, according to story published Wednesday in the Wall Street Journal.

Michael Barrett, subcommittee staff director, said the panel has not yet reviewed the GAO report and has not seen the NYSE referral. However, he said the subcommittee has discussed the referral with NYSE officials and is making plans to issue a subpoena to obtain it.

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