• 05 May 2009 at 10:26 AM

That’s The Last Straw

By Bess Levin

Apparently, this is the first insider trading case involving credit default swaps. We think it is high time that these points along the access of financial evil be eliminated permanently. Why fat cats should be permitted to continue victimizing innocent media holding companies with these crude, dangerous and unregulated instruments is beyond us. Enough is enough.

The Securities and Exchange Commission today charged Renato Negrin, a former portfolio manager at hedge fund investment adviser Millennium Partners L.P., and Jon-Paul Rorech, a salesman at Deutsche Bank Securities Inc., with insider trading in credit default swaps of VNU N.V., an international holding company that owns Nielsen Media and other media businesses.

[SEC Press Release]

Comments (16)

  1. 1
    Posted by guest | May 5, 2009 at 10:28 AM

    Axis?

  2. 2
    Posted by guest | May 5, 2009 at 10:45 AM

    Deutsche is a shady joint, they always check their integrity at the door

  3. 3
    Posted by guest | May 5, 2009 at 10:49 AM

    from credit default swapping to prison style cum swapping

  4. 4
    Posted by guest | May 5, 2009 at 10:57 AM

    ? every bank with a position in a credit facility has access to non-public info – and likely shares this with their CDS desk.
    Often it’s the same credit weenies buying the CDS to offset loan risk.

  5. 5
    Posted by Anal_yst | May 5, 2009 at 11:12 AM

    They should put up German Walls to keep the information from making its rounds from desk to desk, obviously that’s the solution.

  6. 6
    Posted by guest | May 5, 2009 at 11:19 AM

    Where’s the investigation on the Merrill traders and remarking their derivs down in December?

  7. 7
    Posted by guest | May 5, 2009 at 11:23 AM

    If this guy went to jail:
    http://money.cnn.com/2008/05/30/news/newsmakers/Trader_father_Morris.fortune/index.htm
    there should be a lot more traders who liberally mark their books up and down that should be joining him.

  8. 8
    Posted by guest | May 5, 2009 at 11:28 AM

    Why don’t we just eliminate all instruments that are traded by people who don’t actuall hold the underlying asset. Shut down the CBOT and let Cargill and ADM trade with themselves, the fuckers.

  9. 9
    Posted by guest | May 5, 2009 at 11:34 AM

    8 thats a good idea but only for markets where the underlying is in limited supply (like CDS)

  10. 10
    Posted by guest | May 5, 2009 at 11:46 AM

    I’m Izzy Englander, what’s insider trading?

  11. 11
    Posted by guest | May 5, 2009 at 11:50 AM

    @4, totally agree. CDS are for pussies.
    @5, German walls? I’ll start using that.

  12. 12
    Posted by guest | May 5, 2009 at 11:50 AM

    @10 Same as mutual fund timing

  13. 13
    Posted by guest | May 5, 2009 at 11:52 AM

    next problem: bank revs tied to CDS pricing

  14. 14
    Posted by guest | May 5, 2009 at 1:57 PM

    Don’t stand by a German Wall too long if you hear a hissing sound.

  15. 15
    Posted by guest | May 5, 2009 at 1:57 PM

    Don’t stand by a German Wall too long if you hear a hissing sound.

  16. 16
    Posted by guest | May 6, 2009 at 12:43 AM

    its nice that MLP finally found a way to get itself involved with the latest round of scandal.
    i’m sure izzy was feeling real left out, on the sidelines.

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