Galleon Wiretaps Rattle Hedge Funds as Insider Trading Targeted (Bloomberg)
“The word wiretap strikes fear in the hearts of everyone, even the innocent,” said Brad Balter, who runs Balter Capital Management LLC, a Boston-based firm that allocates clients’ money to hedge funds.
Madoff colleague Picower found dead Palm Beach pool (Palm Beach Post)
“I do feel badly a man died,” said Ronnie Sue Ambrosino, a former Delray Beach resident who lost her life savings to Madoff. “But it’s another clue we’ll never have. Madoff pleaded guilty and didn’t go to trial. And now Picower dies. It’s a little ironic that we’re never going to find out the truth.” The Picowers, according to attorneys investigating Madoff’s financial empire, were part of the Ponzi scheme for more than 20 years. They and their daughter, Gabrielle, made more than $5 billion in fictitious profits, according to a complaint that was filed as part of federal efforts to recover money for the victims of Madoff’s scheme.
Fund to Focus On Role Of Women (FT)
The Women’s Leadership Fund, started by Zurich-based Naissance Capital, hopes to invest up to $2bn (£1.2bn) and take activist positions in companies with few or no women in executive or board roles. Now with the are you trying to convince us or yourselves questions: “Is there an edge to be gained in investing in these kind of companies? We think so, and we’re the first to do it,” said Daniel Tudor, the fund’s project manager.
Billionaire Hedges Bet on Auction House (NYT)
SAC Capital has sold its 6 percent stake in Sotheby’s. Did this have to do with a dispute over people getting their greasy sandwiches near a certain someone’s art? We like to think so.
Probe Widening In Galleon Case (WSJ)
The Journal reports that Richard Grodin’s Quadrum Capital has been subpoenaed for its trading records, and also that the fund was closed the week before last (without giving Dealbreaker credit for being the ones to report that fact days earlier, plus Grodin’s ties to Galleon cooperating witness Choo Beng Lee, etc).
Moffat’s Galleon Arrest Stuns IBMers Who Recall Sumo Suit, Kilt (Bloomberg)
Bob Moffat is going to be missed big time: “To boost employee morale, according to a former colleague, he once told workers in the Raleigh office that if the division turned a profit in one quarter, he would wear a kilt at a company event. When it did, he kept his promise. He once dressed up in a sumo-wrestler suit at a conference. While onstage at an another event, he tore up a speech a communications executive had written, saying he preferred to speak off-the-cuff.”
Learn To Love Insider Trading (WSJ)
A certain Sri Lankan is two steps ahead of you.
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- Use the Bloomberg command
NH BLG_DEALBREAKER <GO>
to access Dealbreaker
learn to love insider trading? done.
-ivan
The Picower case highlights the downside of being a ponzi scheme billionaire. You’re probably worth more dead than alive. Between the inheritance, the fraud trail and the possibility of clawback. This dude was a accident waiting to happen…I’m not saying, I’m just saying
way to rip off dealbreaker, susan pulliam.
-rich g.
@2, so you think Picower might have gone swimming with the fishes?
my next fund will also focus on the role of women.
-jeff epstein
@4 without question.
-cg
For those who don’t want to read the ode to insider trading in the WSJ (or any other article in the WSJ for that matter), here’s the caveman synopsis:
Regulation = bad
Deregulation = good
But I think they left something out:
No regulation = credit crisis
http://abnormally-distributed.blogspot.com/
Bess, just how good do I look in a tux?
Chaz
all galleon, all the time…in other news, dr. doom is back on cnbc. did he hire jesse jackson’s speech writer, “pray and delay,” “extend and pretend.” if he continues to talk in rhymes, I’m going to call dr. seuss.
I remember when people used to say:
“all madoff, all the time…”
Just sayin’
the only thing jesse jackson does well is bang women that he is not married to, arrange for that slut to be on his non-for-profit payroll, talk in ebonic ryming slang, and LIE about everything!!
what a waste of humanity
He looks so regal in that pic.
CG, dat woz a nice job you did down in florida. Nice touch havin da fuckin’ guy sleep wit da fishes.
Da family apprciates all dat u do for us.
Don Vitori Vincienzo
A sure-fire, absolutely guaranteed, way to make a quick buck is to find on the floor of the subway toilet.
@ 11 = racist
@15 really?
What a fucking waste of skin he is. I hope Jackson gets run over by a bus some time today.
- not @11
- not a white guy
“Leave the snorkel. Take the strudel.”
@10 wow, gramps, how much was a bottle of coke back then?
@16 = racist oriental
Doom + gloom = Models + bottles
@4 you heard of a “dirt nap”. The Picower fella just took a wet nap.
-CG
All those illicit millions and the guy can’t even hire a lifeguard…go figure.
How is that new? I’ve always invested in companies with few or no women in executive or board roles.
It can be very disturbing to find your spouse at the bottom of the pool. I couldn’t remember the number for 911 for like an hour.
-Shatner
@24 Tell me about it.
-Dead Ted
I’m going to start a fund based on the role of women also. Specifically the woman’s movement. The movement from the bedroom to the kitchen, and then back.
-Mike Tyson
Really really really sick of the oracle of omaha…even more so than ‘moral hazard’, clawbacks, czars, and zerohedge.
http://www.bloomberg.com/apps/news?pid=20601087&sid=aSYFjDOT7hFU
He needs to retire to a DQ and STFU.
@covered – he should remember his own words, he “was lucky at birth.” so much easier to say pay means nothing when you are the wealthiest man in the world…and a philanderer, er uh, philanthroper (I know it’s not a word, but you see what I did there)
There was another important death today. Geocities was shut down by Yahoo. I remember when having a crappy looking Geocities site was the new killing it.
24 and 25 tied for most tasteless (and funny!!!) posts of the day!
Investing in feminist companies is the new killing it, if by it you mean yourself.
-Atilla
@15 you are the ultimate douchebag to wave the racist flag, the easy, untouchable thing to do. its weak people like you that hide behind our rock star president undermining this capitalist nation
There’s this f*cking ‘tarded and annoying Erin Burnett’s co-anchor today, a cyclope named Cramer.
We love the company of Margaret Brennan and we’ll do so starting today.Man, her show is getting a lot better and more information combined with her hotness….
32=racist. examine your motives.
34=idiot. Examine your self-serving drivel.
wonder if this fund is in anyway, shape, or form, affiliated with Pomegranate capital…
http://longorshortcapital.com/pomegranate-capital-thinks-women-can-run-money-better-is-wrong.htm
32/35
you’re new here, obviously.
please read the db comment policy, and then kill yourself.
thanks.
34