The Primary Global Research exec, the first to be arrested in Insider Trading Fest(ivus) 2010, was cuffed, “prior to a trip to Taiwan he had scheduled for Sunday,” prosecutors said. On the bright side, they may have spared him a groping, so. [WSJ]
Archive for November 2010
In a seemingly positive article this morning about Wall Street having and spending shitloads of money again, a troubling firing story is relayed:
A Morgan Stanley trader recently tried to hire a dwarf for a bachelor party in Miami, asking the dwarf to meet him at the airport in a “Men in Black” style suit, according to e-mail exchanges. The trader, who wanted to handcuff the dwarf to the bachelor, was recently fired.
No answer is provided as to why the trader was canned, and so we’re left to wonder, What Is Morgan Stanley’s Problem? It’s important we answer this question so other employees can know what exactly management is and isn’t cool with. So, is MS’ prob: Continue reading »
Will you be traveling by air this holiday? Have you been complaining about the Transportation Safety Administration new procedure, wherein you’re asked to (digitally) bare all or have you crotch grabbed? One Bloomberg columnist has a suggestion for coping with the indignity. I’m paraphrasing, but, essentially: shut the fuck up. You’re a sex addict anyway, so just roll over and take it. Continue reading »
Ireland Rating Cut Two Steps by S&P as `Barbarians’ Gather (Bloomberg)
While opposition political parties back the aim of reducing the deficit to the EU’s 3 percent limit by 2014, labor unions are planning “mass mobilization” in protest at the planned cuts, with a march in Dublin on Nov. 27. “It appears that the day of reckoning has arrived,” said David Begg, head of the Dublin-based Irish Congress of Trade Unions, the umbrella group for unions, which is organizing the demonstration. “The Barbarians are at the gates.”
U.S. Trading Probe Puts Research, Expert Networks in Spotlight (Bloomberg)
“My contacts are the foot soldiers and the worker bees of the industry,” John Kinnucan, who was interviewed by agents of the Federal Bureau of Investigation last month, said yesterday…Richard Bove, an analyst at Rochdale Securities LLC in Lutz, Florida, said he’s concerned that the investigation by the U.S. Attorney in New York and the U.S. Securities and Exchange Commission may result in criminalizing legitimate research that gives one investor an advantage over another.
Mohamed El-Erian: Urgent EU action needed to stop contagion (FT)
Europe’s yet-to-be used financing facility must be made operational quickly, with little room for slippage. The International Monetary Fund must also demonstrate agility in its support. And individual European countries must resist the bickering that is almost unavoidable when such delicate burden sharing judgments are in play.
Wallets Out, Wall Street Dares To Indulge (Dealbook)
Real estate agents say Wall Street executives have already begun lining up rentals in the Hamptons for next summer. Dolly Lenz of Prudential Douglas Elliman said the bidding this year was “hotter and heavier” than previous years. “There is a passion now in the market I haven’t seen in a while,” she said.
Bernanke Reviews Fed Communications Amid Backlash on Purchases (Bloomberg)
“More communication is better from the chairman,” said Matus, senior economist at UBS Securities LLC in Stamford, Connecticut. “Whenever the chairman steps back, the void is filled” by other officials who may confuse investors, Matus said. “If they do this right, there will be less of this confusion generated.”
Bruce Willis to front Russian bank ad campaign (Reuters)
Trust bank, a top-30 lender by assets, hung pictures of the “Die Hard” star on the streets of Moscow on Monday with the phrase “Trust is just like me, but a bank.” Continue reading »
$$$ Private equity firm Wellspring Capital Partners is in talks to buy Hooter’s of America Inc., franchiser of more than 400 beer, boobs and wings establishments throughout the world. [Fortune]
$$$ In Insider Case, the Odd Couple Won’t Meet [Dealbook]
$$$ First New York Had Own Review, Amid Insider Probe [Reuters]
$$$ Matt Taibbi Fails To Recognize Own Insult [Daily Intel]
$$$ Fed Officials Disagreed Over Benefits of $600 Billion Stimulus [Bloomberg] Continue reading »
According to Charlie Gasparino, at least one of the aforementioned “low-level” Goldman employees rumored to be tied to the government’s Insider Trading Fest(ivus) 2010 “got roped into the investigation by ‘some sort of association’ with Diamondback Capital Management LLC.” Still unclear: how low we’re actually talking (e.g. first years, summer interns, etc).
From the mailbag: Continue reading »
From MarketWatch: SAC Capital Advisors LP told investors in a letter that it got a government subpoena, according to a person who received the update from the hedge fund. Continue reading »
Janus said in a statement that it “maintains rigorous compliance procedures and has confidence in the integrity of its processes and its people.” Big J, like those who’ve come before it, has also said it intends to “cooperate fully with the inquiry.” In related news, just once I’d like to hear a firm say it intends to cooperate “partially” or “not at all”– as there will likely be more “requests” a’ comin’, maybe someone will grant me this wish!
CNBC And Guy Who Wouldn’t Wear A Wire For Feds Debate The Meaning Of The Term ‘Trouble’
By Bess Levin
“Here’s our card, we need to hear from you in 48 hours, if we don’t there will be trouble for you,” Strategy Session guest John Kinnucan recounted being told by two representatives from the FBI when they showed up to his home and tried to get him to agree to record a conversation with a client from SAC Capital.
“And they haven’t made trouble for you I guess, have they?” David Faber asked.
“Well, uh, my business has been destroyed, so…” Continue reading »
