Former Galleon employee Zvi Goffer, his Emanuel Goffer and Michael Kimelman, their partner at Incremental Capital, were found guilty this morning on “fraud and conspiracy to commit insider trading” charges. They each face 25 years in prison, meaning it’s going to be along time before another one of these:
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- Use the Bloomberg command
NH BLG_DEALBREAKER <GO>
to access Dealbreaker
What?! How long did this trial last until they found them guilty, 30 minutes?
Apparently it’s not gay if two guys share a bed, so long as they are head to toe.
Looks like they will enjoy prison
On one’s first day in federal prison, after receiving your prison issue duds, your new “fraternity” members steal your socks. That is because, you don’t get a lock to put on your locker until you can get funds to go to the commissary some time later and buy a combination lock…..and more socks.
-Dude Who Knows a Dude Who Spent Some Time In a Federal “Gated Community”
This source story shows just how bad lawyers are with numbers.
Ropes & Gray Assoc current comp ~$200k
Estimated Term – 30 years
Annual Comp Growth Rate – 3%
Discount Rate for risk-free savings account – 2%
Present Value of career earnings – $6.8MM
Compensation for tips – ~$5k
In short, either he believed there was a less than 7/10,000 chance of getting caught, or that he estimated his own mortality at less than 2 weeks, for him to have cleared his hurdle rate.
Lawyers…..
Not golfers you great fool. GOFFERs, the little brown furry rodents!
Oh. We can do that. We don’t ever have to have a reason.
Sixty-Nine is Very Gay.
Check you lockstep compensation and “up or out policy.”