September 2011

  • News

    SEC Is Going To Throw People In Jail Just To Calm Things Down A Bit

    If you came here from outer space and tried to figure out what financial markets regulation is for, you might conclude that government interference in markets is designed mainly to prevent volatility. Think high frequency trading is to blame for recent volatility? Create a Tobin tax. Think that naked CDS trading or short selling enhances […]

    / Sep 23, 2011 at 12:25 PM
  • News

    Michael Moore: “The Super Rich Are Kleptomaniacs”

    “There’s a branch of Chase in your town. There’s a branch of Bank of America. There’s nothing preventing you from organizing outside that branch, with signs, with possibly even civil disobedience, to make your voices heard. They think they’re going to get away with these, these people who stole pensions funds of the american public, […]

    / Sep 23, 2011 at 11:56 AM
  • Opening Bell

    Opening Bell: 09.23.11

    US House passes spending bill as showdown looms (Reuters) Republicans in the U.S. House of Representatives regrouped on Friday to approve a must-pass spending bill, but the prospect of a government shutdown loomed as Democrats said it would go nowhere in the Senate. Even in the face of rock-bottom approval ratings, the dispute suggested that […]

    / Sep 23, 2011 at 8:53 AM
  • Write-Offs

    Write-Offs: 09.22.11

    $$$ Meg Whitman Is Named Hewlett-Packard Chief (NYT) $$$ EU to speed recapitalisation of 16 banks (FT) $$$ All Eyes on Bernanke’s Next Move (WSJ) $$$ US banks hit by Fed and funding fears (FT) $$$ Bank of America Said to Seek $800 Million in Sale of Pizza Hut Franchise (Bloomberg) $$$ Glenn Beck: I’m […]

    / Sep 22, 2011 at 6:31 PM
  • News

    If There Are Riots In New York, You Can Blame Ethanol And Index Funds

    Mayor Bloomberg is on record claiming that riots are caused by unemployment among college graduates. But I suspect that Occupy Wall Street is overweight degrees and underweight 9-to-5 employment, and it’s not taking down the regime so much as it is taking down a lot of pizza. So one might question Bloomie’s conclusions and seek […]

    / Sep 22, 2011 at 6:12 PM
  • Hedge Funds

    How Should Raj Rajaratnam Spend His Last Three Weeks Of Freedom?

    Though some might argue otherwise, Raj Rajaratnam is a pretty lucky guy. In the beginning of July, at which time he was slated to be sentenced in mere weeks, Judge Richard Holwell agreed to postpone a decision until September 27, granting the convicted Galleon founder one last summer of love. Today, Holwell tossed Raj yet […]

    / Sep 22, 2011 at 5:33 PM
  • insider-trading, News

    Father-Son Insider Traders Provide Window Into ETF Markets, TD Ameritrade Phone Surveillance

    The SEC’s administrative action against Spencer Mindlin & Dad yesterday had me scratching my head, and not just because TD Ameritrade managed to record a conversation between Mindlins père and fils when they had Ameritrade on hold. That should not be possible. From what I’ve seen of this case it really doesn’t look like insider […]

    / Sep 22, 2011 at 4:05 PM
  • pussy mustard yellow shit volatility

    Remember This Tomorrow

    Shitty climate got you down? Getting your ass kicked every day? Feel like the market is making you its bitch? Obviously, you have options. You can cry about it. You can jerk the wheel into a god damn bridge abutment. Or you can act like a winner. You can realize that there is no substitute […]

    / Sep 22, 2011 at 4:01 PM
  • ponzi schemes

    Lawyer Representing Some Of Fult-Tilt Poker Resents The Ponzi Scheme Label

    Did FTP maybe commit a crime? Yes. Was the crime it committed a Ponzi Scheme under the strict definition of the term? No.

    / Sep 22, 2011 at 3:47 PM
  • earnings

    After Exhaustive Analysis, Barclays Reckons That Some Banks May Show A Loss In Q3

    The Brits hate to be the bearers of bad news but if they have to, they have to.

    / Sep 22, 2011 at 2:00 PM
  • News

    Call The Close

    Hey, look, we’re down over 400 points. Think we’ll hit 1,000 or will a shirtless and face-painted Bob Pisani spark a rally?

    / Sep 22, 2011 at 1:21 PM
  • Banks

    Kweku Adoboli Feels Pretty Bad About The Whole…Y’Know

    UBS trader Kweku Adoboli, accused over the Swiss banking giant’s $2.3 billion losses from unauthorized trades, was “sorry beyond words,” his attorney said Thursday. [NYP]

    / Sep 22, 2011 at 11:16 AM
  • Pets

    Golden Retriever Latest Victim Of Insider Trading Crackdown

    Back in June, the lawyer for Winifred Jiau, expert network empress and accused insider trader, made a simple plea: “Put an end to this misguided prosecution,” Joanna Hendon said. “Send Ms. Jiau back to California, and to her dog.” While the request might’ve played well with golden retriever lovers, the presiding judge didn’t care. He […]

    / Sep 22, 2011 at 10:46 AM
  • Opening Bell

    Opening Bell: 09.22.11

    Moody’s Offers Upbeat View On Corporate Defaults (WSJ) Lambasted alongside other ratings firms for being too sanguine on subprime mortgages and other risky assets, Moody’s is expected to release a report Thursday predicting that most companies with the lowest credit ratings should survive the fallout from European debt woes or other market problems. These companies, […]

    / Sep 22, 2011 at 8:44 AM
  • Write-Offs

    Write-Offs: 09.21.11

    $$$ UBS Says Investment Banking Operations Won’t Be Sold (WSJ) $$$ George Soros: We are already in a double-dip recession (CNBC) $$$ CRT Capital Hires Citadel Team (Dealbook) $$$ Warren Buffett’s Grandson On The ‘Buffett Rule’ (Daily Intel)

    / Sep 21, 2011 at 6:33 PM
  • insider-trading, News

    Galleon Sentences Now Getting Serious

    Betracksuited Galleon trader Zvi Goffer got some bad news today: Zvi Goffer, the ex-Galleon Group LLC trader, was sentenced to 10 years in prison for his role in a scheme to trade on inside information provided by lawyers. … “I view this as a tragic day,” said U.S. District Judge Richard Sullivan, who handed down […]

    / Sep 21, 2011 at 4:59 PM
  • Confessions

    “Every time the door to your office opens, or the phone rings, you think it will be somebody looking for answers.”

    Please place the following in context: You expect to be caught in the first 24 hours. Every time the door to your office opens, or the phone rings, you think it will be somebody looking for answers. You live in fear. In that very initial period, the heart is racing. You should have [stopped] at […]

    / Sep 21, 2011 at 4:33 PM

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