Point: “The latest urban legend to spread on trading desks and through the executive suites on Wall Street goes something like this: coming this fall, as President Obama makes his final push for a second term, his Justice Department will finally give the public what it wants in the form of an arrest of a major Wall Street figure for his role in the financial crisis. The men at the top of this “October Surprise” list are two of the more infamous figures in the banking business: former Lehman Brothers chief executive Dick Fuld and current Goldman Sachs chief executive Lloyd Blankfein. Using the Justice Department for political purposes is, of course, pretty sleazy.

Counterpoint: “…But after speaking to my law enforcement sources — and you can throw people who work at the Securities and Exchange Commission and the Justice Department in this category — I give low probability for this urban legend coming to fruition.


“Here’s what I am told, confirmed by two senior law enforcement officials involved in the insider trading probe: investigators are looking at charging someone they describe as a “big fish.” The person has been described as someone I would know, which since I cover Wall Street, means that it’s a major financial type implicated in the matter. I cannot be certain of this because my sources refused to provide any additional details; the case isn’t complete. It involves cooperators, which means that it might go forward or it might not.

So the October Surprise is a very real possibility, much to delight of journalists like myself. But before rejoicing we in the media should take a deep breath. These same law enforcement sources investigating insider trading among Wall Street fat cats and other corporate titans are also looking at the alleged improprieties of a major journalist who covers stocks. That case, like the other, isn’t completed, but both have been described as “moving forward.” In other words, stay tuned.

An October Surprise On Wall Street [HP]

86 comments (hidden to protect delicate sensibilities)
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Comments (86)

  1. Posted by guest | May 1, 2012 at 1:26 PM

    Making up shit and then giving it a low probability is the NKI

  2. Posted by Guest | May 1, 2012 at 1:26 PM

    Damnit, Chaz, stop giving him ideas!

    – Lloyd

  3. Posted by guest | May 1, 2012 at 1:29 PM

    Journalist covering stocks? I might vote for Obama if it's Cramer.

  4. Posted by Guest | May 1, 2012 at 1:32 PM

    Senior law enforcement official #1: "So did he look nervous?"
    Senior law enforcement official #2: "Not at all, he thinks its someone else"
    Senior law enforcement official #1: "Good. Call Gorman and tell him it'll go down in the Equinox weight room Thursday."

  5. Posted by Guest | May 1, 2012 at 1:37 PM

    The only thing being nailed is the gentleman at Equinox for the first time entering the men's steam room under the false impression that it is not Chazzy's private rape and scoop facility.

  6. Posted by Dr_Rosenrose | May 1, 2012 at 1:37 PM

    "Using the Justice Department for political purposes is, of course, pretty sleazy", said someone who works for NewsCorp…

  7. Posted by Deleveraging | May 1, 2012 at 1:39 PM

    Well if it's you Chaz, maybe you can get a multi-book deal out of it. Think of all of the other douche bags in federal lock-up that you would have exclusive access to. You being off the air might boost FBN's ratings and might enhance the value of your News Corp holdings

  8. Posted by pazzo83 | May 1, 2012 at 1:39 PM

    "I cannot be certain of this because my sources refused to provide any additional details." Gasparino went on to say, "What I can be certain of is that they are a friend of mine."

  9. Posted by DB commenter | May 1, 2012 at 1:41 PM

    "described as someone I would know"

    heh heh heh

  10. Posted by Alt_EST | May 1, 2012 at 1:47 PM

    "Investigators are looking at charging someone they describe as a “big fish.” The person has been described as someone I would know,..These same law enforcement sources…are also looking at the alleged improprieties of a major journalist who covers stocks."

    1. You, in your own estimation, are a 'big fish.'
    2. You know yourself, probably
    3. You, again in your own estimation, are a 'major journalist.'


  11. Posted by CoveredLong | May 1, 2012 at 1:54 PM

    No disassemble STAR!

  12. Posted by Lowly Assistant | May 1, 2012 at 1:56 PM

    Fucking duh.


  13. Posted by J. Dimon | May 1, 2012 at 1:57 PM

    I bet it's that fuck Nocera

  14. Posted by MagnusVerMagnusen | May 1, 2012 at 1:58 PM

    It kills me every time Ole Gas Bags uses the term fat cats. Dunno why, just does.

  15. Posted by Flu Idd | May 1, 2012 at 1:58 PM

    " . . . and that the situation remains, as always, fluid."

  16. Posted by Guest | May 1, 2012 at 2:02 PM

    Secretary: Mr. Corzine, I have Eric Holder for you…
    JC: f*ck f*ck f*ck f*ck f*ck f*ck f*ck f*ck f*ck f*ck f*ck "ERRRRRRIIIIICCCCCCCCCC!"

  17. Posted by Guest | May 1, 2012 at 2:06 PM

    My quarter final 4:

    Raj Gupta- For Galleon Insider tips
    Henry King- GS for tech insider tips
    Some Hollywood exec– For bribery of a Chinese official
    Gasparino- For sensationalism

    Fuld- Bye
    Corzine- Bye
    Falcone= Bue
    Kinnucan- Bye
    Lewis- Bye

    thay'll only go for the H-2B visa holders…

  18. Posted by P. Falcone | May 1, 2012 at 2:11 PM

    Making up shit and then giving it a high probability > Making up shit and then giving it a low probability

  19. Posted by Guest | May 1, 2012 at 2:11 PM

    You obviously haven't read my book, "If I Did It," have you?

    -The Juice

  20. Posted by Legend follower | May 1, 2012 at 2:19 PM

    Charles Gasparino is an urban legend

  21. Posted by Guest | May 1, 2012 at 2:23 PM

    Cock Bove is going down!

  22. Posted by Snopes | May 1, 2012 at 2:28 PM

    There is no such legend. Look it up.

  23. Posted by Legend Securities | May 1, 2012 at 2:31 PM

    Hey !

  24. Posted by Cut Me | May 1, 2012 at 2:31 PM

    Oh, please pick me!

    -L. Tilton

  25. Posted by Guest | May 1, 2012 at 2:34 PM

    Matt has not posted today.

    –Guy who likes to think out of the box

  26. Posted by davidrusso | May 1, 2012 at 2:54 PM

    True story: circa 2009 Gasparino walks into Brunos on a Monday or Tuesday night (yeah I know, but it was still fun ironically and one of the few places you could see an 85 year old Fortune 50 board chair being wheeled in by his 19 year Russian girlfriend) around 2am with his posse of "contacts" – low level banking flunkies crowded around him like he mattered. Walked in like he owned the place then has to beg for a table for about 15 minutes, throwing his name around like anyone gave a shit, then sits at the bar surrounded by 20 somethings. Even the Brunos hooks wouldn't go near him.

  27. Posted by Feds | May 1, 2012 at 3:05 PM

    too low flying

  28. Posted by guest | May 1, 2012 at 3:15 PM

    that's it. if that happens I'm packing up the wife and kids and moving to Cuba

  29. Posted by Raj and Bernie | May 1, 2012 at 3:35 PM

    "….. they describe as a “big fish.” The person has been described as someone I would know, which since I cover Wall Street, means that it’s a major financial type implicated in the matter."

    Gimme a f*-in break. You know noone! And if you do, they are the quant analyst idiots at UBS. Get a life Dude.

  30. Posted by davidrusso | May 1, 2012 at 3:47 PM

    gasparino is also the punk that followed nouriel around like a little bitch, worming his way into roubini's parties where he would awkwardly stand by himself (for a guy who claims to know everyone he was quite lonely) ..then when he tried to get nouriel to appear on fox business, and was summarily rejected, he resorted to a hatchet job. fucking punk.

  31. Posted by Richard Longman | May 1, 2012 at 4:52 PM

    it's tough for guys like you to get in the box huh

  32. Posted by Guest | May 1, 2012 at 6:21 PM

    Meet me at Minetta's. I'll be dressed as the ass-clown

    -C. Gasparino

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    Note to self, sell GS shares in Sept. you can always repurchase in Nov..

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