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On Mathew Martoma’s Parents Raise Some Good, Less Good Points

Hmmm.

-Steve Cohen sipping a 1939 Macallan and admiring the Picasso in his Greenwich compound while listening to Bobbie Martoma on the news.

Come people: wake up! Read more »

If the previous odds of a considerable stay in jail didn’t deter you before… Read more »

Preet Bharara is a big-picture kind of guy. He’s won more than 80 insider-trading convictions. Sure, there’s the one that got away, mostly because the judge presiding was, in Preet’s considered opinion, a fucking idiot. And, sure, it hurt. Still does. But he’s not going to let that get him down. No. He’s going to start a new streak right now. Read more »

“It’s not polite to talk about yourself, but I haven’t seen anything like it,” says Mr. Wash Chief Executive Richard Enning. A few of his 32 other outlets are almost as big. Germans love cars. They also tend to like things tidy. Now they’re building temples to clean cars. The Stuttgart Mr. Wash is probably the world’s busiest and most expensive carwash. It cost roughly $40 million to build five years ago and employs about 40 people on a busy day for cleaning. Drivers can also tank up or get an oil change. Mr. Enning wants Mr. Wash to be the spot for a spotless car in Stuttgart, the hometown of Mercedes-Benz and Porsche. From afar, the orange structure with curved silver protrusions resembles a glitzy shopping mall or some sort of spaceship…Inside, classy touches include a man in white gloves who directs drivers to conveyor belts for robotic sudsing. After that, patrons can sip complimentary coffee amid potted plants and the strains of classical music while teams polish and vacuum. Staff are even instructed on how to fold and refold wiping cloths so dirt doesn’t move from one surface to another…Few things make serious German drivers smile like inching through a foam bath and undulating scrubbers, said [branch manager Robert] Kerbler [WSJ]

On Mathew Martoma’s Parents Raise Some Good, Less Good Points

Listen, lady, better nine years in jail than only bringing home half the bonus he’s supposed to!

–Mrs. Salem

[Never forget: http://dealbreaker.com/2014/09/judge-rules-statements-to-your-mother-about-your-expected-bonus-dont-equal-a-legally-binding-contract-with-the-company-paying-your-bonus/]

As you’ve probably heard, yesterday afternoon Mathew Martoma née Thomas was sentenced to 9 years in prison for orchestrating “the most lucrative insider trading scheme ever” during his time at SAC Capital. Understandably upset and perhaps having also read the civil complaint in which their son’s boss was identified as “Portfolio Manager A,” mom and dad had this to say:

Speaking on the sidewalk outside the old federal courthouse in Lower Manhattan, Mr. Martoma’s parents said he had been wrongly convicted. The couple asked why Mr. Martoma’s former boss, Steven A. Cohen, the billionaire investor who founded SAC, was not also charged with insider trading if their son had done something wrong.

And also:

“…the man who made all the money is on a yacht, my son is going to jail.”

While there is obviously a touch of bias involved here, these statements seem relatively reasonable, whereas the arguments offered for why Martoma/Thomas was found guilty… Read more »

Mario Gabelli rewarded himself handsomely for all of that money his firm raised in 2013. Henry-Kravis-and-George-Roberts-put-together kind of handsomely. Four-Lloyd-Blankfeins-stacked-on-top-of-each-other-with-an-extra-$5.4 million-on-the-side kind of handsomely. Read more »