As many of you likely know, most reporters are assigned to a beat– one subject to cover for their respective publication, from which they rarely stray. Bond reporters report about bonds, Fed reporters write about the Fed, private equity reporters write stories about private equity. Some people are generalists, but even your average generalist covering “Wall Street” will generally not cover things like medical malpractice or the Middle East because, you know, those things do not actually fall under the category of, “Wall Street.” As you may also know, Charles Gasparino is not your average reporter, and is not bound by the traditional definition of “Wall Street,” which would explain his most recent investigative piece. Read more »
Now he can squeeze it in in between his afternoon workout session and his standing reservation at the Grand Havana room.
“Drugs and personal excess will always be found on Wall Street (and in any profession that pays big bucks), but it’s been my experience that fraudsters are more often family men like Bernie Madoff — guys who methodically steal tens of billions without screwing a single hooker or snorting a single line of coke.” [NYP]
“The government is still hoping for two of the main people they’ve gone after, Mathew Martoma and Mike Steinberg, that they turn on Steve Cohen. The big thing that they want is for…these guys to get convicted, face a long prison term, and when they’re thinking of that prison term, they turn on Cohen…the rub here is that the Steinberg case is not going that well for the government. The government would concede that…it’s not the lay up they want. If you’re going to surmise anything from what I tell you, it’s that Steve Cohen is still a target. That’s not a surmise, he is a target.” [FBN]
“On the five-year anniversary of Bernie Madoff outing himself as the world’s most notorious white-collar criminal, the financial world still hasn’t learned some simple lessons. First, business journalists should stop listening to the fraudster himself. His multibillion-dollar scam caused at least three people to take their own lives, including his son Mark — yet Madoff remains mostly unrepentant and uncooperative. He continues to blame “the greed of others” and loves to offer his opinions on how Wall Street really works…Truth be told, I’m one of those reporters who spoke to Madoff in the years since he turned himself in. He banned me from contacting him in prison after I concluded a couple of years ago that he’s a delusional sociopath. It was one of the proudest days of my life.” [NYP]