A judge has pumped the brakes on this thing. Read more »
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Hedge Funds
Charlie Gasparino: SAC Capital Busting Its Ass To Prevent Redemptions
By Bess Levin
According to Fox Business reporter Chaz Gasparino, the hedge fund has been working overtime to convince investors ahead of the February 15 deadline for submitting redemption notices to stick with Steve. With a moderately to majorly amazing sales pitch: Read more »
Losing Anything < $2 Billion, Whether Through Trading Or Regulatory Fines, Now Considered A Victory At UBS
By Bess Levin
UBS’s $1.5 billion settlement for manipulating interbank lending rates is the fourth separate regulatory finding against the Swiss group in as many years – underlining the failure of bank executives to reform the corporate culture…Just last month, a London jury convicted one of UBS’s former traders, Kweku Adoboli, of the biggest banking fraud in British history after he lost $2.3 billion in rogue trades. The FSA also fined the bank 29.7 million pounds ($39.2 million) for allowing the unauthorized trades. The trading loss is now seen among UBS staff as the new benchmark of wrongdoing, with reports of relief among employees that the bank’s $1.5 billion global Libor settlement was “only half an Adoboli.” [FT]
You’re a naughty bank– you’re naughty! Read more »
Citi To Pay SEC $75 Mill Over Forgetting To Tell Investors This, Like, Minor Li’l Thing Of Practically No Significance
By Bess LevinThings just fall through the cracks sometimes. They had a lot going on that day. Read more »