Earlier this morning, the Journalreported that certain trades made by SAC Capital’s CR Intrinsic unit were being “examined” by the Securities and Exchange Commission. Specifically, the regulator was said to be “trying to determine whether SAC used inside information to profit from Johnson & Johnson’s 2009 takeover of Cougar Biotechnology Inc.” It was also reported that:
The civil inquiry also encompasses whether an “expert network” business that is part of an investment bank leaked nonpublic information to traders, people said…SAC also is facing a criminal probe by federal prosecutors in New York examining trades made in an account overseen by the fund’s billionaire founder, Steven A. Cohen, according to court documents and people familiar with the matter. Representatives for SAC, Mr. Cohen, Johnson & Johnson and Cougar declined to comment. SAC has said it is cooperating with the probe.
While the Journal noted that SAC has not been accused of any wrongdoing, nor was it clear if “the inquiries, which have been ongoing for more than a year, will result in any charges,” it also wrote that “SAC has said it is cooperating with the probe.” According to representatives for the hedge fund uh…what? Continue reading »
Goldman said that it’s been notified of the probe via “oral advisement,” or the action known as “words exiting a human’s mouth,” to the layman. Continue reading »
As you may have heard, Congresswoman Maxine Waters is currently being investigated on charges she arranged stimulus funds for a minority-owned bank in which Mr. Waters owned stock. Max maintains her innocence and wants a public trial to be held “as quickly as possible so she can clear her name.” In the meantime Ms. Waters says she’s gonna be putting a few people on trial herself– two of the biatches investigating her. Continue reading »
Wall Street Journal columnist David Weidner has some choice words for Phil Angelides and the Financial Crisis Inquiry Commission this morning. In short, he thinks the commission is just spinning its wheels, issuing worthless subpoenas and basically sputtering out. Perhaps they should take up Debrahlee’s cause. Continue reading »
Looks like Raj Rajaratnam’s complaints about leaks coming out of the Justice Department have not fallen on deaf ears. Raj’s attorney announced today that he has been informed by The DOJ’s Office of Professional Responsibility that it has opened an investigation into alleged leaks by the FBI and the U.S. Attorney’s office to the Wall Street Journal and other news outlets.
The Securities and Exchange Commission’s Inspector General, David Kotz, is also probing alleged leaks from the SEC about the Galleon case as part of his broader investigation into information that appeared in various news outlets before the announcement of the SEC’s charges against Goldman Sachs. Continue reading »
We knew this was coming. Charlie Gasparino is reporting that Spencer Bachus is ready to call for a Congressional investigation into political pressure on big banks to rescue the failing lender Shorebank Corp. Continue reading »
Earlier this morning, the Journal reported that certain trades made by SAC Capital’s CR Intrinsic unit were being “examined” by the Securities and Exchange Commission. Specifically, the regulator was said to be “trying to determine whether SAC used inside information to profit from Johnson & Johnson’s 2009 takeover of Cougar Biotechnology Inc.” It was also reported that:
