punishments

Which seems reasonable? Read more »

  • 17 Oct 2013 at 4:57 PM
  • Banks

Banking To Get ‘Boring,’ Less ‘Rock Star’-ish

Banking will no longer simply be full of small indignities: It will also be a crushing bore and less remunerative, to boot. Take it away, Bill Michael: Read more »

Back in 2009, hedge fund manager Phil Falcone came up with an idea considered genius only if you take an elastic view of securities laws, which Falcone certainly did (does?). Upon being notified by his personal accountants that he owed the government more than $100 million in state and federal taxes, and turning down the suggestion to borrow against various assets including his Manhattan townhouses, artwork, interest in the Minnesota Wild, and an estate on St. Bart’s, Falcone decided to just borrow the money from a gated investor fund, despite being told in no uncertain terms it was a bad idea by Harbinger’s “longstanding” outside counsel. Investors in that fund turned out not to like the idea very much, with the SEC feeling similarly. But while the regulator felt 5 years (plus an $18 million fine) was enough time for Falcone to really think about what he’d done– a punishment Falcone described as a blessing in disguise–, the New York Department of Financial Services felt otherwise. Read more »

  • 19 Dec 2012 at 12:42 PM

When Canadians And Romanians Conspire

So here’s a little story about a man named Peter Beck. Once upon a time, he ran a day-trading operation with 5,000 traders in places like China, Nicaragua, Romania and, worst of all, Canada. And he used that network to manipulate markets, regulators say; at the very least, he knew his charges in 30 countries were doing so, it is alleged. Read more »

UBS, Switzerland’s biggest bank, may be fined more than $1 billion by U.S. and U.K. regulators for trying to rig global interest rates, more than double the amount levied against Barclays Plc, according to a person familiar with the probe….The fine will likely be the largest against any bank levied by the U.S. and U.K. authorities in the Libor probes, the person said. [Bloomberg]

Just a quick update re: yesterday’s story about the group of Piedmont Driving Club golfers one member wanted to see shamed for various offenses committed during a tournament that included (but was not limited to) slapping people in the face with appendages other than their hands: Read more »


[via CGasparino]