you win some you lose some

  • no soup for you!

    News

    Era of Earning Client’s Trust Via Steak Dinner, Lap Dance Dessert Over At Barclays

    Barclays has banned employees from giving or receiving gifts and entertainment from brokers as the British bank tightens internal controls. The “prohibitions apply regardless of the monetary value or nature of the relevant gift or entertainment,” according to a July letter, a copy of which was seen by Bloomberg News and confirmed by Barclays. The […]

    / Oct 2, 2014 at 2:19 PM
  • Silvio-Berlusconi

    News

    Italy’s Got Good News And Bad News For Silvio Berlusconi

    The bad news: they rejected his appeal of a verdict sentencing him to four years (reduced to one due to overcrowding). The good news: that one year might be served at home, where the hookers can come to him, and he might still be able to hold office!

    / Aug 1, 2013 at 2:57 PM
  • raj-rajaratnam-air-guitar-260x362

    News

    Raj Rajaratnam Not Leaving The Big House Anytime Soon

    On the one hand, it’d be hard to argue that the former hedge fund manager doesn’t want to get out of the correctional facility he’s been in since December 2011; on the other, let’s not forget that prison is said to agree with him and that he not only is he in “good spirits,” but […]

    / Jun 24, 2013 at 12:31 PM
  • Brian-Moynihan-Bank-of-America

    News

    Bonus Watch ’13: Bank Of America

    A few details from the House of Moynihan’s IBD bonus communication day, which was said to leave people feeling “glum.”

    / Jan 25, 2013 at 4:20 PM
  • greenlightcapital4q2012

  • News

    The Universe Has Good News And Less Good News For Rajat Gupta

    The less good news is that a jury found the former McKinsey executive guilty on three counts of securities fraud and one count of conspiracy for passing material non-public information to his friend*, convicted insider trader Raj Rajaratnam. The good news:

    1. Rajat could go to jail for twenty years but probably won’t (“Gupta faces up to 20 years in prison on each of the fraud charges and up to five years for the conspiracy charge. But his sentence is likely to be significantly lower under federal guidelines.”)
    2. Sentencing is scheduled for October 18 so he’s got the whole summer and then some into a Zen place about going to prison. Also! Plenty of time to do all those things he was too busy for when he was working. This is gonna be his time. Time to taste the fruits and let the juices drip down his chin. The summer of Rajat!

    Gupta Found Guilty Of Insider Trading [WSJ]

    *Friend Rajat’s ass.

    / Jun 15, 2012 at 12:22 PM
  • News

    Nasdaq Officials Would Just Like To Point Out That Anyone Who Lost Money As A Result Of The Exchange’s Incompetence Have Little To No Legal Recourse

    Oh you can try a lawsuit but, historically speaking, it won’t do shit.

    Nasdaq is sending a message to firms weighing lawsuits related to trading losses in Facebook’s initial public offering: winning won’t be easy. The exchange operator believes it is protected by its contracts with members and by its unusual legal status, which is rooted in its dual role as a regulatory body as well as a business that makes money running markets. Exchange officials in recent weeks have pointed out to analysts that Nasdaq has never been successfully sued over a trading error. “When you look at member agreements that people sign, it’s quite explicit that they’re bound by that accommodation policy,” Robert Greifeld, Nasdaq’s chief executive, said last week at a Sandler O’Neill + Partners conference, referring to legal agreements capping the exchange’s payouts linked to system problems…Banks and brokers have estimated they lost hundreds of millions of dollars due to technical problems during Facebook’s May 18 debut.

    The glitches forced Nasdaq to delay Facebook’s opening, and left trades involving millions of shares unconfirmed for hours. Amid the chaos, traders were forced to guess their positions and place additional orders based on those estimates. When Nasdaq delivered the results of the trading Friday afternoon, many firms were caught off guard and scrambled to reposition.

    According to Greifeld, the last guy who tried to get his money back “trades on the pink sheets now” but take your best shot.

    Nasdaq Claims Strong Defense [WSJ]
    Related: UBS Not Sweating The Small Stuff

    / Jun 14, 2012 at 4:03 PM
  • News

    Bernie Madoff Not Feeling Wilpon Settlement

    Convicted fraudster Bernie Madoff was “desperately disappointed” that the owners of the Mets chose to settle the fraud lawsuit brought on behalf of victims of Madoff’s Ponzi scheme, CBS News reported Wednesday. “He wrote me last weekend that he was so looking forward to that trial,” said Diane Henriques, author of the book “Wizard of […]

    / Mar 21, 2012 at 3:27 PM

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