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Biotech Ills

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What’s been pushing biotech stocks down for the last couple of months? Thinkblog says it's fear of a Democratic Congress.

I think there is a lurking reason in the background, proving yet again that Wall Street is a clever discounting mechanism. I see a shadow lurking of a Democratic Congress, and that impliies to many not only a stricter regulatory environment; it means to many a resurection of the discussion of cost containment in healthcare, whether that entails price caps, rationing in some way, dicsussions of pharacoeconomics, as well as a debate on insurance. If this is the lurking malady causing the symptoms seen, it is unlikely to go away soon.

But is the prognosis really so dire? What would Thinkblog prescribe to alleviate the affliction? Can we see the patient's charts again? How many more healthcare related metaphors can one post possibly tolerate?
What is Ailing Biotech? [Thinkblog]


S&P Lawyers Have No Interest In Seeing Scenic Springfield, Ill.

It's bad enough that S&P has to go and defend itself against what it says are completely meritless allegations with regard to its totally up-and-up, if not-always-in-the-ballpark-of-accurate, credit ratings. But it'd really prefer not to have to hire local counsel in Denver, Des Moines, Hartford and 14 other remote hellholes that the states that are suing it insist on using as their seats of government.

Accused Insider Trader Gave Ill-Gotten Gains To The Homeless

And for this he should do time? Gautham Shankar, of New Canaan, Connecticut, who also worked as a trader at Schottenfeld Group LLC, is scheduled to be sentenced later today by U.S. District Judge Richard Sullivan in New York. Shankar, who faces as long as 25 years in prison, earned less than $450,000 in the insider-trading scheme, his lawyer said. Shankar, who worked on the sales desk at Goldman Sachs from July 2000 until February 2003, pleaded guilty to conspiracy and a count of securities fraud in October 2009. He admitted that while working at Schottenfeld, he passed and profited from illegal tips he obtained from Zvi Goffer, a former Galleon Group LLC employee, and Thomas Hardin, a former analyst at Lanexa Global Management. “As the government learned during its meetings with Mr. Shankar, he has always, quite literally, given large sums of money away to the homeless on the streets of New York, including cash given to him by his co-conspirators for passing tips from Hardin,” his lawyer, Frederick Sosinsky, said in court papers.Helped People “From bringing the homeless a cup of coffee in the morning and sharing time with them to handing them hundreds of dollars at a time, Mr. Shankar has always been unable to simply walk past those in the most distress,” Sosinsky said. Ex-Goldman Employee Seeks Leniency for Insider Scheme [Bloomberg]