U.S. Attorney Aims to Dismiss Insider Trading Charges in SAC Capital Advisors Case (WSJ)
Manhattan U.S. Attorney Preet Bharara will drop charges against seven people, dealing a blow to what had been one of the most successful insider-trading prosecutions and a marquee case in his tenure. Not long ago, Mr. Bharara boasted a near-perfect conviction rate in the dozens of insider-trading cases pursued by his office. But on Thursday he moved to dismiss charges against former SAC Capital Advisors LP portfolio manager Michael Steinberg and six analysts. Mr. Steinberg’s conviction stood out, because it brought prosecutors as close as they ever got to SAC founder Steven A. Cohen, the billionaire founder of the hedge fund, which prosecutors had been investigating for a decade hoping to prove it had relied on illegal insider tips to boost its trading results.
The ‘Short’ Who Sank Valeant Stock (WSJ)
Mr. Left, the man who this week likened Valeant Pharmaceuticals International Inc. to Enron Corp., is among a small group of investors who publish free reports on firms they claim are overvalued or are engaged in fraud. They profit by making trades known as “shorts,” betting the shares will fall. Unlike many of his rivals, Mr. Left issues reports laced with profanity, vivid anatomical descriptions and taunts directed at corporate executives. He ended a 2014 report with a parting note to his target’s CEO: “Your first reaction will be to want to sue me. I hope you do!” He said he has been sued but has never lost a case.
Large Money Managers Suffer Bruising Quarter (WSJ)
Large money managers were bruised in the third quarter by market declines and investor outflows, the latest sign of the ills afflicting the U.S. mutual-fund industry.
Cans of 'Boiled Parrot' ruffle feathers in San Francisco (UPI)
Some of the cans are labeled "local & organic" and offer "Cherry Conures In Their Own Syrup." Brady Baltezore, one of six partners behind the Terrific Street store, said the display was meant to be humorous. "We thought, 'How funny would it be to create an installation that made it look like we were going to open a hyperlocal, hyper-sustainable business that was using the most hyperlocal food item?'" Baltezore told Hoodline. "We wouldn't harm parrots. We love parrots ... In this era, there's a little too much emphasis on what people's reaction is to art, rather than enjoying it on its own merits." Resident Julie Herrod was among those who failed to see any humor in the display.
Amazon’s Jeff Bezos is the third-richest man in the nation (NYP)
The Amazon founder’s net worth surged to more than $55 billion late Thursday after the Seattle Web giant posted surprisingly strong quarterly results.
Bill Gross Could Make Money for His Old Investors Before His New Ones (Bloomberg)
Gross recently filed a lawsuit against his old employer, Pimco, in which he seeks $200 million in damages for compensation he says he was wrongly denied. Deep in the lawsuit is a point that could offer a boost to a separate shareholder suit against Pimco, filed on the last day of 2014 by Robert Kenny, an investor in the Pimco Total Return Fund.
The People Behind Sexy Pizza Rat Know You Won’t Buy Their Costume (Bloomberg)
Yandy’s Sexy Pizza Rat garnered millions of social media impressions, but only about 100 have been sold. “Let’s do it,” tweeted Stephanie, 24, in Louisville to a friend in early October. Asked if she was going to buy the costume, she admitted it was just a joke, saying, “I probably won’t be dressing up.”