Wall Street Folly

• Bernanke’s Confirmation Support Runs 3-1 in Favor in Senate
• Top hedge funds bet on big rise in yields
• AIG executives’ promises to return bonuses have gone largely unfulfilled
• Geithner-U.S. job growth unlikely before spring
• Stanford again seeks bail, Lawyers say he risks ‘breakdown’
• Moody’s warns of possible sharp sell-off in sovereign debt
• Rajaratnam Lawyer Opposes Request for Summer Trial on Galleon
• Buffett Sells Moody’s Shares for Sixth Time After Profit Drop
• Fortress’s Intrawest Said to Be in Talks on Buyout Loan Payment
• Microsoft Must Alter Word or Stop Sales, Court Says Read the rest of this entry »

Tags: AIG, Allen Stanford, Ben Bernanke, Bonuses, Fed, Fortress, Galleon, Hedge funds, Interest Rates, jobs, John Paulson, Microsoft, Moody's, Politics, Raj Rajaratnam, Tim Geithner, Trademarks, U.S. Treasury, Warren Buffett

• AIG Permitted by Feinberg to Pay $3.3 Million Grant
• Dubai World Seeks More Time for Debt ‘Standstill’ Agreement
• Collapsed Lehman pays out big bonuses
• Raj Rajaratnam, Chiesi Deny Insider Trading Charges
• Goldman on top in annual tussle for M&A jackpot
• Fortress Sues Law Firm Over Loss Read the rest of this entry »

Tags: AIG, Bonuses, Fortress, Galleon, Goldman Sachs, Insider Trading, Lawsuit, Marc Dreier, Pay czar, Raj Rajaratnam, Sovereign wealth funds

• As Goldman Thrives, Some Say an Ethos has Faded
• An Unwelcome Spotlight Falls on SAC Capital
• Person of the Year 2009: Ben Bernanke
• Citigroup Says Abu Dhabi Seeks to End Share Purchase
• Citi: Abu Dhabi Investment Authority Claim Without Merit
• A Tax Break for Citigroup With Payback of Bailout
• Fed May Raise U.S. Economic Assessment, Affirm Near-Zero Rates
• Rajaratnam, Chiesi Indicted for Conspiracy, Fraud
• Credit Suisse to Pay U.S. $536 Million in Iran Probe Read the rest of this entry »

Tags: Abu Dhabi, Ben Bernanke, Citigroup, Credit Suisse, Fed, Galleon, GM, Goldman Sachs, Microsoft, Politics, Raj Rajaratnam, SAC Capital, Sovereign wealth funds, Steven A. Cohen, Taxes

• Bernie Madoff, the $19B Con, Makes New Friends Behind Bars
• Buyout Pioneer Kravis Aims to Remake KKR Like Buffett
• Goldman Sachs Bars Cash Bonus for Top Officers
• Goldman Sachs Stock Bonus Plan to Defer Compensation Expense
• UK: Revenue to clarify bonus rules
• UK: Lawyers search for loopholes in supertax
• Moody’s Analyst: No Threat To US, UK Triple-A Ratings Now
• Ex-UBS Banker, Swiss Lawyer Declared U.S. Fugitives Read the rest of this entry »

Tags: Bernie Madoff, Bonuses, Compensation, Goldman Sachs, Henry Kravis, KKR, Moody's, ponzi schemes, prison, scammers, Taxes

• Barclays’ Diamond Criticizes Bonus Tax, Sees Regulator Missteps
• Feinberg Said to Lift $500,000 Salary Limit for AIG Executives
• Morgan Stanley Shuffles Executive Suite
• SEC probing high-frequency strategies, co-location
• Banks, U.S. Spar Over TARP Repayment
• Bank of America Executive Under Scrutiny
• Dubai World Met Six Creditors Yesterday on Debt, Banker Says
• Dubai’s Debt Problems May Swell, Morgan Stanley Says
• Debt Raters Avoid Overhaul After Crisis
• Galleon Insider-Trading Case Delayed for a Month Read the rest of this entry »

Tags: AIG, Barclays, Bob Diamond, Citigroup, Dubai, Galleon, Mark Cuban, Morgan Stanley, Pay czar, Raj Rajaratnam, SEC, Sovereign wealth funds, TARP, Wells Fargo

• Rajaratnam’s Brother Drew Scrutiny
• Galleon Chief Attacks Government’s Case Against Him
• Galleon Sells Commercial Bank, Sri Lanka Shares, Regulator Says
• Benmosche Reaffirms His Commitment to Leading AIG
• AIG’s Benmosche Signs Noncompete Deal
• Lehman Creditors Want Barclays Data From U.K.’s FSA
• Madoff Victim’s Proposed Probe of Liquidator Denied
• UBS, Ernst & Young Face Test Cases Over Madoff Funds
• Hedge funds set for rebound to pre-crisis level Read the rest of this entry »

Tags: AIG, Bernie Madoff, Compensation, Galleon, Hedge funds, Insider Trading, Legal, Lehman Brothers, LSE, Microsoft, Raj Rajaratnam, UBS

• AIG’s Rescue Bedevils U.S.
• Start Date Is Critical in Ponzi Plan
• Madoff liquidator seeks fees of $22.1m
• Fed Said to Ask Stress-Tested Banks to Submit Plans on TARP
• Billions in Lehman accounts unfrozen
• Black’s Apollo Revives Plan for New York Stock Exchange Listing
• U.K. Bankers Chafe Under the Microscope
• Nomura Fined $2.9 Million for Mis-marking Derivatives
• Murdoch courts trouble if he blocks Google on news Read the rest of this entry »

Tags: AIG, Apollo, Bernie Madoff, Carl Icahn, Fed, GM, Google, Lehman Brothers, Leon Black, Microsoft, Nomura, Politics, ponzi schemes, Rupert Murdoch, TARP

• Madoff’s ‘Prisoner’ Watch, Mets Jacket Boost $900,000 N.Y. Sale
• Madoff’s ill-gotten gains sold off
• Bank of temerity
• Hedge Funds Struggle
• UBS’s Debt Trading, Cause of Near Collapse, Is Key for Revival
• Deutsche Bank CEO Calls For Careful Global Bank Regulation
• Gold hits record on weak dollar, technical momentum
• JPMorgan Said to Be in Talks to Buy Remainder of Cazenove Stake
• Sands to Put Macau Focus On Foreigner
• GM Said to Repay Government $6.7 Billion Sooner Than Required Read the rest of this entry »

Tags: Autos, Bank of America, Bernie Madoff, Deutsche Bank, GM, Gold, Hedge funds, JP Morgan, Merrill Lynch, Politics, TARP, UBS

• SAC Capital Ex-Analyst Under Probe in Inside Case
• Ex-Balyasny Analyst Linked to Fortuna in Galleon Trading Case
• In Charity Tax Filing, a Glimpse of Goldman
• Bear Stearns Loss Echoes Long Line of U.S. Prosecution Defeats
• Feds may change tactics after Bear
• Billionaire Bill Gates says Wall St pay too high
• White House Aims to Cut Deficit With TARP Cash Read the rest of this entry »

Tags: AIG, Bear Stearns, Galleon, Gold, Goldman Sachs, Hedge funds, Insider Trading, Legal, Philanthropy, Politics, SAC Capital, TARP

• Bear Managers’ Acquittal May Hamper U.S. Fraud Prosecutions
• Bear Juror Says U.S. Case So Weak She’d Invest With Defendants
• E-mail strategy fails in Bear hedge fund case
• Bear Stearns Case Shows E-mail Isn’t Everything: Ann Woolner Read the rest of this entry »

Tags: Bear Stearns, Email, Galleon, Hedge funds, Legal, Meltdown

Prosecutorial smackdown:  CNBC reported that former Bear Stearns hedge managers Ralph Cioffi and Matthew Tannin have been found not guilty on all charges.

More:

Ex-Bear Stearns hedge fund managers acquitted – Reuters

Bear Stearns Managers Acquitted of Fraud Charges - NY Times

Ex-Bear Fund Managers Not Guilty of Subprime Fraud – Bloomberg

Tags: Bear Stearns, credit crunch legal, Hedge funds, Politics

• A tale of ‘Greek’, ‘Rat’ and ‘bat phones’
• Inside-Trade Probe Snares ‘Octopussy’
• Rajaratnam’s Former Colleagues Cooperate, Plead Guilty in Case
• Schottenfeld Draws Scrutiny After Goffer Arrest in Insider Case
• Rajaratnam Judge Denies Bail Cut, Allows Wider Travel
• Spotlight Shines on Small Trading Firms Organized as ‘Eat-What-You-Kill’ Shops
• SEC Complaint pdfs Read the rest of this entry »

Tags: Galleon, Hedge funds, Insider Trading, Legal, Raj Rajaratnam, Schottenfeld, Zvi Goffer

The alleged Galleon insider trading web expanded this morning with the FBI busting 14 more:

U.S. prosecutors charged 14 people, including a former employee at the offices of the Galleon Group hedge fund firm, as part of an investigation of an alleged $20 million insider trading scheme.

Craig Drimal, who according to court documents worked at the offices of Manhattan-based Galleon, was arrested today along with Zvi Goffer, Arthur Cutillo, Jason Goldfarb, Emanuel Goffer, David Plate and Michael Kimelman. Charges against the men include conspiracy and fraud, according to documents filed in New York federal court. Names of the other seven defendants weren’t immediately available.

Ex-Galleon Worker, 13 Others Charged in Insider Scam – Bloomberg

Tags: Busted, Galleon, Hedge funds, Insider Trading, Legal, Moody's, Raj Rajratnam

• S.E.C. Likely to Charge More People in Galleon Case
• Rajaratnam Prosecutors Have ‘More Than One’ Witness to Trades
• Galleon to Return Most Money ‘Shortly After’ Nov. 30 Read the rest of this entry »

Tags: Galleon, Hedge funds, Insider Trading, Legal, Raj Rajaratnam

• Bear Managers Cioffi, Tannin Rest, Won’t Testify
• Raj Rajaratnam Said to Keep Personal Investments in Sri Lanka
• KKR — a Q&A With Pioneers in M&A
• Dollar May Gain 10% Against Euro, Faber Says Read the rest of this entry »

Tags: Bear Stearns, Galleon, Hedge funds, Henry Kravis, KKR, Legal, Marc Faber, Raj Raratnam

• Galleon fears raised in 2001
• Hints of Missed Chance to Pursue Galleon Case
• Investor boutiques put under scrutiny
• Rajiv Goel freed on $750,000 bail
• Intel Hires Orrick to Probe Employees’ Galleon Leaks Read the rest of this entry »

Tags: bail, Galleon, Hedge funds, Insider Trading, Intel, JP Morgan, Raj Rajaratnam

Raj Rajaratnam thinks that his $100 million bail is too high, so he’s asked the judge to reduce it — to $25 million.  He’s also asking that his travel, currently limited to within 100 miles of Manhattan, be unrestricted within the continental U.S.  According to the WSJ: Read the rest of this entry »

Tags: bail, Galleon, Hedge funds, Insider Trading, Legal, Raj Rajaratnam

Hector Ruiz, AMD’s former CEO, is apparently the latest to surface as someone who gave inside information to a member of the alleged Galleon insider trading gang:

An unnamed “AMD executive” was cited in a complaint filed against Danielle Chiesi, who is accused of using nonpublic information to trade stocks. The person identifying Ruiz as the executive asked to remain anonymous because those details of the case aren’t public. Ruiz stepped down as CEO last year and became chairman of Globalfoundries Inc., which was spun off by AMD, the world’s second-largest maker of personal-computer processors….

AMD’s Ex-CEO Ruiz Is Said to Be Executive Cited in Galleon Case – Bloomberg

Tags: AMD, Galleon, Hedge funds, Insider Trading, Raj Rajaratnam

• Probe Widening in Galleon Case
• Galleon Wiretaps Rattle Hedge Funds as Insider Trading Targeted
• Galleon ‘given inside information about Intel as far back as 1998′
• Learning To Love Insider Trading
• ‘Outsider Trading’ and Too Much Information Read the rest of this entry »

Tags: Galleon, Hedge funds, Insider Trading, Liquidations / implosions, Raj Rajaratnam, SAC Capital

• Galleon Clients Abandon Ship
• ‘Pirate’ Raj facing mutiny
• Rajaratnam’s Letter to Employees
• Galleon’s Traders Seek Legal Advice, Update Resumes
• Hedge funds brace for fallout from insider-trading bust
• Thin Line Separates Insider Trading and Research Read the rest of this entry »

Tags: Galleon, Hedge funds, Insider Trading, Legal, Raj Rajaratnam, Revolving Door

• U.S. Said to Target Wave of Insider-Trading Cases After Galleon
• Arrest of Hedge Fund Chief Unsettles the Industry
• Hedge fund managers get the message
• Sri Lanka claims Rajaratnam involved in funding Tamil Tigers
• Officials Say Investor’s Donations Wound Up With Sri Lanka Rebels
• Colleagues Finger Billionaire
• Galleon Insider-Trading Case Opens Window on Secret Hedge Funds Read the rest of this entry »

Tags: Busted!; Terrorism, Galleon, Hedge funds, Indiseder Trading, Raj Rajaratnam

Goldman Sex:  Ouch.  The Goldman Sachs name is being dragged through the mud from every angle these days as the root of all evil.  And the latest: A lawyer with Goldman, Todd Genger, a 33 year old married father of three, was caught in a sting where he sex-chatted a supposed 15 year old (who was really an undercover cop) and then travelled to Westchester county to  do the deed.  If he’s convicted, he’s looking at 1 1/3 to 4 years in prison…. Read the rest of this entry »

Tags: Goldman Sachs, Lawyers, Legal, Scandal, Sex

He’s *literally* not cool with them, and he wants to be moved.  According to the NY Post: Read the rest of this entry »

Tags: Allen Stanford, Fraudsters, Legal, Scandal

The NY Daily News has given us a glimpse of how Bernie and Ruth Madoff lived:

Read the rest of this entry »

Tags: Bernie Madoff, Legal, ponzi schemes, Real Estate, scammers, Scandal

Read the rest of this entry »

Tags: Bernie Madoff, Legal, ponzi schemes, prison, scammers, Scandal