Wall Street Folly

Tags: Autos, Banks, Barack Obama, Ben Bernanke, Euro, Fed, Greece, Interest Rates, Politics, SEC, Short selling, Spain, Toyota

Tags: Antitrust, Autos, Bank failures, Banks, Bonuses, Compensation, Consumer Reports, Credit Suisse, FDIC, GM, Goldman Sachs, Google, recalls, SEC, Short selling, Toyota

Tags: Allen Stanford, Bank of America, Barack Obama, Economists, Harvard, Inquisitions, Jamie Dimon, KKR, Morgan Stanley, recalls, SEC, Sovereign debt, Toyota, TPG

Tags: AIG, Allen Stanford, Autos, Banks, Blackstone Group, Discount rate, Fed, Politics, SEC, Toyota

Tags: Activists, Andrew Cuomo, Bank of America, Bill Ackman, Galleon, High yield debt, Insider Trading, LBOs, Raj Rajaratnam, SEC

Tags: Bank of America, Bernie Madoff, China, Galleon, Goldman Sachs, Hedge funds, Insider Trading, Interest Rates, Raj Rajaratnam, SEC, Tax Fraud, Toyota

Tags: Bankruptcy, Bernie Madoff, DE Shaw, Distressed, Hedge funds, Lehman Brothers, Morgan Stanley, SEC

Tags: Autos, Bank of America, Barclays, Bonuses, Compensation, Currencies, Euro, Fannie Mae / Freddie Mac, Galleon, Greece, Hedge funds, Insider Trading, Politics, Raj Rajaratnam, recalls, SEC, Sovereign debt, Toyota, UBS

Tags: Bonuses, Compensation, FSA, Greece, leveraged loans, Porn, Revolving Door, SEC

Tags: AIG, Barclays, Ben Bernanke, CDS, Fed, Forecloseures; Retailers, Galleon, Insider Trading, Neil Barofsky, Raj Rajaratnam, Real Estate, Wilbur Ross

• Obama’s Bank Tax Seeks $90 Billion to Repay Bailout
• US Rep Frank: Determined To Look Into Wall Street Pay
• Geithner faces demand for AIG phone records
• Fed’s Dudley Defends AIG Bailout
• Top bankers forced on to the defensive
• Wall Street bankers on defensive in grilling over financial crisis
• Panel Rips Wall Street Titans
• Bank of America May Trim Cash Part of Bonuses to 15%
• Hedge funds seen losing staff to the SEC: survey Read the rest of this entry »

Tags: AIG, Bank of America, Banks, Barack Obama, Barney Frank, Bonuses, Compensations, Foreclosures, Hedge funds, Politics, Real Estate, SEC, Taxes, Tim Geithner

• Obama To Unveil Bank Fee Proposal Thursday – Official
• Wall Street labels levy plan ‘absurd’
• Financial crisis panel seeks bankers’ testimony
• ‘Tipper X’ Hangs Over Galleon
• Galleon founder slams wiretaps
• Citigroup Bonus May Trump Goldman’s
• SEC Vote May Show Scope of High-Frequency Trading Regulations Read the rest of this entry »

Tags: Apple, Barack Obama, Bonuses, CIT, Compensation, Galleon, Google, Hedge funds, Insider Trading, John Thain, Politics, Raj Rajaratnam, SEC, Steve Jobs, Taxes

• Banks Brace for Bailout Fee
• JPMorgan’s Dimon defends bank’s pay policy
• SEC broadens charges on Bank of America
• Bank Is in Talks to Settle State Claims Over Merrill
• N.Y.’s Cuomo Seeks Bonus Data From Bailed-Out Banks
• SEC Should Probe NY Fed Staff Over AIG, Senator Says
• Pandit Shakes Up Citi’s Upper Ranks
• Federal Reserve earned $45 billion in 2009 Read the rest of this entry »

Tags: AIG, Andrew Cuomo, Bank of America, Banks, Barack Obama, Citigroup, Deck shair reshuffling; Ponzi schemes, Fed, Fees, Jamie Dimon, JP Morgan, Lehman Brothers, Politics, Pound of flesh; SEC, TARP, Vikram Pandit

• 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

• BofA Breakup Is New Snag in CEO Hunt
• Bernanke to defend his record and the Fed’s
• Bernanke Has Support of Majority of Senators on Banking Panel
• SEC Steps Up Insider-Trading Probes
• U.S. Taxpayers May Reap $3.17 Billion in TARP Warrant Auctions
• GM fires CEO Henderson. The board wants an outsider.
• Rothstein Charged in Ponzi Scheme
• Wells Fargo to shut 122 branches in state
• Merrill Sued by Client in Hong Kong Over $13 Million in Losses Read the rest of this entry »

Tags: Autos, Bank of America, Ben Bernanke, Fed, GM, Insider Trading, Merrill Lynch, ponzi schemes, Retailing, Revolving Door, SEC, TARP, Wells Fargo

• U.A.E. Leaders Try to Ease Concerns Over Dubai
• Dubai World in Talks on $26 Billion of Debt, Rest Is ‘Stable’
• AIG closes debt for equity deal with NY Fed
• Madoff Investor Rosenman Loses Bid to Recover Assets
• GE, Vivendi Agree on $5.8 Billion Value for NBC Stake
• Cramer reverses his stance on stock-trade levy
• SEC Watchdog Eyes Insider Trading Probe
• Carlyle Group sued over collapsed fund
• CBOE to demutualise ‘within days’ Read the rest of this entry »

Tags: AIG, Bernie Madoff, Carlyle, CBOE, Credit Crunch, Dubai, Jim Cramer, retailers, SEC, Sovereign wealth funds

Read the rest of this entry »

Tags: Bernie Madoff, fraud, Incompetence, ponzi schemes, SEC

Here’s the press release detailing the SEC boiler room charges against Sky Capital CEO Ross Mandell, COO Stephen Shea and four registered reps: Read the rest of this entry »

Tags: Boiler rooms, FBI, fraud, Legal, Ross Mandell, SEC, Sky Capital

Two and a half years after the FBI paid Sky Capital’s offices a visit , six connected to the firm have been arrested in what Bloomberg describes as a 10 year $100 million fraud.  It’s not clear whether the first visit was related to the current charges.

Details so far are sketchy.  We wonder if the SEC was also involved, or if this is another case where they slept as another agency did their work.

Update: Looks like the SEC was involved and that it was connected to the FBI raid in 2006: Read the rest of this entry »

Tags: arrests, FBI, fraud, SEC, Sky Capital

• SEC, CFTC Seek ‘Unimpeded’ Power Over Derivatives
• Citadel’s Griffin Backs Clearinghouse Derivative Rule
• Stanford Asks Judge to Dismiss Fraud Claims in Suit
• SEC charges 4 with helping Madoff
• Madoff Bankruptcy Trustee Sues Cohmad Securities
• Stanford Receiver Defends Request for $20 Million Fee Read the rest of this entry »

Unbelievable.  Someone put the SEC out of its misery.  In a baffling move that only serves to make the them look even dumber, weaker and more pathetically useless than ever, the SEC bumblers let admitted Ponzi schemer Bernie Madoff settle civil charges against him without admitting any wrong doing.  SAY WHAT???  No wrong doing?  Are they f*cking kidding????  In their infinite wisdom the SEC did ban him from Wall Street, but then again, since he’ll likely be spending the rest of his life behind bars after his June 29 sentencing, BFD.  Seems like we’re not the only ones amazed…. Read the rest of this entry »

Tags: Bernie Madoff, Legal, Mary Schapiro, ponzi schemes, Scandal, SEC, Useless federal agencies

Read the rest of this entry »

Tags: Bank of America, Bankruptcy, Barclays, Citigroup, GM, Hedge funds, Merrill Lynch, SEC

Is the SEC withholding documents in their investigation of Mark Cuban?  He thinks they are and has taken matters into his own hands — by suing the SEC:

Read the rest of this entry »

Tags: Lawsuit, Legal, Mark Cuban, SEC

Just when you thought that the SEC couldn’t look any worse….

Read the rest of this entry »

Tags: Insider Trading, irony, SEC, Videos

SEC Proposes Money-Manager Rules After Madoff Fraud
- Bloomberg

The U.S. Securities and Exchange Commission moved to impose new rules on money managers to safeguard client holdings after Bernard Madoff’s Ponzi scheme cost investors $65 billion. 

SEC commissioners voted 5-0 today on a proposal to subject about 9,600 investment advisers to annual surprise inspections by independent auditors. About 370 money managers with direct custody of client holdings would also face yearly compliance exams to ensure they have adequate procedures to protect assets. 

“We are taking this action in response to major investment scams such as Madoff,” SEC Chairman Mary Schapiro said at a public meeting in Washington. “Our proposals would greatly enhance the independent checks on client assets.”…

Carlyle to Pay $20 Million to Resolve Cuomo Probe
- Bloomberg

Carlyle Group agreed to end “play for pay” tactics in its investment business and pay $20 million to resolve a pension fund probe by New York Attorney General Andrew Cuomo. 

Under the agreement, Carlyle will adopt Cuomo’s code of conduct, which bans investment firms from using placement agents or other third parties to negotiate with public pension funds to obtain investments. To avoid pay-for-play schemes, investment firms will be prohibited under the code from doing business with a public pension fund for two years after the firm makes a campaign contribution to a public official who can influence the fund’s investment decisions….

Morgan Stanley fined over trader’s mispricing
- Financial Times

Morgan Stanley has been fined £1.4m ($2.1m) by the UK’s financial regulator after weak control of its credit derivatives desk allowed a rogue trader significantly to overprice his position for six months.

The Financial Services Authority on Wednesday penalised the bank for its failure to prevent the mispricing by Matthew Piper, then a trader in complex credit derivative products.

The problem came to light in May last year and Mr Piper was fired in September following an internal investigation. On Wednesday the regulator said it had banned him from the industry and fined him £105,000…..

Tags: Andrew Cuomo, Carlyle, Derivatives, Hedge funds, Morgan Stanley, Rogue Traders, SEC