Wall Street Folly

GMAC bailout criticized by TARP panel; Pandit tries to move focus to possible Citigroup profits ($20B?); Geithner sends a warning shot to EU over regulation; Carlos Slim edges out Gates on Forbes world’s richest list, Buffett is number 3;Guilty! Cazenove partner nailed on insider trading charges; Nomura’s former Lehman adoptees heading for the exits

Posted by WSF On March - 11 - 2010
  • TARP Panel Finds Fault With GMAC Bailouts
  • Citicorp eyes $20bn profit
  • Geithner warns of rift on EU regulation
  • Mexico’s Slim becomes ‘world’s richest’ person
  • Forbes: The World’s Billionaires
  • Court finds former partner of Cazenove guilty on five counts of insider dealing
  • Nomura Departures Rise as Former Lehman Bankers Leave Read the rest of this entry »

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Bill Gates, Revolving Door, Tim Geithner, Warren Buffett

More Galleon witnesses were wired; Smarter money: Just as it was with short sellers, now it’s all CDS traders’ fault’ Barclays wants U.S. retail bank; Dubai World debt talks progress; More preying on Madoff victims; Business Coalition getting more vocal in Obamacare opposition; SEC economist said to be leaving after Short Sale rules conflict; Apollo said to be buying Citigroup real estate unit; Google launches web apps store

Posted by WSF On March - 10 - 2010
  • More Wore Wires in Bid to Investigate Inside Trades in Galleon Case
  • Swaps Come Under Fire
  • Barclays on the Hunt for a U.S. Retail Bank
  • Dubai Made Progress in Debt Talks, U.K. Minister Says
  • Internet hustlers go after Madoff victims
  • Obama’s Health-Care Push Gets Challenge From Business Coalition
  • SEC Economist Leaving Amid Short-Sale Rules Conflict Read the rest of this entry »

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WSF

B of A: The SEC vs Cuomo; SEC says B of A general counsel fired so that Moynihan would stay; Raj Rajaratnam victory: his trial will begin Oct 25, after civil trial date; Bill Ackman’s GGP score stands to be more than a 20 bagger; LBO debt getting hit

Posted by WSF On February - 18 - 2010
  • SEC Sets Up Showdown With Cuomo Over BofA
  • BofA Fired Top Lawyer to Retain Moynihan, SEC Says
  • Rajaratnam Wins Fraud Trial Date After SEC Civil Case
  • Ackman May Make $170 Million on ‘Grand Slam’ General Growth Bet
  • LBO Debt Sinks as Stock Investors Reject IPOs: Credit Markets Read the rest of this entry »

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Bank of America, Hedge funds, SEC

EU wants Goldman Sachs, other banks roles in Greek debt mess investigated; Greece loses their vote; After a tough 2009, Jim Simons’ Renaissance Institutional Equities fund down in January; Fed’s Hoenig raises his voice about the U.S.’s debt problem; AIG / MetLife deal being held up over tax issue; For Sale: Abbey Road Studios

Posted by WSF On February - 17 - 2010
  • Banks that inflated Greek debt should be investigated, EU urges
  • Greece loses EU voting power in blow to sovereignty
  • Renaissance suffers rare disappointment
  • Lone voice warns of debt threat to Fed
  • U.S. Seeks First Trial in Galleon Case
  • Tax Question Stalls AIG, MetLife Deal
  • Beatles’ Abbey Road Studios for Sale to Cut EMI Debt Read the rest of this entry »

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AIG, Goldman Sachs, Hedge funds, Insider Trading

China ups reserve ratio; Ex-Goldman programmer indicted; Raj Rajaratnam wins one; Bank of America judge has more questions over their proposed SEC settlement; Prosecutors going after Madoff brother, sons over tax fraud; Madoff aide gets bail

Posted by WSF On February - 12 - 2010
  • China Hikes Reserve Ratio Amid Brisk Loan Growth
  • Programmer Indicted in Theft of Goldman Software
  • Rajaratnam Wins Ruling Postponing Wiretap Turnover
  • Bank of America Judge Poses 8 Questions on SEC Accord
  • Prosecutors Set Sights on Madoff Kin
  • Madoff Aide DiPascali Granted Bail Pending Sentencing Read the rest of this entry »

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Bank of America, Bernie Madoff, Goldman Sachs, Hedge funds, Insider Trading, SEC

Bailout for Greece said to be on the way but not done deal yet; More charges for Raj Rajaratnam, and he’s ordered to turn over wire tap tapes; Soros says Greece will do whatever they have to to stay euro member; Morgan Stanley has been hearing from large shareholders on pay issue; UBS clawing back some bonuses, and they’re facing more tax evasion allegations; Toyota and now Honda recalls

Posted by WSF On February - 10 - 2010
  • Germany Weighs Greek Support in Pre-Summit Switch
  • Judge Orders Galleon Defendants to Release Tapes
  • Galleon’s Raj Rajaratnam Faces More Charges in New Indictment
  • Soros Is ‘Confident’ Greece Will Stay in Euro Region
  • Morgan Stanley Gets Earful on Pay
  • UBS: Investigating Tax Evasion Allegations From German Client Read the rest of this entry »

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Bonuses, Compensation, George Soros, Hedge funds, Insider Trading, Morgan Stanley, Taxes, UBS

Danielle Chiesi speaks, claims there’s no chance she’ll do time and says “it’s an honor and privilege” to stand with Rajaratnam; Hedge funds in a Euro shorting spree; Would Greece asking for help send the ‘wrong signal’?; Barclays CEO disses the Volcker Plan; Judge questioning B of A SEC settlement (again), Price at peril?; UBS ups bonus pool by 34% (as its clients pull more money); Mired in Fannie and Freddie; Toyota recalling 437K hybrids

Posted by WSF On February - 9 - 2010
  • Confident Chiesi breaks silence
  • Galleon Tipper Goel Pleads Guilty, Says Rajaratnam Got Secrets
  • Traders in record bet against the euro
  • Greece Says Call for Aid Would Send ‘Worst Signal’
  • Barclays CEO Says U.S. Plans ‘Bad’ for Global Rules
  • Judge Questions Bank of America’s New Deal With S.E.C.
  • BofA’s Price may need to be sidelined
  • UBS Increases Bonus Pool 34% to 2.9 Billion Francs Read the rest of this entry »

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Autos, Barclays, Bonuses, Compensation, Hedge funds, Insider Trading, Politics, SEC

Derivatives probe: SEC asks John Paulson for info on his winning subprime bets; B of A going on broker hiring spree, it’s bonus pool is over $4B; Dodd knocks Obama’s Wall Street regulation plan;’ Volcker Rule’ meeting resistance; Wire wearing Slaine charged in Galleon insider trading case; AIG to pay reduced bonuses; Madoff victims’ claims decision on the way

Posted by WSF On February - 3 - 2010
  • SEC asks Paulson fund for information
  • BofA push for 2,000 more retail brokers
  • BofA’s Banker-Pay Pool: $4 Billion
  • Dodd Calls Obama Plan Too Grand
  • Senators cool to ‘Volcker rule’
  • Investor charged in Galleon insider trading case
  • Mole Who Wore Wire In Galleon Case Is Identified
  • Despite Critics, AIG Sets Bonuses Read the rest of this entry »

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AIG, Bank of America, Bernie Madoff, Hedge funds, Insider Trading

Bernanke gains more Senate ground; Neil Barofsky is probing NY Fed over AIG disclosures; SEC wants Rajaratnam wiretaps; Barclays’ Varley says Obama trading curbs won’t have big impact on firm; Wilbur Ross may go after Stuyvesant Town; CDS at 5 week high

Posted by WSF On January - 26 - 2010
  • Bernanke rallies more Senate votes for confirmation
  • Probe into NY Fed over AIG disclosure
  • SEC Wants Rajaratnam to Turn Over Wiretaps in Civil Case
  • Barclays CEO Varley Tells Staff Obama Plan Impact To Be Small
  • Wilbur Ross Prepared to ‘Go All the Way,’ Buy Stuyvesant Town
  • Credit-Default Swaps Rising to Five-Week High: Credit Markets Read the rest of this entry »

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AIG, Barack Obama, Barclays, Ben Bernanke, CDS, Fed, Hedge funds, Insider Trading, SEC

Obama will detail new bank tax plan on Thursday (fees that the banks will no doubt pass on); Get the popcorn ready: Bankers all set to get smacked around today as they testify before the latest congressional inquisition panel; Galleon tipper uncloaked; Rajaratnam slams the “cherry picked” wiretapped recordings; High frequency trading in the SEC spotlight; Thain talking to CIT; Google could exit China; Apple’s Steve Jobs still a bargain at $1 / year

Posted by WSF On January - 13 - 2010
  • 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 »

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Barack Obama, Bonuses, China, Compensation, Goldman Sachs, Google, Hedge funds, Insider Trading, JPM Chase, Jamie Dimon, Lloyd Blankfein, Morgan Stanley, Politics, SEC, Steve Jobs, Taxes

Geithner may face probe over AIG; Party time! B of A bonuses back to nearly 2007 level!; As expected, Kumar cops a plea; Goldman Sachs sued over pay again; SAC ex-analyst name disclosed in insider trading case against Blackstone banker; Court rules that Swiss regulator broke the law forcing UBS to give up names; Gundlach sued over poaching from TCW; Leno may move back to his old time slot after NBC experiment bombs

Posted by WSF On January - 8 - 2010

  • Tim’s troubles
  • Bank of America Expects Record Bonuses for Some Staff
  • For BofA Investment Bankers, Bonuses Likely Close to 2007
  • Ex-Consultant Pleads Guilty in Galleon Insider Case
  • Goldman Sachs Board Sued Over Co.’s Bonuses, Compensation
  • SAC Analyst Linked in Case of Banker at Blackstone
  • Swiss Regulator Broke Law on UBS Client Disclosure Read the rest of this entry »

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AIG, Goldman Sachs, Hedge funds, Tim Geithner

Geithner’s NY Fed told AIG to zip its lip on CDS payouts to banks; Possible carried interest tax on hedge funds, private equity firms back in lawmakers’ sights; Now deTARPED Citi faces lawsuits from ex-execs with frozen severance packages; Blankfein, Dimon won’t go to Basel; Kumar going to court today in Galleon insider trading case; Warren Buffett in antitrust hot water?; FDIC looking to tie insurance fees to risk of pay packages; State tax revenues drop to lowest since ‘63; GM CEO is predicting a 2010 profit!

Posted by WSF On January - 7 - 2010
  • Geithner’s New York Fed Told AIG to Limit Swaps Disclosure
  • Congress Has Hedge Funds, Buyout Firms in Tax Sights
  • Citi hit by legal action in bankers’ pay battle
  • Top banks invited to Basel risk talks
  • Kumar set to appear in court in Galleon case
  • Buffett’s Mars bar
  • FDIC Weighs Tying Fees to Banks’ Pay Read the rest of this entry »

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AIG, Citigroup, Compensation, Fees, GM, Goldman Sachs, Hedge funds, Insider Trading, Jamie Dimon, Lawsuit, Lloyd Blankfein

Averting defeat, Chris Dodd is stepping aside and won’t run; Rajaratnam facing new charges; TCW bailing on PPIP; Asness’ AQR launching another mutual fund; Goldman takes a piece of Tiger cub fund; Citigroup’s Havens $9M payday; Ex-UBS banker wants prosecutors probed; Distressed real estate getting nibbles from Blackstone, others; Lehman claims plan facing resistance; Iceland says it won’t default

Posted by WSF On January - 6 - 2010
  • Senator Dodd Said to Not Seek Re-election in November
  • Galleon founder faces more US charges
  • TCW Pulling Out of PPIP
  • Shumway Capital Sells Stake to Goldman Sachs’s Petershill Fund
  • Citi’s Havens Got $9 Million for ‘09
  • Hedge Fund AQR Goes ‘Mom & Pop’
  • Ex-UBS Banker, Informant Birkenfeld Seeks Probe of Prosecutors
  • Distress Calls Begin to Go Out Read the rest of this entry »

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Citigroup, Compensation, Goldman Sachs, Hedge funds, Insider Trading, Lawsuit, Real Estate, UBS

Kumar may sing for Feds against Raj Rajaratnam; AIG’s departing general counsel getting fat severance (we can hear the protest screams already); Madoff is back in prison after his high blood pressure treatment; Taxpayers now own a majority stake in GMAC; Fannie Mae / Freddie Mac cap lifts pissing off both sides of the aisle; More howls over UK bonus tax; Ex JP Morgan banker / embezzler, living in Buenos Aires and sponging off family, won’t defend himself vs JPM lawsuit

Posted by WSF On December - 31 - 2009
  • Ratting against Raj
  • AIG Said to Give Departing Lawyer $3.8 Million in Severance Pay
  • Madoff Returned From Hospital to Medium Security Cell
  • U.S. takes majority stake in GMAC, giving lender $3.8 billion more in aid
  • Freddie and Fannie cap lift draws anger
  • Bonus Tax May Drive Financial Firms Out of the U.K., BBA Says
  • Ex-Banker Arbizu Says He Won’t Respond to JPMorgan’s Lawsuit Read the rest of this entry »

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Bernie Madoff, Hedge funds, Insider Trading, JPM Chase, Politics

Pay Czar oks one big AIG bonus; Dubai World wants more time for standstill agreement with creditors; Lehman paying out big retention bonuses; As expected Rajaratnam pleads innocence of insider trading allegations; With just days left in ‘09 Goldman is #1 in Dealogic M&A rankings ; Fortress sues law firm over Dreier loss

Posted by WSF On December - 22 - 2009
  • 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 »

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AIG, Bonuses, Goldman Sachs, Hedge funds, Legal

Must see video: 1992 Footage from the talk show “Christina” shows SAC Capital’s Steve Cohen (with a full head of hair!) and current wife Alex a month into their marriage talking about his involvement (which apparently included sex) with his ex-wife before the divorce was final in a segment entitled “He Acts Like Her Husband, Too”

Posted by WSF On December - 22 - 2009

OMG! This is priceless.  Here’s a  video gem excerpt of SAC Capital’s Steven Cohen — with a full head of hair — and his wife Alex, a month into their marriage, as they appeared on the talk show “Christina” in a 1992 segment entitled “He Acts Like Her Husband, Too”.  They discussed how he was still involved with his ex-wife  Patricia (and apparently still sleeping with her some of the time, though that’s not included in the video excerpt).   Sex with the  former Mrs. Cohen ended after he and Alex got engaged.  During his marriage to Patricia, Cohen admitted there were some “financial difficulties”.   Cohen starting SAC Capital in 1992 — the same year as the below footage.   Now his  ex is suing him for guzillions and alleging that he engaged in insider trading.

Read the rest of this entry »

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Hedge funds, Sex, Steven A. Cohen, Videos

Breaking up is hard to do: B of A having more problems rounding up a CEO; Bernanke said to have support by Banking panel majority; SEC getting busy with more insider trading probes; TARP warrant auctions on tap; Henderson ousted; Rothstein charged in $1.2B Ponzi scheme; Merrill sued; FTC studying aid to news organizations; Poll shows November consumer pessimism

Posted by WSF On December - 2 - 2009

  • 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 »

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Autos, Bank of America, Ben Bernanke, Fed, Insider Trading, Revolving Door, SEC

All in the family: Raj wasn’t the first Rajaratnam to be under scrutiny; Raj says he’s innocent, wiretaps illegal; Benmosche staying at AIG, signs noncompete; Lehman creditors seeking “judicial assistance” to get info; UBS, Ernst sued over Madoff; A Madoff victim’s quest for trustee probe denied; Hedge funds rebound

Posted by WSF On November - 25 - 2009

  • 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 »

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AIG, Bernie Madoff, Credit Crunch, Hedge funds, Legal, Revolving Door

Ex SAC/Balyasny analyst probed in Galleon web; Goldman’s charity tax filing; U.S. may have to change tactics after embarrassing Bear Stearns case loss; A look at past defeats; Bill Gates thinks Wall St pay is too high but thinks gov’t meddling could hurt companies they’re trying to save; TARP cash to reduce deficit?; Gold record; Lou Dobbs quits CNN during broadcast; Suspicious 3Com option trades?

Posted by WSF On November - 12 - 2009
  • 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 »

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AIG, Goldman Sachs, Hedge funds, Insider Trading, Legal

The Galleon web: What a cast of characters: Octopussy, the Greek, bat phones; Spotlight on Schottenfeld and other ‘eat-what-you-kill’ trading firms; No bail reduction for Raj Rajaratnam, but he gets to travel the U.S.; The complaints

Posted by WSF On November - 6 - 2009

  • 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 »

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Hedge funds, Insider Trading, Legal

The Galleon insider trading web is getting larger with 14 more people busted #Galleon #insiderTrading #hedgefunds

Posted by WSF On November - 5 - 2009

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

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Hedge funds, Insider Trading, Legal, Scandal

More Galleon related insider trading charges expected; Prosecutors said to have ‘more than one’ witness; Galleon investors should get back most of their money ’shortly after’ the end of November

Posted by WSF On November - 5 - 2009

  • 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 »

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Hedge funds, Insider Trading, Legal

Not only avoiding Madoff, $JPM had suspicions about #Galleon as far back as 2001 #InsiderTrading; IR firms under scrutiny; $INTC hires law firm Orrick; Goel free on $750K bail

Posted by WSF On October - 30 - 2009

  • 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 »

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Hedge funds, JPM Chase, Legal

How much should Raj Rajaratnam’s bail be? He thinks it should be reduced by 75% #Galleon #InsiderTrading #hedgefunds

Posted by WSF On October - 29 - 2009

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 »

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Hedge funds, Insider Trading, Legal

Galleon said to have paid Wall Street some $250M for market ‘colour’, which now may be harder to come by; Pay czar says he’s not looking to expand his turf; He’s no Spitzer — Eric Dinallo isn’t looking to bury Wall Street; Will Lazard be sold?

Posted by WSF On October - 29 - 2009

  • Galleon paid banks millions for edge
  • Pay Czar Tells House Panel He Wants No Wider Authority
  • Not Running Against Wall St.
  • Future of Lazard remains uncertain
  • Judge delays decision on bail for Madoff aide DiPascali
  • Goldman Sachs Sees 30% Gain for China Stocks Through End-2010
  • Ravitch Says States Face Total Deficits of $500 Billion in 2011
  • K1 Hedge Fund Said to Be Linked to FBI Money-Laundering Sting
  • GM to Draw Down More U.S. Funds
  • Government report expected to mark end to recession
  • Yahoo Returns To Make Its Case To Wall Street
  • Versace to Cut 26% of Workforce, Aims for 2011 Profit Read the rest of this entry »

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Bernie Madoff, Compensation, Goldman Sachs, Hedge funds, WSF

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