Wall Street Folly

Even though he doesn’t have power over past pay, Ken Feinberg may resort to shaming pre-TARP bonus babies to cough up dough (Good luck with that…); Numbers show that not so many top execs bailed on banks with pay limits; NY Post highlights Goldman nepotism and the largesse paid to young kin; Flyonthewall.com court decision over publishing broker upgrade / downgrade headlines could have broader ramifications

Posted by WSF On March - 23 - 2010
  • Feinberg to Review Pay at Bailed-Out Firms
  • Few Fled Companies Constrained by Pay Limits
  • Family bonus(es) plan
  • Big Clients Keep Their Head Start Read the rest of this entry »

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WSF

Not everyone thinks that Goldman Sachs is the devil incarnate — some MBAs even still want to work there; Three Galleon orphaned employees are adopted by Soros, Citadel; UBS has a new employee ethics code; Robert Kissel’s ‘milkshake murder’ wife is appealing her conviction; Ex Merrill banker won’t face Enron retrial

Posted by WSF On January - 12 - 2010
  • Goldman Sachs Still Shines for MBAs Who Ignore ‘Hype’
  • Soros, Citadel Hire Hedge-Fund Analysts From Galleon
  • UBS Lays Out Employee Ethics Code
  • Murdered Merrill Banker’s Wife Appeals Her Conviction
  • Ex-Merrill Banker Bayly Won’t Be Retried in Enron Barge Case Read the rest of this entry »

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Citadel, George Soros, Goldman Sachs, Hedge funds, MBA, Revolving Door, UBS

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

Will Bear Stearns ex-hedge fund managers’ acquittal hamper other cases, like the one against Galleon?; OUCH! Adding insult to prosecutorial injury: Not only didn’t the gov’t make their case, but one juror said she’d even invest with Cioffi and Tannin!; Emails not always the smoking gun they appear

Posted by WSF On November - 11 - 2009

  • 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 »

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Bear Stearns, Credit Crunch, Hedge funds, 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

Ex Bear Stearns hedge fund managers didn’t testify and rested their case; Galleon’s Rajaratnam said to not have plans to sell Sri Lankan investments; Q&A with KKR’s Kravis and Roberts, Marc Faber says the dollar could gain 10% vs the Euro

Posted by WSF On November - 4 - 2009
  • 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 »

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Bear Stearns, Hedge funds, 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

More on Madoff buddy Jeffry Picower’s death: His family’s spokesperson says he had history of Parkinsons, heart disease; autopsy pending; Madoff case gets more complicated with Picower’s early exit

Posted by WSF On October - 26 - 2009

Read the rest of this entry »

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Bernie Madoff

Today on the good ship Galleon: Judge assigned to Rajratnam case is ‘Judge Dredd’ — the one who nixed the $33M B of A, SEC settlement; Galleon moves to cash; Some investors passed on investing in Galleon; Search for edge went over the edge; McKinsey shaken

Posted by WSF On October - 21 - 2009

Read the rest of this entry »

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WSF

Today on the good ship Galleon: Investors rush to the exits (can you blame them?), Barclays & Merrill refuse to do trades with the firm; Galleon employees talking to lawyers and focusing on their resumes; Hedge funds scared of Rajaratnam arrest ramifications; The thin line between research and insider trading

Posted by WSF On October - 20 - 2009
  • 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 »

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Hedge funds, Legal, Revolving Door, WSF

Goldman beats estimates — was there ever any doubt?; Tough branding job: A kinder, gentler Goldman?; Citi’s itty bitty profit; R.I.P. Bruce Wasserstein, he’ll be a tough act to follow; Calpers’ ‘Pay to Play’ mess; ‘Twas inevitable: SEC gets sued by Madoff Scamee; Bear Stearns trial duel: Cioffi defense says tapes will help; prosecutors claims they lied

Posted by WSF On October - 15 - 2009
  • Goldman Sachs Net Beats Estimates on Trading, Investment Gains
  • Press release: Goldman Sachs Reports Third Quarter Earnings Per Common Share of $5.25
  • Goldman Sachs Bonus Stigma May Overshadow Charitable Endeavors
  • Goldman’s Soft Sell: Its Warm, Fuzzy Side
  • Press release: Citigroup Reports Third Quarter Net Income of $101 Million
  • Wasserstein Dies, Leaves Deal-Making Legacy
  • Lazerd Press Release: Lazard Chairman & CEO Bruce Wasserstein, Age 61, Dies
  • Wasserstein role will be hard to fill Read the rest of this entry »

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WSF

As if they needed more bad headlines: Goldman Sachs lawyer caught in sex sting, accused of sex-chatting / soliciting ‘a 15 year old’ $GS

Posted by WSF On July - 30 - 2009

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 »

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Goldman Sachs, Legal, Sex, WSF

Allen Stanford not cool with his government provided accomodations

Posted by WSF On July - 28 - 2009

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

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Allen Stanford, Legal, WSF

Dodd doesn’t “rule out the possibility of government intervention financially” in $CIT; $NYT front page focuses on high frequency trading; Some $JPM bankers said to be getting salary bumps in ‘10; Buffett banking on $GS; Bloomberg’s gf asked to join Citi board; Amaranth makes a deal with FERC to settle charges; MSFT, AMZN disappoint

Posted by WSF On July - 24 - 2009
  • Dodd Says U.S. Shouldn’t Rule Out Helping CIT Avoid Bankruptcy
  • Traders Profit With Computers Set at High Speed
  • JPMorgan Said to Increase Some Banker Salaries Starting in 2010
  • Buffett’s Goldman Stake Pays Richly
  • Jersey Mayors Stung in Graft Probe
  • Citigroup asks Fannie Mae director to join board Read the rest of this entry »

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WSF

No dismissal of insider trading charges for former Bear Stearns hedge fund manager Ralph Cioffi; Goldman: higher risks led to bigger trading rewards; The SEC’s sudden aggressive moves to make sure it remains relevant are pissing some off; CIT negotiating rescue plan; NY Times hopes to reduce debt with asset sales

Posted by WSF On July - 14 - 2009

  • Ex-Bear Stearns Manager Loses Bid to Dismiss insider trading charge
  • Goldman Sachs VaR Reaches Record on Risks Led by Equity Trading
  • SEC Upsets Some as It Tries to Sharpen Teeth
  • CIT, Regulators Negotiate Details of Multipart Aid Package
  • Sulzberger Says Times to Pare Debt With Sales; Slim Loan ‘High’ Read the rest of this entry »

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WSF

SEC charges Sky Capital CEO Ross Mandell and 5 others in multi million dollar boiler room scheme

Posted by WSF On July - 8 - 2009

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 »

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FBI, SEC, WSF

Alleged Goldman code thief out on bail; B of A promoting rainmakers; California IOU souvenirs?; Fitch cuts California rating; Moody’s ups Brazil’s rating; Deutsche Bank selling Worldwide Plaza

Posted by WSF On July - 7 - 2009
  • BofA Merrill to echo Citi move by promoting key dealmakers
  • California IOUs Sought by Souvenir Hunters, Investors
  • Earnings Drop Worldwide as Job Losses Hurt Consumers
  • Ex-Goldman programmer out on bail in theft case
  • Goldman Trading-Code Investment Put at Risk by Theft
  • NYSE Error Keeps Goldman Off Program Trading List Read the rest of this entry »

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Goldman Sachs, WSF

Home sweet home no more: The upper east side co-op that Ruth Madoff must vacate and that Bernie won’t ever see again

Posted by WSF On June - 30 - 2009

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

Read the rest of this entry »

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Bernie Madoff, Legal, Real Estate, Scandal, WSF

More Bernie associates expected to go down — will that include family?; Bernie’s facing harder time than Worldom, Enron execs; Bernie hired a prison consultant experienced in navigating the big house; There’s a little joy in Palm Beach; New Florida law; Text of Bernie, Judge Chin, Ruth Madoff statements

Posted by WSF On June - 30 - 2009


Read the rest of this entry »

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Bernie Madoff, Legal, WSF

Cartoon: Ruth Madoff subway spoof

Posted by WSF On June - 26 - 2009

After yesterday’s sighting of Ruth Madoff going downscale, riding the subway:  Sean Delonas’ cartoon from Page Six in today’s NY Post

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Bernie Madoff, Legal, Scandal, WSF

Video: Allen Stanford’s perp walk

Posted by WSF On June - 25 - 2009

Allen Stanford made his way to court this morning, cuffed and dressed in the classic orange jump suit.  He’s pleaded not guilty.  The big question: will he get bail?

Here’s the perp walk, courtesy of FBN:

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Videos, WSF

99 pennies for her thoughts: Ruth Madoff goes underground…on the subway!

Posted by WSF On June - 25 - 2009

The indignity!  Even when she goes underground, she can’t escape the prying lenses of the press: Ruth Madoff is photographed by the NY Post using a mode of transportation that she probably hasn’t taken in a forever: the SUBWAY! And the irony is that she’s captured sitting beneath a 99¢ sign.  Too funny. Read the rest of this entry »

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Bernie Madoff, Legal, Scandal, WSF

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