Wall Street has always been about lying. That's part of the business model. Now feed some middle management scapegoats to the Feds so the New York district attorneys have something to put in their resume. The Moby Dicks like Fuld that should be behind bars right now, not just these two small-fry nobodies.
I'll give you a rather detailed lesson in how it really goes down. Arlen Specter wouldn't help us for the longest time. It seems, after he got cancer, he found religion, and now he is a standout in trying to clean things up, along with Grassley of Iowa. Everytime he did anything at all thru the Judiciary Committee, Dodd, Shelby (R, BTW) and Schumer would say, "that belongs over here. Bring it to "Banking". Where of course, it would die a slow death. They tried to squelch Aguirre, but it didn't work. They still pull the same shit. Now, Dodd gets caught taking favorable loans, and he says he didn't know. Are you telling me the Chair of Banking did not know you paid points with a mortgage? Now, he's from Connecticut (duh), go look for his donors, and what do you see? Get bought. Stay bought. That's where the arrogance comes in. they never thought payday would arrive. It's here. And more is a comin'. And btw. The Congress doesn't want an investigation, because they are afreaid of what it will find. It will find 'everybody'. I know some of you guys think this is great fun. But I don't like getting fucked. I'll go against anybody one on one. But this crap has got to stop.
Supposedly one of the managers withdrew personal funds as he saw prices were imploding while at the same time actively encouraging investors to add more funds and praising this as a great 'buying opportunity'. I guess this would be labeled as using insider information.
yeah thats what i don't understand. the funds has assets, crappy cdo that are priced at the market each day, now if he takes his money out of the fund he is getting the price of the assets that day. if he things they assets are going down further then thats his option, not insider trading. if he is taking out his assets before the assets are priced, that is fraud, not insider trading. if they are charged with insider trading so should the brokers who where able to front run and buy mutual funds after the market close
Agreed. Now, the question is whether Tannin or Cioffi were in charge of the marks. It's a question of valuation, not insider trading.
but that would be fraud, not insider trading. i think the fbi just throws the book at them anything they can make up