Ok but bottom line, no real results, just a few fall guys. Which has always been the case, learn your history. For example, the same witchhunt happened after the 1987 crash. Meanwhile, the top scumbags only get stronger while backstopped by the US taxpayers. Do you have an idea of whom I am talking about?
I agree with you. And I remember trading emlx that day. made few bucks but nothing much. My college roomate spent over a decade as an attorney with the SEC. He told me he advocated for the elimination of most insider trading rules because all the big guys were cheating anyway. He has been in the private sector now for 5 years or so.
and they are going down. This time IS different. There is nothing left. I guess it had to come to that. DOJ starts low and chews up. The little guys squeal. You all laughed last Sept, but that selling came out of London and Dubai. That is a fact. They have to push this envelope now. It's life an death . Always has been. Look at Ft. Hood. That's what negligence gets you.
You need insider trading rules to allow the public to invest. Sure some will cheat but less will do so when they see their friends going to jail. If I was working at say Goldman where everyone makes at least $ 700,000 per year and someone wanted inside information, I would tell him to piss off, its just not worth me losing my job, and going to jail.
Everyone at Goldman doesn't make "at leasat $700,000 per year" ... that's a mean average of the grand total of the bonuses divided by the number of employees who are bonus eligible. The administratvie staff makes subtantially less (try a quarter of a mil ...), and when they're downsizing, people have to be counseled, and are put on suicide watch. The real money doesn't begin until you're taken on board as a first year analyst ... and then the party really gets started! As far as the original topic is concerned? There is obvious collusion and rampant dealmaking and cronyism at the highest levels of these financial institutions, who are implicitly in bed with the government, big business and the media.
impressive, so that's why the market always rallies higher before good economic (read. spin on the news) are released.... so that's why the market always tanks lower before bad economic (read. spin on the news) are released.... so that's why the market after the news is released goes haywire and erratic in its pattern on both sides of the market or last known price, along with a huge flood of volume, and then begins to settle down within 5 minutes or so.... hmmmm the usual suspects....
This new cat at SDNY is good, and relentless. You can see what he's doing: * The Wall Street Journal * NOVEMBER 12, 2009 SAC Capital Ex-Analyst Under Probe in Inside Case By SUSAN PULLIAM Federal authorities in the Galleon Group insider-trading case are investigating the activities of a former SAC Capital Advisors analyst who has been cited, but not named, in a criminal complaint filed in the case, according to people familiar with the matter. The complaint, filed last week in a New York federal court, alleges that an unnamed individualâidentified by people familiar with the matter as former SAC analyst Mark Adamsâprovided nonpublic information in 2008 and 2009 regarding a Massachusetts "information technology" company. That company is software firm EMC Corp., where Mr. Adams once worked, the people say. The alleged trading took place after Mr. Adams left SAC and was at another hedge fund. More The investigation of Mr. Adams's activities could be significant for prosecutors as they expand the Galleon case to examine trades at, among other firms, SACâone of the nation's best-known hedge funds. In the past month, 20 individuals, including the founder of hedge fund Galleon Group, have been charged in the most sweeping insider-trading cases in years. The defendants have said they are innocent. Mr. Adams, who left SAC in 2007, worked at SAC's Stamford, Conn., headquarters more recently than any other former SAC employee who is involved or a witness in the continuing investigation. Mr. Adams, 41 years old, hasn't been accused of any wrongdoing, Neither Mr. Adams nor his lawyer returned calls for comment. Neither SAC nor its founder, Steven A. Cohen, has been accused of any wrongdoing. An SAC spokesman declined to comment. An EMC spokesman said he wasn't aware of any connection between the Galleon investigation and the Hopkinton, Mass., company. SAC hasn't been subpoenaed or contacted by authorities, people close to the situation say. The allegations of insider trading took place when Mr. Adams was an analyst in the Boston office of Balyasny Asset Management. Mr. Adams left Balyasny after the Chicago-based hedge fund closed its Boston office recently, a person close to the situation says. Mr. Adams worked at SAC from July 2005 to December 2007. He previously had worked at EMC doing business development, venture capital and merger work. Balyasny, which hasn't been accused of any wrongdoing, hasn't been contacted by authorities regarding the insider-trading case, a person close to the situation says. Mr. Adams is the latest name to emerge in an expanding web of individuals and companies involved in the Galleon matter. The government charged Galleon founder, Raj Rajaratnam, who has denied wrongdoing, and five others in an initial round of charges on Oct. 16. Last week, 14 others were charged, including five cooperating witnesses. One of those cooperating witnesses was hedge-fund manager Steven Fortuna, who was known by some in the financial world as "Tuna." A criminal complaint filed Nov. 5 against Mr. Fortuna alleges that a co-conspirator, identified by the people familiar with the matter as Mr. Adams, gave Mr. Fortuna nonpublic information in exchange for inside information from Mr. Fortuna about other tech companies. A lawyer for Mr. Fortuna, who has pleaded guilty to securities fraud and other charges in the case and is cooperating with prosecutors, didn't return calls for comment. SAC's tie to the case stems from a plea agreement signed in October by Richard Choo Beng Lee, a former SAC trader who is witness in the government's Galleon case. Under his agreement with the government, Mr. Lee has agreed to provide information to the government about the activities of other SAC traders during the period he was employed by an SAC division, from 1999 until 2004, people familiar with the matter say. Mr. Lee is cooperating with the government's investigation in hopes of receiving lighter penalties. Mr. Lee's lawyer, Jeffrey Bornstein, declined to comment about what information his client "has or will be providing to the government." Any information Mr. Lee could provide authorities about trading at SAC while he was there could be inadmissible if it falls beyond the five-year "statute of limitations" stipulating how the government can use evidence in such cases. However, lawyers say the government can in some instances submit evidence that is more than five years old if they find evidence that an alleged pattern of behavior continued. Evidence of insider trading that is more than five years old can also be admitted in court if it helps prove a level of knowledge and intent on the part of defendants, lawyers say. Another former SAC trader involved in the investigation is Richard Grodin, a former hedge fund manager who also worked for Mr. Cohen and received a subpoena in the inquiry, a person close to the situation says. Mr. Grodin hasn't been accused of any wrongdoing. He worked for SAC in the early 1990s but left in 1999 to work at Sigma, an SAC division. He worked at Sigma until 2004 and then started another fund, in which SAC's Mr. Cohen invested. Neither Mr. Grodin nor his lawyer returned calls for comment.