Wall Street Folly

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

wsf@wallstreetfolly.com (Wall Street Folly) — Wed, 11 Nov 2009 13:22:55 +0000

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 Bear Managers’ Acquittal May Hamper U.S. Fraud Prosecutions – Bloomberg The acquittal of two Bear Stearns Cos. hedge-fund managers in a [...]

Bear Stearns - Hedge fund - Business - Fraud - Investing

Uncle Sam, take your job and shove it, who needs the aggravation?: New AIG CEO may quit only 3 months in; Price slashed by $1M on Madoff’s NYC Pad; Picower’s widow wants a deal; Ambac, MBIA the latest to need taxpayers’ helping hand?; Blankfein defending Goldman pay again; Fed’s Fischer warns of possible low growth into ‘11; GM CEO says they can repay loans (we’re not holding our breath)

wsf@wallstreetfolly.com (Wall Street Folly) — Wed, 11 Nov 2009 12:44:06 +0000

AIG’s Benmosche Threatens to Jump Ship Madoff Former NYC Penthouse Gets $1 Million Price Cut Picower’s Widow Seeks Madoff Trustee Deal After Filing of Will Goldman chief defends employees’ pay Ambac, MBIA Tumble as Losses May Overwhelm Bond Insurers Fed’s Fisher Says Growth May Be Suboptimal Into 2011 Dodd’s reform plan takes aim at the Fed Dollar Falls to 15-Month Low on [...]

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American International Group - Ambac Financial Group - General Motors - New York City - MBIA

The verdict is in and the prosecution has egg on their faces: Ex Bear Stearns hedge fund managers NOT GUILTY on all counts

wsf@wallstreetfolly.com (Wall Street Folly) — Tue, 10 Nov 2009 20:15:57 +0000

Prosecutorial smackdown: CNBC reported that former Bear Stearns hedge managers Ralph Cioffi and Matthew Tannin have been found not guilty on all charges. More: Ex-Bear Stearns hedge fund managers acquitted – Reuters Bear Stearns Managers Acquitted of Fraud Charges - NY Times Ex-Bear Fund Managers Not Guilty of Subprime Fraud – Bloomberg

Bear Stearns - Hedge fund - Business - Investing - Funds

Barclay’s Lehman purchase a steal?; Bernie Madoff blowout sale this weekend — watches, furs, lots more on the block; Picower estate could be fertile ground for Madoff victims; Morgan Stanley had 5 money losing days last Q (vs Goldman’s 1); New mgt structure at Lazard?; FNM may write down tax $5B tax credits; Wage freeze over at JP Morgan

wsf@wallstreetfolly.com (Wall Street Folly) — Tue, 10 Nov 2009 12:43:15 +0000

Barclays’ Remarkable Bargain Pieces of Madoff Are on the Block Trustee Seeks Billions for Madoff Investors Morgan Stanley trading behind Goldman Lazard eyeing new leadership structure Fannie May Write Down $5.2 Billion in Tax Credits Wage Freeze Is Lifted for Some at J.P. Morgan Barclays’s Net Drops 54% on Impairment Charges Fed Says All Banks Except GMAC Meet Capital Deadline AIG May Be Able [...]

Morgan Stanley - Fannie Mae - American International Group - Tax credit - GMAC

Really! SNL Needles Goldman Sachs over getting swine flu vaccine before hospitals #Goldman $GS #Politics #SNL #humor

wsf@wallstreetfolly.com (Wall Street Folly) — Mon, 09 Nov 2009 12:55:55 +0000

Swine influenza - Health - Conditions and Diseases - Infectious Diseases - Viral

Must read: Goldman Sach’s Lloyd Blankfein: doing ‘God’s work’; More on those big bonuses; Lewis’ recommendations for CEO may not hold much sway; Jamie Dimon’s dad joins him at JP Morgan; Taxpayers may have to eat some of Citi’s losses; NBC closer to sale?

wsf@wallstreetfolly.com (Wall Street Folly) — Mon, 09 Nov 2009 12:44:12 +0000

I’m doing ‘God’s work’. Meet Mr Goldman Sachs Wall Street Record Bonuses Return as Big 3 May Pay $30 Billion Board May Reject Lewis’s Picks to Succeed Him Dimon dad takes job at JPMorgan Citigroup Asset Guarantees May Cost U.S. Taxpayers, Panel Says U.S., U.K. Split Over Bank-Tax Proposal at G-20 JPMorgan to Grow Indian Investment Banking Unit, Morparia Says Comcast, GE [...]

Jamie Dimon - Investment Banks - Lloyd Blankfein - Goldman Sachs - JPMorgan Chase

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

wsf@wallstreetfolly.com (Wall Street Folly) — Fri, 06 Nov 2009 12:55:57 +0000

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 A tale of ‘Greek’, ‘Rat’ and ‘bat phones’ – Financial Times Court documents [...]

RajRajaratnam - U.S. Securities and Exchange Commission - United States - Business - InsiderTrading

$FNM has a deal to sell its unused tax credits but Treasury still stands in the way; Citi gonna IPO Primerica; Banks getting more guff for getting swine flu vaccines before hospitals; AIG earnings; B of A’s Moynihan to testify?; BNY’s Kelly still doesn’t want B of A job

wsf@wallstreetfolly.com (Wall Street Folly) — Fri, 06 Nov 2009 12:44:44 +0000

Fannie Arrives at a Deal to Sell $2.6 Billion in Unused Tax Credits Citigroup Plans IPO For Primerica Life-Insurance Unit Uproar as Firms Get Swine-Flu Vaccine AIG Posts Net Income of $455 Million, Second Straight Profit Fannie’s Draws From Emergency Treasury Fund Reach $60 Billion Share Business Exchange Buffett’s ‘Wake-Up Call’ to Managers May Signal More Cost Cuts BofA’s Moynihan Said [...]

Bank of America - American International Group - Citigroup - Fannie Mae - Initial public offering

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

wsf@wallstreetfolly.com (Wall Street Folly) — Thu, 05 Nov 2009 15:13:47 +0000

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 [...]

GalleonGroup - Hedge fund - Insider trading - Business - Federal Bureau of Investigation

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

wsf@wallstreetfolly.com (Wall Street Folly) — Thu, 05 Nov 2009 12:57:30 +0000

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 S.E.C. Likely to Charge More People in Galleon Case – NY Times Prosecutors indicated Wednesday they intend to bring charges against additional defendants in the wide-ranging insider-trading case against Raj Rajaratnam, the [...]

Raj Rajaratnam - InsiderTrading - U.S. Securities and Exchange Commission - Hedge fund - New York Times