Steven Cohen May Sell Stock in Company Whose Founder Went to Prison For Insider Trading
ALEXANDR OLEINIC, 17 October 2013
Steven Cohen, SAC Capital, Insider Trading: According to an update from Reuters Business on Twitter, Steven Cohen‘s hedge fund SAC Capital would like to sell its position in the privately-owned company Kadmon Pharmaceuticals. As the outlet points out, “Kadmon was founded by Sam Waksal, who served a five year prison term for insider stock trading.” Continue reading “Article: Steven Cohen May Sell Stock in Company Whose Founder Went to Prison For Insider Trading”
Former Royal Bank of Scotland trader linked to currency market fixing
Jill Treanor, 12 OCtober 2013
Electronic messages that Royal Bank of Scotland handed to the City regulator in connection with potential manipulation of the £3tn-a day currency market are reported to have been sent by the bailed-out bank’s former trader Richard Usher.
The messages are said to be among those handed to the Financial Conduct Authority (FCA) by the bank, which is 81% owned by the taxpayer.
Usher, who could not be reached for comment, is now the head of spot trading at JP Morgan in London. He has been listed as a member of a Bank of England committee that polices a voluntary code of group practice for the markets.
The regulatory review by the FCA, which has not yet escalated its inquiries into a formal investigation, implies no wrongdoing by Usher, according to the Bloomberg news agency, which revealed his identity.
The analysis of the electronic messages is the latest move by regulators to test the integrity of benchmarks used to price financial products in the light of the Libor-rigging scandal as well as manipulation of gas prices. The investigation was triggered by reports in the Guardian last year.
The FCA said in June it was looking at foreign exchange markets after Bloomberg reported that traders at some banks were sharing information about their positions through instant messages. These were said to be a way to manipulate an index compiled by WM/Reuters and based on prices of currencies for a 60-second period.
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Looting the Pension Funds
All across America, Wall Street is grabbing money meant for public workers
Rolling Stone, 10 October 2013
Raimondo’s strategy for saving money involved handing more than $1 billion – 14 percent of the state fund – to hedge funds, including a trio of well-known New York-based funds: Dan Loeb’s Third Point Capital was given $66 million, Ken Garschina’s Mason Capital got $64 million and $70 million went to Paul Singer’s Elliott Management.
The state’s workers, in other words, were being forced to subsidize their own political disenfranchisement, coughing up at least $200 million to members of a group that had supported anti-labor laws.
This is the third act in an improbable triple-fucking of ordinary people that Wall Street is seeking to pull off as a shocker epilogue to the crisis era.
Baker reported that, had public pension funds not been invested in the stock market and exposed to mortgage-backed securities, there would be no shortfall at all.
It’s a scam of almost unmatchable balls and cruelty, accomplished with the aid of some singularly spineless politicians. And it hasn’t happened overnight. This has been in the works for decades, and the fighting has been dirty all the way.
Union leaders all over the country have started to figure out the perils of hiring a bunch of overpriced Wall Street wizards to manage the public’s money.
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RBS releases documents over alleged currency manipulation
Jill Treanor, 09 October 2013
Royal Bank of Scotland has handed the City regulator messages sent by one of its former traders in the latest twist in an investigation into potential manipulation of currency rates.
The Financial Conduct Authority (FCA) began an investigation into the £3tn-a-day foreign exchange market in June following allegations that traders at major banks had found ways to manipulate a closely followed currency benchmark. Continue reading “Article: RBS releases documents over alleged currency manipulation”