Alleged Insider Trading Ring Weren't Very Good At It
More in BUSINESS NEWS
back-up- Meet Goldman Sachs' Newest Managing Directors
- Geithner On Financial Regulatory Reform
- Free Job Postings Until 31.03.2010
- Bank Tells Staff To Knock Off Early To Make Babies
- 'Do I Seem Like A Guy Who Throws Chairs ?'
- Best Place To Work Update
- Office Humour - Warning, Some May Find This Offensive
- City Bankers Prepare For Disaster Scenario
- John Thain Defends Wall Street Bonuses
- Click Here To Register For Free News E-Mail Alerts
- Lazard Names New CEO
- Top Firm Told To Give Up Bonuses
- Government Accused Of Botching Major Bailout
- UBS Reveals Its Hand
- The Dash For Trash
- Too Big To Fail
- 'Sorry - But Christmas Is Cancelled'
- Regulator To Have Power To Tear Up Banker Pay Contracts
- IT Programmers Accused Of Being Madoff Accomplices
- Cityboy On Corporate Social Responsibility
- Top Firm To Unveil Turnaround Strategy
- The Obvious Candidate To Succeed Ken Lewis Is Ken Lewis
- Quit The UK To Avoid Higher Taxes - Poll Results
- Bankers Forced To Take Second Jobs To Make Ends Meet
- Goldman Kitten Payments Go A Stray
- More Compensation News
- Best Place To Work 2010 - Vote Now
- Banker Eye Test
- Goldman Sachs - View From The Top
- The Lloyd's Prayer
- Exec Claims Hedge Fund Boss Hired Hit Man To Kill Her
- $125m-A-Year Banker's Wife Says She Was Treated Like 'Mail-Order Bride'
- 'The Sell Out'
- 'Many Of You Have Seen Life Savings Vanish'
- Tough Times For Expenses - £5 For Lunch
- Tragic Banker Rehearsed Suicide Before Killing Himself
- Bear Stearns Fraud Case - The Verdict
- Even More Compensation News
- CEO Says That History Will Vindicate Him
- Traders Desperate To Get 'The Clap'
- Reservoir Gods
- Who Was Mr Angry During The Financial Crisis ?
- JPMorgan Chase Compensation Letter
- Regulator Warns - 'Yes, That Does Mean People Go To Jail'
- Brokers Complain Of Bailed-Out Banks Bullying Tactics
- Best Place To Work - Previous Winners
- Best Place To Work 2009 Results - The Top 100 Firms
- CEO Says He Could Top Himself & People Would Cheer
- Top Firm Hires 78-Yr-Old / Ex-Boss Says 'Sorry' For Citigroup
- Top Firm Said To Be At Loggerheads
Related Content
- Female Trader Lists Alleged Inappropriate Comments (24/09/2009)
- Ex-Lehman CEO: 'You Don't Have A Gun; That's Good' (09/09/2009)
- 'Hardly Good News For Women In The City' (12/09/2009)
- Compliance Training ? 'The Biscuits Were Good' (27/10/2009)
- Mack Should Leave Morgan Stanley For Good (12/09/2009)
- Our Trading Week (25/09/2009)
One bad trade, in chip maker Advanced Micro Devices, is said to have resulted in a $30m loss - more than the scheme in total is said to have reaped. But profitable, or not, insider trading is illegal - and you can go down whether or not you make any money.
In the meantime, Bloomberg reports that Galleon, faced with a wave of redemptions, has decided to liquidate its hedge funds. The hedge fund is thought to have been approached by a number of parties interested in acquiring some of its assets.
And Forbes reports that all this talk that US prosecutors are hot on the trail of several others who are thought to have engaged in insider trading, has spooked a lot of hedge funds. But apparently some hedgies have responded not by tightening up on their internal compliance procedures, but by instructing staff to be careful what they say on their cell phones (the FBI used phone-tapping techniques to finger Rajaratham and his alleged ring).
Finally, Reuters headlines an article: 'Madoff shares prison cell with drug dealer'. Hardly a surprise, given that the fraudster is in clink. Just what kind of people does the news agency think Bernie is gonna meet in there ?
Please use the 'E-Mail' button immediately under the article title to send this item to a friend.
