Your RBI regime change
51 minutes ago
"Lynn will star and go around the country looking for businesses on the brink to work with endangered entrepreneurs in an attempt to get them back on track. The most deserving business owners could score an equity investment from Patriarch or a much needed loan." (FishBowlNY)
“The market is currently struggling to quantify a new exogenous risk, the political instability in the Middle East and a related oil shock,” Knapp wrote. “However, given the experience of the last decade, our current thinking is that the shock will not be large enough to derail the recovery.”
"Board Member of Goldman Sachs and Procter & Gamble Charged in Insider Trading Scheme
FOR IMMEDIATE RELEASE
Washington, D.C., March 1, 2011 – The Securities and Exchange Commission today announced insider trading charges against a Westport, Conn.-based business consultant who has served on the boards of directors at Goldman Sachs and Procter & Gamble for illegally tipping Galleon Management founder and hedge fund manager Raj Rajaratnam with inside information about the quarterly earnings at both firms as well as an impending $5 billion investment by Berkshire Hathaway in Goldman.
The SEC’s Division of Enforcement alleges that Rajat K. Gupta, a friend and business associate of Rajaratnam, provided him with confidential information learned during board calls and in other aspects of his duties on the Goldman and P&G boards. Rajaratnam used the inside information to trade on behalf of some of Galleon’s hedge funds, or shared the information with others at his firm who then traded on it ahead of public announcements by the firms. The insider trading by Rajaratnam and others generated more than $18 million in illicit profits and loss avoidance. Gupta was at the time a direct or indirect investor in at least some of these Galleon hedge funds, and had other potentially lucrative business interests with Rajaratnam.
“The SEC,” he says, “looks terrible in this thing.” And he doesn’t see himself as the only guilty party on Wall Street. “It’s unbelievable, Goldman … no one has any criminal convictions. The whole new regulatory reform is a joke. The whole government is a Ponzi scheme.” (read at New York Magazine)
"It started out with the simple ones, interest rate swaps and foreign currency.. and then the profit got driven away from those.."
"Then the plain vanilla contracts, there weren't any money in it because they were on the screens (price transparency?). But what they called sometimes the toxic waste, there was a lot of money in...." (*an example he gave was Procter & Gamble vs. Bankers Trust, see below*).
"There's just more money in contracts that people don't understand, and so then you get the proliferation of these things. And who knows what's in the mind of the end user of these things (example: Jefferson County, Alabama swap blowup, Bond Buyer, Bloomberg). It's an instrument that is prone to lots of mischief.."