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More Wore Wires in Bid to Investigate Inside Trades in Galleon Case

March 11th, 2010

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The Wall Street Journal- Federal prosecutors in Manhattan equipped several cooperating witnesses with recording devices to try to obtain information about targets in the Galleon insider-trading probe, people familiar with the matter say. Among them is Franz Tudor, a former Galleon Group hedge-fund trader, the people familiar with the matter say. Mr. Tudor, 36 years old, made recordings last year in an attempt to extract information from two friends and colleagues who are defendants charged in an insider-trading conspiracy, Zvi Goffer (left) and Michael Kimelman, the people say.

more at http://online.wsj.com/article/SB10001424052748704145904575112132401351258.html

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Tags: Attempt, Bid, Colleagues, Conspiracy, Federal Prosecutors, Fund Trader, Galleon, Galleon Group Hedge Fund, Goffer, Insider Trading, Manhattan, People Online, Targets, Trades, Tudor, Two Friends, Wall Street, Wall Street Journal, Wsj, Zvi

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London to become most expensive financial hub for bankers

March 10th, 2010

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London is to become one of the most expensive global centres for bankers to work in after the forthcoming introduction of a revised income tax banding for high earners, new research has shown.

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Posted in Finance Fraud

Tags: Annual Salary, Bonus, Colleagues, Dubai, Earners, Financial Centres, Financial Hub, Financial Services Firms, Frankfurt, Geneva, Global Centres, Hong Kong, Hopkinson, Income Tax, Kpmg, Levy, Social Security, Social Security Payments, Wall Street, Wall Street Journal

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This Day in Wall Street History 1915: Minimum working age raised

March 8th, 2010

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In South Carolina, the minimum age allowed by law for workers in mills, factories, and mines was raised from 12 to 14 years old.

Before the industrial revolution, children would have been apprenticed or worked as part of a family business.

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Posted in Finance Fraud

Tags: 20th Century, Advent, Africa, Asia, Child Labor, Civil War, European Countries, Family Business, History 1915, Industrial Revolution, Industrialization, Latin America, Middle East, Midwestern States, Source History, South Carolina, Wall Street, Wall Street History, Workforce, Working Conditions In Factories

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This Day in Wall Street History 1933: Roosevelt declares bank holiday

March 5th, 2010

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When Franklin Roosevelt started his first term in the White House in 1933, he inherited a nation in the depths of the Depression. A record 13 million Americans were unemployed and businesses were drowning in red ink.

Perhaps even more pressing was the head-spinning string of bank failures that had triggered a frantic run on the nation’s savings vaults.

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Tags: Bank Failures, Bank Holiday, Banking Act, Banking System, Banks, Breach, Brink Of Disaster, Closure, Depositors, Financial Transactions, Franklin Roosevelt, Liquid Assets, Red Ink, Roosevelt Bank, Roosevelt Franklin, Source History, Vaults, Wall Street, Wall Street History, Withdrawals

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Analyst Bove blames subprime meltdown on New York’s Cuomo

March 4th, 2010

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Why Attorney General Andrew Cuomo wouldn’t be good for Wall Street if he replaces Paterson, with Dick Bove, Rochdale Securities.

Dick Bove, a respected banking analyst, called Andrew Cuomo, attorney general of New York, the “father of the subprime crisis.” “One of the key reasons why [Fannie Mae and Freddie Mac are] bankrupt today, and why the government is spending hundreds of millions of dollars in supporting them, is because of the edicts pushed through by Mr.

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Tags: Andrew Cuomo Attorney General, Attorney General Andrew Cuomo, Attorney General Of New York, Bove, Dick, Edicts, Fannie Mae, Fannie Mae And Freddie Mac, Freddie Mac, Governor Of New York, Key Reasons, Meltdown, Risk, Rochdale Securities, Subprime Crisis, Wall Street

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Greece’s swaps prompt blame game in Europe

March 3rd, 2010

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Greece’s use of currency swaps to help its budget look good for entry into the eurozone was disclosed several years ago, but politicians on both sides of the Atlantic are now criticizing the deals. A case can be made for prohibiting these transactions if their sole purpose is to cloud or enhance the immediate fiscal position of a government.

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Posted in Finance Fraud

Tags: 1 Billion, Athens, Blame Game, Casablanca, Currency Swaps, Debt Issue, Eurozone, Fiscal Position, Goldman, Governments, Market Exchange Rates, Obligation, Politicians, Sole Purpose, Term Obligations, Upfront, Wall Street, Wall Street Journal, Wsj, Yen

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This Day in Wall Street History 1915: Minimum working age raised

March 1st, 2010

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In South Carolina, the minimum age allowed by law for workers in mills, factories, and mines was raised from 12 to 14 years old.

Before the industrial revolution, children would have been apprenticed or worked as part of a family business.

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Posted in Finance Fraud

Tags: 20th Century, Advent, Africa, Asia, Child Labor, Civil War, European Countries, Family Business, History 1915, Industrial Revolution, Industrialization, Latin America, Middle East, Midwestern States, Source History, South Carolina, Wall Street, Wall Street History, Workforce, Working Conditions In Factories

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Citigroup plans to sell hedge fund business

February 26th, 2010

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Citigroup is in talks with SkyBridge Capital to sell its hedge fund business worth $4 billion.

An unnamed source told the Wall Street Journal that the investment banking group is thought to be in “advanced talks” with the organisation, which is run by two former traders from Goldman Sachs.

Assets in the fund include $2.5 billion which Citi advises on, $500 million in capital tied to hedge fund stakes and $1 billion worth of hedge fund investments.

Details of the deal, including how much SkyBridge would be willing to pay, have yet to be disclosed, the news provider reported.

Citigroup announced during 2009 that it would be looking to offload $715 billion worth of assets in a bid to reduce its exposure to risk and the bank is thought to still have more than $500 billion to shift.

According to the news provider, Citigroup has sold a number of assets including stakes in the Japan-based Nikko Cordial securities and Nikko asset-management businesses.

The sale of its Smith Barney brokerage business and consumer finance businesses in Portugal, Italy and Norway have also taken place as the bank attempts to recover in the wake of the global financial crisis.

Fund-of-fund investments in Citigroup increased in 2009 by more than 20 per cent, the news provider stated.

Posted in Finance Fraud

Tags: 1 Billion, Asset Management, Assets, Brokerage Business, Business Worth, Citigroup, Consumer Finance, Crisis Fund, Finance Businesses, Fund Business, Fund Investments, Global Financial Crisis, Goldman Sachs, Hedge Fund, Investment Banking Group, Nikko, Smith Barney, Unnamed Source, Wall Street, Wall Street Journal

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This Day in Wall Street History 1837: Presentiment of a panic

February 12th, 2010

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On this day in 1837, an irate group of unemployed New Yorkers gathered to protest skyrocketing food and fuel prices, as well as the city’s rapidly escalating rents.

The demonstration quickly degenerated into violence, as the workers turned their anger on a flour warehouse.

For the city, as well as the rest of the nation, the outburst was a strong indicator of the fiscal troubles that would bubble over later that year.

Come that May, a host of events — including a wave of bank failures and a brewing recession — both of which stemmed from President Andrew Jackson’s decision to yank all federal deposits from the second Bank of the United States, signaled the onset of the Panic of 1837.

The panic hung over America for the next seven years, debilitating the nation’s economy and triggering rampant unemployment.

Source: History.com

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Tags: Andrew Jackson, Anger, Bank Failures, Demonstration, Economy, Flour, Food And Fuel, Fuel Prices, Outburst, Panic Of 1837, Presentiment, President Andrew Jackson, Recession, Rents, Seven Years, Source History, Unemployment, Violence, Wall Street, Wall Street History

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This Day in Wall Street History 1913: Income tax amendment takes effect

February 3rd, 2010

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In 1913, the notion of an income tax, though perhaps not palatable to all Americans, was hardly a novelty. The U.S. government levied an income tax during the Civil War, and although it was allowed to lapse after the war, it was deemed constitutional by the Supreme Court in 1881.

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