Filed under: International markets, Middle East, Scandals, Politics, Oil
It seems like almost every day Iran is in the news, and today is no different. Oil prices have moved higher after reports that Iranian naval vessels had stopped a racing yacht with [...]
Filed under: SEC filings, Scandals, Green Stocks
How do you know the green finance sector has arrived? Well, it got its first Ponzi scheme! Allegedly.
The SEC filed charges against four people and two companies in a Denver federal court on Monday. Mantria Corp. and [...]
Filed under: Scandals
Normal tech support phone call: "Press 1 for help with e-mail. Press 2 to have your password reset."
Madoff tech support phone call: "Hello, how can I help you dummy up some trading records today?"
The investigation of Bernie Madoff's fraudulent financial empire is leading [...]
Filed under: Scandals, Headline news
What do you get for the person who has everything? Well, maybe you buy him a piece of history. The U.S. Marshals Service has done all the hard work, and now you can take advantage of it... maybe even at [...]
Filed under: Internet, Scandals, Media World
Finally, the federal government has accepted an offer from Girls Gone Wild founder Joe Francis. Earlier this year, the feds turned down his request for bailout money, but the filmmaker entrepreneur executive soft-core porn guru had better luck [...]
Filed under: Scandals, Mutual funds, Headline news
Investors are calling for an inquiry into mutual fund fees, but the Supreme Court is reminding them that it isn't beholden to public opinion. The mutual fund industry is being accused of charging "excessive" fees, which could' [...]
Filed under: Internet, Scandals, Technology
Who needs venture capital money when you have litigation? Facebook was awarded $711 million in damages Thursday in an anti-spam case against Sanford Wallace, an internet marketer. The popular social networking platform went after Wallace for tapping its [...]
Filed under: Scandals, Politics, Federal Reserve
Remember when the Federal Reserve and general public were blasting companies like AIG for going on retreats and holding conferences at luxury resorts? Well, on October 29, it was reported that the Fed has held its conferences at [...]
Filed under: Scandals
The Wall Street Journal reports (subscription required) that GMAC Financial Services Inc. (NYSE: GKM) is seeking a third round of bailout funds from the Treasury Department ranging from $2.8 billion to $5.6 billion. This is, the WSJ writes, "a stark reminder" [...]
A very interesting piece of news passed the wire late Friday, October 23. Smart Choices, which is a million-dollar food labeling program, was voluntarily halted on Friday thanks to a bit of mislabeling.
Earlier in the week, the Food and Drug [...]
Filed under: Management, Scandals
Lock up your money.
The architect of the Long-Term Capital Management disaster, John Meriwether, is starting a new hedge fund, fresh off the collapse of his latest fund.
He closed JWM Partners three months ago after the fund lost 44% of its value during [...]
Filed under: Scandals, Headline news
Bernie Madoff is getting used to his new neighbors. Gone are the days of Montauk and Manhattan, and he isn't sharing his space with topless dancers.
Now, he says goodnight to a drug pusher, chills with a' [...]
All it takes is a little patience. F. Scott Yeager, a former Enron executive, got some good news from the 5th Circuit Court of Appeals in New Orleans, which ruled that it wouldn't revisit his case. So, he no longer' [...]
Filed under: Rumors, Law, Scandals
On Wednesday, Galleon Group founder Raj Rajaratnam told employees via letter that the company is going to wind down all of its hedge funds. In a Wall Street Journal article (subscription required), a person familiar with Galleon said that [...]
Filed under: Google (GOOG), Intel (INTC), Market matters, Scandals, Sun Microsystems (JAVA), Akamai Technologies (AKAM), Cramer on BloggingStocks
From TheStreet.com Network Barclays Falls as Qatar Sells Shares Apple Rides Higher on iPhone, Mac Sales The Street.com's' [...]
Filed under: Private equity, Scandals
Out of every five hedge fund managers, one is prone to fibbing, according to research from NYU's Stern School of Business. This is likely to pour salt in the wound of an industry that's been in rough shape for [...]
Filed under: Scandals
USA Today's Matt Krantz reports that shares of some companies bankrupted by the financial crisis have posted huge gains in recent months: "Lehman and WaMu, for instance, were booted from stock exchanges and filed for bankruptcy protection. Yet on the lightly regulated Pink'" [...]
Filed under: Scandals, Headline news
Allen Stanford gets kicked around, but Bernie Madoff can clearly throw down some serious smack. While the former's being moved from one facility to another because he's lost some ground on the cell block, Madoff just earned himself some [...]
The Securities & Exchange Commission is appealing a judge's dismissal of the commissions insider trading lawsuit filed against billionaire Mark Cuban.
Filed under: Scandals
You'll never believe who's dropping dimes to the feds!Sam Antar, formerly the CFO of Crazy Eddie, known in the New York area for over-the-top commercials that scared the hell out of kids (well, me at least), knows his way around [...]
Filed under: Scandals, Headline news
R. Allen Stanford, accused Ponzi schemer, is about to get a new home. Following a fight at Joe Corley Detention Facility just north of Houston, Tex., a judge has ordered that he be moved to a facility in downtown Houston. [...]
Filed under: Law, Scandals, Bank of America (BAC)
fJoseph Hirko, the former CEO of Enron's internet division, has been sentenced to 16 months in prison for his role in what was at the time the largest securities fraud case in United States history.Accused Ponzi scheme perpetrator R. Allen Stanford was hospitalized Thursday following an altercation with another inmate. He was hospitalized in an undisclosed location, according to U.S. Marshals Service spokesman Alfredo Perez, and is expected to be released on Monday.
Stanford, who is [...]
Filed under: Scandals
Even with the ringleader in jail, the pursuit of Bernie Madoff doesn't seem to be finished. Sunday night, the trustee who's winding down the Madoff company said on 60 Minutes that Madoff's two sons (Mark and Andrew), brother (Peter) and niece (Shana)' [...]
Filed under: International markets, Products and services, Law, Competitive strategy, Dell (DELL), Hewlett-Packard (HPQ), Scandals, Advanced Micro Dev (AMD), Technology
Chip maker Intel Corp (NASDAQ: INTC) had some embarrassing emails published today by the European [...]
Filed under: Scandals, Bank of America (BAC)
The Bank of America (NYSE: BAC) CEO's "What's a Guy Got to Do to Get Fired Around Here" campaign took a new twist this weekend when The New York Post reported that the FBI and [...]
Filed under: Scandals
Overstock.com (NASDAQ: OSTK) announced on Thursday that it received a notice from the SEC stating that the company was under investigation concerning its "previously-announced restatements of its financial statements in 2006 and 2008 and other matters."
CEO Patrick Byrne noted in the [...]
Filed under: Scandals, Housing
Disgraced Ponzi schemer Bernie Madoff's (former) Montauk, Long Island home is no longer on the market. A buyer willing to pay more than the $8.75 million asking price has picked up the property, only two weeks after the U.S. [...]
Filed under: Scandals
The conspiracy theorists have been arguing for month that aggressive short-selling and illegal naked short selling played a significant role in the financial collapse.Continue reading SEC says short-selling not responsible for stock market' [...]
Filed under: Private equity, Scandals, Headline news
Danny Pang was accused by federal regulators of defrauding investors of several hundred million dollars. The investors, however, will not realize the full extent of justice they would have preferred, as the 42-year-old financier died Saturday morning. [...]
Filed under: Scandals, OfficeMax Inc (OMX)
Albert Gonzalez faced the music in a U.S. District Court in Boston on Friday, pleading guilty to masterminding one of the biggest cases of identity theft in history. The deal he struck with prosecutors could have him turning big [...]
Filed under: Scandals, Housing
Looking for a 4,000-square-foot duplex with four fireplaces and a doorman on the Upper East Side of New York? You are in luck, because the U.S. Marshals will put Bernie Madoff's "luxury penthouse" on the market. The apartment is believed to [...]Filed under: Scandals
The Fairfield Greenwich Group has agreed to pay an $8 million settlement to a small group of investors in Massachusetts that lost money through the Madoff scam. This is expected to be a full repayment. Fairfield is also going to pay a $500,000 [...]
The New York Post reports that former Lehman Brothers CEO Richard Fuld "was so perturbed over the contents of a book on the demise of his beloved bank that he angrily phoned up a pair of traders he believed helped secretly" [...]
The world's most famous rogue trader is about to have his encounter with the criminal justice system. Jerome Kerviel, made famous by transactions he made while a trader at Societe Generale, will go to trial.
He's been charged with forgery, breach [...]
Filed under: Management, Industry, Scandals
President Nicolas Sarkozy of France imposed tough curbs on bank bonuses. He ruled that brokers and traders defer their bonuses over three years and be paid only on performance.
Later this month, the G20 nations meet in Pittsburgh. Sarkozy wants [...]
Filed under: Insiders, Law, Scandals, Financial Crisis
Mary Schapiro, chairperson of the the SEC, wants to collect critical data on derivatives transactions to pursue market abuses.
Schapiro said that regulators need the data to construct an audit trail to find out who is doing [...]
Filed under: Law, Scandals, OfficeMax Inc (OMX)
Albert Gonzalez is calling it quits. Accused of masterminding the largest identity theft in the United States ever, he has agreed to plead guilty in U.S. District Court in Massachusetts. Separate charges filed in New Jersey, however, [...]
Filed under: Scandals
Judge Donald S. Goldman of the Superior Court of New Jersey dismissed Biovail's (NYSE: BVF) lawsuit against SAC Capital Advisors last week, saying that he lacked jurisdiction.
Filed under: Consumer experience, Rants and raves, Scandals, Sunday Funnies
It's been a while since I posted something in the "Funnies" category but today I just had to share something with our readers. I just got off the phone with an elderly friend that' [...]
Filed under: International markets, Law, Rants and raves, Scandals, Politics, Headline news
There are plenty of nations that allow secretive banking but Switzerland has always been the king-pin of the group and no nation has been a bigger accomplice to decades of [...]
Filed under: Management, Rants and raves, Scandals, Citigroup Inc. (C), Headline news
Last month my colleague Zac Bissonette posted If Andrew Hall made Citigroup money, why shouldn't they pay him? and I have been pondering this myself' [...]
Filed under: Scandals
Fairfield Greenwich Group is trying to play ball, but Massachusetts Secretary of State William Galvin isn't listening.
Instead, he's sending out notices to find all the investors who lost money with Fairfield as a result of its investments in Bernie Madoff's Ponzi' [...]
Filed under: Private equity, Scandals, Headline news
Sir Allen Stanford's attorney doesn't like Ralph Janvey, but that's not surprising. The SEC isn't crazy about him either, and U.S. Judge David Godbey told him, "You know everyone in the courtroom is angry with you," [...]
Filed under: Scandals, Citigroup Inc. (C), Bank of America (BAC), Amer Intl Group (AIG)
Bloomberg reports that "Citigroup Inc. (NYSE: C), General Motors and four other bailed-out firms subject to U.S. pay reviews cut 2009 lobbying costs 37 percent as pressure" [...]
Filed under: Scandals, Business of sports
Just over a month ago, former Major League Baseball player-turned-car-wash-mogul-turned-options-pundit Lenny Dykstra filed for bankruptcy, and he appeared in court earlier this week for a hearing on his bankruptcy.
CNBC correspondent Jane Wells reports that "The judge in the Lenny" [...]
Filed under: Scandals
Frank DiPascali, CFO to convicted fraudster Bernard Madoff, turned in a guilty plea yesterday, as expected. He fessed up to ten charges, including securities fraud, conspiracy, falsifying records and international money laundering. "It was all fictitious," he said, admitting that he [...]
Tom Johansmeyer, Michael Fowlkes, Mark Fightmaster
