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Getbig Main Boards => Politics and Political Issues Board => Topic started by: MB_722 on October 20, 2009, 01:32:24 AM
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(http://gothamist.com/attachments/jen/2009_10_hfraj1.jpg)
Photograph of Raj Rajaratnam being led by the feds by Louis Lanzano/AP
A hedge fund founder and five other people were arrested in what the federal authorities say is the "biggest insider trading scheme ever involving a hedge fund" (NY Times) and the "biggest insider-trading ring in a generation" (Wall Street Journal). Those involved allegedly made $20 million on inside information about stocks like Hilton, IBM, Google and Advanced Micro Devices.
Apparently Raj Rajaratnam, a self-made billionaire (#236 on the Forbes list of Richest Americans) who founded the now $3.7 billion-Galleon Group hedge fund, was the center of the ring. The NY Times is actually pretty excited about it: "Even now, after the discovery of Bernard L. Madoff, the scheme outlined by law enforcement officials is the stuff of Wall Street thrillers, not seen since the days of Ivan Boesky two decades ago." Okay, the Wall Street Journal also reports, "The case against him reads like a thriller."
The feds used wiretaps, usually used in mob or drug investigations, with help from a Galleon employee turned cooperating witness, in their probe—and they say they'll use it more with financial investigations. One Bear Stearns-turn-New Castle employee arrested in the ring was Danielle Chiesi, who was taped saying, "I'm dead if this leaks. I really am... and my career is over. I'll be like Martha f---ing Stewart" and "If it leaks, I think I'm out of business ... Because ... who knows IBM? And who, who's in bed with AMD? Put Danielle's name on the f---in' ticket."
The other alleged insider traders are "Mark Kurland, a top executive at New Castle Funds; Rajiv Goel, a director at Intel's investment arm; Anil Kumar, an executive with the consulting firm McKinsey& Co., and Robert Moffat, a senior vice president at IBM"—Moffat was considered a possible IBM CEO candidate. Chiesi and Rajaratham apparently discussed whether Moffat was more valuable for information at IBM or if he should go to another company with stock they could trade.
http://gothamist.com/2009/10/17/hedge_fund_billionaire_5_others_arr.php (http://gothamist.com/2009/10/17/hedge_fund_billionaire_5_others_arr.php)
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but he is a rich guy and we all love him therefore ::)
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CAPITALISM at its finest...
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This happened last Friday and yesterday I believe they announced more potential arrests. Wire taps played a part in their arrest and my guess (complete speculation) is that these guys did stuff that many other people were doing, it was most likely illegal but since there was virtually no enforcement of this stuff in the past and they got used to doing it. (again - just my speculation)
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This happened last Friday and yesterday I believe they announced more potential arrests. Wire taps played a part in their arrest and my guess (complete speculation) is that these guys did stuff that many other people were doing, it was most likely illegal but since there was virtually no enforcement of this stuff in the past and they got used to doing it. (again - just my speculation)
Like I said, nuke Wall Street. Give me a few hours prior notice to leave NYC and just level that place.
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i don't believe it...
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i don't believe it...
Look, I am as free market as they get, but Wall Street is a gang of criminal robber barons that need to be castrated.
Captilism, at least in my mind, is not supposed to be like this.
Drop a bomb on Wall Street and give me three hours prior notice and were good.
There is far too much money being squandered by these disgusting vermin.
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Look, I am as free market as they get, but Wall Street is a gang of criminal robber barons that need to be castrated.
Captilism, at least in my mind, is not supposed to be like this.
Drop a bomb on Wall Street and give me three hours prior notice and were good.
There is far too much money being squandered by these disgusting vermin.
I agree - capitalism is about people working hard and getting rewarded for it.
Wall Street is all about smoke and mirrors. Look at the bonuses those guys get. They are well above what most people in organized crime could even dream of.
All of that money comes from US - our pensions, our bank accounts, our investments.
It's odd that people in the USA don't like excessive taxes but they'll let Wall Street rape their investments for years....
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CAPITALISM at its finest...
Capitalism is capitalism, fraud is fraud.
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Capitalism is capitalism, fraud is fraud.
Yes ... and just like with organised crime they always catch the culprits ::). Excesses of Capitalism - they're there, whether you like it or not.
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Yes ... and just like with organised crime they always catch the culprits ::). Excesses of Capitalism - they're there, whether you like it or not.
::) Do some of you even think before you type?
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Yes ... and just like with organised crime they always catch the culprits ::). Excesses of Capitalism - they're there, whether you like it or not.
And communism and socialism never have any excesses either right?
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And communism and socialism never have any excesses either right?
No they're all fucked, I assure you - you've got to take the best bits and throw the rest out.
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I didn't think it was that hard to understand the difference between true capitalism and a criminal act. Some of us on the board have been saying we havent had true capitalisn for a long time, which is correct. Micheal Moore went on some empty headed response for 8 minutes, just like some of you guys do when some college kid mentioned the same thing to him.
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I didn't think it was that hard to understand the difference between true capitalism and a criminal act. Some of us on the board have been saying we havent had true capitalisn for a long time, which is correct. Micheal Moore went on some empty headed response for 8 minutes, just like some of you guys do when some college kid mentioned the same thing to him.
Yes and a true Socialist system would give us a Utopia like in Star Trek - get real.
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Yes and a true Socialist system would give us a Utopia like in Star Trek - get real.
Get some sleep and try again when your brain is actually functioning.
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OK BD, since you know everything why did Communism/Socialism fail?