• Lawyer Gets 20 Years in $700 Million Fraud – We’ve heard that Butner is lovely this time of year. [New York Times]
• Credit Swaps Investigated by U.S. Justice Department – We’re quite this is occurring at the behest of Maxine Waters because banning CDS is the only logical solution to solving this economic crisis. [Bloomberg]
• Goldman executives sold $700m of stock – If there’s anything that Maxine Waters loves hating on more than CDS it’s L to the B and Goldman Sachs. BON-US! BON-US! BON-US! [FT.com]
Related Posts
Scoping | 07.24.09
• Warren Buffett to Teach Kids About Finance in New Web Cartoon [Bloomberg]
• U.K. GDP Shrinks More Than Expected – “Hopes that the U.K. economy was on the road to recovery after a severe recession received a major blow Friday with official data showing output contracted far more than expected in the second quarter.” [WSJ]
• After Buffett Rebuff, CIT Eyes a Breakup – “Conglomerates Berkshire Hathaway Inc. and Leucadia National Corp. made a bid to buy parts of CIT Group Inc. but were rebuffed by CIT, according to people familiar with the matter, because the price was too low.” [WSJ]
• The Man Who Sank New Jersey [Forbes]
Scoping | 07.08.09
•Switzerland thwarts US tax deal – The Swiss Government is not down for any kind of deal. They figured offering Toblerones was the best they could do so now they want the IRS to drop it. [BBC]
•Apple’s Disclosures on Jobs Said to Be Subject of SEC Review – “Apple Inc.’s disclosures about Steve Jobs’s health remain under scrutiny by U.S. Securities and Exchange Commission investigators over how his condition went from ‘relatively simple’ to “more complex” in nine days, said a person familiar with the matter.” [Bloomberg]
•In California, Even the I.O.U’s Are Owed – “The only thing worse than being issued an i.o.u. rather than a check from the State of California may be not getting the i.o.u. at all — at least in time to meet the deadline of your bank.” Keep it up Cali and we’ll take your beaches away. [New York Times]
Scoping | 07.20.09
• CIT Is Said to Obtain Urgent Loan to Prevent Bankruptcy – “Directors of the CIT Group, one of the nation’s leading lenders to small and midsize businesses, approved a deal Sunday evening with some of the bank’s major bondholders to help it avert a bankruptcy filing through a $3 billion emergency loan, according to people briefed on the matter.” Bullet dodged. [New York Times]
• Scam victims ‘easily persuaded’ – “The scams the OFT has been highlighting range from the so-called Nigerian or advance free frauds, to bogus lotteries, fake clairvoyants and health cures, bogus investments and crooked racing tipsters.” Nigerian emails do have a certain charming prose that is difficult to resist. [BBC]
• Sweden’s SEB bank posts 2Q loss – No doubt had some exposure to the Latvian souls brokers [AP via Miami Herald]
• Charles Schwab denies Cuomo’s fraud allegations – “Charles Schwab Corp, the largest U.S. online brokerage, denied allegations by New York Attorney General Andrew Cuomo of civil fraud in its marketing and sale of Auction Rate Securities (ARS).” Also, some less serious charges include running commercials with creepy half-human, half-cartoons moving and talking seriously about their depleted 401(k)s. [Reuters]
• Evidence shows there’s no such thing as ‘recession-proof’ jobs – Bankruptcy lawyers might be the lone exception. Good luck getting into that. [Chicago Tribune]