• Stanford Enters Plea; Bail Is Set at $500,000 [New York Times]
• After Madoff: Are We Safer? The question should be “Are people any smarter?” because….[Business Week]
• This happened: Pang Took $83 Million From Firm, Filings Say. So we’d be inclined to say that people might be safe but their money sure as hell isn’t. [WSJ]
Related Posts
Scoping | 07.16.09
• JPMorgan Earnings Soar as It Finds Profit in Slump – “Even as it weathers the worst economic downturn in decades, JPMorgan Chase on Thursday announced a $2.7 billion second-quarter profit from stellar trading and investment banking results.” BO-NUS! BO-NUS! BO-NUS! [New York Times]
• U.S. Regulators to BofA: Obey or Else – “Bank of America Corp. is operating under a secret regulatory sanction that requires it to overhaul its board and address perceived problems with risk and liquidity management, according to people familiar with the situation.” Obviously the FDIC’s idea of double-secret probation. [WSJ]
• Citi close to secret deal with regulator – Wow! What a co-inky-dink! Citi is on double-secret probation too! [FT.com]
Scoping | 07.15.09
• Young ‘depressed’ about money – Has everyone forgotten that spending makes us happy?!? C’mon people! Go out there and get pre-approved on something! [BBC]
• Judge won’t drop charge vs ex-Bear Stearns exec – “A U.S. judge refused on Tuesday to dismiss an insider-trading charge against former Bear Stearns hedge fund manager Ralph Cioffi, court documents showed.” [Reuters]
• Franklin drops out of group eyeing AIG unit: source – “AIG’s asset management business had drawn interest from both private equity and strategic buyers, sources told Reuters previously. Initial bids for the unit had come in around $500 million but it has taken the company several months to work out a deal.” [Reuters]
Scoping | 07.14.09
• 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]