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Mar 31, 2013

Analysis: Insider case against SAC manager may be tough to prove

NEW YORK (Reuters) – To win a guilty verdict against one of hedge fund titan Steven A Cohen’s most senior portfolio managers, U.S. prosecutors face a tough task: convincing a jury that a man who already admitted to breaking the law is telling the truth on the witness stand.

On Friday, U.S. authorities arrested and charged Michael Steinberg, a 16-year veteran of Cohen’s $15 billion SAC Capital Advisors, with insider trading in shares of the technology stocks Dell (DELL.O: Quote, Profile, Research, Stock Buzz) and Nvidia (NVDA.O: Quote, Profile, Research, Stock Buzz).

Mar 31, 2013

Insider case against SAC manager may be tough to prove

NEW YORK, March 31 (Reuters) – To win a guilty verdict
against one of hedge fund titan Steven A Cohen’s most senior
portfolio managers, U.S. prosecutors face a tough task:
convincing a jury that a man who already admitted to breaking
the law is telling the truth on the witness stand.

On Friday, U.S. authorities arrested and charged Michael
Steinberg, a 16-year veteran of Cohen’s $15 billion SAC Capital
Advisors, with insider trading in shares of the technology
stocks Dell and Nvidia.

Mar 28, 2013

U.S. judge holds off ruling on SAC Capital-SEC deal

NEW YORK (Reuters) – A judge on Thursday put off a decision on the U.S. Securities and Exchange Commission’s proposed $602 million insider trading settlement with a unit of SAC Capital Advisors hedge fund, potentially delaying resolution of the litigation for months.

U.S. District Judge Victor Marrero in Manhattan said he was considering whether a condition for approval of the deal should be the outcome of a pending appeal by Citigroup Inc of another judge’s rejection of a $285 million SEC settlement.

Mar 28, 2013

U.S. court doesn’t rule on SAC Capital’s SEC settlement

NEW YORK, March 28 (Reuters) – A U.S. judge ended a hearing
on the U.S. Securities and Exchange Commission’s proposed $602
million insider trading settlement with a unit of SAC Capital
Advisors without making a decision on whether to approve it.

U.S. District Judge Victor Marrero in Manhattan said he was
considering whether to condition approval of the settlement on
the outcome of a pending appeal by Citigroup Inc of
another judge’s rejection of a $285 million SEC settlement.

Mar 27, 2013

JPMorgan risk disclosures fell short for regulators -documents

NEW YORK, March 27 (Reuters) – For months after JPMorgan
Chase & Co executives first admitted that they had
wrongly brushed off questions about the “London Whale”
derivatives losses, officials at the U.S. Securities and
Exchange Commission pressed the company to disclose more to
investors about risks it was taking.

The SEC’s Division of Corporation Finance, which is charged
with making sure companies provide investors with enough
information to make good decisions, pushed the bank from at
least July to February to revise disclosures about changes it
had made in models used to calculate value it put at risk in its
derivatives portfolio.

Mar 16, 2013

Ex-JPMorgan exec tries to dodge harpoon of “whale” losses

WASHINGTON (Reuters) – Ina Drew, the former JPMorgan Chase & Co executive who earned millions while in charge of the unit that made the disastrous “London whale” trades, refused on Friday to accept responsibility for the $6.2 billion (4.1 billion pounds) in losses revealed last year.

Testifying before a Senate panel, the former chief investment officer instead pointed a finger at the traders and managers below her. They did not appear at the hearing because they are in London and outside the Senate’s jurisdiction.

Mar 15, 2013

Ex-JPMorgan exec Drew declines to be harpooned by ‘whale’ losses

WASHINGTON (Reuters) – Ina Drew, the former JPMorgan Chase & Co (JPM.N: Quote, Profile, Research) executive who earned millions while in charge of the unit that made the disastrous “London whale” trades, on Friday refused to accept responsibility for the $6.2 billion in losses revealed last year.

Testifying before a Senate panel, the former chief investment officer instead pointed a finger at the traders and managers below her. They did not appear at the hearing because they are in London and outside the Senate’s jurisdiction.

Mar 15, 2013

Ex-JPMorgan executive Drew declines to be harpooned by “whale” losses

WASHINGTON (Reuters) – Ina Drew, the former JPMorgan Chase & Co executive who earned millions while in charge of the unit that made the disastrous “London whale” trades, on Friday refused to accept responsibility for the $6.2 billion (4.1 billion pounds) in losses revealed last year.

Testifying before a Senate panel, the former chief investment officer instead pointed a finger at the traders and managers below her. They did not appear at the hearing because they are in London and outside the Senate’s jurisdiction.

Mar 15, 2013

Ex-JPMorgan exec Drew denies blame for “Whale” losses

WASHINGTON (Reuters) – Ina Drew, the former JPMorgan Chase & Co (JPM.N: Quote, Profile, Research, Stock Buzz) executive in charge of the unit that made the disastrous “London Whale” trades that became public last year, told lawmakers on Friday that she does not bear personal responsibility for the $6 billion in losses.

Instead, she blamed others for deceiving her, including her direct reports – Achilles Macris, who supervised the trading book at issue, and Javier Martin-Artajo, who managed it on a day-to-day basis.

Mar 15, 2013

Senate: JPMorgan ignored risks, fought regulators

WASHINGTON (Reuters) – JPMorgan Chase & Co (JPM.N: Quote, Profile, Research, Stock Buzz) ignored risks, misled investors, fought with regulators and tried to work around rules as it dealt with mushrooming losses in a derivatives portfolio, a Senate report alleged in a damning review of the largest U.S. bank’s management.

Senior managers at the bank were told for months about the bad derivatives bets that ended up costing the bank $6.2 billion, but did little to rein them in, according to the Permanent Subcommittee on Investigations report on Thursday.

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      "Based in New York covering financial crimes, including insider trading, investment scams, accounting fraud and financial firm misconduct."
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