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Feb 25, 2013

Goldman managing director in insider trading probe leaves bank

NEW YORK (Reuters) – A Goldman Sachs Group Inc (GS.N: Quote, Profile, Research, Stock Buzz) salesman under investigation for possibly passing confidential information about technology companies to hedge funds has left the bank, a spokesman confirmed on Monday.

David Loeb, 42, a managing director based in New York, has never been charged with wrongdoing. But his name surfaced among a small group of Goldman bankers under scrutiny in connection with an insider trading probe being conducted by the FBI.

Feb 19, 2013

FBI investigating potential insider trading in Heinz

NEW YORK (Reuters) – The FBI is looking into possible insider trading in the options of ketchup maker H.J. Heinz Co (HNZ.N: Quote, Profile, Research, Stock Buzz) before its blockbuster deal last week to be acquired by Warren Buffett and Brazil’s 3G Capital, a bureau spokesman said on Tuesday.

Buffett’s Berkshire Hathaway (BRKa.N: Quote, Profile, Research, Stock Buzz) and 3G said last Thursday they would buy Heinz for $23 billion in cash. Almost immediately, options market players noted there had been extremely unusual activity the day before the deal was announced.

Feb 13, 2013
via Unstructured Finance

FBI to press: How are we doing?

Photo

The Federal Bureau of Investigation’s press office has embarked on a bit of customer satisfaction research: The department is asking journalists to rate its performance during the hostage standoff in Alabama that ended last week.

It is a rare glint of cooperative spirit in the traditionally contentious relationship between journalists and public relations specialists.

Feb 7, 2013

Prosecutors zero in on SAC Capital insider Steinberg

NEW YORK (Reuters) – Prosecutors are nearing a decision on whether to pursue criminal charges against SAC Capital Advisors portfolio manager Michael Steinberg related to an insider trading investigation involving shares of Dell Inc, according to two people familiar with the matter.

Steinberg, 40, a technology portfolio manager with SAC Capital’s Sigma Capital division, previously had been named by prosecutors as an unindicted co-conspirator in a criminal prosecution involving two other recently convicted hedge fund traders, Todd Newman and Anthony Chiasson, who had also traded Dell shares.

Feb 6, 2013

U.S. prosecutors zero in on SAC Capital insider Steinberg

NEW YORK (Reuters) – U.S. prosecutors are nearing a decision on whether to pursue criminal charges against SAC Capital Advisors portfolio manager Michael Steinberg related to an insider trading investigation involving shares of Dell Inc, according to two people familiar with the matter.

Steinberg, 40, a technology portfolio manager with SAC Capital’s Sigma Capital division, previously had been named by prosecutors as an unindicted co-conspirator in a criminal prosecution involving two other recently convicted hedge fund traders, Todd Newman and Anthony Chiasson, who had also traded Dell shares.

Feb 1, 2013
via Unstructured Finance

Pay close attention to the timings in JPMorgan’s internal report

By late January last year, not even the London Whale himself thought the massive derivatives bets that eventually cost the bank $6.2 billion were such a good idea.

The Wall Street Journal reported today that Bruno Iksil, the credit trader nicknamed ‘the London Whale’ for the outsized positions he took in the small market for the CDX Index, warned his bosses a year ago that the size of his desk’s positions had gotten “scary.”

Jan 29, 2013

Exclusive: JPMorgan bet against itself in “Whale” trade

NEW YORK (Reuters) – There is a new twist in the London Whale trading scandal that cost JPMorgan Chase $6.2 billion in trading losses last year. Some of the firm’s own traders bet against the very derivatives positions placed by its chief investment office, said three people familiar with the matter.

The U.S. Senate Permanent Committee on Investigations, which launched an inquiry into the trading loss last fall, is looking into the how different divisions of the bank wound up on opposite sides of the same trade, said one of the people familiar with the matter.

Jan 29, 2013

JPMorgan bet against itself in ‘Whale’ trade

NEW YORK, Jan 29 (Reuters) – There is a new twist in the
London Whale trading scandal that cost JPMorgan Chase $6.2
billion in trading losses last year. Some of the firm’s own
traders bet against the very derivatives positions placed by its
chief investment office, said three people familiar with the
matter.

The U.S. Senate Permanent Committee on Investigations, which
launched an inquiry into the trading loss last fall, is looking
into the how different divisions of the bank wound up on
opposite sides of the same trade, said one of the people
familiar with the matter.

Jan 25, 2013

Goldman finds a way past Volcker with new credit fund

NEW YORK, Jan 25 (Reuters) – Goldman Sachs Group is looking
to raise up to $600 million from its wealthy customers for a
publicly traded credit fund that will provide loans to mid-sized
companies – believed to be the first fund of its kind for the
Wall Street bank.

The new fund, in which Goldman (GS.N: Quote, Profile, Research) could invest another
$150 million of its own money, is being structured as a business
development company, an investment vehicle that is specifically
exempt from the so-called Volcker Rule that puts limits on some
activities by Wall Street firms.

Jan 25, 2013

Exclusive: Goldman finds a way past Volcker with new credit fund

NEW YORK (Reuters) – Goldman Sachs Group is looking to raise up to $600 million from its wealthy customers for a publicly traded credit fund that will provide loans to mid-sized companies – believed to be the first fund of its kind for the Wall Street bank.

The new fund, in which Goldman could invest another $150 million of its own money, is being structured as a business development company, an investment vehicle that is specifically exempt from the so-called Volcker Rule that puts limits on some activities by Wall Street firms.

    • About Emily

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