EIC/Wall Street investigations
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Feb 22, 2012

Prosecutor, Goldman overreached: programmer’s lawyer

NEW YORK (Reuters) – Kevin Marino may be the lawyer of the moment, after persuading a U.S. appellate court panel last week to overturn the criminal conviction of a former Goldman Sachs Group computer programmer.

The U.S. Court of Appeals moved with rare and unprecedented speed in reversing Sergey Aleynikov’s conviction on a charge of stealing trade secrets, just hours after Marino appeared before the three-judge panel to argue on his client’s behalf.

Feb 22, 2012

Aleynikov lawyer says prosecutors, Goldman overreached

NEW YORK, Feb 22 (Reuters) – Kevin Marino maybe the
lawyer of the moment, after persuading a U.S. appellate court
panel last week to overturn the criminal conviction of a former
Goldman Sachs Group computer programmer.

The U.S. Court of Appeals moved with rare and unprecedented
speed in reversing Sergey Aleynikov’s conviction on a charge of
stealing trade secrets, just hours after Marino appeared before
the three-judge panel to argue on his client’s behalf.

Feb 16, 2012

PIMCO bank deal hits regulatory snag

NEW YORK (Reuters) – A plan by a PIMCO investment fund to take an ownership stake in a small North Carolina bank has run into a problem with U.S. bank regulators.

A group of investors led by Pacific Investment Management Co and the parent company of East Carolina Bank are now revising a recapitalization plan for the Engelhard, North Carolina-based lender, according to a statement from the bank and comments from its chief executive officer.

Feb 13, 2012
via Unstructured Finance

Phil Angelides gives up his “secret formula”

By Matthew Goldstein and Jennifer Ablan

Phil Angelides, the former chairman of the commission set up by Congress to look into the causes of the financial crisis, is no longer part of a group seeking to turn a profit by investing in distressed mortgages.

A representative for Angelides emailed a statement to Reuters saying the former California state treasurer stepped down as executive chairman of the upstart firm, Mortgage Resolution Partners, on Jan. 27. Angelides, as we reported today, stepped down about two weeks after our exclusive story about his role with the firm was published by Reuters.

Feb 13, 2012

Financial crisis chair Angelides quits mortgage firm

NEW YORK, Feb 13 (Reuters) – Phil Angelides, the
former chairman of a federal commission set up to look into the
causes of the financial crisis, has stepped down from a group
seeking to turn a profit by investing in distressed mortgages.

Reuters reported a month ago that Angelides was heading a
firm called Mortgage Resolution Partners, which had touted its
political connections as part of its “secret formula” for
negotiating deals to buy distressed mortgages. (link.reuters.com/vyx56s)

Feb 9, 2012

Special Report: The twilight of the Bond King

NEWPORT BEACH, California (Reuters) – He is the man who made bond investing sort of sexy – and now he may pay the price.

Over more than three decades, Bill Gross, co-founder of asset-management giant PIMCO, has made so much money for clients that he has become the barometer by which other bond traders are judged. His West Coast perch, prescient calls on the U.S. economy and devotion to yoga only added to the mystique.

Feb 9, 2012

The twilight of the Bond King

9 (Reuters) – He is
the man who made bond investing sort of sexy – and now he may
pay the price.

Over more than three decades, Bill Gross, co-founder of
asset-management giant PIMCO, has made so much money for clients
that he has become the barometer by which other bond traders are
judged. His West Coast perch, prescient calls on the U.S.
economy and devotion to yoga only added to the mystique.

Jan 13, 2012

Exclusive: Angelides to lead distressed mortgage firm

New York (Reuters) – Phil Angelides, formerly the chairman of a federal commission who led investigations into why the financial markets collapsed, is heading an investment group that hopes to “do a good thing” for America while turning a profit from the wreckage of the housing market.

The startup company, of which Angelides is executive chairman, seeks to raise money from investors to purchase troubled mortgages from banks and other financial institutions in order to help keep homeowners from being foreclosed upon, according to a January 4 letter reviewed by Reuters.

Jan 13, 2012

Financial crisis chair Angelides to lead distressed mortgage firm

New York, Jan 13 (Reuters) – Phil Angelides, formerly
the chairman of a federal commission who led investigations into
why the financial markets collapsed, is heading an investment
group that hopes to “do a good thing” for America while turning
a profit from the wreckage of the housing market.

The startup company, of which Angelides is executive
chairman, seeks to raise money from investors to purchase
troubled mortgages from banks and other financial institutions
in order to help keep homeowners from being foreclosed upon,
according to a Jan. 4 letter reviewed by Reuters.

Jan 6, 2012

MF Global’s aborted fruit salad solution to capital woes

By Matthew Goldstein

(Reuters) – A few months before MF Global collapsed in bankruptcy, some top executives at the futures firm were talking about a plan code-named “Project Honeydew” as a way of freeing-up badly needed capital and cash.

Reuters has learned that in early September, MF Global reached out to Bank of New York Mellon Corp to inquire whether the big custodial bank would be interested in entering into a joint venture for processing and clearing certain customer transactions, according to four people familiar with the situation.