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HomeDid Senate Show Character in Passing the Stock Act? Can We Do the Same for ARS?
Posted by Larry Doyle on February 2nd, 2012 11:03 PM |
To know what is right and not do it is the worst cowardice. ~Confucius
Did the United States Senate do the right thing today and show real character in passing the Stock Act (Stop Trading on Congressional Knowledge Act…aka, Stop Insider Trading in Congress!!)?
Let’s come back to that question.
The simple fact is the Stock Act was first introduced SIX YEARS ago. How is it that this piece of legislation languished for so long and now passes the Senate by a vote of 96-3? (more…)
Obama Acknowledges Congressional Insider Trading
Posted by Larry Doyle on January 24th, 2012 10:29 PM |
I will readily admit that I find President Obama to often be disingenuous in much of what he is delivering in his State of the Union.
He plays to an American public which remains severely challenged when it comes to financial literacy.
When he speaks about taxes, would he care to lay out why there is a difference between tax rates on long term capital gains versus ordinary income?
Does he know the difference and why the long term capital gains rate is lower? (more…)
“Insider Trading Is Rampant and Routine”
Posted by Larry Doyle on January 19th, 2012 1:15 PM |
As much as Wall Street is the center of the financial services industry, it is really a simple business that revolves around people and information.
That basic reality makes this business so fascinating. The personalities, the pace, the flow of data, and ultimately the interaction between counterparties make everyday a fascinating experience.
In order for Wall Street to thrive, though, and for our markets and economy to prosper, there needs to be a premise and a pursuit of fair dealing on a level playing field. (more…)
Raj Rajaratnam: GUILTY ON ALL COUNTS!!
Posted by Larry Doyle on May 11th, 2011 10:43 AM |
In the case of Raj Rajaratnam, he was just found guilty on all 14 counts.
I am sure he will appeal this verdict. That said, under the sentencing guidelines he faces up to 20 years in the sin bin. Let’s revisit the story I highlighted on Rajaratnam back in the fall of 2009 when he was initially indicted.
Fatal Character Flaws Bring Down Wall Street Titans (more…)
“Illegal Insider Trading is Rampant and May Even Be On the Rise”
Posted by Larry Doyle on November 20th, 2010 6:54 AM |
How are regular retail investors supposed to compete?
Why have investors been fleeing our markets in droves?
Well, if the financial earthquake of 2008 did not crush you then perhaps the “Flash Crash” of May 6th left you sufficiently unnerved. Were you able to weather both those upheavals? If so, I congratulate you for your discipline and perspicacity. I would also encourage you not to let your guard down. Why’s that?
The fact is the challenge in navigating our economic landscape is not only addressing the squalls and storms that we can observe on the horizon but also the insidious work of those who would betray the very integrity of our markets. Is this even possible? Let’s navigate. (more…)
Update: David Slaine Pleads Guilty
Posted by Larry Doyle on February 2nd, 2010 10:02 PM |
GUILTY!!
Wall Street master of the universe David Slaine has now been reduced to just another in a long line of Wall Street crooks.
God forbid one tries to make an honest living in the financial industry.
I first wrote about Slaine on January 17th. At that point, I wondered whether Slaine’s cover as a government mole in the ongoing insider trading investigation on Wall Street had been blown by The Wall Street Journal. Was somebody trying to out Slaine in order to distract or derail the ongoing investigation?
We may never know. What we do know now is that Slaine had already pled guilty at that point.
Reuters reports today, Ex-NY Fund Manager Slaine Pleads Guilty: >> (more…)
Who Is David Slaine?
Posted by Larry Doyle on January 17th, 2010 7:45 AM |
Editor’s Note: Please see LD’s update to this fascinating story just published on Tuesday evening February 2nd at 10:02 PM.
With friends like these, who needs enemies?
I have written previously on the importance of strong relationships while working on Wall Street. While the Wall Street numbers and dollars are voluminous, ultimately Wall Street is a ‘people business.’
I have also written previously how ‘information is everything’ on Wall Street. Traders work tirelessly to determine what is moving or what will move the market. Utilizing this information, millions of dollars can be made or lost in the course of a very short time span.
Combining these two critically important factors, it should be no surprise how some will use – but then abuse – these two primary cornerstones of our financial industry.
Folllowing this line of reasoning, are you ever shocked when a guy who cheats on his wife also then cheats on his girlfriend? Where am I going with this? Let’s enter the world of David Slaine, the government’s mole in the insider trading scandal currently rocking Wall Street. (more…)
Fatal Character Flaws Bring Down Wall Street Titans
Posted by Larry Doyle on October 20th, 2009 8:49 AM |
Raj Rajaratnam
How is it that an individual with untold hundreds of millions of dollars in wealth could put himself in a position of risking it all?
Welcome to the world of Raj Rajaratnam, the owner of the hedge fund Galleon and the major kingpin arrested in the most recent insider trading scandal to rock Wall Street.
Who is Raj Rajaratnam and why would he take such professional risks? We learn about Rajaratnam from a London based financial site, Here Is The City:
He was born in Sri Lanka, attended S. Thomas’ Preparatory School, Kollupitiya, then moved to England to complete his schooling, and studied engineering at the University of Sussex. Rajaratnam earned an MBA from Wharton in 1983. He is married with three children.
Rajaratnam, a Tamil self-made billionaire hedge fund manager, is the 236th richest American according to Forbes (2009), with an estimated net worth of $1.8 billion.
The hedge fund manager started his career as an analyst at the investment banking boutique Needham & Co., where his focus was on electronics. In 1991, he became the President of the bank at the age of 34. At the company’s behest, he started a hedge fund, Needham Emerging Growth Partnership in March 1992, which he later bought and renamed ‘Galleon’.
Initially invested in technology stocks and healthcare companies, he says his best ideas come from frequent visits with companies and conversations with executives who invest in his fund.
He has made more than $20 million in charitable donations in the last five years. In September 2009, Rajaratnam pledged to donate $1m to help the Sri Lankan government with the rehabilitation of former LTTE combatants. He has also donated generously to clear land mines in the war-affected areas in Sri Lanka, and was also a contributor to various causes that promoted development in the Indian subcontinent and programs that benefited lower income South Asian youth in the New York area. (more…)
Gary Aguirre’s Commentary on Rajaratnam Verdict and Wall Street Insider Trading
Posted by Larry Doyle on May 11th, 2011 3:34 PM |
There are few Americans in our nation today who have displayed a greater degree of integrity and character than Gary Aguirre.
Gary who?
Gary Aguirre is a former SEC attorney who sued and settled with the SEC for wrongful termination. After departing the SEC he continued to pursue the case which brought Art Samberg of Pequot Capital to his knees.
I highlighted Gary Aguirre, that case, and much more last December in writing, Connecting the Dots: The US Attorney, The SEC, Art Samberg, Pequot Capital, Hush Money, Lying and More. Today we hear from Mr. Aguirre. (more…)
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