Posts Tagged ‘collusion’
Posted by Larry Doyle on December 9th, 2010 8:04 AM |
Bernie Madoff is back.
While news of deficits, tax packages, currency devaluation, and the like capture the business headlines, is there any doubt that far more people in our nation are interested and intrigued by what is going on with the Madoff scam? I have no doubt.
I have very mixed feelings about Irving Picard, the trustee assigned to recover funds for those victimized by Madoff’s Ponzi scam, going after Wall Street institutions and foreign banks who knew or should have known of Madoff’s operation. Mixed feelings? Am I going soft? Shouldn’t these institutions be held to account? Let’s navigate. (more…)
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Posted in Bernie Madoff, General, Madoff | 19 Comments »
Posted by Larry Doyle on November 24th, 2010 7:50 AM |
Insider trading activity on Wall Street has often been connected to the above line shared by Gordon Gekko with his protege Bud Fox in the movie Wall Street (1987).
Is the insider trading probe currently occurring on Wall Street and entangling a number of firms within hedge fund and mutual fund circles just another case of those on the inside benefiting at the expense of America as a whole? Or is this investigation unfairly maligning those who view themselves as merely being industrious in unearthing corporate information? Rest assured, this posture will clearly be put forth as a defense by many implicated in this ongoing probe. (more…)
Tags: Blue Horseshoe Loves Anacott Steel, Broadband Research, Bud Fox, Carl Fox, collusion, Gordon Gekko, how do trading rings work, insider trading, insider trading on Wall Street 2010, insider trading rings, Ivan Boesky, John Kinnucan, Regulators Zero In On Insider Trading Rings, Scott Friestad, SEC Enforcement, Sense on Cents, trading edge, trading rings, Wall Street movie 1987, who is Scott Friestad
Posted in General | 3 Comments »
Posted by Larry Doyle on March 30th, 2010 9:18 AM |
What will be the next explosion in financial chicanery if not outright fraud? Collusion, that is price fixing. Why? A number of reasons, including:
1. The financial industry has become an oligopoly, (some may say cartel) thus setting the table for increased collusion to propagate.
2. Lower volumes across exchanges, which pressure revenues and incentivize market participants to collude to generate greater profits. (more…)
Tags: Barclays, cartel, cheating on Wall Street, collusion, David Strang of Barlow Lyde & Gilbert LLP in London, financial collusion, future crimes on Wall Street, future frauds on Wall Street, future of Wall Street, lessened competition on Wall Street, move to financial simplicity, Office of fair Trading, oligopoly, price fixing, Royal Bank of Scotland, Wall Street's future, Wall Street's next great crime, Wall Street's next great fraud, what do lower volumes mean on Wall Street, why will collusion increase
Posted in General, oligopoly, Wall Street | 2 Comments »
Posted by Larry Doyle on March 3rd, 2010 12:35 PM |
Meeting industry friends and colleagues for dinner, drinks, and market talk is standard fare. In fact, I would say it is good business as it is important to develop relationships within the industry.
That said, the development of these professional relationships and the interaction amongst the professionals should never come at the expense of professional ethics and integrity. I did witness more than a handful of times individuals from different shops on both the buy-side and the sell-side of the industry push the envelope very close and sometimes over that ethical line.
Not always, but very often, the ethical shortcomings involved hedge funds. Why? The revenue model for hedge funds (typically 2% asset management fee and 20% of profits derived) serves as a huge incentive for traders at hedge funds to gain an edge and act upon it as much as possible. The fact that the hedge fund traders and managers have a direct stake and an accompanying vested interest in the profits fuels this crowd like nothing else. (more…)
Tags: collusion, decline of euro, Euro, Greenlight Capital, hedge fund collusion, hedge fund model, hedge fund revenue model, Hedge Funds, Paulson and Co, SAC Capital, Soros Fund Management, TRACE, transparency on Wall Street, U.S. Probes Bearish Euro Bets, Wall Street collusion
Posted in Euro, General, Hedge Funds | 3 Comments »
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