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Huge Insider Trading Case Features Multibillion-Dollar Deals, Wiretaps
By Betwa Sharma - AOL NewsNEW YORK -- The largest insider trading case to hit the U.S. in decades has all the elements of a highly charged courtroom drama involving powerful players on Wall Street, their secretly recorded phone conversations and deals worth billions of dollars. Federal prosecutors charge that Raj Rajaratnam made $45 million from trading on insider tips he received from friends working in the world's top business and financial circles. He faces 14 counts of conspiracy and securities fraud and denies wrongdoing. Rajaratnam, the 53-year-old founder of the Galleon Group hedge fund, has sat in court from ...
Why We Care About the Academy Awards
By James Grady - Politics DailyThe Academy Awards shone bright lights in my family's night sky well before 2007, when I stood in a Santa Monica street hugging my black-gowned and borrowed-diamonds daughter Rachel and not crying, I did not cry, I did not! as she climbed into the black limo that whisked her and her co-director/producer Heidi to the Oscars where they would lose Best Documentary to Al Gore. And why yes: it is way cool just to be nominated. The Academy Awards had me long before that night. Way back in America's black & white Cold War daze, my father managed movie theaters on our home turf of Montana prairie ...
Source: Hackers Penetrate Nasdaq Computer Network
By not in system - AOL NewsWASHINGTON - A federal government official tells The Associated Press that investigators are trying to identify computer hackers who have repeatedly broken into the network of the company that runs the Nasdaq Stock Market. The official says that the hackers haven't compromised the exchange's trading platform and that investigators are looking into a range of possible motives for the cyberattacks - from financial gain to a national security threat. The official spoke on condition of anonymity because the inquiry by the FBI and Secret Service is continuing. The official says the penetrations ...
Why We'll Never Have Real Wall Street Reform
By Joanne Bamberger - Politics DailyRemember all that talk of reining in Wall Street and giving the Securities and Exchange Commission more money to do its job? As part of the government's effort to prevent another economic crisis like the one that still has America in its grip, significant and striking regulatory changes were supposed to be on the horizon, thanks to the Dodd-Frank financial reform legislation that President Obama signed into law last summer. If you were counting on this sweeping reform to make your investments safer and your economic future a little more sound, you might want to think again. Significantly ...
Our Year of Zombie Politics
By James Grady - Politics DailyWait: Even in politics, 2010 was the year of zombies? Sure, the hot new wonky tome "Zombie Economics" tells how "dead" economic theories walk among us to shape our paychecks, and sure, zombies lumber out of our TVs almost no matter what channel we click to, and sure, my fellow fantasy prose-slingers are flinging new novels about the undead at the dust of Stephen King and George Romero, but zombies as a metaphor for 2010's politics? Come on! What happened to vampires? Vampires are a great political metaphor! Bloodsuckers. Say no more. But zombies? Who are they in America's 2010 ...
Democrats Boast of 'Top 10' List in Last Congress
By Tom Diemer - Politics DailyThey lost 63 districts and the majority in the U.S. House and saw their edge in the Senate whittled down to a few seats, but the Democratic Party says lawmakers carrying its banner can look at the just-completed congressional session "with pride." Related Stories Lynn Sweet and David Corn on MSNBC: Lame Duck Congress Successes Unhappiness Among Democrats Pushes Approval Rating for Congress to New Low To make the point, the party on Wednesday put out a "Top 10" list showcasing the "vigorous productivity" of the 111th Congress, led by Senate Majority Leader Harry Reid (D-Nev.) and ...
Opinion: Top 10 Gift Ideas for Wall Street Fat Cats
By Will Durst - AOL News(Dec. 3) -- It's the most ... wonderful time ... of the year. And the most frantic and anxious and mind numbing and expensive. The rewarding part is my ongoing seasonal side job as a lumpy elfin holiday gift consultant, where it is an honor and a privilege to be able to pass along some hot tips for this year's Christmas shopping lists. None of which involves surplus uranium tailings from sales to the Iranians. More than a few of us are still struggling to climb out of financial holes so deep we're being tickled by the tendrils of redwood roots, but we're not that difficult to shop for. Dollar ...
Which American Bank Will WikiLeaks Put the Hurt On?
By Steven Hoffer - AOL News(Nov. 30) -- Watch your back, Wall Street: WikiLeaks founder Julian Assange says the private sector is next on his hit list. The whistle-blower organization shook the foundations of U.S. diplomacy earlier this week when it released a "mega-leak" of secret government cables, revealing gossipy correspondences between the State Department and American diplomatic outposts around the world. In a rare, exclusive interview published Monday, Assange told Forbes' Andy Greenberg that his next strike, planned for early 2011, might "take down a bank or two." "It will give a true and representative ...
FBI Raids Hedge Funds as Part of Insider-Trading Investigation
By Christopher Weber - Politics DailyThe FBI raided three hedge funds Monday as part of a growing investigation into insider trading, The Wall Street Journal reported. The firms raided were Diamondback Capital Management and Level Global Investors in Connecticut and Loch Capital Management, based in Boston. Loch officials reportedly had ties to a witness who pleaded guilty and offered to cooperate in a separate insider trading inquiry centered on the firm Galleon Group. The Galleon case has brought criminal or civil charges against at least 23 people in just under a year, according to Reuters. The raids come as federal ...
Stocks Hit Highest Level Since Lehman Bros. Bankruptcy
By David Knowles - AOL News(Nov. 4) -- Are the bulls back? The Dow Jones industrial average today rose to its highest level since Lehman Brothers Holdings Inc. filed for bankruptcy in 2008, at the height of the U.S. financial crisis, The Wall Street Journal reports. U.S. stocks rose by 219 points, or 2 percent of total volume, in trading at the New York Stock Exchange. That jump followed Wednesday's announcement that the Federal Reserve said it would buy $600 billion in U.S. Treasury securities to help stimulate the lackluster economy, AOL News reported. The stock market gains also come as a slew of corporate ...
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