.It’s On: The Insider Trading Raids Have Started.

[Lochloosa]

Source: WSJ

Kicking off action on a vast government investigation into insider trading, the FBI raided the offices of two hedge funds run by former managers of Steve Cohen’s SAC Capital, the Journal is reporting.

Diamondback Capital Management LLC and Level Global Investors LP (now called Level Management LP). The hedge funds, according to their latest securities disclosures, have major portions of their funds in El Paso Corp., J.P. Morgan Chase, Citigroup and PPL Corp. (Diamondback); big holdings for Level include Virgin Media, Monstanto, Apple, Sina Corp and Oracle.

Diamondback’s market positions are valued at about $4.4 billion, according to LionShares, while Level’s holdings are valued at about $3.5 billion.



Read more: http://blogs.wsj.com/deals/2010/11/22/its-on-the-insider-trading-raids-have-started/

[Beetwasher]

1. Just Like Bush's DOJ

Right? Same thing, right? Fucking corporate stooges! :sarcasm:

[bemildred]

2. Lemmee know when they raid Goldman Sachs. nt

[BeFree]

4. Smaller pie

And GS competition is getting heat.

Man, that GS group has the power, eh? Well, there men are in the WH.

[DFab420]

12. their.

It's their.

If you're going to insinuate that the White House is owned by Goldman Sachs, it would be taken a bit better if it was at least grammatically sound.

[SammyWinstonJack]

19. Feel better now?

:eyes: And there is no insinuation necessary.

[DFab420]

22. A little bit yes.

Sorry that my defense of the english language annoys you.

Hard to listen to what someone is saying, if they can't get it out right. I may be wrong grammatically sometimes as well, but I at least try to know the difference between there and their, and your and you're, because you know..they are different words.

[antigone382]

24. I used to be annoyed and nitpicky about grammar, until I discovered how widespread dyslexia is

I know a LOT of diagnosed dyslexics, as well as many people who speak English as a second language. In addition, it's not entirely an insignificant coincidence that the poorest and most marginalized in our society also happen to be the least well educated. As I've come to understand this reality, I've let go of my annoyance with spelling and grammar issues. It's more important that people be able to express themselves and their political views than that they do so in the absolute "correct" way. Besides, as any linguist will tell you, a "proper" language is just an "improper" dialect with an Army and a Navy.

[Javaman]

40. Lowering the bar. nt

[antigone382]

42. Preferable to covert and unquestioned classism. n/t

[Javaman]

43. Meh, I prefer clear and concise english.

While I'm certainly no expert, I'm always open to corrections to my spelling and grammar. Any thinking, person who wants to properly convey their thoughts and ideas, should be.

[antigone382]

45. Those corrections are frequently used as a tool to humiliate people...

...or to invalidate their ideas by implying that they are ignorant or stupid. Again, I know many diagnosed and undiagnosed dyslexics, and many who speak and write English as a Second Language. Harping on their every mistake is not going to make them better communicators, it can only frustrate, humiliate, and silence them. As ESL teachers know, pointing out grammar errors is the WORST way to teach someone proper English grammar.

[Javaman]

46. Like everything...

1) You have to check the source and 2) be open for criticism. If ones ego is so big not to allow mistakes or to believe everyone is attacking them by pointing out their poor grammar, then that same person has other issues to deal with. And again, if the person used proper grammar to begin with, they wouldn't leave themselves open for either real or supposed spelling or grammar criticism. Then and only then they can properly refute the person critiquing their piece. Poor spelling and poor grammar always leaves one open for criticism. Besides, if poor grammar is used, the original intent of the piece maybe completely lost. Once again, leaving the writing open to criticism based upon supposed intent rather than actual intent.

Again, using proper English and proper Grammar shows that the writer is not only a thinking person but actually cares about how their piece is read and in its intended way.

[antigone382]

47. If the criticism is genuinely offered in a constructive way, then I don't have such a problem...

...with it. However, frequently such criticism is obviously sardonic in nature, used when the meaning is clear to anyone being intellectually honest, to poke fun at someone's supposed ignorance or thoughtlessness. Personally, I am more bothered by rudeness and lack of consideration than spelling and grammar errors.

[BeFree]

48. My Gawd

I forget to re-read my post and correct the 'there' to 'their' and half a dozen posts later here we are.

Anyway, I took a look at DFab420's journal, thinking they are close to perfect and I might learn something, but what do I find?

http://journals.democraticunderground.com/DFab420/6

"season political writer"

"far to large "

"to write this countries "

And that is just a few of the mistakes.

Ok, carry on, yall.

[antigone382]

49. hehehe...that's truly amusing.

:)

Honestly I don't even remember the point you made or whether I agree with it or not. I just feel like if all you have to go on is criticizing a careless grammatical error, what's the point?

[BeFree]

50. I dunno

Maybe they have a personal grudge?

But still, what's the saying about people who live in glass houses? Applies here, methinks.

[lunatica]

54. Oh Snap!

Is this what hanged by his own petard means?!

[Javaman]

52. While that maybe true at times...

poor grammar and poor spelling doesn't help deter ones detractors.

Again, I maintain, proper spelling and proper grammar, helps ones cause in in defeating sardonic people who's only mission is to disrupt.

They will then be at pains to fine another avenue for their attack.

See?

If they then attack the content, be it good or bad criticism, then the author can then properly defend the piece rather than trying to deal with dullards who point up bad grammar.

Once again, good grammar and good spelling is part of an authors armory in defeating trolls.

However, in my own opinion, at times, when I read OP's, who spelling and grammar are lacking, I usually stop reading and move on. It gives me the impression that, although the author may be passionate about their piece, they aren't so passionate to edit and correct it so the reader can understand it's intent.

In the continual dumbing down of society, it's not really helpful defending someone who doesn't feel the need to spell correctly or to use proper grammar.

[Javaman]

64. Content becomes secondary if the piece is unreadable grammatically.

because if a pieces intent is not clearly understood because of poor grammar then it is impossible for me to give a proper critique.

There will always be haters.

But the problem with pointing out grammatical errors or spelling errors on the internet, they tend to come off as blunt. And as such, the OP becomes offended.

Potato. Patato.

You keep people ignorant with accepting poor grammar and I will educate them by pointing it out.

Cheers to you and have a happy thanksgiving!

[Hassin Bin Sober]

55. You have a mis-placed comma in that last sentence.

Just sayin'

[snooper2]

53. Jesus H. Christ.

:eyes: :crazy:

[Nihil]

38. Psst!

> Sorry that my defense of the english language annoys you.

That'll be "defence of the English language" then - to save you from
being annoyed - or were you just writing in colloquial American?

:P

[arthritisR_US]

44. it's customary in the US to spell it with an S so I find this criticism obtuse. n/t

[Nihil]

51. That whizzing sound was the point going way over your head. (n/t)

[arthritisR_US]

58. nope, just your hot air escaping. n/t

[BeFree]

25. Yep

If you went over their to the WH you'd see that GS has taken you're place.
<grin>

[WhiteTara]

36. lol

I had to read the message twice to understand. Thanks. That annoys me too.

[yurbud]

15. and throw them in normal ass-rape prison

for poetic justice for what they did to us.

[waddirum]

62. out of bounds

Prison rape jokes are ALWAYS out of bounds, and I'll call out a post every time.

[NeoConsSuck]

29. You might be getting your wish

and if this was just a little slap on the wrist, the Wall Street insiders wouldn't have sold off the Financials today:

Trading probe deep-sixes Goldman rally
Goldman (GS) shares tumbled 4% Monday as investors ran for cover under the latest barrage of bad news about the banks.

Falling down the mountain
Goldman stock particularly wasn't helped by a report over the weekend that investigators are looking at possible insider trading allegations tied to the firm's dealings in transactions including health-care mergers.

http://finance.fortune.cnn.com/2010/11/22/trading-probe-deep-sixes-goldman-rally/?source=yahoo_quote

[alfredo]

56. When trying to bring down a criminal enterprise you

go after the lower ranking officials first and try to turn them against those above them.

[bemildred]

57. Or, you can throw them to the dogs to protect higher ups. It all depends.

Just ask Lindy England. That is why I am waiting for raids on the big boys.

[alfredo]

59. Obama really doesn't have any friends on Wall St, even though

he pulled their butts from the fire. They don't like the way he talks about them. So no matter what he might do for them, they will continue supporting the Republicans. Going after them is a win win for Obama.


BTW, the grunt always takes the fall in the military.

[bemildred]

60. Oh I agree that he ought to go after them. nt

[alfredo]

61. I think the voters will reward him.

[bemildred]

63. I do too. nt

[katandmoon]

3. Wow, I'm impressed. Maybe some token fines will even be levied.

[Kweli4Real]

10. More likely ...

Some very junior traders will go to jail; but those enabling and profiting from the schemes will go laughing off to the bank.

[Scruffy1]

26. Yeah, maybe even 5% of the gish.

[herbm]

5. I love a good perp walk.

[progressoid]

6. Oh no, they might get a firm rap on the knuckles.

[SammyWinstonJack]

20. Along with a huge bonus.

oops....:evilgrin:

[truthisfreedom]

7. Let the sternly worded letter-writing commence.

yawn.

[Gin]

and bonuses bigger than ever for the holidays

[Scruffy1]

27. Yes, those warnings really sting.

Not to mention the "cease and desist order." Which means you've got to find a new way of scamming.

[blackspade]

8. Going after the small fish.

Yawn.
When they go after Goldman, Citicorp, and Chase, THEN I'll get excited.

My prediction is that this will drag on in the courts for years, token fines will be levied, and the big boys will continue with business as usual.

[bergie321]

9. Who wants to bet?

That if these people are sentenced to jail time, that they will serve less time than Martha Stewart?

[Kweli4Real]

11. Now granted ...

I only have a pedestrian knowledge of trading, but the article made a big point of the 18% rise in the merging company on the day the merger was announced. It would seem that this would be a natural occurence(?). It would seem that a upward trend in the days BEFORE the merger is announced would be far more telling.

Someone explain that to me.

[bemildred]

13. "Buy low, sell high."

You - theoretically here the market manipulator - want to buy the stock before its goes up, hence you buy the stock quietly, perhaps using the ten day leeway you have to report the purchase, before you announce whatever it is that you expect will make the price rise.

IMHO corporate officers ought not be allowed to trade in the stock of companies they run, the "moral hazard" problem. I'm not saying they cannot trade, but they ought to trade in something else. Another approach to preventing this sort of corruption is to tax the heck out of the proceeds, thereby making the hazard not worth it.

[Kweli4Real]

39. I understand buying low and selling high, but ...

What I don't understand is the article's focus on the percentage increase on the day of the announcement? Wouldn't an increase be expected, whether there was inside trading or not?

Wouldn't, as you indicate, a better tell be increases in buying PRIOR TO the announcement?

[bemildred]

41. Expecting the media to "make sense" is a fruitless enterprise.

They kissed that off a long time ago, current media content occurs at the 6-year-old level, i.e. it's all magic and signs and omens and appearances and that sort of thing. Logic is avoided, reason is used opportunistically to support selected points of view. Coherent discussion is complicated and boring and you lose audience share, hence no advertising money. And since it is all REALLY about money, they avoid all that.

I disagree that a rising price before the announcement is a tell, the tell is that they don't make their buying public. In the ordinary course of affairs you would want to publish your purchase to encourage others to bid your price up. When you don't do that, that is the tell. A rising price before the announcement just means the price was going up, it could be for any number of reasons, it could be random variation, it could be anything.

[Xenotime]

14. Good. Maybe the feds will take over the economy and do something good with it.

[BlueJac]

16. Yep, take down the small fries........

and let the big fish buy them up and just swim away in profits!!! NICE! The real joke is on us!!!

[jmowreader]

18. My rather bizarre way of looking at this

We need to go after those small fries, and go after them hard for one HUGE reason: these "small fries" as you call them are where the serious crooks accumulate.

Ever hear of Getco? Wolverine? Of course not--I didn't until about ten seconds ago--but they're two of the biggest players in high-frequency trading. I think you can do more damage in a small firm than a large one because no one's watching the small fries.

And yes, we also need to nail Goldman, Citi and Chase.

[BlueJac]

23. Goldman Sachs.......

these guys are the real crooks, they are in the government and have been for years. Yes,small fries is the decoy that feeds this stupid American public the smoke screen of really doing something. I, personally, want them all. But you take down the king pins and then round up the small fried later. In reality will will catch a couple small fries and everyone will act like we really did something. Yes, send them some nasty letters and that will be that, a few regulations and monitoring might help, but we can't have any of that kind of stuff. We are getting the change we voted for on all fronts. Especially with TSA.

[katty]

17. just like the Marthat Stewart 'takedown' dog&pony show

[Moondog]

21. Eyewash. To gull left wing stooges into believing

that something is actually being done. Let me know when the Goldman Sachs crowd has been indicted, and are facing charges that will actually hold up at trial. Until then, this shit is just for the benefit of the credulous. And I am not one of the credulous.

[fascisthunter]

28. see how far this goes

not holding my breath.

[Dr.Phool]

30. FBI raids offices of three hedge funds

Source: MSNBC.com

FBI raids offices of three hedge funds
WSJ says more raids could be on the way in massive probe


The FBI raided three hedge funds on Monday in what could turn out to be one of the largest insider trading probes ever, according to news reports.

The Wall Street Journal reported that Federal Bureau of Investigation agents raided offices of Diamondback Capital Management, Level Global Investors LP, and Loch Capital Management in a probe that the newspaper says could eclipse past insider-trading investigations. Citing people familiar with the matter, the paper said on its website that more raids could be on the way.

"The FBI is executing court-authorized search warrants in an ongoing investigation," Richard Kolko, an FBI spokesman, told the newspaper, which first broke the story of a massive probe over the weekend. Kolko declined to comment further.

The WSJ reported Diamondback Capital and Level Global are run by former managers of Steve Cohen's SAC Capital Advisors.

(snip)

Read more: http://www.msnbc.msn.com/id/40317931/ns/business-us_business/

---

Kick their asses!

[RUMMYisFROSTED]

31. ...makes sure everyone has enough cash...

"They were getting close to almost suffering," said an inside source.

[bc3000]

32. I wonder how much this show trial is going to cost...

[harvey007]

33. Shut 'em down

[wordpix]

34. GOOD! Let's get some of these guys instead of looking the other way

[Yo_Mama_Been_Loggin]

35. Allright

Frog marching hedgefund managers I love it.

:bounce:

[d_b]

37. I sentence you to three weeks no tennis lessons

braaapppffftt

[alfredo]

65. Lucky they didn't lose golf privileges.