Archive for the 'Scandals' Category
Liveblogging Spitzer’s news conference: Just how is he ‘involved’ in a prostitution ring?
The New York Times has reported that New York Governor Eliot Spitzer — my governor, a man I voted for, covered when he was Attorney General, and have defended in many a heated conversation with friends and colleagues — has admitted to being ‘involved’ in a prostitution ring.
How is he involved?…
CNBC’s American Greed special on Worldcom
In case you’ve missed it, CNBC’s American Greed series is one of the best new television shows to come out in awhile. Each 1-hour episode looks at two scams, cons, and schemes, featuring interviews with victims, participants, and law enforcement. It’s a great look at the psychology of white collar c…
It’s all disgusting: C, CFC, MBIA, MER & Roger Clemens
Are you disgusted yet? that week MBIA (NYSE: MBI) testified — no they lobbied, hmm, actually they complained — well the truth is they whined to Congress that short-seller William Ackman had trashed its reputation, and its stock for personal gain — gee, no kidding — but the big problem is he …
China quality problems may form Baxter (BAX) the next Mattel (MAT)
A plant in China may be producing flawed ingredients for the big-selling Baxter International (NYSE:BAX) blood thinner Heparin. According to The Wall Street Journal it is the same “blood-thinner that is under inspection after reports of hundreds of allergic reactions and four deaths among the drug’s…
MBIA plays the spooky short-seller card
With questions swirling about the viability of the company amid concerns about its credit rating, it’s nice to see that the top brass at MBIA (NYSE: MBI) are keeping their focus on the real problem. That’s right, short sellers.
According to Reuters, MBIA plans to urge lawmakers and regulators to …
S&P looks to fix credit rating problems — too little, too late?
Standard & Poors, a division of McGraw-Hill (NYSE: MHP), has joined Moody’s (NYSE: MCO) and Fitch in announcing reforms in the wake of the criticism for their role in the subprime fiasco.
S&P says it will hire an ombudsman to investigate conflicts of interest and bring in an external …
Is rogue trader Jerome Kerviel a hero or a villain? Neither?
Here’s how great the employment system in France is: after losing a company $7.2 billion, rogue trader Jerome Kerviel has not been fired yet.
According (subscription required) to the Wall Street Journal, “Société Générale has stopped paying Mr. Kerviel and told him not to come to the offi…
Ackman spent $109,000 on photocopying for MBIA research
If you think you do thorough research before you build an investment, think again: hedge fund genius William Ackman spent $109,000 on photocopying conducting the research that led him to construct a massive bearish — and prescient — bet against shares of MBIA (NYSE: MBI).
According to Bloom…
Former Universal Express CEO Richard Altomare defends his compensation
Universal Express, Inc. (OTC: USXP), a poster child of the bare short selling conspiracy theorists, is the gift that just keeps on giving for those of us who like to write about Wall Street’s seedy underbelly.
Now in court facing SEC charges that he looted the company, former CEO Richard Alto…
Societe Generale trader Jerome Kerviel may face criminal charges
Prosecutors investigating the deceitful trading scandal involving Jérôme Kerviel and his antics at French bank, Société Générale, have determined there is strong evidence that a crime has been committed and are asking for preliminary charges to be filed. The filing of preliminary charges by a …
Barron’s wonders about Systemax
In a piece that will likely have reverberations in Monday’s trading session, that week’s Barron’s raises questions (subscription required) about Systemax’s (NYSE: SYX) accounting for rebates and possible disclosures at the computer maker that recently agreed to acquire CompUSA.
Consumers have…
$7.2 billion swindle costs Jérôme Kerviel (Facebook) friends
If someone you know was on the front-page of every newspaper for a scheme that cost France’s second-largest bank $7.2 billion, what’s the first thing you’d do?
Exactly: Delete him as your friend on Facebook. According to DealBook, that’s precisely what happened: Before the story broke, Jérôme K…
Supreme Court gives securities fraudsters a helping hand
Disgruntled former Enron shareholders looking to recoup some of their losses have been dealt a major blow by the Supreme Court, which declined to review their lawsuit against the investment banks that helped Enron CFO Andrew Fastow enter into sham transactions designed to hide debt and inflate t…
Who is paying Beacon for the BioSolar ‘research’ besides?
