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After Making A Public Ridicule Showcase Of The SEC, Judge Rakoff Set Sights On Rajaratnam
The man who should get a medal for singlehandedly telling the SEC to stuff it, has been assigned the one case that the entire hedge fund community will be following with great interest: that of the SEC/US Attorney vs. Galleon Management. And if Judge Rakoff's prior conduct is any indication, hedge fund portfolio managers just added another couple of grams to their daily endogenous cortisol release levels.
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Bravo. I keep telling myself not to count on it, but it's nice to have some hope.
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Christmas has indeed come early this year...
yes virgina there is a santa claus....
Santa is stuffing stockings with "dirty laundry."
Anthracite may look all sparkly, it is in the final analysis just coal in a nice wrapper.
"...hedge fund portfolio managers just added another couple of grams to their daily endogenous cortisol release levels"
Actually, it'll be a couple of pounds of additional download of brownware.
and who says dreams can't come true!
wonder what they'll charge for seating?
This is comparatively small potatoes relative to the rampant fraud endemic in the bankster sector. It's a minor sacrafice made to appease public outrage. If there was conviction to making convictions, they would start with the big banks. Of course if there was real change, the executive branch wouldn't be staffed with tax-cheating ex-banksters.
This malaise will last at least a decade because the system has been rewarded instead of being cleaned out.
I fully realize that most here will disagree with me .. but
ze Zekuritis Kommission iz de Gestapo von Herr Obama
Wait and see.
All ye who are screaming bloody murder and demanding more regulation, more oversight and more KONTROL will have your day in court.
Only then, there won't be a market to speak of.
I don't know how it is where you are, but in my neck of the woods the people screaming the loudest for regulation now were screaming for government to stay out of their business when times were good. Just saying.....
I don't have "billions under management" but should I be monitoring my cortisol levels anyway?
I have been told by what I view as informed sources that certain factions in the judiciary (meaning some federal and state judges, state's attorney generals, academia etc) are not happy with the way things are going in this country but feel powerless to publicly step in front of the train.
Could this "assignment" of one obviously pissed off judge be more than just a roll of the dice? Read your history. Many times over the past 250 years of American history, factions inside government have worked behind the scenes to effect change. Sometimes evil, other times good.
Could this be one spear head of that multi pronged movement?
Just never dreamed the often promised 'Hope and Change' would be coming from the judiciary...
If only "Hang 'em High Rakoff's" catch on like H1N1...
True, it's always that way, a paralyzed moral minority quietly doing what little they can to support a contextually unpopular cause in the workplace without drawing attention to themselves. You know, Land Of The Brave. Is this one of those times? We can hope--stay tuned.
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"Everybody wants to be big but nobody wants to lift no heavy-a$s weights" -Ronnie Coleman
"Everybody wants to be big but nobody wants to lift no heavy-ass weights" -Ronnie Coleman
no offense walkure, Obama is not Hitler. And insider trading by individuals who dont really need an edge adds nothing to this market. I for one am excited to see if there is any real crack down on insider trading by individuals who feel that they are above the law. The guy posted a 100 million in bail like it was 10,000. It's high time people wake up!!!
The trouble is that we have a government which is not exactly pro capitalist as large parts of the ideological associations, quotations and motivations show.
Current government will try and make up for lost time. After all, going after greedy capitalists is fair game when the people are starving. The SEC will go into overkill mode and try to clean house in the US financial markets.
Madoff was a fall guy. Raj is a fall guy. There will be others. Not saying that these guys are innocent by any stretch of the imagination BUT what the government is doing, what the big banks are doing in collaboration with this government is much more dangerous and harmful to the nation than anything Madoff, Raj or others could ever do.
Be very careful what you wish for. The system could handle a few bad apples by itself. What the system cannot handle is a notorious SEC and overregulated financial market where capital will end up leaving to less restrictive trading grounds.
Why do you think a condo in Hongkong sold for 57 million Dollars just recently?
Are we to think that allowing rigged markets by the TBTF/FED/Treasury complex is somehow going to attract investment capital?
THE POINT IS THAT NOBODY IS GOING AFTER
TBTF / FED / TREASURY COMPLEX
Madoff, Raj and whoever else the SEC is going to POP to satisfy the "bread and games" demanding circus crowd are NOT the problem!
There have always been shysters in any marketplace from ancient Rome until today.
Meanwhile the government sanctified and tax dollar subsidized corruption continues unabated.
Madoff's problem was that he didn't control a printing press.
His Ponzi was small potatoes compared to the ponzi the US government, FED, treasury, TBTF banks are running.
I am getting far behind in my reading. Too much going down to keep up with. Soon, I will have to comment without reading the post- wait a minute, I do that anyway, sometimes, kind of.
Hope this Rakoff turns out to be the Joe Arpaio of the courts, just follow the damn law.
Why do you want to audit heroes who saved the World?
So let me try to wrap my head around this. According to the BIS, in 2008, the Fed bailed out the Swiss National Bank, the Bank of CA, Bank of England, Bank of Japan, and derivate lines to Austrailia, New Zealand, Scandinavia, several countries in Asia & Latin America? OK.
In return, the rest of the civilized world accepts a devalued $. That's good for US Govt with lots of debt and even greater ambitions. And because the Fed bailed out GS, the Fed are heroes.
Who's not on the list? Hmmm- Iran, China, and ooh, Russia. The main people who have been clamoring for a new "basket" currency! (If this is true, why is FR President Sarkozy complaining about the euro hitting $1.5?)
So, while Dylan Ratigan is implicating GS for going Carlyle in the current administration, it's now OK for the Justice Dept to go after large banks run by idiots (see K.Lewis) and Hedge Funds?
Are they getting a jump on Oliver Stone's new movie? Are Hedge Funds going to be the new villians? I feel bad for all those wealthy HF managers who gave to the current politicans in power. Ouch.
Demand that the Fed gets audited and watch sparks fly.
Don Corleone was small fry compared to what is going on today.
The LEGALIZED mafia aka federal government is the problem.
That's what broke the Soviet's neck and it will break America's neck.
The only thing that holds back water from working its magic is the tiniest of cracks.
It's very convenient that the SEC headquarters at 3 World Financial Center is right across the street from the new GoldmanSachs headquarters at 200 West Street. It's like a corporate campus.
http://www.bing.com/maps/default.aspx?v=2&FORM=LMLTCP&cp=40.714358~-74.013675&style=h&lvl=17&tilt=-90&dir=0&alt=-1000&phx=0&phy=0&phscl=1&encType=1
Let me understand this. Blankfein, Rubin, Ben Mosche, Diamon, hank Greenberg, Geitner, aig, CITI, Bear, Lehman, Dodd, Pelosi, Summers, Soros(convicted by french court for insider trading), Barofsky, Cass sumstein, Sheila Bair, Mary Shapiro are all in constant contact providing their network with special information. But........an Indian immigrant Ramajaran is guilty of insider dealing???? really? And no one sees the racism here? The Indian immigrant is guilty? But no wall street firms? Really?
Banks to Congress in 2008.
We need 700 billion now or the world will end.
Oh, and by the way. Congresscritters once you give us the money we won't tell you what we do with it .. but let us be fair. Go buy stocks and you'll have your payday too.
That's why Congress approved by large majority to give the money.
Always follow the money. Congress got a piece of the rally action.
SEC should try and investigate the trading accounts of every member of Congress and see if and when they bought stocks.
You'll know that Rakoff has gone off the reservation when he starts to be attacked on CNBC. Until then, we can all assume that the people/companies he's being allowed to rule over, aren't in the current DC/NYC clique.
Neo speaks the truth (I saw the ending).
This is exactly why, even though I think this is a real legal challenge to the criminals, it's being allowed to take some heat off the main culprits.
The tentacles are too long to assume the judge is striking anywhere near the center. After you take the red pill there is no turning back. You keep traveling down the rabbit hole to wherever it goes.
This guy is a scapegoat to diverse attention and anger from more crucial issues and policies at hand