Bloomberg Finally Discloses NYB Insider Trading Action, Schapiro Must Still Resign
A report by Bloomberg finally recaps the flagrantly obvious insider trading in NYB stocks and options, presented first here on Zero Hedge.
More than 13,000 bullish calls traded on Dec. 4, including
7,501 that changed hands in eight transactions during a five-
minute period starting at 3:19 p.m. in New York, according to
data compiled by Bloomberg. New York Community’s shares climbed
5.3 percent that day, the most since September.
On Friday, we said (slightly less politically):
Today's grotesque example of the SEC's futility to act as even a modest
deterrent to insider trading activity: New York Community Bancorp
(which, just so happens, is a $602 million recipient of TLGP debt), whose stock surged in the final minutes of trading for reasons (then) unknown. As reader QevolveQ pointed out at 5:30 pm,
the activity in both the stock and the calls of the company was many
standard deviations away from average and raised major red flags. Those
questions were quickly put to rest when it became known at 6:33 pm
that NYB would in fact receive FDIC subsidies to acquire newly failed
AmTrust Bank in a transaction that would be "immediately accretive to
And when Ms. Mary "$3.3 Million" Schapiro is done catching any and all masterminds behind this dastardly deed, we would all be very grateful if she could leave her keys, her chauffeur, and her masseuse as she packs her banker box full of Wall Street indulgences on the way out of public office once and for all - Ms. Schapiro, the public does not want you betraying its trust any longer. Now please go work for Goldman Sachs where your continued betrayal of U.S. interests will be welcome and compensated much better than the meager $3.3 million you made at Finra. The sooner you get into a job that requires efforts more consummate with your diminished capacity, the sooner you can continue counting the $5-$25 million in cash payouts you slurped up from FINRA's defined benefit plans.
We stick by our conclusion.