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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.
From Bloomberg:
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
earnings."
We concluded:
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.
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Hey Bloomberg, scooped by a blog! What's the matter, your interns had the day off?
Hammer em ....they're scum and sucking the life blood of the country...Law of Nature will destroy them all if we don''t......
They were too busy writing that bullshit propaganda article about buying gold at its last peak in 1980 at $850 an ounce and how that wasn't so good even though gold hit $1200. Yo Bloomberg, when will we see an article about losing 40% from buying the DowJones at its peak of 14,163 in 2007?
ZH is where Bloomberg got the story.
Look guys, if you are going to use the phrase- "slurped up", everything is legal.
Mary Schapiro is a wall street insider and enabler and is a disgrace.
Hey President Obama...this whole financial thing is going to explode if you don't get your arms around it soon. Start by getting rid of Bernanke, Geithner, Larry "the smartest guy in the room" Summers and get a new crew in.
DH - I gotta break the news to ya pal. Obama has already lost most of the independents, gen X'ers, seniors & small business owners. Fortunate for him that most of the folks in these population groups have as little faith in the "loyal opposition" as they have in Obama. Self imposed disenfranchisement never had such an excellent looking future.
i believe you are correct Miles.
i think he is losing his base as well due to the bank/wall street mess (they are furious over this) and the escalation in the afghan arena is not making the far left happy either.
they are holding out for health care and that simply is going to be a bust from where i sit.
the repubs are still being run by the whackjobs.
it's worse than a keystone kops, 3 stooges adventure.
The base of the democratic party is discovering what the "Rockefeller republicans" discovered back in 1992. That is in the quest for and to retain power those charged with shepherding a political party will jettison its very base in the hopes of generating some new formula of success. In both cases the two main political parties are discovering that without deeds to back their words there can be no sustainment of power. The interesting thing to see from here is to which batterer will the figurative battered family member return to, if either one of them. The aforementioned Rockefeller republicans form the base of the independents and it is these folks, along with the left who have lost all faith in the two party systems ability to lead and it is among these segments where the short term answers will be found.
Speaking as a disillusioned lefty (I am naturally suspicious of all politicians, Obama included, but favor the left over the right), I can now tell you that I will indeed vote in the next election, but neither party will get my vote. I am debating between a write-in for George Washington (the original, not the poster here, though no disrespect meant to his work, which is alright) and Bugs Bunny. My faith in all those who currently "represent me" is basically gone. We cannot let go of our faith in the concept of democratic change, however, or we allow anarchy. Thus I want to make clear my desire to vote. We may get anarchy and chaos anyway, but wouldn't it be nice for a genuinely new leadership to arise out of the current ashes, untainted by the past thirty years of "kick the can down the road"? I can dream...
Left vs. right, Dem' vs. 'Pub, light gray vs. charcoal gray, the two party paradigm is a myth foisted upon us by the puppet masters of the men at the controls of money/credit supply, like Bernanke ("There's a chairman with matches that's loose on the town. Take a mob armed with pitchforks just to cool him down.") If there is one site/group of people that I am expecting to "get" this basic fact, it is ZH. The fact that this paradigm is a myth is in pretty plain sight with every action or inaction that Congress takes. Obama's "GWB times 1000" presidency to date is yet another set of data proving the lie of this myth.
I have been saying for some time that what we have in America is a one party system with the exception of the crumbs that get tossed to the masses in the attempt to maintain stability and control. (The 23.7T for finance & 1T for health care which really is another subsidy to finance in disguise as a excellent Obama example. Or, the massive growth in domestic and international intelligence, data mining and subordination of personal privacy, h/t PM and his discussion of Yahoo vs the MEDICARE Part D prescription drug plan the republican controlled government passed) As your and the previous poster observations clearly demonstrate, this structure no longer functions as its supporters would suggest.
<without deeds to back their words there can be no sustainment of power>
unfortunately sir the Dems have taken this point to heart and they see their healthcare/stimuli/capntrade as the appropriate deeds to back their words
And the kicker here is that they are getting further than the loyal opposition did with their pledge of balanced budget and right to life amendments. Now they have to make those things happen from the minority to gain any credibility. That is except for what they, and I suspect you believe is the still operative anti (*) vote.
I suspect as the poster above demonstrates that a spin on "Brewster's Millions" and a "None of the above" campaign would do quite admirably.
Mr. Predicto sez that our naive, clearly befuddled and way-over-his-head President should enjoy his one and only term as much as possible since by 2012 the gruesome results of endlessly putting off dealing honestly with our black-hole of debt will be obvious to all. Calling the Administration a bunch of idiots and cowards doesn't help but every bit of truth counts.
"We are the ones we have been waiting for." Please pass the vomit bag.
janchup, ever read the prophecy that line is quoted from?
http://www.matrixmasters.com/takecharge/hopi-prophecy.html
it also includes these lines:
Know your garden.
It is time to speak your truth.
Create your community.
Be good to each other.
And do not look outside yourself for your leader.
Oh he will, expect more date nights on AF-1...
hey, I resemble this comment!...gen-X, independant, small biz...and you are correct. I lost faith in 2001/2002, haven't been back...the slow unwinding from the tentacles started then, getting fairly close now (aside from paying protection moneys (taxes) and a modest mortgage).
The new crew, DH, would have a job similar to the crew repairing the steel plates of the Titanic while the icy water rushed in.
Obama is "all in" on this strategy, he can't go back now. Just today I heard him chirping about how Wall Street is on the mend, this is policy guys, full speed ahead.
It's very unusual for any President to be dependend on such a fickle mistress as Wall Street so I have to figure he is controlling it with an iron fist. It is, after all, called President's Working Group on Financial Markets.
Methinx the iron fist is attached to Lloyd's arm. The Great One simply follows the prescribed plan to get that pesky HCR deal done. All else is a distracting load of financial bullshit he doesn't want to deal with no how. Wholesale looting on Wall Street is just a casualty in the war to make us get healthy....... Obama-style.
Yeah, just like Federal Reserve makes me fell all warm and cozy.
Gonna explode? To even those godzillions of us who have retired from careers on the Street what goes on these adys is just beyond the pale.
Is that We or the Royal We?
they first had to check to make sure nobody in "the club" was effected....
Bloomberg...oh Bloomberg...yeah, that Bloomberg.
The same Bloomberg that wrote the story that uses gold prices from 1980 (at $800/oz) versus gold prices from 1978 ($200/oz) -- with now at $1155/oz and compared to interest bearing accounts and declares gold the loser??
Hmm frameshift to start at $200 instead of $800. I'm no math wizard, but I think gold would win at the $200 start point. But, I could be wrong...
The SEC better move quickly on this before the screaming bloody murder gets too excruciating for them.
No matter how loud the screaming gets, it doesn't bother you if you're deaf.
And don't bother waving your arms because they're blind too.
The proprietor already accounted for dumb...
Hey. Cut out with that "deaf dumb and blind monkeys" stuff, on account of it's racist. I read that in Daily Dish and TPM so it must be true.
Any chance that cable news will eventually bite?
I think there's a fundamental lack of understanding here. No system of justice can ever fully deter crime--if that's what you're expecting, well, prepare for a long life of disappointment. The point of enforcement is to punish bad behavior *after* the fact--which, in the real world, typically takes more than three days (two of them on a weekend) of work.
(That may be a bit harsh, but you can take comfort in the fact that you are not the only commentator who seems to think that the government has three precogs suspended in an amniotic vat who can see all crimes before they occur and is therefore fully responsible for any all crimes that might occur on its watch.)
QevolveQ and Tyler.
Lone Ranger and Tonto deserve an SEC reward for sniffing out the latest bank robbery . And the Bloomers should send you some party favors, too.
Kudos to both of you.
You didn't see the release: just the latest additon to the TARP program. More bang for the buck
Keep getting these scoops! I talk to many reporters and it is hard if not impossible to impress upon them that blogs are legitimate sources of information. Scoops are the currency of the beat reporter. So long as this site continues in this fashion more will come to recognize the informational value it provides.
Of course no one should blindly trust any single source, verify verify verify. But this site is really a great place to begin any financial research endeavor.
Any IPO for ZH?can ZHplease distribute shares to its readers and contributers?. And I hope it never becomes an MSM,as we don't want to lose whatever left of some decncy in humanity. If it was an msm then the contributor and zh would have gotten an award for beating everybody else. But in our current enviroment,you get those only if you cater to the elite.
Look at the speed with which the SEC operates! They're suing 3 former executives of New Century Financial, it only took them 2 years and 8 months after the company filed for bankruptcy. I guess the pressure is finally on to get some prosecutions. Hopefully they'll do a better job at trial than they did with the 2 guys from Bear Stearns.
http://www.latimes.com/business/la-fi-new-century8-2009dec08,0,6820399.s...
In China these "three former executives" would have had bullets in their brains three years ago.
Blame our absurd legal system and parasite lawyers for the delay.
At least they are reporting it. Nonetheless, Bloomberg and others should donate on a regular basis to this website for all of the leads it generates.
ZEROHEDGE, NONPAREIL
I'm not good with numbers...what's the take?
Thanks
A few mill. Anything less and why bother? Even EXTORTION pays at least a few mill these days, just ask the execs at AIG
http://www.bloomberg.com/apps/news?pid=20601087&sid=akFzawJg3Y6E&pos=4
Gov (owner of AIG) : Here's your bonus AIG execs, please don't quit, we couldn't possibly replace you.
Who'll take a half mil to shovel taxpayer-owned shit assets out the front door.....then shut it ???
I don't think NYC has any shortage of shit-shovelers at that price.
ZH/Tyler:
I sure hope something comes out of this! Kudos to you for putting this story out first. With more like you, I will begin to think the term "business ethics" will mean more than rape, pillage, and burn.
Now how many more days will it be before CNBC has a reporter standing outside the SEC building mentioning this news, and giving us the "we will keep our eyes on this" closing?
I'd say about 500.
rimshot, lol!
Until i see perp walks out of the squid and jpm, the sec remains a complete and utter embarrassment.
Please save the "selective enforcement" argument for the pollyannas, thanks.
+10
They're an embarrassment if you think of them as trying to enforce the rules. But think of them as a "double agent"; really there to protect the big wall street firms. Then you will see that they are not an embarrassment at all.
Well Tyler, it is good to be the king isn't it!Zero Hedge rocks!!
Bloomberg is on a buying spree. Maybe ZH is next on the list?
seriously.. what's Tyler's price?
a few heads on a platter and a nice island with gold as local currency?
Fool me once, shame on you. Fool me twice, shame on me. Shame me thrice, and fuck the SEC.
Beautiful! You're a natural poet!
Anyone ever hear of this Bob Chapman fella? Any opinions on what he has to say?
http://www.youtube.com/watch?v=bPkmP8Utirs
Fool me over and over and over again?
I must be a Republicrat voter!
Look out folks. 2010 is right around the corner, and the Republicans are going to take back the House and Senate!
Everything's gonna be OK. Kumbaya my Lord....Kumbaya...
Uhh, yeah. Think Lucy and Charlie Brown. They're Lucy. We're Charlie Brown. And the promises are the "football".
Hey were are all my Zero's at? Traffic volume today is worrisome.
Can some of the 500,000+ readers please get engaged in our qwippy highly intellectual debate here?! The shills are getting predictable.
In the mean time lets read more about the e-reader wars.
http://www.businessinsider.com/jeff-bezos-the-nooks-book-lending-feature...
STEP DOWN MARY SHAPIRO, you incompetent FOOL!
check out this BS
Feinberg Said to Lift $500,000 Salary Limit for AIG Executives
Dec. 7 (Bloomberg) -- Kenneth Feinberg, the U.S. paymaster for rescued companies, will exempt some executives at American International Group Inc. from a $500,000 salary cap after at least five employees threatened to quit because of the limits, people familiar with the matter said.
http://www.bloomberg.com/apps/news?pid=20601087&sid=akFzawJg3Y6E&pos=4
Boo-hoo, poor fucking babies!! If I had a nickel for every time someone on Wall St. complains/threatens about how they are going to lose talent if we don't pay them like royalty... fuck 'em!
Let them eat derivatives!
Please sir. I'm still hungry. May I have a second derivitave?
do we really need the SEC, to find out who is behind these trades, and out them.
..... Mark Pittman Outstanding Financial Journalism Award
keepin' it real - Thanks ZH.
FUCK EVERYBODY
Use condoms.
And the Bubbleconomists and Bubblevision talking heads are wondering why volume is down. DOH! It's because we don't trust the arseholes running the circus!
Insider Trading??!!
Mary Shapiro is best friends with the most crooked people on Wall Street. She is the ultimate crony capitalist insider and MUST GO!
How much more incompetence and willful ignorance can this nation take?
Kudos to Team ZH for this and the rest of their hard work!
How's this for a ZH marketing tie-in: ZH agrees to put 'Coca-Cola' before the word Zero on its site...if Coca-Cola agrees to put the word 'Hedge' after the word Zero on all its Coke Zero labeling.
Everybody wins, no? Yes?
Disclosure: Likes Coke Zero and Zero Hedge, sometimes at the same time
there is a well known Diet Coke afficionado who would likely object, with extreme prejudice.
Sorry Jim but market research says that the vast majority of Coke Zero drinkers associate the word 'hedge' with the already sparse foliage normally found at the periphery of their respective 1980's era apartment complexes. Said individuals may be expecting a certain evergreen aroma and flavor, not unlike chilled Pine-Sol®, after decanting a cold Coke Zero Hedge.
- Heretic
+100
screw resignation....the whoe should be arrested and prosecuted for financial terrorism.....
This is pure, unadulterated speculation -- but is it in any way possible Mr. Gundlach's abrupt departure from his job as CIO at TCW is tied to this? No reason to think so, just virtue of temporal coincidence:
http://www.businessweek.com/investor/content/dec2009/pi2009127_104939.htm
Another logical option being that he too is joining PIMCO...