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FBI Raids Diamondback And Level Global (Top 25 Holdings Presented)
Preliminary news of a WSJ report that the FBI has raided Diamondback and Level Global. First two SAC spin offs down. David Ganek's 740 Park suite about to be put on the market. That GLG subscription sure looking a little expensive right now...
From the WSJ:
Federal Bureau of Investigation agents raided the Connecticut offices of hedge funds Diamondback Capital Management LLC and Level Global Investors LP amid a far-reaching insider-trading investigation.
"The FBI is executing court-authorized search warrants in an ongoing investigation," said Richard Kolko, an FBI spokesman, who declined to comment further.
Both hedge funds are run by former managers of Steve Cohen's SAC Capital Advisors. Level Global Investors LP is a Greenwich, Conn., hedge-fund firm run by David Ganek, a former SAC Capital trader and art collector. He started Level Global in 2003 and earlier this year reported managing about $4 billion in assets.
Top 25 Holdings of Level Global, of which Goldman Sachs is a minority stakeholder (ahem Apple):
And Diamondback (ahem financials):
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Perp walks please.
Common CD.. These guys are doing God's work too... America's brightest and most talented.. Forget the Engineers, Builders, Fabricators, Doctors, Medical Researchers...
Long live the Banksters!!! We need their wealth creation!!
Where will we get our financial innovation from now? How will our economy function without these leeches... erm, I mean paragons of the capitalist spirit... shaving off a few tens of a percent off every transaction?
FBI = Female Body Inspectors. FBI is a branch of the TSA = Testicle Scrotum Ass.
Man, if those are my choices, I'd rather join the FBI.
This so reminds me of the film "The Fifth Element" where the ruthless and evil Zorg is lecturing Father Vito Cornelius in Zorg's office. Zorg drops a glass on the floor which prompts a bunch of robots to scurry out to clean up the mess. Zorg explains that without his destruction, all the people employed in building, maintaining and selling the robots would be out of a job and very unhappy, thus making the case that his evil was good for the world.
Sociopath personalities always believe they do nothing but good.....at least for themselves. And they always have elaborate stories to explain away their insanity. It's always a "We destroyed the village to save it" kind of thing.
http://www.imdb.com/title/tt0119116/
I dig the Fifth Element. In my experience, most people don't even remember it.
excellent reference!
Other then Hudson Hawk, best Willis movie... Chris Tucker's Ruby Rhod brilliance was never duplicated in any attempt he made after. Awesome stuff.
"Wither ladies, wither...he's going to set the world on fire"
"...and from what I'm looking at, 'intimate' is this stud muffins middle name."
LOL. Great stuff: http://www.youtube.com/watch?v=DK8ednS0skQ
We're sending someone in who's authorized to negotiate...
(Korben then kills the Mangalore leader)
Where'd he learn to negotiate like that?
Max these guys are even lower than Banksters... they are hand-fed Hedgies helping to keepa profit ponzi ring inflated. Has anyone priced the shrinkage of this volume churning industry into equity prices yet? no? lol
Maybe so.. But I find it too difficult (or needless) to differentiate. Both, in essence, create wealth with paper that ultimately taxes real labor.. They are all scum..
It is going to be a very beary Christmas
Have the perp walks begun?
3rd Hedge fund has been raided. Loch Capital in Boston.
What about the Banks ?
Sacrificial Lamb's ?? (Hedgies)
are the financial "Big Boys" starting to turn on each other ?
Well never mind !!
Time Biatches !!!!!!!!!!!!!!!!!!!!!
LOL! Wall St now living their high fallutin' days watching for flash-bangs being thrown thru the doorway? Excellent!
Jump f**kers!
I was thinking the same thing!
+1000
lmao
That reminds me
http://www.youtube.com/watch?v=yge311sFhC8
They're just killing the competition, as the pool of easy money to steal gets smaller the big boyz don't want the small to compete against them
Wake me up when they raid JPM or Goldman
....King Rat....aka GS....
Yes. We can only hope that the FBI keeps climbing the ladder to the TBTFs and the "big boys" heading to crow bar hotel!
PRECISELY.
Knowing that everything now in the financial markets is insider trading (direct or indirect), these are indeed sacrificial lambs.
Cannibalism time...how long till the little canaries start singin' for a deal?
Its all bankrupt, now the only game is trying to defend themselves. Something going on at GS too, rumors buzzing, stock way down. Somethins up on Wall St, paradigms seem to be shifting a bit.
The buzz is whether or not the fines will cut into weenie-Wednesday at Conoco.
Fines in the snack isle, bonuses in the billions -- there is no fear.
Take them out and who is goint to pump this shit up.
Bernanke is not Charles Atlas!
No Country for Old Girly-Men!
But what will come of his Southampten house?
http://virtualglobetrotting.com/map/david-ganeks-house/view/?service=1
interesting website. thanks for the link.
obviously just a weekend beach house. doesn't compare to this:
http://virtualglobetrotting.com/map/steven-cohens-home/view/?service=1
He has 2 Golf holes in his back yard! Zoom out.
LOL!
typo - should read Southampton
i'll be impressed when they walk into Dimon's office with the Comex silver trading records...
until then, don't wake me.
Let's check the political donation history of the principals of the firms raided and see just how pure an experience this is.
...better yet, lets check the donation history of the firms not raided so we can see where the smart money invests in the system...
More money for the lawyers! Fines but no jail time for the banksters. Sad sad sad.
Goldman invested in Level Global about 6 months ago.
Could it be like mob prosecutions. Turn the junior person to squeal on the big boss???
Yep! Something going on at Giant Squid today...seems the marble floors over there are a bit slippery today with squid slime.
Underwear too...
We are a country of laws, er I mean big banks, not small shops we can use as sacrificial lambs.
They hardly hold any AAPL. Why single them out?
...today's POMO appears to be primarily benefitting AMZN...
... netflix, and trying to support government motors.
Fundamentals don't matter Harry. Keep selling your metals
Haven't sold any yet. Like I said, I'm watching today's action. I'm not touching my physical gold but am tempted to move some paper.
Damn you HarryWanker, where's the snapback rally you promised me !?
HarryWanker and his damn snapback rally...been talkin about that for days now!
Guess you were out of town Thursday and Friday. Not only that, look at this turn around coming right now.
...and it's gone!
what, what, what?
It is gone... ssoorryy. We are sssooorrryyy. We are very ssssoooorrrryyyy.
REITS damn near negative now...this almost brought them slightly red.
REITS have outperformed to the downside since the post-QE2 top. They will join the downside parade again when it catches up to them. The real bloodletting will occur in the oil space though. DUG and ERY will skyrocket in this run since the US dollar is poised to test its 200 day moving average and potentially re-test the highs from May/June ~88.
Apple under-allocations gets the CIA mad.
What about refusing to buy iPad? Is there an opt-out clause?
It seems that the HF industry is much more rotten that I even thought.
But I think the main problem is that considering the massive leverage used and the inside information they got, their returns are pretty basic to say the least.
I mean 20-30% per annum is great. But if you're leverage between 2 and 10 times + you get inside information, it's pretty lousy. And this apply to Macro fund who also bribe they way in with central bank officials etc, etc.....
Tyler, not able to view comments and attachments on some of your post, what's up??
you've been selected for special screening
I'll knock a bitch out who tries to selective screen me!
They were discovered to be shorting GM.
'Insider trading probe to include Wall St's biggest'....well I hope they mean anal probes, then they'll like it!
No need to bring the TSA into this
SD, Insider Traders get Insider probes.
It's an inside rule!
ORI
http://aadivaahan.wordpress.com
Seems like a big fat finger is hovering over the button as we speak? Come'on Black Monday! Let the turkeys see a nice 1,000 point down day for Thanksgiving, Id love it!
Please be sensitive, the correct term is "dexterously challenged."
Well hopefully some small fund in Omaha doesnt try to sell a block of 100 or anything, should be OK then.
rather bored today (not a good way to start mutual fund buynday ), need more news :)
Boring really? Im kinda enjoying seeing the DOW down 140+....not too great for Bernanke's 'wealth effect' philosophy Im guessing.
Most people I ve seen in 'here', sell every leg of every rally to pay down their debt and pay for their bills. Consumer demand won't recover beyond the new normal for some time (unless there will be some innovative products beyond consumer gadgets)...wealth effect their asses, fucking promoters of money illusion ...
actually "this reveals the obvious contradiction in the policy." in short "if Bernanke is relying on equity markets to carry the economy higher why is POMO'ing treasuries which celebrate slower to 'no-er' growth the answer"? Of course "now we may have the most pernicious of all worlds": slower growth with a dead in the water equity market and treasuries getting clobbered because "you're all BS BB." Could be worse of course: hyperinflation, soaring equity prices, worthless dollar, "Glenn Beck as Waffen SS commander." This much is for sure: as equity markets recover as they are today "treasuries look more and more like a bubble that is bursting but failing to deliver on their promise that it is indeed the end of all worlds for all time." DARN IT!
Tennis anyone?
Gold and Silver going inverse !!!!!!!!!
Time to load the boat..............................!
or back up the truck.................................!
What ever !?
I'd really like to know just WTF is really going on behind the scenes....I mean if they cant even support the markets with $9,000 million pumped in daily, theres a huge story we're not hearing!
You will hear about it soon.
It will be blamed on the Hedgies and Financial Houses not the banks.
Time !
Ssssshhhhh!
Nixon blamed "The Speculators". Prepare to get familiar with that phrase.
When are the banks going to take a writedown?
Hehe hoho haha.
Good one...
Only when the C-suite guys and gals and the E teams are held at gunpoint.
I think (hope) that some of them will be getting an Irish haircut soon.
Stevie probably short all the stuff they long, and definately ratted them out....
The net closes as the fraudulent eat their own.Cannibalism in our time in the first and supposedly modern world.
Farce
Boyz
Inc.
Break out the FAZolene and grope me bitchez!
I honestly think its time Zero Hedge had some awards for the amount of fraudulence any Central Bank,Central Bank,hedge fund,Government department,etc, can get away with.
You need to be either:
Corrupt or,
incredibly stupid to get an award in this country.
If you have bad credit, and no job, you might also get a house to live in.
Godbless.
I thought SAC was a gay bar
You are confusing it with Goldman's Sach.
18 months ago they needed the stock market to enter a low earth orbit in order to convince everyone the economy wasn't nearly as bad as the stats indicated and keep the system alive just long enough allow some strategic positioning and move assets between a couple of books. Today they need the stock market to fall through the floor in order to convince everyone the economy is worse than the stats indicate so they can do some strategic positioning and move assets between a couple of books. This is the point in the movie where the camera pans out and jumps between scenes of covert operatives being assassinated by their principals at point-blank and two submarine captains engaged in a game of chicken - one just blew its balasts and is heading flank to the surface to breach itself; the other is about to find itself resting permanently at the bottom of the North Atlantic at the hands of it's own hastily-armed torpedo.
Don't. Fight. The. Fed.
That makes a fair amount of sense, that. So I suppose we can expect a general pullback before "they" allow QE2 to do its stuff. Interesting.
or a "blast off in interest rates" allowing for "all that free (and easy) money to flow as banks borrow short to lend....
they forgot to pay their "protection money"
.
You know its coming and I just heard it... Sue, "or is it a Wall Street witch-hunt?"
Where is the the NFLX fraud on the holdings list?
Shit. Sacrifice a couple of obvious peons. Maybe they'll extort some dough from them.
Am I supposed to believe that on the eve of the 4th year that suddenly, a complicit and compromised government is actually going to enforce some rule of law?
I'll know they are serious when GS, Citi, BAC, et. al. thieves are led out in handcuffs and placed in buses. Until then, this is all just bullshit, bluster and window dressing for government to extort some hedge fund fines.
Hard to get excited. Like the boy who cried wolf at this point.
http://thecivillibertarian.blogspot.com/
Some douchebag on CNBC was implying these expert networks are just two old friends getting together and innocently excahnging information about their jobs that just happens to be insider information,a mere minor violation of SEC rules amonst two old friends.
What's amazing is people pay these guys 2/20 to invest in large cap stocks.
If you think that's funny, let me tell you about the 12.4% of my income which is forcibly "invested" in the vast Ponzi scheme called Social Security.
The stock market is all better now. lulz
This is good for at least +300 DOW points.
Good time to invest in the commercial shredder industry.
ha ha ha ha
People are paying 2 and 20 to own a piece of these hedge funds??? This could be the e-trade account of any schmuck off main street, if you move the dollar amounts a few decimal places to the left.
Diamondback: Where's your damn Apple man, what hedge fund manager doesn't own Apple! No wonder they got raided.
I would just make the point that many many reporters, staffers and editors were obviously in the know about the pending FBI raids LAST WEEK when they ran the "balloon in the air" story about the "big investigation." I guess that's just a courtesy warning for anyone not dining in Greenwich and Manhattan anymore. It seems everyone at least had a leisurely weekend to shred or zorch any real evidence.
Smells like "expert networks" between the Magistrate's office and the WSJ. As an aside, this continued "reporting" using unnamed sources is no different than Gray PSYOPS. A real story is one backed up by a real person on the record. Weapons of Mass Destruction/Distraction anyone?
Anyone with anything to really lose in any of this doesn't even live in the US anymore and hasn't for years.
A $4 billion fund in large caps. Please. Anymore that's a retail work-a-day crew on their way back from Starbucks.
Funny how both funds have several gold, silver, and energy plays.
No wonder these sectors are getting slammed on a regular basis.
The "investors" in these groups are either F12-punching mo-mo monkeys, or unscrupulous insider trading crooks.
Either way, I don't see these types of unscruplous investors with heavy positions in AMZN, NFLX, AAPL or any number of the myriad retail stocks that are screaming right now.
FAIL, these guys are pawn scapegoats to made example of.
Call me when you investigate Bill Gross frontrunning for hundreds of billions, or was it trillions, I lose track. He even slipped up and basically acknowledged inside info on national TV recently.
Oh, he is too connected and too big to fail. Size has its advantages.
Someone should e-mail the bear animated videos to al-queda, explain to them the average american is too dumb to be their enemy, and in fact it's wall st they should be hunting. Then again sending it to al-queda might be the same as sending it to the CIA perhaps?
http://www.youtube.com/watch?v=5aZCYnsG--c
Only a signal to other better connected shyster financial outfits to start using the Guttman wipe on their spindles... Today.
"David Ganek's 740 Park suite about to be put on the market."
OK I would not be suprised in the least if these guys are criminals, but I understand the US federal government can seize and sell assets of people accused of a federal crime. Even before they are proven guilty.
Correct me if I am wrong on this. But if that is true it seems to be unconsitutional and criminal.
Do these raids portend bad things for SAC Capital???
Well to be fair, let the FEDs conclusively prove that they were in fact trading on inside information. As a rule of thumb, I don't believe anything that gov't says. Many people seem to be very excited by the event, while not considering that there are events of political revenges.
Frankly, anyone that was buying stocks recently can be put into insider trading camp, they were all trading on the inside info of FED doing QE II, stocks behaving as expected.
I'm going long sidewalk payphone operators.
Price of a call: one pre '65 silver quarter.
Price of getting caught on a tapped line: freedom.