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Author Topic: Insider trading arrests, does Tim know about this do you think?  (Read 2909 times)
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WhiskeyGirl
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« on: March 25, 2010, 08:40:15 AM »

"Seventh man arrested in City insider trading ring investigation"

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The arrest of the as yet unnamed man came as The Daily Telegraph identified Iraj Parvizi , 44, a Mayfair-based businessman and director of Romford-based fund Aria Capital, as the fifth man implicated in the FSA investigation.

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BNP Paribas and Deutsche Bank, hedge fund Moore Capital, and boutique broking firm Novum Securities have all been drawn into the investigation.

Wasn't Deutsche Bank an AIG / Goldman bailout buddy?

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A Deutsche Bank managing director, Martyn Dodgson, is also understood to have been questioned by the authorities in connection with the investigation. A spokesman for the bank said that it was co-operating with the FSA investigation and that Mr Dodgson had been placed on leave.

http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/7513754/Seventh-man-arrested-in-City-insider-trading-ring-investigation.html

How about those Dark Pools favored by the big Wall Street banks?  Maybe there's some insider trading going on there?

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WhiskeyGirl
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« Reply #1 on: March 25, 2010, 08:49:10 AM »

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Unemployed construction workers refused work at a Nottinghamshire power station are taking their fight for fair access to jobs directly to the London HQ of Alstom, the company at the centre of the row, tomorrow (Thursday).

Carrying placards bearing the message "Alstom, give us a chance", the workers will be pressing Alstom to ensure its sub-contractors, Montpressa and FMM, open up their contracts to UK workers so that they can contribute to the construction of the Staythorpe power station.

Unite estimates that 600 jobs will be needed to build the power station's turbine and boiler (Montpressa will fit the turbine and FMM will fit the boiler). A further 250 workers will be required to build the pipe connecting the two.

Unite is seriously concerned that none of these jobs will go to UK workers, and believes that this dispute further demonstrates the concerns of workers across the construction sector that UK interpretation of EU law could be preventing UK workers from applying for local jobs.

Following the admission by FMM to Unite officials that they would supply their workers directly from abroad and would not be giving any consideration to local construction workers, even though the workers had years of experience of building power stations throughout the Trent Valley, Unite has been organising regular demonstrations outside Staythorpe power station.

Unite joint general secretary, Derek Simpson, said: “Our members are not asking for special favours - they are demanding fair play. The UKneeds to upgrade and build new power stations and there are huge opportunities to create thousands of well paid and highly skilled jobs. It will be a disgrace if UKworkers are not even allowed to apply for jobs to build British power stations.

“Alstom has the power to insist that the sub-contractors end this scandalous situation. UKworkers must be given a fair chance to get a cut of the action to build a new generation of UK power stations.”

http://www.unitetheunion.com/news__events/latest_news/staythorpe_power_station_worke.aspx

Maybe they didn't contribute enough?  No money to grease the job spigot?
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WhiskeyGirl
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« Reply #2 on: March 25, 2010, 08:51:02 AM »

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Search warrants were executed at nine properties in Cheshire, Warwickshire, Leicestershire, Shropshire, Derbyshire, Staffordshire and London and three members of the French-owned group's UK board were taken to police stations to be interviewed by the Serious Fraud Office about suspected bribery and corruption, conspiracy to pay bribes, money laundering and false accounting.

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A statement added: “It is suspected that bribes have been paid in order to win contracts overseas, and that this has involved associated money laundering and other offences. The SFO has been working closely with the Office of the Attorney General and Federal Police in Switzerland and a number of police forces in the UK.”

http://www.crainsmanchesterbusiness.co.uk/article/20100324/FREE/100329942

I wonder how much stimulus spending is going to this company?

Who made the decisions? 
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WhiskeyGirl
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« Reply #3 on: March 25, 2010, 09:07:33 AM »

Is there an Obama connection?

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Other foreign manufacturers already have U.S. plants that supply Amtrak and smaller commuter trains for New York and other cities. French engineering firm Alstom SA has a factory in Hornell, N.Y., and Talgo has a maintenance facility in Seattle, where 10 years ago it assembled trains for an Amtrak route that runs from Eugene, Ore., to Vancouver, British Columbia.
http://www.guardian.co.uk/world/feedarticle/8618532

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Alstom welcomes Obama’s carbon capture task force

5th February 2010

Carbon capture and storage technology developer Alstom has commended the Obama administration for establishing a task force to promote the development of carbon capture and storage in the US.

http://www.newenergyworldnetwork.com/renewable-energy-news/by_technology/energy_efficiency/alstom-welcomes-obama%E2%80%99s-carbon-capture-task-force.html


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The House of Representatives has passed a cap-and-trade bill but efforts to get similar legislation through the Senate have ground to a halt as healthcare reform and jobs have taken priority. The Obama administration has instead increasingly turned to regulation to impose limits on carbon emissions.

Royal Dutch Shell is now the only large oil company still a member of USCAP, which was founded in 2007 to set out a plan for a limit on greenhouse gases and tradeable emissions permits. The group played down the departures, saying that its membership was constantly changing. Three companies – AES, Alstom and Honeywell – joined in October.

Daniel Weiss, a climate change analyst at the Center for American Progress, a liberal think-tank, said the companies’ were now more interested in lobbying for policies that affected them directly.

“They are now at the stage where they are interested in cutting deals that benefit their specific companies, rather than supporting the overall architecture,” Mr Weiss said.
http://www.ft.com/cms/s/0/844be172-1b3a-11df-953f-00144feab49a,dwp_uuid=6a1a3010-8800-11de-82e4-00144feabdc0.html

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Each upgrade will cost $150 million between the new equipment and the additional workers needed. Tulon added that the workers will complete the upgrade as well as conduct more than 13,000 other work activities as part of the refueling outage.

John Garrity, Exelon’s work management director, estimated that the payroll for the project will range from $14 million to $20 million.

The turbine rotors, produced by Alstom, each cost between $18 million and $20 million. The equipment was built in France and Switzerland.

In addition to Exelon’s 850-person work force, the project is expected to create nearly 2,100 temporary construction jobs across multiple trades. Tulon said the turbine work alone will require 300 workers.
http://www.qctimes.com/news/local/article_af959618-2894-11df-b560-001cc4c002e0.html

Why didn't an American company win the job of building the turbines?
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WhiskeyGirl
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« Reply #4 on: March 25, 2010, 09:15:15 AM »

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The raid follows an investigation lasting more than two years into what the FSA said was a "sophisticated and long-running insider dealing ring". Two of the men arrested were described as "city professionals at leading city institutions", while a third was said to be a "city professional at a hedge fund".

A spokesman for Deutsche Bank said the bank was co-operating with the investigation, but declined to give any further details. Exane declined to comment. Andrew Melrose, chief executive of the broker's UK operations, confirmed an employee had been questioned by the FSA relating to insider dealing allegations. “We are and will continue to provide assistance to the FSA during their investigation,” he added.

It is believed that all the men were trading on their personal accounts, however the high-profile arrests will prove a major embarrassment for all the firms implicated by the investigation. Documents and computers were seized by the FSA and SOCA officers from residential as well as business premise, in what marks the first joint operation launched by the two organisations.

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Two weeks ago, former Cazenove trader Malcolm Calvert was sentenced to 21 months in jail after being found guilty of five counts of insider trading. Mr Calvert's conviction, which he is appealing, was followed last week by an announcement from the FSA that Christian Littlewood, a former corporate financier at Dresdner Kleinwort and Shore Capital, had been charged along with his wife on 14 counts of insider trading. The FSA has launched proceedings to extradite a 33-year-old Singaporean man from Mayotte in the Comoros Islands in connection with Mr Littlewood's case.

http://www.qctimes.com/news/local/article_af959618-2894-11df-b560-001cc4c002e0.html
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All my posts are just my humble opinions.  Please take with a grain of salt.  Smile

It doesn't do any good to hate anyone,
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WhiskeyGirl
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« Reply #5 on: March 25, 2010, 09:31:59 AM »

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'Tired' trader banned by FSA after mis-marking positions

A Merrill Lynch trader has been banned from working in the City for five years on the grounds that he is "not a fit and proper person".

The Financial Services Authority (FSA) said that Alexis Stenfors, who worked on the proprietary trading desk of Merrill Lynch International Bank (MLIB), had "deliberately" mis-marked his positions by $100m (£65.9m) in order to cover up his spiralling losses. His deception forced MLIB, which is based in Dublin, to adjust its books by $456m.

http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/7459104/Tired-trader-banned-by-FSA-after-mis-marking-positions.html

What if anything is Obama doing about AIG?  Lehman?  Goldman?  Others?  Any investigation?  Or, just shovel them more taxpayer money?

Why didn't anyone see the problem with derivatives?  Why would you buy something that's a losing bet?
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It doesn't do any good to hate anyone,
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WhiskeyGirl
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« Reply #6 on: March 25, 2010, 09:42:26 AM »

Quote
Trio charged over insider trading

The plot is said to involve early copies of Business Week

A Goldman Sachs analyst, a Merrill Lynch banker and a printer have been arrested charged with insider trading.

According to court documents the three, along with another worker at Goldman Sachs, took part in an insider trading plot that made more than $6.7m (£3.8m).

The Goldman workers are alleged to have bribed staff at a printing plant to get early copies of Business Week magazine.

The pair are also believed to have paid the Merrill analyst for inside information on takeovers.

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The men were paid by Goldman workers Eugene Plotkin and David Pajcin, who used information from pre-publication versions of the magazine's Inside Wall Street column for dealing, reports suggested.

In another scheme, Mr Plotkin and another Goldman employee paid Merrill analyst Stanislav Shpigelman for inside information on forthcoming mergers and acquisitions, the court documents added.

The papers allege that Mr Shpigelman provided such information for cash and promises of further payments based on a percentage of profits from any deals.

Prosecutors also claim that the scheme took on an international element when the Goldman pair began selling on Mr Shpigelman's tips to people overseas - including at least two people in Europe - and tried to open Swiss bank accounts.
http://news.bbc.co.uk/2/hi/business/4900554.stm

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Ex-Goldman Sachs analyst jailed for insider dealing
How a ballroom buff, an exotic dancer, an underwear maker and an amateur film maker spun a $7m insider dealing ring

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A former Goldman Sachs analyst has been sentenced to nearly 5 years in prison after leading one of the biggest ever insider trading rings that siphoned off nearly $7 million by using illegal tips on upcoming mergers.

Eugene Plotkin, a former associate in the fixed-income research division, and fellow Goldman analyst, David Pajcin, made millions of dollars from trading on tips leaked by three sources: an ex-Merrill Lynch analyst, a grand juror and by stealing advance copies of BusinessWeek from the magazine's manufacturing plant.

Mr Plotkin pleaded guilty to conspiracy to commit securities fraud and eight counts of insider trading. The 28-year old was ordered to serve four years and nine months by a New York judge, pay a fine of $10,000 and forfeit up to $6.7 million, the amount of the scam's illegal profits.

The case first came to light in August 2005 when regulators became suspicious of the options trading profits of a 63-year old retired Croatian underwear seamstress, who turned out to be the aunt of Mr Pajcin. Her account was frozen and Mr Pajcin , who also siphoned money through his exotic dancer girlfriend, was arrested. He has since pleaded guilty and is awaiting sentencing.

http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article3131507.ece

How's that investigation of AIG coming along?

I wonder what's lurking at the Federal Reserve?  Anyone ever audit that private bank to ensure that taxpayer money is safe?
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All my posts are just my humble opinions.  Please take with a grain of salt.  Smile

It doesn't do any good to hate anyone,
they'll end up in your family anyway...
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