Wednesday, January 18, 2012

Par for the course

I mean this news today is simply sad.   Corzine and crew at M.F. Global can't find, lost or evaporated  $1.2 BILLION of customers money;  real American investors and they want to throw this news out at the American public?   Come on.  Pooling information versus stealing 1.2 billion dollars of investors money?  As you could guess, Corzine will never, ever set foot in jail stripes.  That sucks.

Federal authorities arrested three people in New York and Boston early Wednesday and were expected to charge another, expanding an insider-trading investigation to directly involve some of Wall Street's most prominent money managers.
The Federal Bureau of Investigation in Boston arrested Todd Newman, a former portfolio manager with hedge-fund firm Diamondback Capital Management who oversaw technology investments, according to a law enforcement official.
The FBI separately arrested Jon Horvath, a technology analyst with Sigma Capital Management, an affiliate of giant hedge fund SAC Capital Advisors, in Manhattan, an official said. Anthony Chiasson, a former hedge-fund manager at Level Global Investors LP, surrendered to the FBI in New York, and a fourth person was being sought.  Chiasson and Newman are accused of illegally trading ahead of computer maker Dell's earnings announcements for the first and second quarters of 2008, netting them profits, respectively, of $57 million and $3.8 million. Another defendant, Jon Horvath, is accused of making an illegal $1 million trade in Dell.  The charges Wednesday appear to hew to a pattern emerging in the government's insider-trading investigation, in which tight-knit circles of associates at different firms are accused of pooling their information for mutual benefit.

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