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Tag: Wall Street

Wall Street’s New Sheriff: NY U.S. Atty Preet Bharara — A Bruce Springsteen Fan

U.S. Atty. Preet Bharara/doj photo

By Shira Ovide
Wall Street Journal

Hey, hedgies, better brush up on Preet Bharara’s CV and predilections. The U.S. Attorney for Manhattan is looking like the new Sheriff of Wall Street–-and he’s a Springsteen fan, to boot.

Bharara’s office, along with the FBI and the SEC, are closing in on an insider-trading case that could ensnare a wide swath of bankers, investor consultants, hedge funds and mutual-fund traders, The Wall Street Journal reported over the weekend.

Investigators in part are looking into the role played by the cottage industry of industry consultants and analysts who give hedge funds and mutual funds an in-depth look into industries.

The wide-ranging probe stemmed from Bharara’s focus on insider trading. Bharara may not be a household name, but he made his bones taking on organized crime in New York, and more recently has tackled investigations into Bernie Madoff, the Galleon insider trading probe and the arms merchant known as the “Merchant of Death.” Wall Street isn’t so tough by comparison.

To read more click here.

FBI Raids Hedge Funds in What Promises to Be Big Wall Street Scandal

By Allan Lengel
ticklethewire.com

The big Wall Street folks with lots of money could soon be trading in those $3,000 tailored wool suits for orange jumpsuits in what promises to be a full blown, major scandal.

F.B.I. agents on Monday raided offices of three hedge funds as part of an escalating probe into insider trading on Wall Street, the New York Times reports.

The hedge funds include Level Global Investors of New York and Diamondback Capital Management of Stamford, Conn., Loch Capital Management of Boston.

“We are conducting court-authorized search warrants as part of an ongoing investigation,” said N.Y. FBI spokesman Richard Kolko in a statement. “The matter is sealed. We have no further comment.”

To read more click here.

Justice Dept. Vows to Go After Wall Street Banks, But Nothing So Far

wall-streetBy Allan Lengel
ticklethewire.com

WASHINGTON — Despite the tough talk by President Obama and his Attorney Gen. Eric Holder, the administration has yet to file charges against the big Wall Street banks that had their hands in bad and risky housing loans, the Washington Post reports.

“Nearly 1 1/2 years into Obama’s tenure, despite several cases against mortgage companies whose lending practices contributed to the crisis, the administration has not brought any charges against the big Wall Street banks that took those loans, converted them into toxic securities and pumped them into the world’s financial markets,” Post reporter Jerry Markon wrote. “Law enforcement sources say no such charges are imminent.”

The Post noted that the administration has talked tough and cited comments Eric Holder made in November about getting tough on Wall Street execs who contributed to the financial crisis.

“We will be relentless in our investigation of corporate and financial wrongdoing, and we will not hesitate to bring charges,” Holder said then.

Some think the administration has promised too much.

To read more click here.

More Stock Fraud Going Undetected in Bush Years

As the country worried about terrorist attacks, the Bush adminstration seemed to take its eye off of Wall Street. The result: Fraud and more fraud and people losing life savings.

By ERIC LICHTBLAU
New York Times
WASHINGTON – Federal officials are bringing far fewer prosecutions as a result of fraudulent stock schemes than they did eight years ago, according to new data, raising further questions about whether the Bush administration has been too lax in policing Wall Street.
Legal and financial experts say that a loosening of enforcement measures, cutbacks in staffing at the Securities and Exchange Commission, and a shift in resources toward terrorism at the F.B.I. have combined to make the federal government something of a paper tiger in investigating securities crimes.
At a time when the financial news is being dominated by the $50 billion Ponzi scheme that Bernard L. Madoff is accused of running, federal officials are on pace this year to bring the fewest prosecutions for securities fraud since at least 1991, according to the data, compiled by a Syracuse University research group using Justice Department figures.
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