Reuters reports that federal authorities have “expanded” their insider trading investigation, having sent subpoena’s to “several large hedge funds” last week. Oddly, the government failed to leak the names of the firms to the press (a rookie mistake for which someone will fired), but no matter– we’ll just guess.
Article courtesy of Dealbreaker
$$$ NY Fed: Toxic Assets from AIG, Bear Gaining Value [CNBC]
$$$ Lawmakers Call On Six Firms to Claw Back Bonuses [Dealbook]
$$$ SEC charges Wyly brothers with $550 million fraud [Reuters]
$$$ ‘Long Island Lolita‘ Amy Fisher Starts Porn Company [CNBC]
$$$ “This just happened: WFC first year analysts ice BOA associates at local bar.”
Article courtesy of Dealbreaker
Who's got 2 thumbs, a jolly elfin visage, and can honestly say he loves ya baby?
They may have thrown a banker out on her rockin’ ass for being too damn hot but you know what? Citi has a heart. Whereas other firms will not hesitate to foreclose on people who aren’t even in default and then go the extra mile by stealing the homeowner’s beloved pet, the House of Vikram has decided to show some compassion. They’re pumping the breaks on foreclosing on people in areas close to the little slip up by BP, which you must admit was big of them.
The bank announced a three-month suspension of foreclosure sales and notifications, as well as evictions on possessed properties for qualifying borrowers in the Gulf region with first mortgages held by CitiMortgage. The suspension is effective from Thursday through Sept. 17. Citi expects about 1,000 borrowers to participate initially, but that number might climb.
Article courtesy of Dealbreaker
Citigroup analyst Mark Mahaney this morning added Google (GOOG) to the firms Top Picks Live list, repeating his Buy rating and $640 price target. He writes that the 24% drop in Google’s share price year to date, and its current valuation – 14x 2010 estimate EPS on a cash adjusted [...]
Article courtesy of BARRONS.com: Tech Trader Daily
Did you think Goldman Sachs and Morgan Stanley were going to be the only ones subjected to cavity searches by the US government? Think again, mon chi-chis! Charlie Gasparino reports that you should all be girding your loins.
The government has ramped up its investigation of Wall Street’s sale of toxic securities during the financial crisis to include firms other than Goldman Sachs and Morgan Stanley. Sources tell FOX Business that the Securities and Exchange Commission’s most active investigations so far also include Deutsche Bank and Citigroup, two of the biggest packagers of the toxic debt, known as collateralized debt obligations, that are at the center of the government’s interest.
Sources tell FOX Business that after the SEC initially requested information from all the firms when it began its probe last year, it came back and subpoenaed Citigroup and Deutsche Bank for additional documents, underscoring a heightened level of interest. In the case of Citigroup, the SEC has conducted depositions of senior executives there, these people tell FOX Business.
As of today, there have been no so-called Wells Notices issued to either firm. A Wells Notice indicates that the commission’s enforcement staff is recommending to the full commission that the firms should be charged with civil securities fraud.
Article courtesy of Dealbreaker
Calix (CALX) shares are trading higher this morning after the newly public telecom equipment company picked up Buy recommendations from analysts at a couple of the firms that managed its March IPO.
The company went public at $13, in an offering managed by UBS, Goldmam Sachs, Morgan Stanley and UBS.
UBS analyst [...]
Article courtesy of BARRONS.com: Tech Trader Daily