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2/27/2009
The Short & Simple Story of the Credit Crisis
R. Allen Standford Chief Investment Officer Tagged for Obstruction
Renovations in Progress
Some Folks Just Don't Want Their Bank Records Released to Uncle Sam
New FINRA Chief Brings the Tough Talk
The Journal Scoffs at Milberg's New Hire, Herman Cahn
Interesting Run-down on Earl Devaney
R. Allen Stanford, Philanthropist
Houston Chronicle Launches "Stanford Watch" Blog
FCPA Ramp Up Continues 2/20/2009
Frontline Production on Corporate Bribery
First R. Allen Stanford Suits Already Filed
Spitzer Wiretap Docs to See Daylight 2/19/2009
R. Allen Stanford Hiding Out in My Back Yard!
Annoying Crashing Issue Fixed
Sir Allen on the Lam?
SocGen Turning a Multi-Billion Dollar Profit
Allen Stanford Charged With Massive Fraud
Stanford to Clients: Chill
Deutsche Telekom Surveillance Scuffle Goes On (And On)
Financial Crime Suddenly an FBI Priority
Words of Wisdom
Sometimes it Pays For Brokers to Litigate with the Feds
Peanut Corporation of America - Total Dicks
A Controversial Practice on the Decline
Former Milberg Attorneys Amongst Madoff Investors
Obama SEC Gets Rolling By Streamling Investigations, Penalties
TARP Money Has Strings
P.I. Makes Trouble for The President's Right Hand Man, Rahm Emanuel
Dealbook's Live Blog of the Madoff Hearing
A Look Ahead on What to Expect from FCPA Prosecutions 2/03/2009
The Softer Side of Investigations
This is Really Too Good
First Off, Run from Anyone Who Claims to Be a "Life Coach"
Enron, The Musical
Madoff Mess Brings New Hedge Fund Disclosures
On Fostering Courage in the Workplace
The Short & Simple Story of the Credit Crisis
This video by Jonathan Jarvis, of the Pasadena Art Center College of Design, is tremendous:
The Crisis of Credit Visualized from Jonathan Jarvis on Vimeo.
Just run it 24/7 on the financial news channels instead of the current crop of crude, self-important bloviators.
-- MDT
The Crisis of Credit Visualized from Jonathan Jarvis on Vimeo.
Just run it 24/7 on the financial news channels instead of the current crop of crude, self-important bloviators.
-- MDT
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R. Allen Standford Chief Investment Officer Tagged for Obstruction
Laura Pendergest-Holt catches the first criminal charge in the Standford fraud probe. Her arrest comes based on charges of fibbing to the SEC in a February 10th interview. She was also named in the SEC civil suit against various Stanford holdings that was filed earlier this month.
Details at The Chron - where else.
-- MDT
2/26/2009
Details at The Chron - where else.
-- MDT
Labels: Fraud, Laura Pendergest Holt, R. Allen Stanford
Renovations in Progress
You may notice some prominent changes around these parts. Rest assured that things are finished just yet. We're just at the mid-point of a full overhaul. The new header is pretty swank though, I think. Other elements will be changing over the next few weeks as some of the ideas I've been mulling come to fruition.
Hope it all is to your liking.
-- MDT
2/25/2009
Hope it all is to your liking.
-- MDT
Labels: navel gazing
Some Folks Just Don't Want Their Bank Records Released to Uncle Sam
And they're willing to sue their bank (UBS) to prevent it. Given that the case was filed in Zurich disclosing the names of the plaintiffs would be a criminal offense. Man, rich people know all the angles.
How will this effect UBS's planned disclosures to the U.S. Justice Department of 50,000+ potential high-dollar tax cheats? We shall see...
-- MDT
How will this effect UBS's planned disclosures to the U.S. Justice Department of 50,000+ potential high-dollar tax cheats? We shall see...
-- MDT
Labels: tax evasion, tax havens, tax shelters, UBS
New FINRA Chief Brings the Tough Talk
What is Richard Ketchum seeking? A broader mandate, a closer working relationship with the SEC and no more stovepipes... Keep reading.
-- MDT
-- MDT
Labels: FINRA, R. Allen Stanford, Richard Ketchum
The Journal Scoffs at Milberg's New Hire, Herman Cahn
Interesting Run-down on Earl Devaney
Soon to be the Obama Administration's top cop overseeing the spending of the $800 billion stimulus package.
-- MDT
-- MDT
Labels: Earl Devaney
R. Allen Stanford, Philanthropist
Favorite charitable institutions: anything cricket-related, the U.S. Congress.
WorkingLive has the rundown.
-- MDT
2/22/2009
WorkingLive has the rundown.
-- MDT
Labels: R. Allen Stanford
Houston Chronicle Launches "Stanford Watch" Blog
Your one-stop-shop for R. Allen Stanford updates. Maybe I'll ad their widget to The Daily Caveat and save myself the legwork. If you're following this story, the Chron's got your indispensible bookmark.
-- MDT
Labels: R. Allen Stanford
FCPA Ramp Up Continues 2/20/2009
Frontline Production on Corporate Bribery
Typical great work from PBS's Frontline program. The full report will broadcast in April, but you can check out clips online right now, right here.
-- MDT
-- MDT
First R. Allen Stanford Suits Already Filed
Sue early, sue often, I always say. D & O Diary has the full details.
-- MDT
-- MDT
Labels: lawsuit, ponzi, R. Allen Stanford
Spitzer Wiretap Docs to See Daylight 2/19/2009
R. Allen Stanford Hiding Out in My Back Yard!
Well, dang!
No details as yet, but FBI reports are that Stanford has been located in Fredericksburg, Virginia.
UPDATE: Still free, fraud papers served.
- MDT
No details as yet, but FBI reports are that Stanford has been located in Fredericksburg, Virginia.
UPDATE: Still free, fraud papers served.
- MDT
Labels: fugitive, ponzi, R. Allen Stanford
Annoying Crashing Issue Fixed
There had been a bug plaguing the blog over the last week or so that I think I have finally defeated. Something to do with comment SPAM, Java and a Blogger backlink script.
The good news is The Daily Caveat should no longer nuke your browser. Thanks for bearing with us the last few days while things were sorted out.
Now, if I only knew enough about CSS to get things properly formatted for IE.
Open to suggestions...
--MDT
2/18/2009
The good news is The Daily Caveat should no longer nuke your browser. Thanks for bearing with us the last few days while things were sorted out.
Now, if I only knew enough about CSS to get things properly formatted for IE.
Open to suggestions...
--MDT
Sir Allen on the Lam?
Long time readers know that there is nothing I love more than a white collar crook on the run.... Angelo, Kobe, Heinrich, Sam, Raul, that guy that jumped out of the plane - you guys are like my children.
Now it looks like we'll be welcoming a new member of the family - Sir Allen Stanford, whereabouts unknown.
See also... "seven shocking secrets" about Stanford that, across the board, reflect quite poorly about out financial regulatory apparatus.
-- MDT
2/17/2009
Now it looks like we'll be welcoming a new member of the family - Sir Allen Stanford, whereabouts unknown.
See also... "seven shocking secrets" about Stanford that, across the board, reflect quite poorly about out financial regulatory apparatus.
-- MDT
Labels: fugitive, R. Allen Stanford
SocGen Turning a Multi-Billion Dollar Profit
The bank hasn't exactly put the Jerome Kerviel trading scandal behind it (still no trial, potential civil suits still loom) but it appears that Societe Generale is in no danger of breaking up or breakding down. In this economy just breaking even looks pretty good. A $2.5 billion dollar profit looks even better.
--MDT
--MDT
Labels: Jerome Kerveil, Soc Gen
Allen Stanford Charged With Massive Fraud
Massive as in billions...
More than a dozen U.S. Marshalls visited Stanford's Texas home this morning (the FBI hit a Memphis locale), only days after he assured his wealth management clients that all was well.
You can view the SEC press release on the Stanford case right here.
-- MDT
2/16/2009
More than a dozen U.S. Marshalls visited Stanford's Texas home this morning (the FBI hit a Memphis locale), only days after he assured his wealth management clients that all was well.
You can view the SEC press release on the Stanford case right here.
-- MDT
Labels: R. Allen Stanford
Stanford to Clients: Chill
People do tend to get nervous when folks start talking about their investment adviser as the next Bernie Madoff. So while his returns have been peculiarly stable amid all manner of market turmoil and while at least two former employees have made it their mission to get the Feds breathing down his neck, so far eccentric Texas billionaire and wealth management magnate, R. Allen Stanford is claiming things are all good. For his clients' sake we certainly hope so. And hey, would a knight of the realms of Antigua and Barbuda lie about such a thing?
-- MDT
-- MDT
Labels: Bernie Madoff, ponzi, R. Allen Stanford
Deutsche Telekom Surveillance Scuffle Goes On (And On)
New developments in the Deutsche Telekom corporate spying scandal... The company had been trying to portray current management as being entirely uninvolved in the improprieties. New documents indicate that might not quite be the case. DT appears to have been spying on their current director of finance (among many others).
-- MDT
2/11/2009
-- MDT
Labels: Deutsche Telekom, surveillance
Financial Crime Suddenly an FBI Priority
Words of Wisdom
"Whenever company structures, payment arrangements, and management compositions have no obvious operational or economic justification, there must be something wrong."
From the FCPA Blog, RE: Kellogg, Brown & Root.
-- MDT
2/09/2009
From the FCPA Blog, RE: Kellogg, Brown & Root.
-- MDT
Labels: FCPA, Halliburton, KBR
Sometimes it Pays For Brokers to Litigate with the Feds
According to this recently updated study from Sutherland Asbill & Brennan, if you're willing to put the time in to challenge an SEC / FINRA disciplinary action - 8 to 15 months potentially - your brokerage firm could stand a good chance of seeing substantially reduced penalties and even have a decent shot at a dismissal.
Sutherland partner and study co-author, Brian Rubin, characterized the findings thusly, "...these studies should make firms and individuals think long and hard before they settle. In today's environment, with Congress and the public looking for blood, I think the regulators are going to ratchet up penalties and fines. If they do, it will make more sense than ever to carefully evaluate whether to settle."
Provided you're not stone guilty, of course - and provided you've got the right counsel. Make that any counsel. Those that went into proceedings without were 0-for-16 from January 2006 through December 2007. And one has to imagine that the odds aren't going to be getting better with the regulatory sea change brought about by the change in administrations.
You can check out the full Sutherland study right here.
--MDT
Sutherland partner and study co-author, Brian Rubin, characterized the findings thusly, "...these studies should make firms and individuals think long and hard before they settle. In today's environment, with Congress and the public looking for blood, I think the regulators are going to ratchet up penalties and fines. If they do, it will make more sense than ever to carefully evaluate whether to settle."
Provided you're not stone guilty, of course - and provided you've got the right counsel. Make that any counsel. Those that went into proceedings without were 0-for-16 from January 2006 through December 2007. And one has to imagine that the odds aren't going to be getting better with the regulatory sea change brought about by the change in administrations.
You can check out the full Sutherland study right here.
--MDT
Peanut Corporation of America - Total Dicks
Let me get this straight: Georgia-based Peanut Corporation of America knowingly sold salmonella-tainted peanut butter by the truckload, much of it going to schools and nursing homes - the exact populations that would be most susceptible to this pathogen.
So far more than 12 instances of PCA finding salmonella in their product have been cited by the FDA. And yet, PCA took no action to identify the source or to clean up the problem. In fact, they actually shopped around for a friendly testing lab, trying to get a clean bill of health for their tainted goods.
Of course, the FDA hadn't even set foot in the Plainview, Texas PCA plant where the contamination took place since about 2001. Texas is one of several jurisdictions where state employees handle food safety inspections, ostensibly enforcing the same level of standards that the FDA would require.
The result? Eight dead and nearly 600 confirmed poisonings. And the Food and Drug Administration actually needed PCA's permission before they could even announce the recall? Even though PCA clearly lied to the FDA? Even though the government was already considering felony charges?
Effect Measure has an excellent string of posts detailing this travest and the AP as a complete timeline of events. Also, see this great interview with food safety activist, Bill Marler on the PCA case and beyond.
-- MDT
So far more than 12 instances of PCA finding salmonella in their product have been cited by the FDA. And yet, PCA took no action to identify the source or to clean up the problem. In fact, they actually shopped around for a friendly testing lab, trying to get a clean bill of health for their tainted goods.
Of course, the FDA hadn't even set foot in the Plainview, Texas PCA plant where the contamination took place since about 2001. Texas is one of several jurisdictions where state employees handle food safety inspections, ostensibly enforcing the same level of standards that the FDA would require.
The result? Eight dead and nearly 600 confirmed poisonings. And the Food and Drug Administration actually needed PCA's permission before they could even announce the recall? Even though PCA clearly lied to the FDA? Even though the government was already considering felony charges?
Effect Measure has an excellent string of posts detailing this travest and the AP as a complete timeline of events. Also, see this great interview with food safety activist, Bill Marler on the PCA case and beyond.
-- MDT
A Controversial Practice on the Decline
Former Milberg Attorneys Amongst Madoff Investors
Melvyn Weiss and David Bershad on the hit list for Bernard Madoff's fraudulent investment scheme? That's like some kind of white collar crime möbius strip. Of course, those two distenguished wards of the state are just the tip of the iceberg - many prominent attorneys are showing up in Madoff's records. ABA Journal has the list.
-- MDT
-- MDT
Obama SEC Gets Rolling By Streamling Investigations, Penalties
Mary Schapiro is making her mark on the SEC. Her first step was to end a year old Bush/Cox era "pilot program" that required the enforcement division run certain types of penalties by the regulatory agency's team of politically appointed commissioners.
Shapiro is also aiming to streamline the launch of new investigations by eliminating some of bureaucratic rigmarole. All in all, the Obama SEC looks to see a major shift in power away from the commissioners and back into the hands of the enforcement division.
The SEC enforcement division will also be seeing some new faces. Robert Khuzami will be stepping in as division director. Khuzamo is returning to public service from a stint at Deutsche Bank. Previously he spent a decade in the U.S. Attorneys Office for the Southern District of New York.
-- MDT
2/05/2009
Shapiro is also aiming to streamline the launch of new investigations by eliminating some of bureaucratic rigmarole. All in all, the Obama SEC looks to see a major shift in power away from the commissioners and back into the hands of the enforcement division.
The SEC enforcement division will also be seeing some new faces. Robert Khuzami will be stepping in as division director. Khuzamo is returning to public service from a stint at Deutsche Bank. Previously he spent a decade in the U.S. Attorneys Office for the Southern District of New York.
-- MDT
Labels: Christopher Cox, Mary Shapiro, Robert Khizami, SEC
TARP Money Has Strings
As in criminal penalties if you lie about how you use it. This crew? Lie? Lord knows we won't have to worry about that.
-- MDT
-- MDT
Labels: TARP
P.I. Makes Trouble for The President's Right Hand Man, Rahm Emanuel
For reasons inexplicable, investigator Joseph Culligan, (who keeps up a colorful if not XHTML compliant sideline over at webofdeception.com) has made it his mission to generally crap on people in the public eye who happen to have embarassing problems like the occaisonal tax lien.
The application of this justice/vengeance/meanness seems to be generally nonpartisan and largely self-congraduatory in nature. Now, generally I would be all for this kind of thing, but not when it flies so intensely in the face of competent web design and presentation.
The latest victim of Culligans public record-based assault is new DC arrival Rahm Emanuel. The President's new chief of staff is apparently (GASP!) making improper use of a basement apartment in the district, rented from Congresswoman Rosa DeLauro.
-- MDT
The application of this justice/vengeance/meanness seems to be generally nonpartisan and largely self-congraduatory in nature. Now, generally I would be all for this kind of thing, but not when it flies so intensely in the face of competent web design and presentation.
The latest victim of Culligans public record-based assault is new DC arrival Rahm Emanuel. The President's new chief of staff is apparently (GASP!) making improper use of a basement apartment in the district, rented from Congresswoman Rosa DeLauro.
-- MDT
Labels: Joseph Culligan
Dealbook's Live Blog of the Madoff Hearing
In all the gory details... Well worth your time.
Or you can go the official route and review the complete and various testimonies via the House Committee on Financial Services Website.
And how about that Harry Markopolos? He's my new favorite.
-- MDT
Or you can go the official route and review the complete and various testimonies via the House Committee on Financial Services Website.
And how about that Harry Markopolos? He's my new favorite.
-- MDT
Labels: Bernie Madoff, Harry Markopolos, ponzi
A Look Ahead on What to Expect from FCPA Prosecutions 2/03/2009
The Softer Side of Investigations
Lady gumshoes of South Florida get some press from the Orlando Sentinel. It won't blow your mind, but it is full of zingers like "'I don't intimidate people,' Love said. 'I have a funny, crazy personality, and yes, I carry a gun.'" Nice.
-- MDT
-- MDT
Labels: gumshoes
This is Really Too Good
Bernie Madoff "sleazeballs" - perfect for a quick nine holes. I am holding out for the fill white collar crook commemorative set.
-- MDT
2/02/2009
-- MDT
Labels: Bernie Madoff
First Off, Run from Anyone Who Claims to Be a "Life Coach"
Even if they're not outright stealing your money like one Gordon Grigg, you should probably take a pass.
Life coach? So 1990s....
-- MDT
2/01/2009
Life coach? So 1990s....
-- MDT
Labels: Gordon Grigg, investment scam, ponzi
Enron, The Musical
Madoff Mess Brings New Hedge Fund Disclosures
So now we're taking sort of dingy gray boxes verses black ones.
-- MDT
-- MDT
Labels: Bernie Madoff, hedge fund
On Fostering Courage in the Workplace
