Any old ELE shareholders here?This might be of interest:
https://www.rollingstone.com/politics/matt-taibbi/blogs/TaibbiData_May2010/236328/83512
I'm sure most of you remember those large, strangely timed financings with Wellingtion Management Co.
Goldman In Insider Trading Probe?
News leaked out todaythat the feds will soon be herding a whole pen full of Wall Streetfirms into court on insider trading charges, including, reportedly, ourold friends Goldman, Sachs.
The basic charge here is that investment banks and other firms wereleaking insider info about things like mergers to closely-allied hedgefunds, who in turn placed the requisite bets on or against the companiesin question.
The most interesting detail in the WSJ piece, to me, was abit about an email sent by one John Kinnucan, a principal at anOregon-based company called Broadband Research, to a number of hisclients. The email reads, in part, as follows:
"Today two fresh faced eager beavers from the FBI showed upunannounced (obviously) on my doorstep thoroughly convinced that myclients have been trading on copious inside information… (They obviouslyhave been recording my cell phone conversations for quite some time,with what motivation I have no idea.) We obviously beg to differ, sohave therefore declined the young gentleman's gracious offer to wear awire and therefore ensnare you in their devious web."
Aside from the amusing detail here in which Kinnucan brags aboutturning down an offer to cooperate with the feds (I ain't no stinkingrat!) the thing to note here is the list of clients he sent this emailto. Those include hedge-fund firms SAC Capital Advisors LP and CitadelAsset Management, and mutual-fund firms Janus Capital Group, WellingtonManagement Co.and MFS Investment Management.