Word: walls
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Phone taps, FBI surveillance, confidential informants - it's the stuff of major mafia investigations and Law & Order reruns. But they're also the tactics used by federal authorities against a slew of dark-suited desk jockeys accused in Wall Street's largest insider-trading scandal in decades. Authorities say billionaire hedge-fund manager Raj Rajaratnam, founder of the Galleon Group, and 19 others illegally used secret information about public companies to inform investments that yielded some $60 million in profits over the past several years. The defendants, who also include traders, lawyers and executives at firms such...
...requires only a kindergartner's sense of justice to understand why insider trading is a Wall Street no-no: it's unfair. Simply put, insider trading means buying or selling stocks, bonds or other securities based on significant information that's not available to the general public. Besides creating an uneven playing field that disadvantages regular investors, insider trading by corporate officials also violates their responsibility to operate in the best interests of shareholders...
...Independent Pictures and Miramax/LA and is now CEO of the indie-film production and financing company the Film Department, estimates that of the 38 indie-film financing firms - the so-called front end - that existed in 2007, only 11 remain. And they are mostly sitting on their hands. While Wall Street investment in independent movies totaled more than $2 billion from 2005 to 2007, according to Deutsche Bank, it has plummeted to practically nothing since then. (See TIME's audio slide show "85 Years of Warner Bros. Movies...
...Yale sophomore died last Sunday. Andre Narcisse '12—an Exeter graduate and aspiring Economics concentrator of Haitian descent—dreamed of someday becoming a Wall Street executive. Yale police officials do not suspect foul play. Yale College Dean Mary Miller told the Yale Daily News that it would be premature and inappropriate to speculate, but added she is hoping to address concerns about alcohol and drug use on campus...
...stock ticker - a machine that tracked financial data over telegraph lines and stamped it on strips called ticker tape for the sound the printing made - had barely been around two decades before Wall Streeters realized that throwing its ribbony paper out the window was a fun way to celebrate. They first did it on Oct. 29, 1886, inspired by the ceremony to dedicate the Statue of Liberty. The practice was still a novelty 10 years later, when the New York Times reported that office workers had "hit on a new and effective scheme of adding to the decorations...