Just as jury selection was about to begin, the New York Mets owners have opted to settle the $303 million lawsuit against them. While the article is a bit unclear, I believe the settlement amount of $162 million is in addition to the $83 million in fictitious profits that the Mets owners already had to return per a ruling by Judge Rakoff.
Monday, March 19, 2012
Thursday, March 15, 2012
Wall Street Justice II: More Insanity on the Way
As if the government's hands-off approach to prosecuting Wall Street firms wasn't enough, Congress is in process of passing laws to lessen regulation for firms trying to go public so they can raise money without the usual disclosures. Guess what industry is licking their lips right now hoping this bill passes--the investment banking industry. The following is from yesterday's Washington Post:
Posted by MZ at 8:05 PM 1 comment:
Labels: auditors, investment banks, IPOs, JOBS Act, SEC, Wall Street
Wednesday, March 14, 2012
Wall Street Justice: An Oxymoron?
It looks like the U.S. Department of Justice has decided to give Wall Street firms and their top executives a "get out of jail free" card over the last several years. The latest example of this is the MF Global scandal with the former governor of New Jersey, Jon Corzine, and company appearing to get away with $1.6 billion of customer assets that are "missing." An Op-Ed in the NY Times explains Corzine's crimes this way:
Tuesday, March 6, 2012
Stanford Convicted on 13 of 14 Counts
Allen Stanford has been been convicted of fraud.
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