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Here is what we are reading on white-collar crime:
The Legal Way To Insider Trade: Tweet It! (Forbes) - Not a day goes by that some journalist doesn't toot his/her own horn about how they got a story from an "inside" source at a company. My thought was how is that any different than hedge funds who constantly are on the hunt for information ... the only thing a hedge fund analyst is missing is a Twitter account to make it all legit.
The Jury Has The Martoma Case (Bloomberg) - A jury ended its first day of deliberations without reaching a verdict in the trial of former SAC Capital Advisors LP fund manager Mathew Martoma, accused by federal prosecutors of masterminding the most lucrative insider trading scheme in U.S. history. Martoma’s trial began with jury selection Jan. 7 after federal investigators failed to persuade him to cooperate in their probe of SAC Capital and its owner Steven A. Cohen.
JPMorgan and Morgan Stanley Settle Mortgage Lawsuit for $1.86 billion (Bloomberg) - Morgan Stanley (MS) and JPMorgan Chase & Co. (JPM) agreed to pay $1.86 billion to end U.S. accusations of misconduct in their handling of home loans and related securities that left taxpayers shouldering losses after the financial crisis.
Deutsche Bank Fires Three Currency Traders Amid Probe (Reuters) - Deutsche Bank AG DBKGN.DE has fired three New York-based currency traders, in the latest sign that a probe over alleged manipulation of foreign exchange markets is gathering steam, according to a source familiar with the situation. Diego Moraiz, Robert Wallden and Christopher Fahy were terminated by the bank, which told trading floor staff of the development on Tuesday, according to the source.
Ethics Resource Center Releases Ethics Survey for 2013 (Ethics Resource Center) - Guess what? We're getting more ethical!
Congress Gets More Lobbyist Perks Than The Abramoff Years (National Journal) - Members of Congress and their aides took more free trips around the world in 2013 than in any year since new restrictions were put in place after the Jack Abramoff influence-peddling scandal. The website LegiStorm, which compiles congressional travel records, said Monday that lawmakers and their staffs took a combined 1,887 free trips last year for a total cost of almost $6 million. That amount is more than double the sum private groups spent on congressional trips in 2008, the first full year that the tightened travel rules of 2007 went into effect. The total number of trips has bounded upward by more than 60 percent since 2008 as well. Last year, lawmakers enjoyed all-expenses-paid journeys to Ireland, Morocco, France, South Africa, Israel, Turkey, and many more destinations, according to House travel records.
Army Probes Allegations Of Fraud Over Enlistment Incentive Program (Wasihington Post) - Army criminal investigators are probing allegations that hundreds of National Guard recruiters and others with ties to the military abused an enlistment referral program established at the height of the Iraq war, officials disclosed Monday, describing a massive racket that appears to have gone undetected for years.
A Look At The Affect Of Prison On The Family Left Behind (MarketPlace) - At the end of last year, the Department of Justice issued a memo stating the federal prison system is in crisis: It’s overcrowded and expensive to run. And while there’s always a lot of hand-wringing over the burdened taxpayer - it costs about $29,000 a year to keep an inmate in federal prison - it can also be expensive for the family.