As a general rule, it’s a bad idea for a money manager to utter the words “insider trading” in any context. Hedge fund titan Bill Ackman is learning that lesson as the SEC begins an investigation of whether his hostile bid for Allergan violated the law. Indeed, Ackman’s public description of the deal now carefully […]
Chiefs of accounting firms don’t often make headlines. So it was surprising to see KPMG Chairman Michael Andrew tell a reporter that the insider-trading scandal involving a former partner was not a big deal. Is that really the best message for the CEO when his colleague commits a crime?
Although it is Wall Street’s biggest deal advisor, Goldman Sachs is not advising on the mammoth $28 billion takeover of Heinz. But the firm is involved in the widening investigation about suspicious options trades that came from a Goldman client account in Zurich just before the deal was announced. Goldman isn’t accused of wrongdoing, but […]
The insider-trading case against ex-McKinsey boss Rajat Gupta is now with the jury. From the beginning, this looked like a clear case of wrongdoing, but I believe there’s a good chance he’ll go free.
The U.S. Securities and Exchange Commission on Tuesday sued Life Partners (NASDAQ: LPHI), a major dealer in the secondary market for life insurance policies. Life Partners and other financial firms have been at the forefront of the “life settlements” industry, which purchases life insurance policies from individuals, usually seniors, for a lump-sum and collects the […]