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Ness Labs: Make the most of your mind
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Money Stuff: Goldman Compliance Analyst Wasn’t Compliant
Former Goldman compliance analyst, Casero Sanchez, whose job was to help the bank prevent insider trading was himself charged with insider trading by the SEC.
One of his jobs was to update the firm's "Grey List," which is a confidential list of public and private entities for which the firm's private-side personnel possess nonpublic information.
If you're an investment banker with access to only 4-5 deals, you resort to buying short-dated options to benefit from an insider trade.
If you're a compliance analyst with access to all deals, you can take it slowly and make modest profits over a long period.
Casero was able to do the latter, making it very hard for the SEC to catch him.
The SEC proposed to enhance the information mutual funds, exchange-traded funds, and certain other funds report about their proxy votes.
This will make it easier and more efficient for investors to get crucial information about proxy votes.
Some say that fund shareholders might not be as interested in this information, but activists will be, as they can use this information for negative publicity of certain funds.
This isn't necessarily true, as many shareholders today care a lot about ESG, not just activists.
Insider Trading (2)
If you streamline insider trading, it could make it fairer.
One method is "executives can trade whenever they want, but they have to disclose their plans in advance."
But if advance notice news about executive trading isn't fully incorporated into the stock price, people might still get suspicious and call it insider trading.
A former registered rep on Monday was ordered to pay $2.6 million in damages to his ex-wife in an arbitration claim that centered on day trading and shorting stock.
The ex-husband (who managed his ex-wife's money) got hooked to a hamburger chain called Habit Restaurants.
After Habit's stock plunged, his ex-wife's account was left with only $50,000 (originally $4.5 million).
A startup blockchain project called NFTfi is allowing users to mortgage their NFTs in exchange for other cryptocurrencies that can then be sold for cash.
Provides immediate liquidity to NFT holders who aren't yet ready to part with their NFTs.
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