Poor Martha Stewart...if only she'd gone through a sludge hedge fund...perhaps, Martha Stewart's Revenge is about to strike Wall Street...
The pending crackdown, based on at least two years of investigation, targets securities professionals including hedge- fund managers, lawyers and other Wall Street players, the people said, declining to be identified because the cases aren’t public. Some probes, like the one focused on Rajaratnam, rely on wiretaps. Others stem from a secret Securities and Exchange Commission data-mining project set up to pinpoint clusters of people who make similar well-timed stock investments.
You see, Wall Street has sold itself as Einstein when really they're more like Oz. Using smoke and mirrors to conceal their chicanery.
Wall Street is basically an incestuous daisy chain of self perpetuating and whore enriching Inside Trading.
JP MORGAN - JAMIE (Zirconia)DIMON
Ever wonder why Jamie Dimon and JP Morgan have done so well with subprimes? Well, they (dis)serviced $800 billion in mortgages, (that included other banks) and could see the crest and upcoming crash of the market, and knew who and how it was going to affect, and admitted that they used that data to profit greatly. They dumped their sub-prime holdings and started scooping up Credit Default Swaps to help their clients get rich off of our ransacked 401(k)s. Legal, perhaps. Criminal and immoral? Yes.
GOLDMAN - BLANKFEIN
Goldman Sachs? Where to start with them...they did it all...much like JP Morgan, they were involved with every seedy aspect of the past 30 years, except they had a stronger hedge fund base. Now that JP Morgan has Bear Stearns, they've caught up and surpassed the Goldman's sleaze factor.
The purchaseof Bear Stearns did help to fill in several key gaps within Chase's business, most notably the hedge-fund servicing prime brokerage business that the bank had long coveted.
JOHN MACK - MORGAN STANLEY CEO - INSIDE TRADING
John Mack had worked both sides of a deal involving GE's purchase of Heller Financial in 2001.
John Mack was an investor in a WILDLY profitable hedge fund, now shuttered by the SEC, named Pequot.
John Mack was allowed special accessto be the only individual investor in a soon to be WILDLY profitable and separate Pequot account.
The next day, Pequot began buying ALL the Heller shares they could scrape up. They also began shorting GE just a few days before their price would drop due to the GE/Heller deal.
SEC says crickets. Nothing to see here...
"Look, your 401(k)s are fat and your home equity is increasing, so everything is great. We know what we're doing. Trust us. What could go wrong?
Ok, that could happen, but aren't steroids in baseball more important. Someone get me Arlen Specter."