Reuters reports that, Federal prosecutors in California are investigating a Goldman Sachs employee for insider trading, according to prosecutors and defense lawyers who attended a hearing in U.S. federal court in New York on Thursday. The employee is suspected of giving inside information on two public companies to former Galleon Group co-founder Raj Rajaratnam, who was convicted last year in one of the largest insider trading cases in Wall Street history. The investigation of the Goldman employee was divulged during a hearing involving the insider trading case against former Goldman board member Rajat Gupta. Gary Naftalis, the lawyer for Gupta declined to comment on the matter. In a hearing a month ago, Naftalis revealed that another Goldman Sachs employee had been caught on a wiretap leaking secrets about Intel Corp (INTC.O) and Apple Inc (AAPL.O). A spokesman for Goldman Sachs declined to comment.
The Wall Street Journal reports, U.S. Secret Service officials told lawmakers Thursday they are arranging polygraph and drug tests for employees implicated in an alleged prostitution scandal. Secret Service Director Mark Sullivan took action against three of 11 men whom he pulled from duty in Cartagena, Colombia, last week after allegations that the men may have brought back prostitutes to their hotel. One supervisor resigned and another retired, and the agency said it would seek to fire a third supervisor. The incident came to light after an early-morning payment dispute between one of the men and a woman he had brought to his room. Officials haven’t identified the men and as many as 20 women were involved, according to U.S. lawmakers. Even if intent to engage a prostitute can’t be proved, bringing back foreign nationals to a hotel that is part of a security zone days before the president’s visit could violate Secret Service conduct rules.
Finally, Bloomberg reports, Two years after regulators gave Americans more power to manage overdrafts of their checking accounts, the Consumer Financial Protection Bureau is reviewing bank practices to determine if the crackdown went far enough. The agency, which will decide by the end of the year whether to write new rules, is scrutinizing nine banks including JPMorgan ,and Bank of America Corporation. While tighter rules could help U.S. consumers, they also could threaten a major revenue stream for banks already struggling to replace income pinched by new regulations including a cap on debit-card “swipe” fees. Last year bank customers paid $31.6 billion in overdraft fees, down from $33.1 billion in 2010, according to an Illinois-based research firm. About 15 million Americans overdraw their accounts 10 or more times a year.
Reuters reports that, Federal prosecutors in California are investigating a Goldman Sachs employee for insider trading, according to prosecutors and defense lawyers who attended a hearing in U.S. federal court in New York on Thursday. The employee is suspected of giving inside information on two public companies to former Galleon Group co-founder Raj Rajaratnam, who was convicted last year in one of the largest insider trading cases in Wall Street history. The investigation of the Goldman employee was divulged during a hearing involving the insider trading case against former Goldman board member Rajat Gupta. Gary Naftalis, the lawyer for Gupta declined to comment on the matter. In a hearing a month ago, Naftalis revealed that another Goldman Sachs employee had been caught on a wiretap leaking secrets about Intel Corp (INTC.O) and Apple Inc (AAPL.O). A spokesman for Goldman Sachs declined to comment.
The Wall Street Journal reports, U.S. Secret Service officials told lawmakers Thursday they are arranging polygraph and drug tests for employees implicated in an alleged prostitution scandal. Secret Service Director Mark Sullivan took action against three of 11 men whom he pulled from duty in Cartagena, Colombia, last week after allegations that the men may have brought back prostitutes to their hotel. One supervisor resigned and another retired, and the agency said it would seek to fire a third supervisor. The incident came to light after an early-morning payment dispute between one of the men and a woman he had brought to his room. Officials haven’t identified the men and as many as 20 women were involved, according to U.S. lawmakers. Even if intent to engage a prostitute can’t be proved, bringing back foreign nationals to a hotel that is part of a security zone days before the president’s visit could violate Secret Service conduct rules.
Finally, Bloomberg reports, Two years after regulators gave Americans more power to manage overdrafts of their checking accounts, the Consumer Financial Protection Bureau is reviewing bank practices to determine if the crackdown went far enough. The agency, which will decide by the end of the year whether to write new rules, is scrutinizing nine banks including JPMorgan ,and Bank of America Corporation. While tighter rules could help U.S. consumers, they also could threaten a major revenue stream for banks already struggling to replace income pinched by new regulations including a cap on debit-card “swipe” fees. Last year bank customers paid $31.6 billion in overdraft fees, down from $33.1 billion in 2010, according to an Illinois-based research firm. About 15 million Americans overdraw their accounts 10 or more times a year.