Here at Corporate Profile we love a good old scandal, especially when it is as high profile as this one. U.S. officials for the first time implicated hedge fund titan Steven Cohen, the founder of SAC Capital Advisors, in an alleged insider-trading scheme they said was the most lucrative ever to be charged. A former SAC Capital employee, Mathew Martoma, was charged with insider trading in a series of transactions, that Cohen had personally signed off on. Martoma helped Cohen’s firm avoid losses and reap profits totaling $276 million in the summer of 2008 by using insider tips he got from a doctor about Elan Corp and Wyeth LLC. The $14 billion SAC Capital, which charges some of the highest fees in the industry, is up about 10 percent this year – double the performance of the average U.S. hedge fund. So far Cohen is denying any wrong doing.
Looks like Hewlett-Packard didn’t make its brightest decision, when it acquired U.K. software maker Autonomy for 11.1billion dollars. After thorouly going through the company’s accounting papers, it has become apparent that HP has been duped into overpaying for one of its largest acquisitions, contributing to an $8.8 billion write-down and a huge quarterly loss. Autonomy is denying the allegations, accusing HP of trying to blame them for their bad management. In any case, I hear cooking books is the new delicacy the whole family will enjoy over Thanksgiving.
And speaking of Thanksgiving delicacies, one very sick man here in NYC has been planning to put a girl on his dinner table for thanksgiving. Gilberto Valle, the NYPD officer, was caught by the feds as an alleged cannibal wannabe, but saw his alleged holiday hopes dashed when prosecutors said he’d planned to dine on human flesh for thanksgiving. According to his defender, it was all just a sick fantasy he was living out on the web together with fellow fetishists. I dunno better safe than sorry, lock him up I say.
Tomorrow is Thanksgiving and we should all be thankful for Sarah Josepha Hale, an American magazine editor, who persuaded Abraham Lincoln to declare Thanksgiving a national holiday. Abraham Lincoln issued a ‘Thanksgiving Proclamation’ on October 3rd 1863 and officially set aside the last Thursday of November as the national day for Thanksgiving. So don’t take this day off for granted, eat and drink until your bellies pop!
Here at Corporate Profile we love a good old scandal, especially when it is as high profile as this one. U.S. officials for the first time implicated hedge fund titan Steven Cohen, the founder of SAC Capital Advisors, in an alleged insider-trading scheme they said was the most lucrative ever to be charged. A former SAC Capital employee, Mathew Martoma, was charged with insider trading in a series of transactions, that Cohen had personally signed off on. Martoma helped Cohen’s firm avoid losses and reap profits totaling $276 million in the summer of 2008 by using insider tips he got from a doctor about Elan Corp and Wyeth LLC. The $14 billion SAC Capital, which charges some of the highest fees in the industry, is up about 10 percent this year – double the performance of the average U.S. hedge fund. So far Cohen is denying any wrong doing.
Looks like Hewlett-Packard didn’t make its brightest decision, when it acquired U.K. software maker Autonomy for 11.1billion dollars. After thorouly going through the company’s accounting papers, it has become apparent that HP has been duped into overpaying for one of its largest acquisitions, contributing to an $8.8 billion write-down and a huge quarterly loss. Autonomy is denying the allegations, accusing HP of trying to blame them for their bad management. In any case, I hear cooking books is the new delicacy the whole family will enjoy over Thanksgiving.
And speaking of Thanksgiving delicacies, one very sick man here in NYC has been planning to put a girl on his dinner table for thanksgiving. Gilberto Valle, the NYPD officer, was caught by the feds as an alleged cannibal wannabe, but saw his alleged holiday hopes dashed when prosecutors said he’d planned to dine on human flesh for thanksgiving. According to his defender, it was all just a sick fantasy he was living out on the web together with fellow fetishists. I dunno better safe than sorry, lock him up I say.
Tomorrow is Thanksgiving and we should all be thankful for Sarah Josepha Hale, an American magazine editor, who persuaded Abraham Lincoln to declare Thanksgiving a national holiday. Abraham Lincoln issued a ‘Thanksgiving Proclamation’ on October 3rd 1863 and officially set aside the last Thursday of November as the national day for Thanksgiving. So don’t take this day off for granted, eat and drink until your bellies pop!