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Trader who blamed affair for crimes is sentenced
NEW YORK (AP) — A New York hedge fund trader who says her boss manipulated her into engaging in insider trading during their 20-year affair is awaiting her sentencing after admitting her crimes.
Danielle Chiesi (kee-AY’-zee) is set for sentencing Wednesday. Lawyers have asked for leniency, blaming manipulation by her boss. He pleaded guilty and is serving a two-year, three-month prison term.
She pleaded guilty in January to insider trading charges in what prosecutors have said was the biggest hedge fund insider trading case in history. Her voice was prominent on audio tapes played at the trial of one-time billionaire Raj Rajaratnam (rahj rah-juh-RUHT’-nuhm). He was convicted in May after prosecutors blamed illegal trades on more than $50 million in profits. He awaits sentencing.
Chiesi worked at the New Castle fund.
Published July 20th, 2011 4:19 am
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Tags: Crimes, Crimes Sentenced
American Airlines may split up big jet order
DALLAS (AP) — American Airlines plans to announce a major order of new planes Wednesday that is likely to include aircraft from longtime supplier, Boeing Co., and from Europe’s Airbus, a person familiar with the matter said.
The move to acquire more fuel-efficient planes could put pressure on other airlines to upgrade their fleets.
American, whose fleet of more than 600 planes averages about 15 years in age, is weighing competing bids from Boeing and Airbus.
The final order will likely include planes from both aircraft makers, according the person familiar with the matter, who spoke on condition of anonymity because an official announcement had not been made. T
Tags: American Airlines, Order
The Shape Of Market Bubbles, With A Special Look At Gold
In my weekly updates of major worlds markets, one of the charts includes an overlay of the amazing bubble in the Shanghai Composite Index.
In this commentary we’ll build an overlay of four major bubbles across market history to see the variety of shapes a bubble can take. But first let’s take a long view of the index.
The next chart centers the Shanghai Composite. The peak is the center of a 3000-market day timeline. Markets are open approximately 250 days per year, so this is a snapshot of a little over eight-and-a-half years with plenty of room left to track the future behavior. The dramatic rise took place over about one year with a dramatic collapse of about the same duration. The symmetry of this these two years is astonishing and, as we’ll see, not necessarily characteristic of bubbles.
Now we’ll add the Nasdaq Tech Bubble.
Tags: Market, Market Bubbles
Allstate exec leaves company; stock takes a hit
Today’s Headlines 7/18/2011
- Allstate exec leaves company; stock takes a hit
- NorthShore’s latest big hire: chief of medicine
- Tribune’s Tony Hunter promoted, executives cut
- Losing bidder for O’Hare contract boosts terms in last-minute move
- Abbott Labs’ Q2 results will follow bad news for cholesterol drugs
- Dow slides on overseas debt worries
View All of Today’s News Headlines
— Allstate Corp.’s stock was down more than 5% in late afternoon trading on news that the head of its biggest business unit had left the company suddenly.
The abrupt departure Monday of Allstate Protection President Joseph Lacher, who ran the Northbrook-based company’s core auto and homeowners insurance unit, was a surprise to investors, who’ve been unhappy with Allstate’s sliding marketshare.
In a terse statement, Allstate offered no explanation for Mr. Lacher’s exit, which was effective immediately.
Mr. Lacher, who joined Allstate from Travelers Cos. in late 2
Tags: Exec Leaves Company, Hit, Leaves Company, Stock Takes
Prostitution ring for Wall Street clients busted
July 20, 2011 – By Bernd Debusmann Jr.
NEW YORK – Seventeen people were indicted on Wednesday on charges of running a high-end prostitution ring that catered to Wall Street clients who often spent more than $10,000 in a night, authorities said.
The ring pulled in more than $7 million over three years, Brooklyn District Attorney Charles Hynes said at a news conference.
“The business of high-end prostitution is enormously profitable,” Hynes said.
The prostitution service, named High Class NY, was run 24 hours a day out of an office in Brooklyn and charged from $400 to $3,600 an hour for its services, according to the 144-count indictment. It also provided customers with cocaine and other narcotics, the indictment said.
Hynes said clients often spent in excess of $10,000 in a single night.
They were “all high-end customers coming from the financial markets. Pe
Tags: Clients, Street Clients, Wall Street, Wall Street Clients
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