Blog posts with "white collar crime"

Displaying 31-38 of 38 result(s).

FCC Investigates AT&T-Apple-Google Love Triangle, Continued

This past Friday, August 21, Apple, Google, and AT&T all responded to the FCC's interrogatories that I wrote about here.   Apparently, according to Apple, the Google Voice application was never actually rejected, but was still under consideration. Apple claims that Google Voice replaces Apple's visual voice mail system, its ability to text, and its address book and was initially not added for this reason. Here, in Apple's own words, "It appears to alter the iPhone’s distinctive user e...

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Credit Suisse Fraudster Convicted, Clients lose $1 Billion

  Former Credit Suisse broker Eric Butler was found guilty yesterday of conspiracy and securities fraud. The evidence established that Butler and another broker, Julian Tzolov, defrauded clients to obtain higher sales commissions. Butler and Tzolov sold auction rate securities (ARS) backed by mortgages to clients who had placed orders to buy ARS that were backed by government backed student loans. Butler and Tzolov convinced clients that the student loan backed securities were secure and hig...

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DOJ Forcing InBev to Sell Labatt Beer

  The soon to be world's largest brewing company, InBev (brewer of beers such as Bass, Stella, Labatt, and Becks), was ordered today to divest of its assets in Labatt Beers. The issue stems from InBev's merger with Anheuser-Busch that began on July 13, 2008. At the time, Anheuser-Busch was the largest American brewer capturing 50% of the U.S. market, and InBev was the largest European and South American brewer making it the world's second largest brewer. On November 14, 2008 the Department o...

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Chinese Spy Games, Who Says the US doesn't Export to China

Three men from Beijing were sentenced over the past few days for attempting to take highly sensitive military technology back to China. The FBI caught the men who were trying to move cutting edge thermal cameras made by FLIR (full story from the FBI here). The three are going to serve between one and five years in federal prison for the attempts. The three were charged under the International Emergency Economic Powers Act (IEEPA) and the Export Administration Regulations (EAR). Apparently one...

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GE Cooked the Books Too

  The Securities and Exchange Commission filed civil fraud and other charges against General Electric today for misleading investors through their preparation of financial statements (See the SEC official release). Apparently GE used deceptive accounting methods to artificially increase its earnings reports. GE has neither admitted nor denied culpability, but have agreed to pay a $50 million dollar penalty to settle the charges. The fairness of this settlement is difficult to grasp consideri...

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Not Insider Trading? Part II

For more background on "flash" trading, see my prior post "Not Insider Trading? Part I." Senator Charles Schumer (D-NY) said earlier today that an SEC ban on flash trading was "imminent." Schumer said that in a discussion he had with Securities and Exchange Commission Chairman Mary Schapiro, she personally promised him that the ban would be forthcoming. This is part of a broader investigation into questionable trading practices such as "dark pools," anonymous trading groups, and high frequenc...

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FCC Investigates AT&T-Apple-Google Love Triangle

An interesting issue has developed in the law of cell phone handsets, and more generally the anti-competitive practices of large national wireless carriers. The issue stems from Apple's refusal to host a Google application in the iPhone App Store. The refusal to host the Google Voice app has not only irritated iPhone users, like myself, but has attracted the attention of the FCC.   Google Voice is a unique and useful currently web-based program in development for individuals and small busine...

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Not Insider Trading? Part I

See if you can figure this one out: if you are extremely rich and influential, then you can receive market news before the general public, and legally trade on it. What?! The service provided to these traders, known as "flashing," allows them to view orders submitted to exchanges, like the Nasdaq, before they are actually placed on the open market. The time period to review the information before the trade is placed is very short, fractions of a second, but enough time for an automated comput...

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