Wednesday, July 8, 2009
Monday, July 6, 2009
Shanghai Wants its Own ‘Wall Street Bull’
New York’s charging bull statue that sits near Wall Street in lower Manhattan is a symbol of wealth, power and dominance ; a status that China desperately seems to want to achieve. According to Chinese state media reports on Saturday, Mainland’s financial capital, Shanghai, has decided to build a relatively similar version of New York’s charging bull. It will be twice as big as the one in NYC.
From Reuters:
Shanghai, plans to install its own version of the Street’s famed charging bull statue, casting in metal its hopes to eventually rival New York.
[The statue] will sit on the city’s famous Bund riverfront, across from the Pudong financial district, weighing 6 metric tonnes, compared with Wall Street’s 3.2 tonne beast.
Xin Yaqin, an official in Shanghai’s Huangpu district, said the statue was intended to “bring confidence and fortune to the Chinese people in times of economic uncertainty,” the paper reported.
“Shanghai is different from New York, so we’ll ask the artist to add Chinese characteristics to the sculpture,” Xin said.
The giant bull statue will weigh more than 13,000 pounds compared to the 7,000 pound bull in New York, according to China Daily.
China’s growing business hub, Shanghai, is home to China’s biggest stock exchange and the regional base of many multinationals.
From Reuters:
Shanghai, plans to install its own version of the Street’s famed charging bull statue, casting in metal its hopes to eventually rival New York.
[The statue] will sit on the city’s famous Bund riverfront, across from the Pudong financial district, weighing 6 metric tonnes, compared with Wall Street’s 3.2 tonne beast.
Xin Yaqin, an official in Shanghai’s Huangpu district, said the statue was intended to “bring confidence and fortune to the Chinese people in times of economic uncertainty,” the paper reported.
“Shanghai is different from New York, so we’ll ask the artist to add Chinese characteristics to the sculpture,” Xin said.
The giant bull statue will weigh more than 13,000 pounds compared to the 7,000 pound bull in New York, according to China Daily.
China’s growing business hub, Shanghai, is home to China’s biggest stock exchange and the regional base of many multinationals.
Ex-Goldman Programmer Must Post $750,000 Bail
A former Goldman Sachs computer programmer accused of stealing secret trading codes from the investment bank was being held in federal custody Monday, pending the posting of $750,000 bail.
Sergey Aleynikov, 39, was ordered by U.S. Magistrate Kevin Nathaniel Fox in Manhattan on Saturday to post a $750,000 personal recognizance bond to be secured by three financially responsible people.
The bond also was to include $75,000 in cash, and Aleynikov was ordered to surrender his passport.
Aleynikov, a Russian immigrant living in New Jersey, was arrested on Friday night by FBI agents at Newark Liberty International Airport after returning from Chicago, according to court documents.
He is accused of "theft of trade secrets" related to computer codes used for automated stock and commodities trading at an unspecified financial institution.
Sources familiar with the situation have told Reuters columnist Matthew Goldstein that the financial institution is Goldman Sachs
A Goldman representative declined to comment Monday. A lawyer for Aleynikov, Sabrina Shroff, also declined to comment.
Authorities contend that Aleynikov improperly copied a financial institution's proprietary computer code and then uploaded it to a computer server in Germany.
In court papers, an FBI agent said Aleynikov worked at an unspecified financial institution as a programmer from May 2007 until June 5, when he left to work for a new company focused on high-volume automated trading.
The case could shed light on the intricate trading systems developed by Goldman, and also raises questions about the security of Wall Street's proprietary trading operations.
Aleynikov's wife, Elina, told Reuters on Sunday that her husband is innocent.
Speaking in a phone interview from the couple's New Jersey home, she said her husband worked hard for Goldman and has been a good citizen who has lived in the United States for 19 years.
Aleynikov was being held at the Metropolitan Detention Center in Brooklyn as of Monday morning, according to the federal Bureau of Prisons website and an officer at the jail.
Sergey Aleynikov, 39, was ordered by U.S. Magistrate Kevin Nathaniel Fox in Manhattan on Saturday to post a $750,000 personal recognizance bond to be secured by three financially responsible people.
The bond also was to include $75,000 in cash, and Aleynikov was ordered to surrender his passport.
Aleynikov, a Russian immigrant living in New Jersey, was arrested on Friday night by FBI agents at Newark Liberty International Airport after returning from Chicago, according to court documents.
He is accused of "theft of trade secrets" related to computer codes used for automated stock and commodities trading at an unspecified financial institution.
Sources familiar with the situation have told Reuters columnist Matthew Goldstein that the financial institution is Goldman Sachs
A Goldman representative declined to comment Monday. A lawyer for Aleynikov, Sabrina Shroff, also declined to comment.
Authorities contend that Aleynikov improperly copied a financial institution's proprietary computer code and then uploaded it to a computer server in Germany.
In court papers, an FBI agent said Aleynikov worked at an unspecified financial institution as a programmer from May 2007 until June 5, when he left to work for a new company focused on high-volume automated trading.
The case could shed light on the intricate trading systems developed by Goldman, and also raises questions about the security of Wall Street's proprietary trading operations.
Aleynikov's wife, Elina, told Reuters on Sunday that her husband is innocent.
Speaking in a phone interview from the couple's New Jersey home, she said her husband worked hard for Goldman and has been a good citizen who has lived in the United States for 19 years.
Aleynikov was being held at the Metropolitan Detention Center in Brooklyn as of Monday morning, according to the federal Bureau of Prisons website and an officer at the jail.
Monday, June 29, 2009
Bernard Madoff Gets 150 Years in Jail
Bernard Madoff was sentenced to 150 years in federal prison for masterminding the largest Ponzi scheme in history, a penalty six times longer than those meted out to the chief executives of WorldCom Inc. and Enron Corp.
Sunday, June 28, 2009
Hedge Fund Fun
For those who are big Entourage fans, writer Doug Ellin, along with Brian Koppelman and David Levien to write a new show based around the life of a forty-something hedge fund manager. As the New York Times noted, Hedge Funds have become a true cultural phenomenon with the media obsessively following the notoriously tight-lipped and haute classe investment vehicles.
Wednesday, June 3, 2009
Government Motors-Powered by subsidies
Government Motors new CEO Barack Obama says the taxpayer will back the warranties of the failing automaker, well isn’t that just dandy? So not only is the government in the banking business and the mortgage business and the insurance business and the automakers business it’s also in the business of auto warranties too and we get to pay for it all, great huh?
Tuesday, June 2, 2009
GM Bankruptcy
General Motors Corp. won court approval on its first day in bankruptcy to sell assets as soon as next month after collapsing under $172.8 billion in debt and failing to adapt to consumer demands for smaller cars.
The automaker, the largest manufacturer to seek protection from creditors, also won permission yesterday from Judge Robert Gerber in Manhattan to draw $15 billion from a $33.3 billion bankruptcy loan.
Detroit-based GM plans to form a new company in 60 to 90 days, built around its Cadillac, Chevrolet, Buick and GMC brands in the U.S. The lead bidder for the assets is the U.S. Treasury, which will provide the 100-year-old company with billions in loans that would be converted into a 60 percent equity stake. GM today said it has an agreement with a buyer for its Hummer sport-utility vehicle unit.
The automaker, the largest manufacturer to seek protection from creditors, also won permission yesterday from Judge Robert Gerber in Manhattan to draw $15 billion from a $33.3 billion bankruptcy loan.
Detroit-based GM plans to form a new company in 60 to 90 days, built around its Cadillac, Chevrolet, Buick and GMC brands in the U.S. The lead bidder for the assets is the U.S. Treasury, which will provide the 100-year-old company with billions in loans that would be converted into a 60 percent equity stake. GM today said it has an agreement with a buyer for its Hummer sport-utility vehicle unit.
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