Thursday, December 30, 2010, PM | Leave Comment
Bloomberg.com reported this morning that an expert-networking consultant was charged by U.S. prosecutors in Manhattan with selling inside information to portfolio managers at three unidentified hedge funds. The consultant was working for Primary Global Research LLC when the information was sold.
According to Bloomberg.com
Winifred Jiau, arrested in Fremont, California, as part of a national probe of insider trading, was accused of selling data on Nvidia Corp. and Marvell Technology Group Ltd., makers of computer components, through Primary Global, according to a filing yesterday in Manhattan federal court. The hedge funds paid her $200,000 through the firm, prosecutors said.
Jiau, 43, is the seventh person connected to Primary Global to be charged in a U.S. insider trading investigation that has ensnared company employees and consultants.
The Jiau complaint shows prosecutors are gathering evidence of alleged insider trading against hedge fund employees. The probe became public last year with the arrest of Galleon Group LLC hedge fund co-founder Raj Rajaratnam.
Every time I hear this kind of news, I say to myself: “When is this selling inside information going to end?” I guess as long as there are humans with purely human-characteristics in their genes living on this earth, they will keep doing this sort of thing. There is no escape for them and for the rest of us as well.
When some folks are in such “powerful” positions as in this particular case, where they can do some damage, they will not hesitate doing it. And when money is involved, humans act like pure humans with greed, and making money any which way they can. Their eyes and their “heart” gets covered with a thin layer of see-through plastic. “They don’t see nothing except money.”
Many folks are making a lot of money, some honestly and others don’t give a shit. Jiau just happens to be one of them. Roomy Khan, Raj Rajaratnam, Sue baby, Discover, Ernst & Young, Madoff, Angelo Mazilo, Yahoo! Travel and Travelocity, Sex Slavery, R. Allen Stanford, and so many didn’t give a shit. These are the ones and a couple more that I wrote about. These are the ones we have come to know about. God knows how many more are out there.
Is it widespread? I hope not. However, greed is seeping through the foundation of American corporate finances. There are some Auditors, Chief Financial Officers and the likes who are cooking up their books. America is definitely moving in the wrong direction financially and otherwise. Do you know that at one time Congressional Panel slammed Treasury for losing taxpayer money? Can you believe this shit?
In a Nutshell
Read multiple sources for this story.