Thursday, 18 September 2014
Last updated 1 hour ago
Apr 22 2010 | 11:56am ET
A Deutsche Bank bond salesman on trial for insider-trading testified that he did not know VNU Group credit-default swaps were restricted when he sold them to a portfolio manager at hedge fund Millennium Partners.
According to Deutsche Bank’s July 2006 restricted list, employees were limited to making markets in VNU swaps or taking unsolicited offers. Jon-Paul Rorech is accused of passing on non-public information about a VNU bond offering to Millennium’s Renato Negrin, who is also his co-defendant in the case.
“I’m surprised to hear we’re restricted to non-soliciting because no one ever told us that in New York,” Rorech testified.
Rorech also said that a key part of the prosecution’s case—when he and Negrin switched to cell phones—was Negrin’s idea.
“I wish it never happened,” he said. “I certainly had nothing to hide there.”
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Credit default swaps brought down the London Whale and cost JPMorgan $6.2 billion. Here is how it happened.