Finance Matters

Archive for March 18th, 2010

A federal judge just banned Theflyonthewall.com from reporting on Wall Street research reports prior to 10 a.m. For reports issued during the trading day, The Fly will be barred from using the research for two hours after it is released.

The opinion (see below) describes financial research as a public good that is endangered by “systematic misappropriation” by The Fly. The Fly’s lawyers say they plan to appeal the decision.

The banks had asked for a bar on publishing their research before 12 noon.

Here’s how Reuters looks at the broader impact of the decision:

Like many rivals, Theflyonthewall.com typically posts headlines from research reports and press releases, and longer summaries when available.

It was not immediately clear how the 89-page ruling might affect the ability of real-time financial news providers such as Thomson Reuters, Bloomberg LP and Dow Jones Newswires to tell clients of potentially market-moving research.

Thomson Reuters spokeswoman Erin Kurtz and Bloomberg spokeswoman Judith Czelusniak declined to comment. A Dow Jones representative had no immediate comment.

 

 

 

Barclays vs. the Fly

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• Holy Smokes! Have You Seen The New Trish Regan?

In a profile of T-Mobile USA, the Financial Times reports that “T-Mobile USA is hoping to start selling the [iPhone] later this year or next year.”

Does it mean that T-Mobile is definitely getting the phone this year or next? Obviously not. Every carrier probably ‘hopes’ to sell the iPhone.

But T-Mobile does have the benefit of working with Apple in Europe already to sell the iPhone; the companies are already partners. And T-Mobile is heavily stocked with Google Android phones, so Apple would be smart to take some wind out of Google’s sails by getting involved at T-Mobile.

There would be some technical work that needs to be done: T-Mobile’s 3G network uses an unusual frequency, so Apple would either need to make a special iPhone for T-Mobile, or support the carrier’s frequency on all of its phones.

However, there have been rumblings that T-Mobile would get the iPhone this year. For those reading the tea leaves, this is a nice clip to add to the file.

Here’s the key part from the FT, our emphasis added:

T-Mobile USA is hoping to capitalise on how AT&T, the second-largest US mobile operator, has suffered severe network congestion in some cities.

AT&T’s problems stem partly from its status as the exclusive network for Apple’s bandwidth-hungry iPhone. The iPhone has provided AT&T with strong revenue growth, and T-Mobile USA is hoping to start selling the popular smartphone later this year or next year. In the meantime, it will focus on smartphones powered by Google’s Android operating system.

Meanwhile, how about a CDMA version for Verizon and Sprint?

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• iPhone On T-Mobile Next Year? Sure, Why Not?
• 15 Features Apple Must Build Into iPhone OS 4

Goldman Sachs Wealth Management seems to have made a really weird advertisement back in 2001.

We’re not entirely sure where it ran, if anywhere.

But the advertisement does appear to be authentic.

Goldman seems much too conservative for anything like the weird, almost spooky scenes that are all over the ad.

And then there’s the use of the kooky phrase: “give your wealth the wings to soar.”

But at the end of the video, the ad lists a website “goldman.com,” whichs actually Goldman’s private wealth management website. And the phone number, 1 877 GOLDMAN, was answered by someone who said they work for “Goldman Sachs customer services.”

So we’re betting it is legit, even if it has a scene that looks like it’s straight out of the desert scene in the 1980s movie Beetlejuice (see right). Also because the video was posted by someone who works for The Serial Dreamer, a film production company. It appears he’s made award-winning ads for a bunch of big companies like Nintendo, Sony, Apple, Audi, and AT&T.

We asked a Goldman’s spokesmen if it’s real and will report their response as soon as we get it.

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• Want To Work For Goldman Sachs? Better Move To Salt Lake City
• Here’s The Secret Goldman Traders Don’t Want You To Know About Their New Headquarters
• "Suck My Goldman Sachs"

Is ecommerce giant Amazon.com making plans for a new refund feature?

In a filing this month, Amazon is seeking to trademark the term “Unpay” under the category of “Financial services; credit card services; debit card services; charge card services; clearing and reconciling financial transactions via a global computer network.”

Continue reading at TechFlash »

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• Apple And Amazon Are Fighting Over Every Last E-Book
• SEC STALKER: John Doerr Stepping Down From Amazon’s Board
• Apple Stacks The Deck Against Amazon’s Kindle App

Remember Hassan Nemazee?

He’s the New York financier and Democratic fundraiser who plead not guilty to ripping off big banks of hundreds of millions of dollars by making up collateral.

Today, he admitted to the fraud.

Dept. of Justice: [Nemazee] pleaded guilty today to charges of defrauding Bank of America, Citibank, HSBC, and a longtime friend and business associate of a total of more than $290 million in loan proceeds.

From 1998 to 2009, Nemazee obtained hundreds of millions of dollars in loans from BofA, Citibank, and HSBC. To obtain the loans, Nemazee misrepresented to the banks that he owned hundreds of millions of dollars in collateral, in the form of securities and other assets, which he did not own. 

Well, at least it was fun while it lasted. Nemazee enjoyed influence in Democratic circles, including the presidential campaign of Barack Obama, and lived a life of luxury complete with glamorous apartments and homes, sports cars, a yacht and a jet.

“Nemazee orchestrated an elaborate shell game to defraud three major banks, scamming them to the tune of $290 million to finance his posh life and create a reputation as a political kingmaker,” said Preet Bharara, the U.S. Attorney for the Southern District of New York, in a statement today.

Here’s the full filing:

Hassan Nemazee Plea Information

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• Hassan Nemazee’s Life Of Luxury
• Alleged Citi Fraudster Was A Crucial Democratic Booster
• The $74 Million Citi Fraud Scheme