CNBC's show "American Greed" - Two nights ago featured an insider scheme that involved Wall Street's most pretigious financial firms - Goldman Sachs and Merrill Lynch, 9 security trading accounts for owners whose professions ranging from stripper, personal trainer to, of course, associates in big investment banks. When greed got the best of people, it could become out of control. The tricky part of this investigation is to find out the source of information for insider trading. It turned out that they were using pre-published Business Week column. This is the one trick that "worked", making them millions of dollars. Before that they tried hiring high class strippers to get inside information from executive clients but didn't "worked". However, obviously the one that worked got them busted. A smart idea, but bribing some publisher workers to read them the columns before it went to the public left way too many trails. But when greed get the best of a person, anything can happen.

Comments: View Comments |  Thursday February 26, 2009

Trade deficit felt to its lowest in 6 years. This should be a good news right? Not if it's brought upon by the steeply worsening of the recession. For the year, the deficit shrank by 3.3 percent to $677.1 billion. It was the second straight annual decline after five straight years of record deficits. The deficit with China is still high. Obama's administration is more likely to take a harder line on China's currency exchange rate. But China is not immune to the global recession either. US remain the single one biggest importer for China. Last month, China's export dropped 17 percent.

There are concerns the U.S. recession and downturns in many other countries could lead to rising protectionism worldwide that will make the global recession worse.

Man, man, I feel like I should take on a happier note just to distract me from all this depressing news.

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Comments: View Comments |  Thursday February 12, 2009

Lehman Brothers opened the a new chapter of American Economy - chapter 11. Its reputation has shattered but apparently working for the bankrupt firm - Lehman Brothers holding Inc. has becoming hot job in Wall Street. Many of the former laid-off employees came back to work for it, although for a lot less glorious positions. It's massive work to sell off all the remaining assets of this former financial giant. Some were gauranteed a 2-year work contract for the cleanup job. It could be longer. And it might be just enough time to tide over to the recovery of the economy when they can look for a job again.

Former Lehman CEO Richard Fuld was taken off Lehman's payroll since Jan. 1. But the hourly fee of $550-$850 that was charged to Lehman for Alvarez & Marsal's () top executives - wow, I'm glad Lehman doesn't owe me. It is much like probation.

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Comments: View Comments |  Monday February 2, 2009