The recent arrests in the insider trading scandal have made me think of the mafia adage: Never speak when you can nod, never nod when you can wink. In 2011, the updated version is never email when you can text; never text when you can speak; never speak when you can nod…. These guys may have been smart in putting the “mosaic” of information together but were not so smart in the way they communicated with each other. Read the story here.
All I can say is that I for one am sick and tired of reading the stories about these criminals and alleged criminals. It’s enough already.
Where is the positive press? I guess right now there isn’t any. It is really sad that the only way people know abouthedge funds is when they read about managers being blamed for the credit crisis or being involved in an insider trading scandal. It is no wonder people of all shapes and sizes complain about the evil that hedge fund managers do. I can understand where the venom comes from. It is not easy defending the industry because, frankly, it seems to be full of a lot of very bad people. Hopefully the news will get better – something has to change.
Hedge fund managers have to be better then this. This is supposed to be an industry made up of smart people who make money, regardless of which way the market is moving. It is not supposed be made up of a bunch of thieves who are no better than your average corner purse-snatcher. The fact that so many people are tied to this scandal is disgusting and disgraceful. The industry is better than that and the people in it need to start acting that way.
THINGS THAT DRIVE ME CRAZY:
Two words: Insider Trading