Items tagged with insider trading
The chairman of GlobalFoundries board of directors, Hector Ruiz, has announced his resignation from the board and will step down on January 4, 2010, following a leave of absence. As we discussed last week, Ruiz has been fingered as the unamed "AMD Executive" in an insider trading scheme that began in the months before AMD spun off its GlobalFoundries busines. Transcripts of phone conversations indicate that said executive was a major source of information, although the fact that no one made any money off the scheme could shift the degree to which participants are punished. Ruiz has been replaced by Alan Ross, who will function as interim chairman until a new chair can be appointed. GF's press...
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Hector Ruiz served as CEO of AMD for nearly a decade and guided the company through both its strong success (Athlon 64) and lurching failures (paying $5.8 billion for ATI). He stepped down as CEO in July of 2008, after AMD reported its seventh consecutive quarterly loss, but became chairman of GlobalFoundries. That position could now be in jeopardy. The Assistant United States attorneys for the Southern District of New York have filed a complaint against the hedge fund Galleon Management. The fund is accused of trading on insider information, and Hector may have provided a great deal of it just before the GlobalFoundries spinoff. According to the court filing, Daniel Chiesi of Galleon Management...
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I like clever people. Not smart people, exactly. Smart people do dumb things all the time. I'm talking about people who look at a situation a little differently than the rest of the crowd, and profit from it. Not cheaters. Inspired.So while everyone was lining up to pay an outrageous amount for an iPhone, because the item seemed nifty or cool, others looked at it as an opportunity. They bought one, and in the most counterintuitive act you could think of, tore it apart. And then they invested in the manufacturers of the component parts, unconcerned with whether an iPhone deserved its hype, but knowing that the hype would make it sell. Among the beneficiaries of Apple's business and...
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