Twenty-five years after the Black Monday stock market crash of 1987, the potential for a catastrophic plunge remains, says Bloomberg. The Wall Street Journal looks back at the articles it published on the week of Oct. 19, 1987.
It seems the Times has also seen a “bootleg” copy of Greg Smith’s Why I Left Goldman Sachs, and its take is in line with what we’ve read of the book so far: “Long on Mr. Smith’s reminiscences of the pleasures of the job—handmade suits, sashimi at 30,000 feet, strawberries at Wimbledon—the former Goldman salesman’s book does not break much new ground on illegal or questionable financial practices at the firm.”
Morgan Stanley chief executive officer and noted compensation realist James Gorman is likely to miss performance targets that would have netted him nearly $6 million, according to Bloomberg.
Argentina has found a jurisdiction where it can hide from Paul Singer’s Elliott Management, the hedge fund that seized an Argentinean naval vessel earlier this month, according to The New York Post. The Swiss government refused Elliott’s request to embargo Argentina’s deposits in the Bank for International Settlements, arguing it had no authority over the so-called central bank for central banks.
Anthony Chiasson, the Level Global hedge fund manager facing insider trading charges, is seeking to draw his better-known partner David Ganek into court. As Dealbook explains, Mr. Chiasson’s lawyers say Mr. Ganek’s trading records are similar to those of his client; Mr. Ganek wasn’t accused of wrongdoing, so the fact that the two partners made similar trades may raise doubts on the charges against Mr. Chiasson.
With SEC Chairman Mary Schapiro expected to step down in the months to come, Bloomberg looks back at the tenure of a woman who revived the agency yet failed to meet several stated objectives.
It was a good day for Italian and Spanish bond markets.
Business Insider has a great email exchange between Democrat Whitney Tilson and Republicans on his email list.
