SEC files on Madoff’s Kugel and moves on a D.C. Ponzi

on
The Securities and Exchange Commission is continuing to clean up the Beranard Madoff mess bringing charges against long-term Madoff employee, David Kugel. Kugel pleaded guilty to six felony charges on Monday as well. According to the SEC, Kugel was asked by Madoff to provide the firm’s investment advisory operations with backdated arbitrage trade information to […] [Read More]
Categories: General
Tags: |

State unemployment rate drops to 8.7 percent

on
Connecticut’s unemployment rate dropped to 8.7 percent in October, from 8.9 percent in September, marking the second straight month of job growth for the Nutmeg State, according to Labor Department statistics. The Labor Department said October’s job gains came primarily from professional and business services sector, where 3,000 jobs were added. Construction, thanks to tropical […] [Read More]
Categories: General

Ineffectual, a new hit song from D.C.

on
Good morning on this shortened work week. We’ve decided to start Monday off with a song in honor of the Super Terrific Deficit Cutting Committee and Congress proving once again, how ineffectual they’ve all become down there at a time when leadership is needed. With Apologies to Nat King Cole Ineffectual That’s what you are, […] [Read More]
Categories: General

A pre-IPO Facebook investment scam took in $12.6 million

on
The SEC has charged a group of people and their associated companies of running a scam that claimed investors could obtain pre-IPO shares of hot companies, including Facebook. The used a series of companies, including Florida-based Praetorian Global Fund and Spartan Capital to take in money. The idea was simple, the SEC said. They said […] [Read More]
Categories: General
Tags: |

Stanley Black & Decker looks to cut short-term borrowing

on
New Britain-based Stanley Black and Decker filed a prospectus and amendment on Nov. 17 announcing plans to issue senior unsecured debt. The tool maker said it’s looking to pay down short term borrowing. According to the latest prospectus, filed with the SEC, Stanley has $560.7 million of short term debt and $2.73 billion in long-term […] [Read More]
Categories: General
Tags:

Senators offering bans on Congressional insider trading

on
The market profiteering uncovered by 60 minutes last weekend looked so bad, two members of Congress are moving to if not ban insider trading completely, to at least make disclosure a part of the process. The TV news show dug into the investment activities of Congress and found members from both sides of the aisle […] [Read More]
Categories: General

Ex CEO loses $2.8 million bonus to Sarbanes-Oxley clawback

on
The SEC said on Nov. 15, former CSK Auto Corp. CEO and Chairman Maynard L. Jenkins of Arizona will return $2.8 million in incentive-based bonuses earned during a period when his company used fraudulent accounting to boost income. Jenkins was not personally charged as part of the fraud, though four others were. But his bonus […] [Read More]
Categories: General
Tags: |

A $250 million fund to be built on rare coins

on
Coming up this week, Assistant Business Editor Hearst Media Connecticut Richard Lee details the formation of an alternative money management fund built on rare coins. The fund appears to be looking to leverage both the collectible value and possibly the intrinsic metal value of gold and silver. Silver settled at better than $34 an ounce […] [Read More]
Categories: General

Black Friday protest on Target

on
Bloomberg had a nice piece on workers at Target who are tired of working Thanksgiving and started a petition. Seems it might be a nice PR ploy for Target to say it’s opening at normal hours on Friday and is running sales every day, instead of just for a few hours in morning’s darkest hours. […] [Read More]
Categories: General

Nor’easter could rip town credit ratings

on
Moody’s Investors Service said Monday the prolonged power failures in Connecticut and the estimated $3 billion cost of cleanup could damage a number of towns’ credit ratings as they try to find money to cover the costs. The credit rating agency said the prolonged delay in restoration of power “is credit negative for many Connecticut […] [Read More]
Categories: General