< HOME  Tuesday, April 11, 2006

What do bankers and gangsters have in common?

A lot!

For starters, they both want your money. From there, the degree of similarity differs from person to person. Nevertheless, on the whole, the banking industry and the mob share a lot more in common with each other than most people think.
[A] Goldman Sachs analyst, a Merrill Lynch banker and a printing plant worker were arrested on Tuesday for allegedly participating in a $6.7 million insider trading ring that involved stolen magazines, strippers and a retired underwear factory worker in Croatia.

Stanislav Shpigelman, a low-level investment banker at Merrill Lynch, was charged with tipping off Eugene Plotkin, a bond analyst at Goldman Sachs Group, and another member of the ring about upcoming mergers.

A third man, Juan Renteria, an employee at a plant that printed BusinessWeek magazine, was arrested in Milwaukee for allegedly giving pre-publication copies of the weekly to Plotkin and another member of the ring.

The case is linked to the arrest last year of David Pajcin, a former Goldman employee who allegedly made stock trades from stolen copies of BusinessWeek. Pajcin is cooperating with authorities, officials said.

The U.S. Securities and Exchanges Commission said the schemes were orchestrated by Plotkin and Pajcin, who persuaded Shpigelman to provide tips on upcoming mergers in return for a share of $6.7 million of trading profits.

In a second scheme, Plotkin and Pajcin recruited two individuals, including Renteria, to obtain jobs at a printing plant, steal advance copies of BusinessWeek and tip them about the names of companies discussed.

Plotkin and Pajcin also contemplated hiring strippers to gain information from bankers while dancing for them, but this plan was never executed . . .

Plotkin, 26, faces a maximum penalty of 70 years in prison; Shpigelman, 23, could get up to 55 years; and Renteria, 20, could be jailed for 15 years. . . .

Plotkin and Pajcin met at Goldman Sachs, and had planned to recruit other bankers for their trading ring, authorities said.
Plotkin is only 26; Shpigelman, 23, and Renteria only 20!

We're supposed to believe that the first two, probably fresh out of college, were going to recruit other bankers and not vice versa???

Notice they did not mention how old Pajcin is, nor is there any indication that he's being charged with anything, presumably because he is cooperating with authorities.

The whole story sounds like a few arrogant little banksters with loose lips got caught doing what their mentors do regularly with their lips sealed.


At Tuesday, April 11, 2006, Blogger Citisucks said...

The banking industry=organized crime. I can give more examples of the organized crime, especially organized crime at Citigroup:

1. 2 terrorists (bankers) at Citigroup created a scam where they stole money from the elderly.

2. Citigroup has stolen money from their own employees pay checks, by cheating them on their pay checks, in particular final pay checks.

3. Back before I woke up and canceled by Shitibank card, Shitibank stole money from me.

This is just 3 examples. Their are many more.

I look forward to the day when all the corporate terrorists are rotting in jail.

At Tuesday, April 11, 2006, Blogger qrswave said...

I think that they'd sooner rot in hell.

At Tuesday, April 11, 2006, Blogger Citisucks said...

Not just any hell either, the hottest layers of hell.

At Monday, April 24, 2006, Anonymous Anonymous said...

The SEC complaint is full of contradictions:
1. It says that guys "stole" $6.7 Million and then it says that all money have been frozen in all bank accounts.
2. Pajcin is a Croat and the majority of accounts belong to people with Croatian names. The biggest gain (over $2 million) was made in Pajcin's aunt's account in Croatia. Overall it is quite obvious that Pajcin (he's 29 by the way) is the main guy in the case, but because he's "cooperating" with the government, prosecution now tries to frame Plotkin.
3. The bail for Plotkin and Shpigelman was set at $3 million each. People who steal hundreds of millions and mafia members get much less.
4. Overall this really looks like the government wants to create an artificial bubble case out of not much - to show the public that they are THE PROTECTOR OF THE PEOPLE. Why? Well, as always - to divert our attention from stealing and wasting of billions.

At Monday, April 24, 2006, Blogger qrswave said...

In principle, I agree that the government is probably frying these two because they're easy targets - the typical fall guys. I believe I alluded to this in my post.

But, who are you suggesting is "stealing and wasting billions?"

The government, or the bankers who are NOT being prosecuted, or BOTH?

At Friday, April 28, 2006, Anonymous Anonymous said...

Both of course. Consider the war in Iraq and "questionable" investment banking practices. Small guys get beaten, big guys become heroes or "market movers" and keep on collecting $$.

At Sunday, May 07, 2006, Anonymous Anonymous said...


At Monday, May 08, 2006, Blogger qrswave said...

that's not fair! $30! I'm a student!

give me a brief introductory summary, please.

At Tuesday, May 09, 2006, Anonymous Anonymous said...


At Tuesday, May 09, 2006, Anonymous Anonymous said...


At Tuesday, May 09, 2006, Blogger qrswave said...

Is that supposed to be a summary?

I don't get it.

besides, you're preaching to the choir. I alredy know bankers are predators.


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