Monthly Archives: August 2011

The Fizzling Criminal Prosecutions

Posted on August 12, 2011 by mmjdiary

The federal criminal investigation into Washington Mutual’s lending practices has been closed. Further, it looks as if similar investigations into the mortgage lending of IndyMac Bancorp and New Century Financial are dormant and likely also to be closed. These three … Continue reading →

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God Bless Standard & Poor’s

Posted on August 6, 2011 by mmjdiary

The Barometer has had its chastisements for S & P over its failure to allow the concerns of its analysts to percolate up into actually stating publicly that the subprime mortgage instruments were junk. Not exactly equipped with an itchy … Continue reading →

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The Grassley Letter on Hedge Fund Connections with the Department of Education

Posted on August 4, 2011 by mmjdiary

Senators Charles Grassley and Tom Coburn have raised questions that are disturbing on so many levels. In a letter to Arne Duncan, the Secretary of Education, Senator Grassley asks whether insiders at the Department of Education tipped off hedge fund … Continue reading →

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Finally, a Company Lets the Data Speak

Posted on August 4, 2011 by mmjdiary

In June 2011, The Spine Journal let loose with its findings on Medtronic’s Infusion, a bioengineered material used in spinal fusion. The special issue of the medical journal concluded that research sponsored by Medtronic resulted in misleading conclusions – overstated … Continue reading →

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“They Never Do Just One Thing.”

Posted on August 4, 2011 by mmjdiary

That’s an insight gained from an experienced manager who was reflecting on how to manage ethical missteps by employees. He said if you believe it’s their first offense, you are probably wrong. Check back through their work to be sure … Continue reading →

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The Children’s Hospital of Philadelphia Embezzlement Case: Did They Miss Red Flags?

Posted on August 4, 2011 by mmjdiary

The stunning indictment and guilty plea of Roosevelt Hairston Jr., the former general counsel and executive vice president of Children’s Hospital of Philadelphia(CHOP), for embezzlement gives us pause. The pause comes from the fact that the embezzlement amounted to $1.7 … Continue reading →

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“Be on time. Treat women with respect. Play like a thug. Live like a gentleman.”

Posted on August 2, 2011 by mmjdiary

The late Houston AAU coach, David Salinas, who took his life as the SEC uncovered that his firm, Select Asset Management, founded in 2006, was a Ponzi scheme. The firm managed assets of college basketball coaches who invested from $23,000 … Continue reading →

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