By The Huffington Post News Editors
HARLEM — Andrew Padilla‘s roots in El Barrio go back to when his grandfather first moved to East Harlem. Now, 60 years on, the filmmaker can barely afford to live there.
The gentrification and blurring of the line between the neighborhood and the Upper East Side, and its impact on longtime residents, are the topics of Padilla’s new short documentary
By Reuters
Filed under: Dell, Scandals and Lawsuits, Stocks, People
Michael Steinberg, a portfolio manager at Steven A. Cohen’s $15 billion hedge fund, was arrested by the Federal Bureau of Investigation at his home in New York City early on Friday morning in connection with a long-running insider-trading investigation, an FBI spokesman said.
Federal prosecutors had been considering indicting Steinberg on charges that he traded shares of Dell Inc. (DELL) on insider information, sources close to the matter said on Thursday.
Steinberg’s lawyer Barry Berke said in a statement to Reuters that his client had done “absolutely nothing wrong.”
“At all times, his trading decisions were based on detailed analysis as well as information that he understood had been properly obtained through the types of channels that institutional investors rely upon on a daily basis,” Berke said.
Steinberg, 40, is the most senior SAC Capital Advisors employee to be charged in the U.S. government‘s probe into how hedge funds may use illegally obtained information to trade. Including Steinberg, nine people have been either charged or implicated with wrongful trading while they were employed at the Stamford, Conn.-headquartered SAC.
An SAC Capital spokesman had no immediate comment on the arrest.
Steinberg’s arrest had been widely expected after Jon Horvath, a former SAC analyst who worked closely with him, pleaded guilty last year to using illegally obtained information to trade in Dell and Nvidia Corp. (NVDA). Horvath has been cooperating with the government and had implicated Steinberg.
SAC Capital suspended Steinberg from his post in October 2012, and he has been moving among several hotels in New York City in recent weeks, according to Reuters sources, as he wanted to avoid being arrested at his Upper East Side home where he lives with his wife and two children.
The arrest comes two weeks after SAC agreed to pay a record $616 million to the U.S. Securities and Exchange Commission to settle civil charges of insider trading. SAC neither admitted nor denied wrongdoing at that time.
But the government made clear that that settlement didn’t preclude further charges.
As part of that settlement, SAC Capital agreed to pay $14 million to settle charges of improper trading in Dell, in which a former trader who reported to Steinberg had been involved.
Disturbed and desperate, David Tarloff set out with a bag full of knives and a plan he thought had God’s blessing: Stick up a psychiatrist for $40,000, grab his mother out of a nursing home and escape with her to Hawaii, authorities and doctors say.
His odd plot became a bloodbath in an Upper East Side office. Tarloff slashed a therapist to death with a meat cleaver after she confronted him.
Five years later, Tarloff is set to go on trial this week in a case that points up the uncertainties of prosecuting people with major psychiatric illnesses. The case has stalled for years at a time because of the schizophrenic Tarloff’s mental state, which halted an attempt to try him in 2010.
If the trial goes forward, jurors will be asked to decide whether Tarloff, who has a decades-long history of hospitalizations and hallucinations about God and Satan speaking to him, knew he was doing wrong when he killed psychologist Kathryn Faughey. They had never met.
He has variously said he was frightened that she was going to attack him — her long fingernails alarmed him, he said — and that he mistrusted her because she shared an office with the doctor he’d targeted for the robbery, the one who had first committed Tarloff to a mental hospital 17 years before.
“Believe me, I wish she was never there — but I thought she was evil,” Tarloff told a psychologist in 2010. “I went to kill her. I thought I had no choice.”
Tarloff’s lawyers don’t dispute that he killed Faughey. But they argue he was so psychotic that he shouldn’t be held criminally responsible for her death.
“Everything about his thought process was so bizarre — so crazy — that the proof in the case shows he was legally insane,” lawyer Brian Konoski has said.
But prosecutors and Faughey’s family feel that, whatever Tarloff’s illness, his actions bespoke a considered, violent scheme.
“He planned this out” and was heavily armed, said Owen Faughey, one of her six siblings. “He was determined, it would seem, to stop anyone who would interfere with his plan. And, unfortunately, that’s where our sister fell victim to his plan. …
Those Olsen twins sure know how to put on a show. In an Upper East Side townhouse decorated with antiques – not to mention scented candles, roaring fireplaces, giant vases of cherry blossoms, and silver platters of tiny macarons – the recent CFDA winners presented a Fall 2012 lineup for The Row that was so stunning it caused more than one first-time attendee to sigh “now I get it” upon leaving. Click through to peek the full collection; our full review is coming soon.
The 400-pound Queens pedestrian who crashed through an Upper East Side sidewalk said yesterday that a thinner woman might have died from that fall.
“Thank God, they said that my size was the only thing that saved me,” Ulanda Williams, 32, told The Post as she was discharged from NewYork-Presbyterian Hospital.
City Department of Buildings inspectors found that a 4-by-6-foot section of sidewalk had collapsed into a vault cellar in front of the building.
“I was standing there approximately 10 seconds and when that occurred, I just fell right through,” said Williams, who stands about 6-foot-5.
The FDNY had to use a crane and cargo net to get her out.
Click for more from the NY Post.
Source: FULL ARTICLE at Fox US News
