The Wall Street Journal is reporting that The SEC has sued Goldman Sachs for fraud in connection with a financial insutrument the firm developed through discussions with hedge fund Paulson & Co. (Paulson& Co. was not named as a defendant in the SEC charges). According to the complaint, Paulson paid Goldman Sachs approximately $15 million for structuring and marketing this security — called ABACUS 2007-AC1 — in early 2007. The security let Paulson & Co. make bets against the residential real estate market, which the hedge fund believed was going to tank. The ABACUS 2007-AC1 was a complex investment vehicle known as "synthetic collateralized debt obligations", or synthetic CDO which provided income from a pool of corporate bonds without anyone need to actually purchase the bonds. In laymen's terms: (i) Paulson & Co. "played a significant role" in picking which subprime mortage backed securities that would be used as the basis for ABACUS 2007-AC1, (ii) Paulson & Co. had an incentive to pick securities that would have tanked, since it was betting that the value of these securities would fall, and (iii) Goldman "failed to disclose to investors, as part of the description of the portfolio selection process contained in the marketing materials used to promote the transaction, Paulson’s role in the portfolio selection process or its adverse economic interests".
Ben Rothlisberger has been suspended six games by NFL commissioner Roger Goodell for violation of the league's personal conduct policy. Big Ben was recently accused of sexual assault by a 20 year old college student at a Georgia nightclub last month. Though prosecutors decided not to charge Rothlisberger with a crime, Goodell felt the need to protect the integrity of the NFL. Furthermore, Goodell may increase the six game suspension if new evidence of misbehavior emerges that violates the NFL's personal conduct policy. These new allegations against Rothlisberger come on the heels of a woman accusing him of sexual assault in 2008 at a Lake Tahoe hotel-casino in 2008. Rothlisberger denied the allegation and wasn't charged but is currently being sued by the lady in question.
The movie Wall Street captured the unbridled optimism of the 80's and Reagan adminstration. It still remains one of my favorite movies of all time. In it's most poignant scene, Gordon Gekko stated that ". . . greed is good", for it drives innovation and is the underpinning of what makes this country great - capitalism. Do you think "greed is still good"? And if so, does this brand of elected officials have the backbone to reign in the Street? Let us know what you think.
As you prolly already know, the Shock Exchange got its start in streetball events in the Fort Greene section of Brooklyn. Over time we have branched out and attracted kids from Harlem, to Crown Heights, to Bed Stuy. Yet we still consider the courts outside Fort Greene Park our official home. You never know who you'll see flowing through our house. Recently we caught a glimpse of none other than Sean Price and Jay Electronica in Fort Greene displaying their game on and off the court as part of Converse's Band of Ballers 3-on-3 tournament to be held in the ATL. Fellas, we're looking for some to collab on a mixtape for Shock Exchange Comes to Harlem here: www.clicky.me/ShockExchangeComestoHarlem2010 . You work with us and we will help you with your hoops game prior your Band of Ballers event. When my man goes ". . . my assist game is so dope", my first thought was ". . . the vibe you givin' off sounds so unfamililar . . . I can't feel ya". If interested get at me . . . if not . . . get at me anyway. Keep reading to witness the video of Sean Jay's "mad" basketball skills.
Dime Magazine is reporting that McDonald's All-American and New York Native, Doron Lamb, is headed to Kentucky. Despite being scheduled to make his official announcement tomorrow at the Jordan Brand Classic, the former Bishop Loughlin stand-out will suit up for Kentucky next year, according to Dime's inside sources. In addition to Lamb, Kentucky Coach John Calipari has also gotten commitments from Brandon Knight (the nation's top point guard) and Michael Gilchrist (considered to be the top junior in the country). Lamb, Knight, Gilchist, etal are expected to help fill the shoes of the five Kentucky underclassmen headed to the NBA this year. There were rumors swirling around that St. John's new coach, Steve Lavin, had reached out to Lamb over the past week about staying in the NYC next year. Hoever, Dime is reporting that Lamb's final choice came down to Kentucky and Kansas. For the full story go here: http://bit.ly/b0tNWa .
Bring together the Usual Suspects (Abysinnian, Variety B&G, CASW, Shock Exchange, NJ Panthers, NY Gators, Maryland Ruffriders, NY Falcons, Kendall Madison Playaz, and Roth Runnin' Rebels, etc.); add some fresh meat (Syracuse Nets, Raising Champions, Waterbury Bombers, Game 7 Sharks, PPY Elite, NJ Shooting Stars, Minutemen, Riverstate Park Runnin' Rebels, and Newburgh Lions, Raising Champions); top it off with a dash of "elite" (DC Assault, NJ Roadrunners); and add Columbia University as the backdrop and what do you get? You get Shock Exchange Comes to Harlem, of course. This event was nothing less than a spectacle ... parents and coaches basically sat with mouths agape for a few minutes to take it all in. What began as a curiosity two years ago has now become a "must see" event for local fans and news media. After the dust settled, there were 12 teams left standing:
13U: Abbo 1st Place, Falcons - Mike 2nd Place
14U: DC Assault and Maryland Ruffriders Co-Winners
15U: NJ Roadrunners 1st Place, PPY Elite 2nd Place
16U: CASW 1st Place, NJ Roadrunners 2nd Place
17U: Roth Rebels 1st Place, Raising Champions 2nd Place
Thanks again to all who participated and supported this event ... special thanks to Columbia University and staff who went above and beyond the call of duty in hosting the Shock Exchange over the weekend.
VH1's new reality TV show, Basketball Wives, premiered this past week. The show is headlined by Shaunie O'Neal, Shaquille O'Neal's ex-wife, as well as significant others of various NBA players. This show is exactly why Coach Baker turned down every opportunity to play in the NBA. He was actually good enough to go pro (in his own mind) but wanted to avoid being put on blast by oppotunists looking to "tell what had happened" and "what they had seen or heard". The trailer for the show is below.
