Jim Cramer “doesn’t trust” the semiconductor stocks despite two upgrades Friday, he said on CNBC’s “Stop Trading!” segment. Cramer said glut talk from big memory chipmaker Micron (MU) points up the futility of trying to buy tech out of season. Cramer said it’s unwise to buy tech stocks till the latter end of the year, because of the way Wall Street works. Thus he said he’s not surprised to see Micron down 3% and the SOX index of chip stocks down...
Boston firm rejects allegations of links to terrorism
February 15, 2007 on 12:02 pm | In |
The chief executive of a Boston private equity firm that is under investigation by the U.S. government for its connection to groups that allegedly finance Islamic extremists has said his company is not linked to terrorism.
“We do everything appropriately and by the book, and we adhere not just to the letter of the law, but to the spirit of the law,” James Godec, head of Overland Capital Group, said Wednesday. “I am extraordinarily cautious about this kind of stuff.”
The U.S. Department of Justice investigation centers on alleged criminal tax law violations by Overland. A grand jury in Boston is examining whether the company evaded taxes, according to a filing last week in U.S. District Court in Massachusetts. Overland’s offices in Boston and Braintree, Massachusetts, were raided two weeks ago by Internal Revenue Service agents.
The Justice Department lawyer named in the filing, Corey Smith, works in the terrorism financing unit of the department’s criminal division. Since the Sept. 11 attacks, prosecutors have increasingly used tax laws to bring cases against wealthy people from the Middle East suspected of funneling money to groups linked to terrorism. The investigation was disclosed Wednesday in The Wall Street Journal.
A Justice Department spokesman declined to comment on the case.
Overland, which has more than $1.5 billion in assets under management, was founded in October 2001 by Godec and several other former KeyBank investment professionals. The 23-person firm represents international investors, particularly in Europe and the Middle East, seeking real estate and equipment-leasing investment opportunities in the United States.
The original majority owner of Overland was Islamic Investment Company of the Gulf, a unit of Dar Al-Maal Al- Islami Trust, a financial group in Geneva founded by a senior member of the royal family of Saudi Arabia.
Dar Al-Maal Al-Islami specializes in Islamic banking, which prohibits paying or receiving interest and dealing in liquor, pork, gambling and pornography.
The U.S. government suspects that terrorist groups sometimes gain access to money with support from people involved in Islamic banking.
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A Look at Recent Stock Splits: Guess? 2 for 1 »Updated from 2:49 p.m. EST The markets asked Fed Chairman Ben Bernanke to be their Valentine Wednesday, and he accepted, though perhaps somewhat unwittingly. As soon as the headlines on Bernanke’s semiannual testimony to Congress hit the tape at 10 a.m. EST, the Dow Jones Industrial Average quickly jumped into record territory. The S&P 500 and the Nasdaq Composite also surged, and stayed well in the green throughout Bernanke’s question-and-answer session on Capitol Hill....
Exchange-traded funds are starting to make inroads into 401(k) plans, creating the potential for explosive growth in these baskets of securities that trade throughout the day like stocks. But some people are skeptical that ETFs will — or should — ever play as big a role as mutual funds in helping Americans plan for retirement. The market for ETFs rose to $432 billion at the end of 2006 from $464 million in 1993, the year they were launched, according to fund tracker Morningstar. But...
Boston firm rejects allegations of links to terrorism
February 6, 2007 on 12:30 am | In |
The chief executive of a Boston private equity firm that is under investigation by the U.S. government for its connection to groups that allegedly finance Islamic extremists has said his company is not linked to terrorism.
“We do everything appropriately and by the book, and we adhere not just to the letter of the law, but to the spirit of the law,” James Godec, head of Overland Capital Group, said Wednesday. “I am extraordinarily cautious about this kind of stuff.”
The U.S. Department of Justice investigation centers on alleged criminal tax law violations by Overland. A grand jury in Boston is examining whether the company evaded taxes, according to a filing last week in U.S. District Court in Massachusetts. Overland’s offices in Boston and Braintree, Massachusetts, were raided two weeks ago by Internal Revenue Service agents.
The Justice Department lawyer named in the filing, Corey Smith, works in the terrorism financing unit of the department’s criminal division. Since the Sept. 11 attacks, prosecutors have increasingly used tax laws to bring cases against wealthy people from the Middle East suspected of funneling money to groups linked to terrorism. The investigation was disclosed Wednesday in The Wall Street Journal.
A Justice Department spokesman declined to comment on the case.
Overland, which has more than $1.5 billion in assets under management, was founded in October 2001 by Godec and several other former KeyBank investment professionals. The 23-person firm represents international investors, particularly in Europe and the Middle East, seeking real estate and equipment-leasing investment opportunities in the United States.
The original majority owner of Overland was Islamic Investment Company of the Gulf, a unit of Dar Al-Maal Al- Islami Trust, a financial group in Geneva founded by a senior member of the royal family of Saudi Arabia.
Dar Al-Maal Al-Islami specializes in Islamic banking, which prohibits paying or receiving interest and dealing in liquor, pork, gambling and pornography.
The U.S. government suspects that terrorist groups sometimes gain access to money with support from people involved in Islamic banking.
No Comments yet
Sorry, the comment form is closed at this time.
Creative, But Gentle, Disrupter? »One very genial, very excited gadget geek—that pasty indoor pallor may be explained by the seven TVs in his apartment—is practically bouncing up and down in front of his laptop. As he watches a live basketball game on the screen, he records key plays on the fly and e-mails Web links to the video snippets to a pal. The glee is understandable; the technology cannot help but impress. Then again, he is adding weight to the cement shoes of those who’d prefer to keep TV more or less as...