GOSSIP: Today's Wall Street Buzz in 60 Seconds

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It’s day three of insider trading/expert network-gate and the first arrest was made today. Don Chu was taken into custody by the FBI on two counts of conspiracy related to securities fraud and was released on $1 million bail, and later fired.A federal judge has ruled that federal prosecutors can use wiretap recordings in their insider trading case against Raj Rajaratnam, the founder of Galleon. So maybe wire-taps will be used in the latest insider trading scandal.

More details emerged today about the mysterious link between Goldman Sachs and the insider-trading investigation. Apparently the connection is to do with two healthcare transactions. We may know more after Thanksgiving.

The bankruptcy trustee who tried to¬†recover money for the victims of Bernie Madoff’s Ponzi scheme has sued UBS and affiliates, accusing them of enabling the scheme.

A trader at Morgan Stanley tried to hire a dwarf for a friend’s bachelor party in Miami and asked if he could handcuff the nugget to said bachelor. The trader was recently fired.

A London businessman is begging the Queen of England to save him from seven years jail in Dubai.

A banker and a lawyer are in a race to see who can divorce who the fastest. A trainee solicitor challenged divorce proceedings filed by her financier husband, only to launch her own petition on the grounds of his “controlling behaviour” and infidelity. The judge does not approve.

Off Wall Street Bonus:

Oh no, Kanye has done it again. At a a concert at Bowery Ballroom last night, Kanye West accused singer Taylor Swift of riding the waves of fame caused by West crashing her acceptance speech at the 2009 MTV Awards. He said to the crowd: “Taylor never came to my defence at any interview.”

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