There are probably a few senior Lehmanites that feel more like crying but not all…
Yup. just over £215,000 plus interest
‘Too big to fail’ banks seem particularly attractive these days…
Because he used some of his Merrill loan money to pay for a $245,000 Ferrari
A former partner at Cazenove, the Queen’s stockbroker, who is due to stand trial on insider-dealing charges next week appeared in court for a pre-trial hearing yesterday.
Stocks tanked and the pundits came out…
TRICORN Partners, the corporate finance advisory firm, is set to be taken over by Japanese investment bank Nomura.
Guy Dawson and Justin Dowley, who have been running Tricorn for seven years since leaving Merrill Lynch, will join Nomura as vice-chairmen of Europe, Middle East and Africa investment banking.
This marks a reversal of the trend for bankers to ditch large institutions in favour of smaller independent boutiques.
It is understood that part of the undisclosed acquisition price will depend on the earnings the …
John Mack will step down from his position as chief of Morgan Stanley early next year, CNBC’s Charlie Gasparino reports. He will be replaced by James Gorman.
Gorman joined Morgan Stanley in 2006, to become the president and chief operating officer of the Global Wealth management Group. He has been co-president of Morgan Stanley since 2007. Prior to joining Morgan Stanley, Gorman held several senior executive positions at Merrril Lynch.
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In case you were wondering where on earth all that money went that you shoveled into the black hole known as AIG, we now have a pretty good idea.
* $13 billion of it went to Goldman Sachs
* $12 billion went to Soc Gen
* $12 billion went to Deutsche Bank
* $9 billion went to Barclays
* $7 billion went to Merrill Lynch
…
John Paulson shorted Lloyds and, according to Bloomberg, may have made $2.68 million a minute over a 25-minute period this morning.
Put your calculators away: it’s $67 million. In 25 minutes.
Paulson’s good fortune came as Lloyds fell as much as 43 percent in less than 25 minutes of London trading after it said HBOS Plc, the U.K. lender it took over last month, was going to report a £10 ($14.5) billion loss.
According to Bloomberg:
“Paulson held …
Some say Wall Street still doesn’t get it:
NYT: “People come here because they want to work hard and get paid a lot for working hard,” one investment banker said Friday as he wended his way, lunch bag in hand, through the World Financial Center. “I think there’s a disconnect between Wall Street and Main Street.”
There’s definitely a disconnect.
But perhaps is it us bankers?
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Carlyle Group, the world’s second largest private equity fund, is laying off 10% of its worldwide workforce, or about 100 people. Carlyle has $91.5 billion in assets under management.
“In response to extraordinary market conditions, Carlyle has taken measured steps to balance its cost structure with the current investment climate,” the company said.
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File this one under “Unfortunate Ad Placements.” On a day that the Dow dropped 680 points (7.7 percent), MarketWatch ran the Jack Daniels banner ad in the screenshot above (sent to us by reader Scott Murff). The ad shows the “countdown to the close” of the market in minutes and seconds, suggesting that might be a good time for a drink. Juxtaposed with the headline “Bears Refusing To Hibernate,” it takes on additional meaning.
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The New York Times chronicles a now-familiar tale of incompetence and greed that led to the (all but) destruction of another legendary global financial services firm:
Oblivious CEO (Chuck Prince)
Idiot risk manager who assured oblivious CEO that everything was great until the day it wasn’t (David Bushnell)
Inadequate risk controls, wet-noodle risk managers pushed around by big swinging dicks who made 100X as much money
Trading boss incented …
some more action from our pals at bankruptcybill
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The Liberal Democrats’ biggest financer is a bogus bond dealer who used money stolen from the former chief executive of Manchester United Football Club to help make huge political donations, Michael Brown deceived Martin Edwards into handing him $12.7million on the understanding that the money would be used for international bond trading operation in 2005
In the same year Mr Brown gave £2.4 million of the money to the Liberal Democrats. A further €1 million was spent by Mr Brown …
PCP Capital controlled by Amanda Staveley, the former girlfriend of Prince Andrew, who reportedly turned down his wedding proposal, will earn a £40m commission for brokering last week’s capital injection into Barclays by Middle East investors which has so rankled the British establishment.
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We buy their cars, helping them to annual revenues of £5.2 billion, we give them the cache of the uber trendy and make them mystical in the eyes of the civilian populace, and this is how they treat us. You should be aware of Porsche’s recent moves to squeeze the short sellers on Volkswagen’s shares which came to light this week.
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Flushed with the success of securing $40 billion of settlements from Merrill Lynch, UBS and Citigroup, US state regulators are about to turn the screw on banks accused of mis-selling auction rate securities (ARS).
If the almighty credit crunch wasn’t enough to obliterate bank stock prices, the recent wins in the US will.
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One year after the credit crunch began Fortune wrote an interesting article about those who saw trouble ahead and those who just ended up in trouble
- read article here
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