In the earlier years of the European debt crisis, Spain pushed for Ireland and Portugal to accept international bailouts, lest the confidence in those countries’ ability to repay borrowers spread to neighboring countries (i.e. Spain). Now foreign leaders are urging the Madrid-based government to ask for help from the European Central Bank, and Spanish prime minister Mariano Rajoy is resisting.
Credit Agricole’s 2006 purchase of Emporiki Bank of Greece may cost the French lender another $779 million, according to the Wall Street Journal. Credit Agricole has already written off billions on Emporiki, which has been roiled by the Greek economic crisis; the French bank is in the process of selling Emporiki, for an expected price of 1 euro. Credit Suisse cut two investment banking jobs in Dubai and relocated others to Qatar, according to Bloomberg. Those moves come after Deutsche Bank and Nomura eliminated jobs in Dubai.
The American boss of former UBS rogue trader Kweku Adoboli testified on Friday, noting that the bank’s London office had an aggressive attitude towards risk.
A panel of European lawmakers asked regulators from the U.S., Europe and Japan how and why Libor-rigging was allowed to go unchecked for so long.
‘Free checking‘ is more expensive than ever, The Journal reports.
Fake gold panic hits the diamond district.
The son of a New York hedge fund manager—and great-grandson of the man who created Junior Mints—is set to be arraigned on charges of negligent vehicular homicide while under the influence of alcohol after he crashed an all-terrain vehicle, killing a passenger, at the Yellowstone Club in Bozeman, Mont.
Real estate banker Jeffrey Baker, a managing director at Savills, is marking artisanal whiskey in the Hudson River Valley.