Royal Bank of Scotland managers and traders routinely sought to influence interbank lending rates between 2007 and 2010, and the wrongdoings extend beyond the four traders fired last year, according to Bloomberg. Manipulating the bank’s submissions for Libor and other interbank lending rates would have allowed traders to boost the value of derivatives positions held by RBS, which is 81 percent owned by the British government.
Goodbye Smith Barney: Morgan Stanley is rolling out a name-change for the 75-year-old brand, according to The New York Post. The brokerage, jointly-owned with Citigroup, will be called Morgan Stanley Wealth Management. In its heyday, Smith Barney was known for its advertising slogan: “They make money the old fashioned way: They earn it.”Regarding name-changes, your favorite Charlotte-based lender spend some time pondering whether Bank of America Merrill Lynch was too much of a mouthful for its investment bank.
Rajiv Goel, the former Intel employee whose testimony helped convict Galleon Group founder Raj Rajaratnam of insider trading last year, was sentenced to two years probation and force to disgorge more than $260,000 for his participation in Mr. Rajaratnam’s scheme.
Lawyers for Peregrine Financial Group founder Russell Wasendorf Sr., who pleaded guilty to stealing millions from customers of his futures brokerage, want their client released on bail pending sentencing.
The International Monetary Fund wants more austerity measures from Greece. Greek Prime Minister Antonis Samaras is twisting arms.
A new book on Angela Merkel draws parallels between the German leader and Don Corleone.
DoubleLine Capital CEO Jeffrey Gundlach is offering $1 million for the safe return of a painting by Piet Mondrian that was stolen from his Santa Monica, Calif. home last month, and another $500,000 for the return of works by Jasper Johns and Joseph Cornell.
A hedge fund makes it (a little bit) easier for investors to pull money out.