<?xml version="1.0" encoding="UTF-8"?><?xml-stylesheet type="text/css" media="screen" href="http://s2.wp.com/wp-content/themes/vip/newyorkobserver/stylesheets/rss.css"?>
<rss version="2.0"
	xmlns:content="http://purl.org/rss/1.0/modules/content/"
	xmlns:wfw="http://wellformedweb.org/CommentAPI/"
	xmlns:dc="http://purl.org/dc/elements/1.1/"
	xmlns:atom="http://www.w3.org/2005/Atom"
	xmlns:sy="http://purl.org/rss/1.0/modules/syndication/"
	xmlns:slash="http://purl.org/rss/1.0/modules/slash/"
	xmlns:georss="http://www.georss.org/georss" xmlns:geo="http://www.w3.org/2003/01/geo/wgs84_pos#" xmlns:media="http://search.yahoo.com/mrss/"
	>

<channel>
	<title>Observer &#187; Doug Braunstein</title>
	<atom:link href="http://observer.com/term/doug-braunstein/feed/" rel="self" type="application/rss+xml" />
	<link>http://observer.com</link>
	<description></description>
	<lastBuildDate>Sun, 19 May 2013 14:35:31 +0000</lastBuildDate>
	<language></language>
	<sy:updatePeriod>hourly</sy:updatePeriod>
	<sy:updateFrequency>1</sy:updateFrequency>
	<generator>http://wordpress.com/</generator>
<cloud domain='observer.com' port='80' path='/?rsscloud=notify' registerProcedure='' protocol='http-post' />
<image>
		<url>http://1.gravatar.com/blavatar/dac0f3722a48a53be75eb06c0c4f5119?s=96&#038;d=http%3A%2F%2Fs2.wp.com%2Fi%2Fbuttonw-com.png</url>
		<title>Observer &#187; Doug Braunstein</title>
		<link>http://observer.com</link>
	</image>
	<atom:link rel="search" type="application/opensearchdescription+xml" href="http://observer.com/osd.xml" title="Observer" />
	<atom:link rel='hub' href='http://observer.com/?pushpress=hub'/>
		<item>
				
		<title>Jamie Dimon Wouldn&#8217;t Kick His CFO Off His Operating Committee For Eating Crackers</title>

		<comments>http://observer.com/2012/10/jamie-dimon-wouldnt-kick-his-cfo-off-his-operating-committee-for-eating-crackers/#comments</comments>
		<pubDate>Fri, 12 Oct 2012 10:18:14 -0400</pubDate>
					<link>http://observer.com/2012/10/jamie-dimon-wouldnt-kick-his-cfo-off-his-operating-committee-for-eating-crackers/</link>
			<dc:creator>Patrick Clark</dc:creator>
				
		<guid isPermaLink="false">http://observer.com/?p=269246</guid>
		<description><![CDATA[<p><a href="http://observer.com/2012/10/jamie-dimon-wouldnt-kick-his-cfo-off-his-operating-committee-for-eating-crackers/braunstein/" rel="attachment wp-att-269260"><img class="alignleft size-medium wp-image-269260" title="braunstein" alt="" src="http://nyoobserver.files.wordpress.com/2012/10/braunstein.jpg?w=199" height="300" width="199" /></a>There's been a fair amount of talk lately about <a href="http://www.vanityfair.com/business/2012/11/jamie-dimon-tom-brady-hang-in-there">departures from JPMorgan's inner circle</a>, which is what will happen when veteran executives start departing or shifting duties.</p>
<p>Four executives have departed from the firm's 15-member <a href="http://online.wsj.com/article/SB10000872396390443635404578036790021023834.html">operating committee in the last year</a>, including, of course, Ina Drew, the firm's former chief investment officer who fell on her sword following the multi-billion trading loss associated with the London Whale. In the shake up that followed, younger executives Mike Cavanagh and Matt Zames rose to new prominence, while Jes Staley, once thought to be a possible successor to Jamie Dimon, went off to <a href="http://news.sky.com/story/979700/exclusive-barclays-rebuff-for-jp-morgan-exec">audition for Barclays</a> top job.</p>
<p>Then Barry Zubrow, the firm's head of regulatory affairs and former chief risk officer, said he would <a href="http://www.businessweek.com/news/2012-10-05/jpmorgan-s-zubrow-to-retire-after-getting-new-boss-zames">retire at the end of the year</a>, followed by a <em>Wall Street Journal </em>report on Wednesday that chief financial officer Doug Braunstein <a href="http://online.wsj.com/article/SB10000872396390444799904578048961507186872.html">would exit his current post</a> for a new role at the bank sometime over the next two quarters.</p>
<p>Fortunately for the kibbitzers among us, JPMorgan had a conference call to discuss third-quarter earnings scheduled for the this morning.<!--more--></p>
<p>"I find it truly irritating that people yak to the press like that," Mr. Dimon said when asked about Mr. Braunstein's future at the firm. "Doug is a top CFO, we will let you know when and if he moves on, not through gossip and the press."</p>
<p>And so we thought that was that, at least for now, until the end of the call when Mr. Dimon was asked whether he had any closing comments.</p>
<p>"I'm surprised no one mentioned how handsome Doug Braunstein looked in the <em>Journal,</em>" he said.</p>
]]></description>
		<content:encoded><![CDATA[<p><a href="http://observer.com/2012/10/jamie-dimon-wouldnt-kick-his-cfo-off-his-operating-committee-for-eating-crackers/braunstein/" rel="attachment wp-att-269260"><img class="alignleft size-medium wp-image-269260" title="braunstein" alt="" src="http://nyoobserver.files.wordpress.com/2012/10/braunstein.jpg?w=199" height="300" width="199" /></a>There's been a fair amount of talk lately about <a href="http://www.vanityfair.com/business/2012/11/jamie-dimon-tom-brady-hang-in-there">departures from JPMorgan's inner circle</a>, which is what will happen when veteran executives start departing or shifting duties.</p>
<p>Four executives have departed from the firm's 15-member <a href="http://online.wsj.com/article/SB10000872396390443635404578036790021023834.html">operating committee in the last year</a>, including, of course, Ina Drew, the firm's former chief investment officer who fell on her sword following the multi-billion trading loss associated with the London Whale. In the shake up that followed, younger executives Mike Cavanagh and Matt Zames rose to new prominence, while Jes Staley, once thought to be a possible successor to Jamie Dimon, went off to <a href="http://news.sky.com/story/979700/exclusive-barclays-rebuff-for-jp-morgan-exec">audition for Barclays</a> top job.</p>
<p>Then Barry Zubrow, the firm's head of regulatory affairs and former chief risk officer, said he would <a href="http://www.businessweek.com/news/2012-10-05/jpmorgan-s-zubrow-to-retire-after-getting-new-boss-zames">retire at the end of the year</a>, followed by a <em>Wall Street Journal </em>report on Wednesday that chief financial officer Doug Braunstein <a href="http://online.wsj.com/article/SB10000872396390444799904578048961507186872.html">would exit his current post</a> for a new role at the bank sometime over the next two quarters.</p>
<p>Fortunately for the kibbitzers among us, JPMorgan had a conference call to discuss third-quarter earnings scheduled for the this morning.<!--more--></p>
<p>"I find it truly irritating that people yak to the press like that," Mr. Dimon said when asked about Mr. Braunstein's future at the firm. "Doug is a top CFO, we will let you know when and if he moves on, not through gossip and the press."</p>
<p>And so we thought that was that, at least for now, until the end of the call when Mr. Dimon was asked whether he had any closing comments.</p>
<p>"I'm surprised no one mentioned how handsome Doug Braunstein looked in the <em>Journal,</em>" he said.</p>
]]></content:encoded>
		<wfw:commentRss>http://observer.com/2012/10/jamie-dimon-wouldnt-kick-his-cfo-off-his-operating-committee-for-eating-crackers/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
	
		<media:content url="http://0.gravatar.com/avatar/6d70d905cefb5ef1d46759583ff55c9f?s=96&#38;d=identicon&#38;r=G" medium="image">
			<media:title type="html">pclarkobserver</media:title>
		</media:content>

		<media:content url="http://nyoobserver.files.wordpress.com/2012/10/braunstein.jpg?w=199" medium="image">
			<media:title type="html">braunstein</media:title>
		</media:content>
	</item>
		<item>
				
		<title>Hedge Fund Manager Scores Point Against Argentinean Navy; JPMorgan&#8217;s Third-Quarter Profit Rises: Roundup</title>

		<comments>http://observer.com/2012/10/roundup/#comments</comments>
		<pubDate>Fri, 12 Oct 2012 06:47:31 -0400</pubDate>
					<link>http://observer.com/2012/10/roundup/</link>
			<dc:creator>Patrick Clark</dc:creator>
				
		<guid isPermaLink="false">http://observer.com/?p=269220</guid>
		<description><![CDATA[<p>Naval enthusiast <strong>Paul Singer</strong> of Elliott Management and secretive Mexican financier <strong>David Martinez</strong> are still battling in court, according to <em>The New York Times. </em>Mr. Martinez is said to have a $140 million painting by Jackson Pollock in his Time Warner Center apartment, but no one is willing to stake their name on it. Also unconfirmed: Mr. Singer has plans to squeeze a 100-foot tall sailing ship into a giant glass bottle.</p>
<p>Which is to say, a court in Ghana ruled in favor of Mr. Singer yesterday, affirming the hedge fund manager's <a href="http://www.nypost.com/p/news/business/singer_really_hipshape_fbXAzgLMhFESe41cbjODpI?utm_medium=rss&amp;utm_content=Business">right to seize a training ship</a> owned by the Argentinean navy over unpaid sovereign bonds. The Elliott Management affiliate contesting the issue is believed to be asking $20 million to return the three-masted frigate.</p>
<p>When you say not-nice things about people, they tend to say not-nice things about you, at any rate, that's been the case for <strong>Greg Smith</strong>, noted ping pong enthusiast and author of the forthcoming memoir, <em>Why I Left Goldman Sachs. </em>With the book set to come out next week, some Goldman bankers chatted up the <em>Financial Times</em>, <a href="www.ft.com/cms/s/0/3ce217da-12e4-11e2-aa9c-00144feabdc0.html#axzz28px6GSkc">telling the paper</a> that until shortly before Mr. Smith's resigned on the op-ed page of <em>The New York Times</em>, he'd seemed more concerned with how much money he was making, and less interested in what he later labeled Goldman's toxic culture.</p>
<p>In other news, 99 percent of the times Goldman bankers used the word "<strong>muppet</strong>" they were referring to <a href="www.ft.com/intl/cms/s/0/6ead2e86-12e8-11e2-aa9c-00144feabdc0.html#axzz294wjzXg3">last year's movie</a>, again, according to the <em>FT.</em></p>
<p>Goldman CEO <strong>Lloyd Blankfein</strong> would <a href="http://www.cnbc.com/id/49379431">pay higher taxes </a>if it meant he didn't have to read Mr. Smith's book, or you know, if it would reduce the national debt or something.</p>
<p><strong>JPMorgan</strong> said third-quarter profit rose 34 percent from a year ago as revenue from <a href="http://investor.shareholder.com/jpmorganchase/releasedetail.cfm?ReleaseID=712999">mortgage-lending rose</a>.</p>
<p>The firm's chief financial officer <strong>Doug Braunstein</strong> is <a href="www.bloomberg.com/news/2012-10-11/jpmorgan-finance-chief-braunstein-said-to-weigh-new-role.html">considering a new role</a> at the bank, according to Bloomberg. Head of regulatory affairs and former chief risk officer Barry Zubrow was said last week to be retiring at the end of the year.</p>
<p><strong>Morgan Stanley </strong>and <strong>IKB </strong>are being sued for <a href="http://www.bloomberg.com/news/2012-10-11/morgan-stanley-e-mails-show-doubts-in-doomed-vehicle.html">selling mortgage-backed securities</a> that quickly soured, turnabout for IKB, which has often been on the <a href="http://www.google.com/url?sa=t&amp;rct=j&amp;q=&amp;esrc=s&amp;source=web&amp;cd=3&amp;cad=rja&amp;ved=0CDAQFjAC&amp;url=http%3A%2F%2Fobserver.com%2F2012%2F09%2Fgerman-lender-is-suing-everybody-nomura-cost-cuts-hit-europe-unit-roundup%2F&amp;ei=rvl3UP2vOo-y0AHinoHgCQ&amp;usg=AFQjCNHsHnATxn9hymfYAwslvnh3DScTXA">other side</a> of mortgage lawsuits.</p>
<p><strong>Brian Moynihan</strong> is still planning on letting go <a href="http://www.nypost.com/p/news/business/moynihan_to_follow_through_on_cuts_DfQgRDEVxYKGSnH6uCf21J">30,000 employees</a>.</p>
<p>Larry Ellison may be bidding on <a href="http://www.reuters.com/article/2012/10/12/us-aeg-ellison-idUSBRE89B03720121012">sports and entertainment giant</a> <strong>Anschultz Entertainment Group</strong>, according to Reuters.</p>
<p>Alexander Rekeda, a former trader at <strong>Mizuho Financial Group</strong>, was the rare distinction being charged over <a href="http://online.wsj.com/article/SB10000872396390444657804578050913205816962.html?mod=WSJ_hp_LEFTWhatsNewsCollection">two separate derivatives deals</a> he structured in the run-up to the financial crisis.</p>
]]></description>
		<content:encoded><![CDATA[<p>Naval enthusiast <strong>Paul Singer</strong> of Elliott Management and secretive Mexican financier <strong>David Martinez</strong> are still battling in court, according to <em>The New York Times. </em>Mr. Martinez is said to have a $140 million painting by Jackson Pollock in his Time Warner Center apartment, but no one is willing to stake their name on it. Also unconfirmed: Mr. Singer has plans to squeeze a 100-foot tall sailing ship into a giant glass bottle.</p>
<p>Which is to say, a court in Ghana ruled in favor of Mr. Singer yesterday, affirming the hedge fund manager's <a href="http://www.nypost.com/p/news/business/singer_really_hipshape_fbXAzgLMhFESe41cbjODpI?utm_medium=rss&amp;utm_content=Business">right to seize a training ship</a> owned by the Argentinean navy over unpaid sovereign bonds. The Elliott Management affiliate contesting the issue is believed to be asking $20 million to return the three-masted frigate.</p>
<p>When you say not-nice things about people, they tend to say not-nice things about you, at any rate, that's been the case for <strong>Greg Smith</strong>, noted ping pong enthusiast and author of the forthcoming memoir, <em>Why I Left Goldman Sachs. </em>With the book set to come out next week, some Goldman bankers chatted up the <em>Financial Times</em>, <a href="www.ft.com/cms/s/0/3ce217da-12e4-11e2-aa9c-00144feabdc0.html#axzz28px6GSkc">telling the paper</a> that until shortly before Mr. Smith's resigned on the op-ed page of <em>The New York Times</em>, he'd seemed more concerned with how much money he was making, and less interested in what he later labeled Goldman's toxic culture.</p>
<p>In other news, 99 percent of the times Goldman bankers used the word "<strong>muppet</strong>" they were referring to <a href="www.ft.com/intl/cms/s/0/6ead2e86-12e8-11e2-aa9c-00144feabdc0.html#axzz294wjzXg3">last year's movie</a>, again, according to the <em>FT.</em></p>
<p>Goldman CEO <strong>Lloyd Blankfein</strong> would <a href="http://www.cnbc.com/id/49379431">pay higher taxes </a>if it meant he didn't have to read Mr. Smith's book, or you know, if it would reduce the national debt or something.</p>
<p><strong>JPMorgan</strong> said third-quarter profit rose 34 percent from a year ago as revenue from <a href="http://investor.shareholder.com/jpmorganchase/releasedetail.cfm?ReleaseID=712999">mortgage-lending rose</a>.</p>
<p>The firm's chief financial officer <strong>Doug Braunstein</strong> is <a href="www.bloomberg.com/news/2012-10-11/jpmorgan-finance-chief-braunstein-said-to-weigh-new-role.html">considering a new role</a> at the bank, according to Bloomberg. Head of regulatory affairs and former chief risk officer Barry Zubrow was said last week to be retiring at the end of the year.</p>
<p><strong>Morgan Stanley </strong>and <strong>IKB </strong>are being sued for <a href="http://www.bloomberg.com/news/2012-10-11/morgan-stanley-e-mails-show-doubts-in-doomed-vehicle.html">selling mortgage-backed securities</a> that quickly soured, turnabout for IKB, which has often been on the <a href="http://www.google.com/url?sa=t&amp;rct=j&amp;q=&amp;esrc=s&amp;source=web&amp;cd=3&amp;cad=rja&amp;ved=0CDAQFjAC&amp;url=http%3A%2F%2Fobserver.com%2F2012%2F09%2Fgerman-lender-is-suing-everybody-nomura-cost-cuts-hit-europe-unit-roundup%2F&amp;ei=rvl3UP2vOo-y0AHinoHgCQ&amp;usg=AFQjCNHsHnATxn9hymfYAwslvnh3DScTXA">other side</a> of mortgage lawsuits.</p>
<p><strong>Brian Moynihan</strong> is still planning on letting go <a href="http://www.nypost.com/p/news/business/moynihan_to_follow_through_on_cuts_DfQgRDEVxYKGSnH6uCf21J">30,000 employees</a>.</p>
<p>Larry Ellison may be bidding on <a href="http://www.reuters.com/article/2012/10/12/us-aeg-ellison-idUSBRE89B03720121012">sports and entertainment giant</a> <strong>Anschultz Entertainment Group</strong>, according to Reuters.</p>
<p>Alexander Rekeda, a former trader at <strong>Mizuho Financial Group</strong>, was the rare distinction being charged over <a href="http://online.wsj.com/article/SB10000872396390444657804578050913205816962.html?mod=WSJ_hp_LEFTWhatsNewsCollection">two separate derivatives deals</a> he structured in the run-up to the financial crisis.</p>
]]></content:encoded>
		<wfw:commentRss>http://observer.com/2012/10/roundup/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
	
		<media:content url="http://0.gravatar.com/avatar/6d70d905cefb5ef1d46759583ff55c9f?s=96&#38;d=identicon&#38;r=G" medium="image">
			<media:title type="html">pclarkobserver</media:title>
		</media:content>
	</item>
		<item>
				
		<title>RBS Tied Up in Libor, Says CEO Hester; Matt Zames Up at JPMorgan After Whale Sell-Off: Roundup</title>

		<comments>http://observer.com/2012/07/rbs-tied-up-in-libor-says-ceo-hester-matt-zames-up-at-jpmorgan-after-whale-sell-off-roundup/#comments</comments>
		<pubDate>Mon, 30 Jul 2012 07:46:43 -0400</pubDate>
					<link>http://observer.com/2012/07/rbs-tied-up-in-libor-says-ceo-hester-matt-zames-up-at-jpmorgan-after-whale-sell-off-roundup/</link>
			<dc:creator>Patrick Clark</dc:creator>
				
		<guid isPermaLink="false">http://observer.com/?p=254580</guid>
		<description><![CDATA[<p><strong>Daily Libor: </strong>Royal Bank of Scotland chief executive officer Stephen Hester told <em><a href="http://www.guardian.co.uk/business/2012/jul/29/rbs-libor-scandal-stephen-hester">The Guardian </a></em>that "RBS is one of the banks tied up in Libor. We'll have our day in that particular spotlight as well." At least two banks have joined Deutsche Bank in <a href="http://www.reuters.com/article/2012/07/30/us-eu-euribor-idUSBRE86T0B520120730">cooperating</a> with European investigations into the rigging of Libor and other interbank-lending rates, under the condition that the banks would receive lighter penalties if found guilty of participating in the rate-rigging scheme, sources told Reuters. New York-based Berkshire Bank filed a proposed class-action suit in U.S. District Court last week <a href="http://online.wsj.com/article/SB10000872396390444860104577557052131047024.html?mod=WSJ_hpp_LEFTTopStories">targeting</a> the 16 banks that set Libor. The British government spelled out plans to <a href="http://www.reuters.com/article/2012/07/30/us-britain-libor-idUSBRE86T08320120730">review</a> the process for setting Libor, with recommendations expected by the end of September.</p>
<p><strong>Muni-rigging trial: </strong>Three former UBS employees go on <a href="www.bloomberg.com/news/2012-07-30/ex-ubs-executives-go-to-trial-in-bond-bid-rigging-case.html">trial today</a> on charges they fixed bids on municipal bond investment contracts. Three employees of GE Capital were convicted on similar charges in May, though those defendants have asked the trial judge to toss out that verdict; banks have paid more than $700 million to settle charges arising from the probe that lands the former UBS bankers in court today.</p>
<p><strong>Rapid rise: </strong>Matt Zames, the JPMorgan executive elevated by CEO Jamie Dimon to staunch losses on positions amassed by the trader known as the London Whale, is a "<a href="http://www.bloomberg.com/news/2012-07-30/zames-elevated-from-jpmorgan-battlefield-to-dimon-s-war-council.html">mathematician and a poet</a>," apparently. The 41-year-old graduate of MIT's Sloan School of Business took charge of the firm's chief investment office in May to wind down positions that led the bank to billions in losses. Last week, Mr. Zames was named co-chief operating officer, placing him in charge of more experienced executives such as chief financial officer Doug Braunstein and head of regulatory affairs Barry Zubrow.</p>
<p><strong>Whither Europe: </strong>European Central Bank president Mario Draghi has gone on the offensive, first signaling that the ECB would not allow the euro to fail, then working to build consensus for a plan to ease the region's <a href="http://www.bloomberg.com/news/2012-07-30/draghi-on-offensive-as-game-changer-sought-in-crisis-battle-1-.html">sovereign debt woes</a>. Count Paul Krugman as among the <a href="http://www.nytimes.com/2012/07/30/opinion/krugman-crash-of-the-bumblebee.html">doubters</a>. CEOs in London for the Summer Olympics are privately voicing concern about the state of the <a href="http://www.cnbc.com/id/48391088">British economy</a>, according to <em>The Financial Times.</em></p>
<p><strong>Hard to do: </strong>Bank of American explored a <a href="http://online.wsj.com/article/SB10000872396390444130304577557183028589736.html?mod=WSJ_hp_LEFTWhatsNewsCollection">possible breakup</a> in 2010 and 2011, <em>The Wall Street Journal </em>reports, but decided against splitting off Merrill Lynch or Countrywide units.</p>
<p><strong>Drink up: </strong>Funds that invest in tangible assets such as wine, art and classic cars are <a href="http://www.nypost.com/p/news/business/vintage_returns_M3VjPkRiMdc8S0BY37Wp7I">attracting investors </a>amid fears that the world's currencies are unstable.</p>
<p><strong>Not so fast: </strong>The Securities and Exchange Commission <a href="http://www.bloomberg.com/news/2012-07-29/sec-freezes-trader-assets-in-probe-of-cnooc-s-nexen-purchase.html">froze the accounts</a> of traders who allegedly made $13 million illegally trading ahead of the Chinese offshore oil explorer Cnooc's $15 billion acquisition of Calgary-based Nexen last week.</p>
<p><strong>Provisions: </strong>HSBC set aside $700 million to cover <a href="http://www.bloomberg.com/news/2012-07-30/hsbc-profit-beats-estimates-on-income-from-asset-sales.html">U.S. regulatory matters</a> after the bank was scolded by Congress for lax anti-money laundering standards and amid ongoing inquiries into Libor-rigging at banks worldwide.</p>
<p>&nbsp;</p>
<p>&nbsp;</p>
]]></description>
		<content:encoded><![CDATA[<p><strong>Daily Libor: </strong>Royal Bank of Scotland chief executive officer Stephen Hester told <em><a href="http://www.guardian.co.uk/business/2012/jul/29/rbs-libor-scandal-stephen-hester">The Guardian </a></em>that "RBS is one of the banks tied up in Libor. We'll have our day in that particular spotlight as well." At least two banks have joined Deutsche Bank in <a href="http://www.reuters.com/article/2012/07/30/us-eu-euribor-idUSBRE86T0B520120730">cooperating</a> with European investigations into the rigging of Libor and other interbank-lending rates, under the condition that the banks would receive lighter penalties if found guilty of participating in the rate-rigging scheme, sources told Reuters. New York-based Berkshire Bank filed a proposed class-action suit in U.S. District Court last week <a href="http://online.wsj.com/article/SB10000872396390444860104577557052131047024.html?mod=WSJ_hpp_LEFTTopStories">targeting</a> the 16 banks that set Libor. The British government spelled out plans to <a href="http://www.reuters.com/article/2012/07/30/us-britain-libor-idUSBRE86T08320120730">review</a> the process for setting Libor, with recommendations expected by the end of September.</p>
<p><strong>Muni-rigging trial: </strong>Three former UBS employees go on <a href="www.bloomberg.com/news/2012-07-30/ex-ubs-executives-go-to-trial-in-bond-bid-rigging-case.html">trial today</a> on charges they fixed bids on municipal bond investment contracts. Three employees of GE Capital were convicted on similar charges in May, though those defendants have asked the trial judge to toss out that verdict; banks have paid more than $700 million to settle charges arising from the probe that lands the former UBS bankers in court today.</p>
<p><strong>Rapid rise: </strong>Matt Zames, the JPMorgan executive elevated by CEO Jamie Dimon to staunch losses on positions amassed by the trader known as the London Whale, is a "<a href="http://www.bloomberg.com/news/2012-07-30/zames-elevated-from-jpmorgan-battlefield-to-dimon-s-war-council.html">mathematician and a poet</a>," apparently. The 41-year-old graduate of MIT's Sloan School of Business took charge of the firm's chief investment office in May to wind down positions that led the bank to billions in losses. Last week, Mr. Zames was named co-chief operating officer, placing him in charge of more experienced executives such as chief financial officer Doug Braunstein and head of regulatory affairs Barry Zubrow.</p>
<p><strong>Whither Europe: </strong>European Central Bank president Mario Draghi has gone on the offensive, first signaling that the ECB would not allow the euro to fail, then working to build consensus for a plan to ease the region's <a href="http://www.bloomberg.com/news/2012-07-30/draghi-on-offensive-as-game-changer-sought-in-crisis-battle-1-.html">sovereign debt woes</a>. Count Paul Krugman as among the <a href="http://www.nytimes.com/2012/07/30/opinion/krugman-crash-of-the-bumblebee.html">doubters</a>. CEOs in London for the Summer Olympics are privately voicing concern about the state of the <a href="http://www.cnbc.com/id/48391088">British economy</a>, according to <em>The Financial Times.</em></p>
<p><strong>Hard to do: </strong>Bank of American explored a <a href="http://online.wsj.com/article/SB10000872396390444130304577557183028589736.html?mod=WSJ_hp_LEFTWhatsNewsCollection">possible breakup</a> in 2010 and 2011, <em>The Wall Street Journal </em>reports, but decided against splitting off Merrill Lynch or Countrywide units.</p>
<p><strong>Drink up: </strong>Funds that invest in tangible assets such as wine, art and classic cars are <a href="http://www.nypost.com/p/news/business/vintage_returns_M3VjPkRiMdc8S0BY37Wp7I">attracting investors </a>amid fears that the world's currencies are unstable.</p>
<p><strong>Not so fast: </strong>The Securities and Exchange Commission <a href="http://www.bloomberg.com/news/2012-07-29/sec-freezes-trader-assets-in-probe-of-cnooc-s-nexen-purchase.html">froze the accounts</a> of traders who allegedly made $13 million illegally trading ahead of the Chinese offshore oil explorer Cnooc's $15 billion acquisition of Calgary-based Nexen last week.</p>
<p><strong>Provisions: </strong>HSBC set aside $700 million to cover <a href="http://www.bloomberg.com/news/2012-07-30/hsbc-profit-beats-estimates-on-income-from-asset-sales.html">U.S. regulatory matters</a> after the bank was scolded by Congress for lax anti-money laundering standards and amid ongoing inquiries into Libor-rigging at banks worldwide.</p>
<p>&nbsp;</p>
<p>&nbsp;</p>
]]></content:encoded>
		<wfw:commentRss>http://observer.com/2012/07/rbs-tied-up-in-libor-says-ceo-hester-matt-zames-up-at-jpmorgan-after-whale-sell-off-roundup/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
	
		<media:content url="http://0.gravatar.com/avatar/6d70d905cefb5ef1d46759583ff55c9f?s=96&#38;d=identicon&#38;r=G" medium="image">
			<media:title type="html">pclarkobserver</media:title>
		</media:content>
	</item>
	</channel>
</rss>
