It gets worse in Spain. In the run-up to the current crisis, banks sold retail customers 22 billion euros of high-yielding preferred shares. Bank losses deepened, the securities plunged in value and the retail customers saw their savings diminished, and in some cases, locked in an illiquid product. Now, angry Spaniards are finding an Read More
The New Canaan, Conn. believed to have shot and killed his wife on Friday before turning his weapon on himself was a former Wall Street banker previously employed at Bear Stearns, Lehman Brothers and Bank of America, according to reports.
James D. Owen, 48, had worked on mergers and acquisitions and mid-market financing for the telecommunications industry at The Bank Street Group, according to investigative reporter Teri Buhl, who first reported on Mr. Owens’ Wall Street connections. Mr. Owen had also worked for Bear Stearns, Lehman Brothers and Banc of America Securities, according to Business Insider. The latter firm was an investment banking subsidiary to Bank of America.
Former Goldman Sachs and UBS trader Haim Bodek went to the SEC after he learned that exchanges were offering some high-frequency traders a way to get their trades processed ahead of ordinary investors, according to The Wall Street Journal.
Goldman Sachs’ Chief Financial Officer David Viniar will retire at the end of January, the Read More
A little over a month ago, The Wall Street Journal identified the Curse of Dick Fuld, after the bank bosses who picked assets off the carcass of Lehman Brothers resigned from their posts in unceremonious fashion.
First went Bob Diamond, who snapped up Lehman’s U.S. securities business for Barclays, and who stepped down at the beginning of July after his bank agreed to pay $450 million to settle an investigation into its efforts to manipulate interbank lending rates.
Next fell Nomura chief executive Kenichi Watanabe and chief operating officer Takumi Shibata—who led Nomura’s deal for Lehman’s European and Asian units—amid an insider trading scandal that roiled the Japanese firm.
This week, it seemed, Barclays and Nomura appeared to pare back their respective global ambitions in tandem.
‘Curse of Dick Fuld’: Ken Watanabe, chief executive officer of Nomura Holdings and the driving force behind the bank’s purchase of Lehman Brothers European and Asian operations, resigned as the company indicated that insider-trading offenses committed within the company go beyond those identified by Japanese regulators. Mr. Watanabe leaves Nomura three weeks after Robert Read More
Geithner visits Congress: Treasury secretary Timothy Geithner will testify before the House Financial Services Committee today about the rate-rigging scandal, where it figures he’ll be asked why the New York Fed failed to alert other regulators when a Barclays employee told the Fed that the bank was rigging Libor in April 2008. (Mr. Geithner Read More
For anyone who’d like to see the bank executives who led America into the teeth of the financial crisis strung up by the laces of their Prada wingtips, a trip to the Southern District courthouse in Lower Manhattan may be a deflating experience.
The Observer had come to the federal courthouse seeking succor. Late last Read More
That means you, Greece.
Michael Tory, former head of U.K. investment banking at Lehman Brothers, just published an op-ed in the Financial Times suggesting that what European policymakers need most right now is not to pull the region’s tenuous economy back from the ledge but to get down on their knees and take a good Read More
THE LEHMAN E-MAILS
June 2008: Hillary Clinton called quits on her presidential campaign, Michael Phelps was en route to Beijing. Bear Stearns had collapsed in March, and Lehman’s pre-announcement of $2.8B in second quarter losses shook the ratings companies out of slumber. Lehman CEO Dick Fuld sent treasurer Paolo Tonucci And to Fahey Lehman’s [Photo by Chip Somodevilla/Getty Read More
Perhaps the best way to describe Angela Pinsky’s advocacy for the real estate industry is by saying that when she joined the Real Estate Board of New York almost two years ago, she didn’t see her job as much different from the one she was leaving in the mayor’s office.
“I work on a lot of the same issues,” said Ms. Pinsky, who married Economic Development Corporation head Seth Pinsky last summer. “The thing about the real estate industry, it’s very civic minded. Many owners are family businesses and there’s this strong tradition in the industry of wanting projects and policies that are best not just for the industry’s own interests, but for the entire city.