A lawyer for the Argentina navy told a court in Ghana it would not pay Elliott Management $20 million for the release of the ARA Libertad, a training vessel used by the South American country’s navy. Elliott, the hedge fund managed by Paul Singer, seized the sailing ship last week in attempt to make good Read More
The British Financial Services Authority is wresting oversight of the London interbank lending rate from the British Bankers Association as part of an overhaul of the process by which Libor is set. The British government will take a more hands on role, and submissions will be delayed for three months, perhaps diminishing the temptation to rig rates for the purpose of managing perception of a bank’s health.
Right on time, The Wall Street Journal has an “analysis” that shows Libor doesn’t actually reflect banks’ borrowing costs.
Kareem Serageldin, the former head of Credit Suisse’s CDO business arrested in London on Wednesday, said he will fight extradition to the U.S. When Mr. Serageldin was charges in February for running a scheme to falsify trading positions, he expressed surprise over the indictment, noting through lawyers that he was cooperating with attorneys. When he was nabbed outside the U.S. embassy in London this week, he said through a lawyer that he was working on a plea deal, and that his capture was the result of “miscommunication.”
If a person wanted to conceive a story to make increased financial regulation look stupid, he might dream up something like this:
In 1963, a 19-year-old college student put a cardboard cut-out of a dime in a laundry machine, was spotted by a local sheriff, convicted on fraud charges, sentenced to 15 days in jail. Nearly 50 years later, the ex-con, now a low-level bank employee, gets flagged by a background check mandated by a new federal regulations, loses his job.
take a number
Have you heard the one about the time Dick Bove walked into a Wells Fargo branch, and his banker walked out? Which was awkward, because Mr. Bove is the Rochdale Securities analyst who’s rarely met a bank stock he didn’t love. And apparently, marked the first in a series of poor customer service experiences that led Mr. Bove to vent in a note published yesterday:
It’s earnings season on Wall Street, and earnings at the biggest financial firms have been mostly down, lower profit means paring expenses, cost-saving means cutting comp, or showing some employees the door. And indeed, the 18,000 jobs The Wall Street Journal says the six biggest U.S. banks have cut in the last year are just Read More
If Wells Fargo’s shareholders were looking for some positive news—or really, any reason to have fuller faith and confidence in the next quarterly statement—they need look no further than the American heartland, where Wells Fargo is working hard to keep everyone honest, and debtors paying their bills on time.
The Royal Bank of Scotland has its eye on a $70 million mortgage on a fully-leased office complex in the Pelham Bay section of the Bronx.
Wells Fargo has learned a lesson from the last time it tarried. Just days after rumors surfaced the bank was mulling 150 East 42nd Street, it has sealed the deal.
We’ve learned that the San Francisco-based firm has signed a 16-year lease for 275,000 square feet at Hiro‘s imposing 42-story silver tower between Lexington and Third avenues. Its new home Read More
When Bloomberg sailed into Wells Fargo’s chosen space at 120 Park Avenue, industry insiders were shaken by the switch. Now Crain’s reports that even Wells Fargo thought they had the space nailed:
“A few weeks ago, [senior vice president John] Saclarides got a call from the landlord telling him that the bank was being bumped Read More
120 Park Avenue
Wells Fargo is consolidating its Manhattan offices into at least 300,000 square feet at 120 Park Avenue.
The Midwestern bank’s Manhattan office space is currently spread across Tower 49, Grand Central Tower, 1211 Sixth Avenue and 40 West 57th Street. The new deal will allow the tenant to give up most Read More