BofA, BarCap, Martha, Quattrone, Morgan Stanley

Another couple of big-hitters are off to join the hedge fund gravy train. Jon Sandelman, the man credited with turning Bank of America into a trading powerhouse, is leaving to start his own hegde fund. So too is Barclays Captital's head of government bond trading, Alan Burnell. Burnell leaves at the end of the year. His new hedge fund is to be called Nylon Capital Management (could be quite a stretch!).

Martha Stewart may be in clink, but she is busy working on her appeal. Martha's defense team seem to be putting a lot of stock in the fact that they were unable to cross-examine her former stockbroker, ex-Merrill Lyncher Peter Bacanovic. Prosecutors introduced an audio recorded interview with Bacanovich, which proved to be damaging to her case. As the former broker did not himself take the stand, Martha's defence team were unable to cross-examine him. Just three days after Martha's conviction, the US Supreme Court ruled that tape-recorded witness statements should not be entered into testimony unless a defendant's lawyers were able to cross-examine the witness.

And Frank Quattrone appears to have had a change of luck - at last. A federal appeals court in Manhattan has now ruled that the former CSFB IPO King can remain at large pending his appeal. Quattrone was sentenced in September to 18 months in prison following his conviction on witness tampering and obstruction of justice charges.

Finally, Morgan Stanley reported in its third-quarter filing last week that it 'continues to receive, and respond to, subpoenas and requests for documents, information and witness testimony' relating to the Securities and Exchange Commission's ongoing investigation into research conflicts. It's a bit odd really, as we all thought this kind of thing was history - Morgan Stanley paid $125m as part of the $1.4bn so-called global research settlement last year. So quite what's going on now remains unclear.

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