Goldman Sachs is said to be getting a $53m payday for advising TDC A/S, the largest phone company in Denmark, on the sale of the business to a group of buyout firms.
Frank Bisignano is leaving Citigroup, to become chief administrative officer at JP Morgan Chase. As he is leaving behind his 2005 incentive award, he is to be compensated. Bisignano is to get $6m, payable over two installments in 2006. He will also receive a $500,000 salary, and stock appreciation rights.
Lazard boss Bruce Wasserstein has come in for some stick as he has thrown in his lot with shareholder activist Carl Icahn, who wants to get Time Warner back up the curve. Good old Bruce played a lead role in the original 1990 merger of Time Inc. and Warner Communications, but is thought not to have done much business with the group in the last 5 years. Fair enough, then. What's the fuss ? Time Warner must have realized that, if Bruce wasn't allowed in the 'tent', then, sooner or later, he would be outside pis.ing in!
Former Morgan Stanley chief investment strategist, Barton Biggs, has been writing a 'tell-all' diary for publication. The diary, now a book called 'HedgeHogging', is about his adventures in the hedge fund world in the two years since he the left the Wall Street firm.
Dissident shareholders, who want a better deal for seatholders in the proposed New York Stock Exchange/Archipelago merger, want a second second opinion on the fairness of the transaction. Citigroup gave the deal a first second glance, and confirmed that it was fair. Now rebel shareholders want another view, as they claim Citigroup relied too much on the previous projections when it came up with its opinion.
Finally, hedge fund Millennium Partners has agreed to pay $180m to settle US regulator claims about improper mutual funds trading at the firm. Millennium will neither deny nor admit wrongdoing.