The Evening Standard reports that UK securities regulator The Financial Services Authority organised a simulation Tuesday, testing disaster recovery procedures in the event of flash flooding.
According to the newspaper, some 80 firms took part in the exercise, which assumed that large parts of the City and Canary Wharf were under water, and a large percentage of staff were unable to make it in to work. One banker told Here Is The City: 'Major parts of the City were supposed to be under water. A bit like my stock options. Only difference is, they are all under water!'.
And The Daily Mail reports that Mark Lowe, the founder of hedge fund Nomos Capital, has denied taking escorts on business trips and hiring a Russian hit-man to assassinate Jordan Wimmer, a former sales executive at his firm.
Ms Wimmer is seeking $6.7m from her former boss, claiming constructive dismissal and discrimination. The case is being heard at a London Employment Tribunal.
Lowe also denied trying to sleep with Ms Wimmer during a business trip, but admitted calling her a 'dumb blonde' in jest. He also confirmed that he sent 'joke' e-mails to his staff, which he claimed were inoffensive (Example: 'Who is your real friend ? Put your dog and your girlfriend in the rear boot of your car for an hour, and see who still loves you when you open it').
Finally, Reuters reports that four boats belonging to Bernie Madoff and his number 2, Frank DiPascali, were sold for almost $2m at auction Tuesday. The boats had previously been seized by US authorities.