The Fort Worth Star Telegraph reports that Fidelity Investments has fired four employees at its Westlake, Fort Worth, office for being in a $20 fantasy football league.
The newspaper quotes Cameron Pettigrew, who was one of those who got canned, who said: 'Firing a guy for being in a $20 fantasy league ? Let's be honest; that's a complete overreaction. In this economic time, especially. To fire people over something like this, it's just cold'.
A spokesperson for Fidelity said: 'We have clear policies that relate to gambling. Participation in any form of gambling through the use of Fidelity time or equipment or any other company resource is prohibited. In addition to being illegal in a lot of places, it can also be disruptive. We want our employees to be focused on our customers and clients'.
In the meantime, The Wall Street Journal reports that the US government has shelved its plans to begin selling off its 34% stake in Citi, because the price is too low. And The Guardian reports that the Abu Dhabi Investment Authority has filed an arbitration case in New York, seeking to get out of a deal it struck 2 years ago to acquire Citi stock at 10 times its current price. The Authority alleges 'fraudulent misrepresentation' on the part of the company. Citi says that the claims are without merit.
And The Financial Times reports that Deutsche Bank has emerged as a potential bidder to buy RBS Sempra, the commodities trading unit 51% owned by Royal Bank of Scotland. Other bidders are thought to include Barclays, Goldman and Morgan Stanley. A deal could be worth up to $3bn.
The New York Post reports that Patricia Cohen, who divorced ex-husband Steve of SAC Capital fame some 20 years ago, claims the hedge fund guru hid assets after they separated in 1989, and still owes her $300m.
Finally, MarketWatch reports that Time Magazine has named US Fed chairman Ben Bernanke as its Man of the Year.