Bonuses & Other News

The Times reports that bonuses paid in large stock awards may not all be caught in the infamous UK bank bonus tax, and that firms may well now try to circumvent it.

One banker told Here Is The City, however: 'The bank bonus tax is history now. Those firms which didn't want to pay bonuses will use it as an excuse not to do so, whilst the firms that have had a decent year will simply globalise the tax and pay up. No-one wants to be too smart and be seen to get round the tax'.

And The Sunday Times reports that 21 fund managers and 75 support staff will share an $87.5m bonus pot over at London-based hedge fund Marshall Wace.

In the meantime, Dow Jones Newswires reports that Bradley Birkenfeld, the former UBS private banker sentenced to 40-months in clink for helping the bank's clients evade US taxes, is to ask a judge to review his jail term, and said that he is 'ready, willing and able' to help prosecutors bring others to justice.

The New York Daily News reports that, despite the rumors, fraudster Bernie Madoff wasn't dispatched to the prison hospital wing last week after a fight with another inmate; he apparently was suffering from hypertension and dizziness.

Bloomberg reports that JPMorgan and BNP Paribas are suing hedge fund K1 and founder Helmut Kiener for fraud. JPMorgan is said to be be owed $82m, whilst BNP says that it has suffered 'more than $70m in damages'.

Finally, the news agency also reports that a Dutch court has ordered State Street Global Advisors to pay $58m to Stichting Pensioenfonds OPG in a legal spat relating to Lehman Brothers. And Daiwa Securities is to pay $1.9bn to Simitomo Mitsui Financial Group to buy out its stake in investment banking joint venture Daiwa Securities SMBC.

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