Citi Says Ex-Employee Gave Trade Secrets To Deutsche Bank

Bloomberg reports that Citi has sued Gautam Hazarika, a former Singapore-based Director in the firm's FX marketing unit, accusing him of sending e-mails containing trade secrets to Deutsche Bank and his personal computer, ahead of his resignation last year to go work for the German bank.

Citi has obtained court permission to search Hazarika's apartment, car and home PC to help it establish wrongdoing. The banker, who has denied wrongdoing, is looking to Singapore's High Court to overturn the order. Deutsche Bank has not been named in the court action.

In the meantime, according to Associated Press sources, Mark and Alan Madoff, sons of Bernie, are now likely to face tax evasion charges stemming from Bernie's $65bn Ponzi scheme. The brothers, who have not been charged in connection with the running of the scheme itself, are said to be likely to be charged in the next few weeks.

Finally, The Wall Street Journal reports that Federal Deposit Insurance Corp. Chair Sheila Bair has signalled in a 3-page letter to US lawmakers that proposals to force large banks to spin off their derivatives units could simply drive risks into unregulated parts of the financial markets, causing instability and disruption.

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