Citi CEO Vikram Pandit has been writing to his (ever decreasing number of) staff again. This time it's about the firm's new compensation principles.
The New York Daily News reports that disgraced financier Bernie Madoff, the mastermind behind an alleged $50bn fraud, could end up falling back on an insanity defense in order to avoid jail time.
The weekend beginning Saturday, 13th September, will go down as the two-day period that changed the face of Wall Street. Lehman Brothers and Merrill Lynch were on the ropes, at the mercy of short sellers. Rumours and speculation were rife. Would Lehman fall or merge ? Would the US government come to the rescue with a bailout ? Would Merrill Lynch be the next shoe to drop ? And what would happen to Goldman Sachs and Morgan Stanley ? As a comprehensive Wall Street Journal article has now made clear, the decisions made over those two days sealed the fate of all these key financial markets players.
Associated Press reports that the brother of Thierry de la Villehuchet, the financier who is thought to have killed himself earlier this week due to the fact that he had monies invested with Bernie Madoff, has said that his sibling indeed had 'several tens of millions' with the alleged fraudster.
'2008 has been a difficult year for most of us in the financial markets industry, but my year really takes the biscuit. In fact, I've come to believe that I'm the unluckiest banker alive.
Here's the latest missive from our Highly Placed Professional.
Here's the results of our 2008 'Bonus Satisfaction' poll. (We didn't bother to ask our readers, as we knew what your responses would be).
And who said that there'll be no Santa Claus this year - as least there is as far as former Merrill Lynch executive Peter Kraus is concerned. He'll surely remember 2008 as a hell of a year!
Here's an early list of those who are thought to have lost out in Bernard Madoff's alleged $50bn scam.
Here's a copy of a memo John Havens, Citigroup's head of institutional clients, recently sent to his management team. Haven's comments that this year 'we have accomplished much of what we intended to do' - what's that, John, erase profits, destroy shareholder value and get bailed out by the US government ?