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Latest News On The Market Turmoil

Tony Tan, the deputy chairman of the Government of Singapore Investment Corporation (the sovereign wealth fund which has invested some $18bn in the likes of Citi and UBS), told employees this week that 'we could be facing a recession which is longer and deeper and wider than any recession we have encountered in the last 30 years'.

UBS Points The Finger, BofA Not Striking Up The Band

UBS released its 50-page report to the Swiss market regulator Monday (about the small matter of those $37bn asset writedowns), and seemed to be pointing the finger of blame at Huw Jenkins, its former investment bank CEO. Jenkins, still a consultant with the bank until October, was ousted late last year after the losses started to come to light. He is a decent bloke, much-respected by those who worked for him - but it looks like he is now being hung out to dry.

Insider Trading / Rogue Trader Latest

Reuters reports that Nomura Holdings has come out and confirmed that Japan's market regulator, the Securities and Exchange Surveillance Commission, is investigating one of its employees who, with two others, is suspectd of making $485,000 from insider trading.

The Latest On Bear Stearns, Merrill Lynch & UBS

The New York Times reports that up to 250 graduates who bagged a job at Bear Stearns in the US are having to come to terms with the fact the their dream jobs are no more. Although JPMorgan Chase has taken some of the graduates onto its own payroll, many have been told that they just can't be accomodated.

Another Top Firm Said Set To Write-Down $14bn

The Sunday Times reports that Royal Bank of Scotland (RBS) is expected to come out this week and announce US subprime lending-related writedowns of between $10bn - $14bn. The firm has already written down some $4.8bn.

Got A Celebrity Name - Want To Feature In An Art Exhibition ?

A few months back we asked you to send in the names of folks who worked in the financial markets and who have 'celebrity' names. We were inundated with responses - it seems that there's a Indiana Jones most everywhere! Well, now here's a chance for those financial markets 'celebs' to have their photos taken by a professional and feature in an exhibition.