Here's the latest missive from our 'Highly Placed Professional:
Reuters reports that Credit Suisse CEO Brady Dougan predicts a relatively swift end to the credit crunch and current market instability.
Bloomberg reports that Moussa Bakir, the Fimat broker drawn into the SocGen $7.1bn rogue trading scandal after it was discovered that he was on friendly terms with Jerome Kerviel, the trader at the centre of the affair, has sued unidentified parties, claiming that the transcripts of e-mail exchanges between him and the trader were falsified.
...actually having a job.
During the last couple of years, when money has been tight and costs are under the microscope as never before, any bank spending money on corporate hospitality wants to make sure that it gets real value and that its clients have a really good time. According to a Bloomberg report, all did not go well in 2001 when UBS hired party organizer Sports Mondial to arrange for the entertainment of top clients at the UEFA Champions League Final in Milan.
The New York Times reports that Goldman Sach's CEO, Henry Paulson, has now apologized to staff following his remarks earlier in the week that appeared to suggest that most of the firm's staff were expendable.
CNN reports that John Rusnak, the former dealer at the centre of the Allied Irish Banks' $691m US FX trading scandal last year, has now been sentenced to seven and a half years in prison. He will also pay restitution to the company at a rate of $1,000 per month after his release and has agreed to enter drug, alcohol and gambling addiction programs.
The Times reports that Theodore 'Ted' Maher, Edmond Safra's former nurse, has been sentenced to 10 years in jail for starting the fire that killed the banking billionaire in his luxury Monaco appartment three years ago.
The Sunday Times reports that at least 20 'leading City institutions' are now paying staff bonuses in Turkish lira in a legal move to avoid or mitigate tax liability.
The Evening Standard reports that accounting firm KPMG recently sent 670 staff e-mails to advise them that they were being made redundant. Staff apparently advised the firm that, rather than face the agony of being called in one at a time to learn their fate, it would be better for all be told at the same time at the press of a button.