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Hedge Fund Managers Do It All For Charity

London's hedge fund community were said to be out in force on Friday, as several big-shots attended the annual ARK (Absolute Return for Kids) charity dinner at Marlborough House, Pall Mall, and raised a whopping £17.5m for worthy childrens' causes.

It's Been A Funny Old Week In The Markets

Lehman Brothers kicked off the third-quarter investment banking reporting season Tuesday, and somewhat soothed the market by posting profits of $887m, a fall of just 3.2% on the same period 12 months ago. Although Lehman took a $700m loss on asset mark downs in the period, firm CFO Christopher O'Meara said that the firm believed that 'the worst of the credit correction is behind us'.

5 Arrested, 38 Charged In Alleged Stock Lending Scam

The Financial Times reports that US regulator the Securities and Exchange Commisssion (SEC) has charged 38 folks, including several who work at Wall Street firms, with civil fraud alleging participation in an abusive stock-lending scheme which is said, over an 8 year period to 2006, to have netted the participants at least $12m.

The Goldman Alpha 'We're Not Sorry' Letter

Here's the contents of the letter sent by Goldman Sachs Asset Management about the performance of its hedge fund Global Alpha - in the first two weeks of September, Global Alpha fell 2.8%, bringing the year-to-date decline to 34.9%, yet no where in the letter do the words 'We're sorry' feature.

ABN AMRO, Barclays, HSBC, Merrill Lynch

Reuters reports that ABN AMRO CEO Rijkman Groenink told shareholders at the bank's extraordinary meeting Thursday that Barclays will need to up its offer. At $82.3bn it is signficantly lower that the $97.6bn bid tabled by the Royal Bank of Scotland (RBS) consortium. The RBS deal is also mostly made up of cash. Groenink said that 'the offer of Barclays is too low. We cannot ask shareholders to pay the difference from the consortium's bid'.

Firm Hit By $347m Rogue Trading Losses

Calyon Rogue Trader

Calyon, Credit Agricole's investment banking arm, will swallow a $347m trading loss in the third-quarter, after the firm took a hit because of unauthorised trading at one of its prop desks in New York.