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Another Billy 'Big Bonus' Behind Bars

Reuters reports that Charles Gile, the former head of sales and trading over at Citigroup's New York commodities desk, got banged up last week for a year and a day for his role in inflating desk profits by as much as $20m in order to bag a bigger bonus.

Bear, Citigroup, Deutsche, HSBC, Merrill, UBS

Bloomberg reports that Bear Stearns, Piper Jaffray and UBS and four other firms, including JPMorgan Chase, have confirmed that they have been subpoenaed by US authorites in connection with an industry-wide probe concerning the sale of investment and derivative contracts to municipal local governments.

The Latest On Gender / Race Lawsuits

As banks continue to fall over themselves to hire / retain women, mothers who want to return to work more flexibility after maternity leave and staff from racial minorities, here's a couple of bits of current news.

Fortune's Top 20 US Employers For New Graduates

Fortune magazine asked the folks at Experience Inc., an online career adviser and recruitment database firm that serves as a liason between US colleges and universities and the companies that seek to employ recent graduates, to help compile a list of companies which offer some of the best jobs in the US to new grads.

City Trainees Told To Put On Their 'Rubbers'

Spring Clean

Trainee solicitors at Linklaters face an initiative test next Friday - the trainees working in the firm's corporate department (which deals with M&A, IPOs, share issuance, etc) have been roped in to take part in a 'Spring Clean' operation.

Ex-Goldman Boss Says Firm Execs Should Get No Salary

Bloomberg reports that 85 year-old John Whitehead, a former co-chairmen over at Goldman Sachs, has been having a pop at the new-kids-on-the-block at his old firm, and the high levels of pay available to those who work in the financial markets generally.

Firm's Energy Trading Losses Now Estimated At $691m

The Financial Times reports that Bank of Montreal's mark-on-market commodities trading losses have now increased to $US619m. The losses stemmed from incorrect valuations of the firm's natural gas portfolio. Two traders are now said to have left the company.

Russia Sues Bank For $22.5bn

Bloomberg reports that Bank of New York (BONY) is being sued by Russia's Federal Customs Service, which seeks $22.5bn in damages in respect of alleged money-laundering activities said to have taken place in the late 1990s.