Page 2458 


CIBC, Citigroup, Credit Suisse, Lehman, Merrill, SG

The Wall Street Journal Reports that the US Securities and Exchange Commission has confirmed it has launched proceedings against two former CIBC World Markets brokers, Michael Sassano and Dogan Baruh, who allegedly engaged in mutual funds market timing practices a few years back. Market timing is not actually illegal, but is frowned upon by the mutual funds industry as it can disadvantage long-term investors.

Bun Fights In Moscow & Paris, Citigroup, Lehman

Financial News reports that 'investment banks are offering top rates of compensation and undercharging clients in the fight to hire talent and win business in Russia'. And in Paris, the big boys are up against French firms who are matching them every step of the way.

Quality Of Graduates A Let Down (Surprise, Surprise)

We're now at the stage in the UK when students can rock up to University after obtaining 'iffy' 'A'-level results and, before they enter the building on the first day, they are awarded their degree certificate. OK, so we exaggerate - but that's how it feels. And we wonder why UK firms are struggle to find decent new talent for their payrolls.

BofA, Credit Suisse, HSBC, Merrill, Morley, 'NatWest' 3

The Wall Street Journal reports that The National Association of Securities Dealers has fined Banc of America Investment Services $3m for 'failing to comply with anti-money laundering rules in high-risk accounts'. The firm has agreed to pay up, but will neither admit nor deny the findings.

It's A Funny Old World

The Observer reports that leading private equity firm Permira launched their £5m charity , the Private Equity Foundation, a few days back with a gala dinner. On view was allegedly 'a lissom dancer, a pole and a slippery tutu'. Makes a change from asset stripping!