Financial News has reported that Bear Stearns has formed a new proprietary trading group, by merging cash equities, structured equities and clearing activities under a new management team led by Bruce Lisman and Steven Meyer. Both will report into Warren Spector, Bear's President and Chief Operating Officer.
The Houston Chronicle reports that former Enron boss Jeffrey Skilling was arrested earlier this month in Dallas for 'public intoxication'.
Forbes has just published its latest list of the richest Americans. Here's the Top 20:
The following appeared on Wall Street Folly ( www.wallstreetfolly.com ) yesterday, and is a copy of the letter sent by Amaranth Investors, the hedge fund that has lost around $6bn as a result of a losing bet on the gas market.
Here's a little something sent in by one of our readers (a woman, actually!). A rather naughty ad for Post-it.
Bloomberg reports that the losses sustained by hedge fund Amaranth Advisors over the last few days is up to $6bn. The fund which had assets of $9.5bn just last month now has assets of around $3.5bn.
Morgan Stanley CEO John Mack said that he and his cohorts couldn't turn the firm around overnight. Now, some 15 months after MackÂ retook the helm, Morgan Stanley has finally impressed the markets.
As The New York Times reports, we all now know who lost out when that huge Amaranth Advisors gas trade went pear-shaped, but who ran out winners on the other side of the bet ?
The Wall Street Journal reports that ABN Amro has integrated its equity, credit and economic research divisions into one global unit. A 'handful' of staff are thought likely to leave the firm as a result. The bank also confirmed Wednesday that it plans to open a processing centre in the Dubai Outsource Zone to support its U.A.E operations.
The Times reports that Brian Hunter is the trader being fingered for 'single-handedly' wiping out around half of Connecticut-based hedge fund Amaranth's $9bn in assets.