The Wall Street Journal reports that hedge fund Appaloosa Management has made around $7bn in profit this year by purchasing stock in companies like Bank of America and Citi during the dark days in the spring, and riding the market as it made a decent recovery. Overall, the hedge fund has returned a 120% profit this year.
Morgan Stanley announced on Tuesday a number of key leadership appointments to take effect on January 1, 2010, when James Gorman will become Chief Executive Officer and President of the Firm. At that time, as previously announced, John Mack will step down as CEO, while continuing to serve as Chairman of Morgan Stanley.
Goldman announced the appointment of 272 new Managing Directors Thursday.
Lazard Ltd has announced that its Board of Directors has appointed Kenneth M. Jacobs, age 51, as Chairman of the Board of Directors and Chief Executive Officer, effective immediately. Mr. Jacobs, formerly Chief Executive Officer of Lazard North America, succeeds Lazard Chairman and CEO Bruce Wasserstein, age 61, who passed away October 14, 2009.
Ralph Cioffi and Matthew Tannin, the two former Bear Stearns hedge fund managers accused of deceiving clients during the financial crisis, have been found innocent of all charges by a New York jury.
Hector Sants, the CEO of UK securities regulator The Financial Services Authority, issued the industry a warning Monday, when he gave a speech at Bloomberg.
67-year-old billionaire Jeffry Picower was found dead by his wife and his housekeeper in the swimming pool at his Palm Beach home Sunday afternoon.
Reuters reports that Raj Rajaratnam, the biliionaire founder of hedge fund Galleon Group, and five others, have been charged with engaging in what has been claimed is the biggest insider trading scandal involving a hedge fund ever.
The Financial Times reports that Nomura International is to double its US headcount, as Nomura aims to make good on its promise to become a top five global investment bank.
The Times reports that a group of 72 former Dresdner Kleinwort traders are the latest to launch a legal challenge against Commerzbank over non-payment of bonuses. They are after $49m.