Q - Why are banks looking to pay decent bonuses again ?
'It was coming up to Christmas 2008, and I was sure that things couldn't get any worse. How wrong was I!
Despite all the headlines about Bernard Madoff, who pleaded guilty to running a $65 billion Ponzi scheme, he is still shrouded in mystery. Why (and when) did he turn his legitimate business into a massive fraud ? How did he fool so many smart investors for so long ? Who among his family and employees knew the truth ?
The New York Times reports that Evercore Partners is having to seek the approval of a bankruptcy judge to get its General Motors advisory fee paid. Nothing strange there.
The Financial Times reports that Frank DiPascali, the man who worked for Bernie Madoff for 33 years and ended up as his deputy, has pleaded guilty to 10 criminal charges, and now faces the prospect of up to 20 years in clink.
'Despite what the tabloids will have you believe, not every banker will be laughing all the way to the bank with a bag full of bonus cash this year-end.
No matter that around 25,000 traders are thought to have lost their jobs in the current downturn, and that those in a job are worried if they will ever see a decent bonus again, but some financial markets professionals are still rocking.
Barbara Stcherbatcheff landed her first job in the City in 2004, after attending Colgate University, and then the Tuck Bridge Program at Dartmouth.
I had coffee today with a guy I started with in the markets in the 80s. I've never seen him looking so glum.
It's summer and we're in the middle of a recession, so we thought we'd take a much-needed break.