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More Market Gossip

The New York Post reports that concerns are growing that many of the 40 disabled workers employed by Bear Stearns in New York may lose their jobs as the firm merges with JPMorgan. Bear has long been recognised as a firm that does its bit for the disabled, being honoured with Title 1 of the ADA Employment Award in 2006 for its commitment to hiring staff with disabilities.

Was 'Inbreeding' The Cause Of Top Firm's Woes ?

NZZ am Sonntag newspaper recently interviewed Eugen Haltiner, the President of the Swiss Banking Commission, who described the losses incurred by UBS as 'extraordinary' (the bank has written-down some $38bn-odd of assets over the last 9 months or so, and reported a $11.86bn loss in the first-quarter). Haltiner, however, said that he was confident that 'these (losses) can be absorbed with a timely re-capitalization (and)....that we can hope for a stabilization'.

Former Exec Calls For Break-Up Of Top Firm

UBS Fractured

You can't seem to get UBS out of the headlines this week. Just a few days after the Swiss bank announced another quarterly loss (this time $11.9bn), former President Luqman Arnold has written to the bank's board and called for the break-up of the company.

Goldman Turns Up The Heat On Staff

The New York Post reports that Goldman Sachs has been cutting back on yet more staff freebies. Just a few weeks after tightening its criteria for meals and taxis after work in London, the firm is said to have turned those cost-cutting guns on its New York trading population.

Hedge Fund Manager In Dr.g Sting

The Globe & Mail reports that Matthew MacIsaacs, one of Canada's most highly-regarded fund managers, was one of 33 folks caught out in a drugs sweep dubbed 'Project White Rabbit', when he was arrested in a Toronto bar on March 16th. The fund manager has now been charged with buying drugs from an undercover police detective and conspiracy to traffic cocaine.