Lehman Brothers boss Richard Fuld appears to be a man on a mission.
It wasn't just UBS making the news Tuesday. On the day that the Swiss bank announced a $12bn first-quarter loss after some $19bn of asset write-downs, other firms too were hitting the headlines.
We thought it would be interesting to see how good our readers are at predicting where the equity markets were heading in the first quarter.
Another shoe dropped this April Fool's morning and, as expected, it was at UBS.
Here the statement issued early Tuesday by UBS on chairman Marcel Ospel, who is stepping down because of the firm's recent financial results.
Here's the statement UBS issued early Tuesday.
Bear Stearns (unsurprisingly).
You gotta love those good old boys over at UK market regulator The Financial Services Authority (FSA). Every time there's a crisis they come out and up the salaries for their staff in order to attract the City's best. Talk about closing the stable door after the horse has bolted! Wouldn't it be better to hire the brightest and best in order to ensure that a crisis doen't occur in the first place ?!
The Wall Street Journal reports that Lehman Brothers appears to have been the victim of a fraud in Japan that other media outlets put as high as $403m.
The Daily Mail reports that 31 year-old Aldous Voice, said to be an Associate Director in FX with a major City bank, was sentenced to four months in clink last week, after admitting endangering the safety of a helicopter by flashing a five million candle power lamp from his kitchen window.
JP Morgan reached a $5.1bn (£3.2bn) settlement with the US mortgage company regulator on Friday as the bank continues to negotiate with the justice department over what is expected to be an even larger fine related to bond sales.
There's nothing like a big scandal.
Our Highly Placed Professional spills the beans on life in the good old days.