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5 Arrested, 38 Charged In Alleged Stock Lending Scam

The Financial Times reports that US regulator the Securities and Exchange Commisssion (SEC) has charged 38 folks, including several who work at Wall Street firms, with civil fraud alleging participation in an abusive stock-lending scheme which is said, over an 8 year period to 2006, to have netted the participants at least $12m.

The Goldman Alpha 'We're Not Sorry' Letter

Here's the contents of the letter sent by Goldman Sachs Asset Management about the performance of its hedge fund Global Alpha - in the first two weeks of September, Global Alpha fell 2.8%, bringing the year-to-date decline to 34.9%, yet no where in the letter do the words 'We're sorry' feature.

ABN AMRO, Barclays, HSBC, Merrill Lynch

Reuters reports that ABN AMRO CEO Rijkman Groenink told shareholders at the bank's extraordinary meeting Thursday that Barclays will need to up its offer. At $82.3bn it is signficantly lower that the $97.6bn bid tabled by the Royal Bank of Scotland (RBS) consortium. The RBS deal is also mostly made up of cash. Groenink said that 'the offer of Barclays is too low. We cannot ask shareholders to pay the difference from the consortium's bid'.

Firm Hit By $347m Rogue Trading Losses

Calyon Rogue Trader

Calyon, Credit Agricole's investment banking arm, will swallow a $347m trading loss in the third-quarter, after the firm took a hit because of unauthorised trading at one of its prop desks in New York.

The Latest Hedge Fund & Asset Management News

According to a recent survey undertaken by data provider EuroHedge, over 150 new hedge funds, attracting $13bn in assets, opened for business in the first 6 months of this year. That's up from 133 in the same period in 2004.

Your Comments On The Market Uncertainty (Updated)

Here Is The City has been seeking your views on the current state of the market. We are busy collating your opinions and will be soon revealing our findings as 'The Kamada Index', which will clearly show the current sentiment of professionals who work in the financial markets.

Offer The Guy A Senior Job ? - 'Nfw'!

Dresdner Kleinwort CEO Stefan Jentzsch took the stand in London Monday at an employment tribunal hearing brought by former firm banker Malcolm Perry, who claims that he was axed because he was neither a German national nor a German speaker. Perry seeks some $20m in compensation and loss of earnings.