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More ABN AMRO Nonsense

The Financial Times reported Friday that The Royal Bank of Scotland consortium (RBS, Fortis and Santander) is feeling miffed that they are not playing on a level field as they battle for control of Dutch bank ABN AMRO.

BofA, NatWest Three, RBS, UBS, LBOs

The Wall Street Journal reports that former Bank of America securities man Paul Risoli pleased guilty to criminal charges late last week, after admitting his involvement in an alleged insider-trading scam.

Hedge Fund Disaster May Be On The Cards

Reuters reports that industry experts expect disaster could loom large when hedge funds start releasing data on their July performance. The news agency quotes Jack Yang, a partner in $40bn hedge fund Highland Capital, who has said that 'the numbers are going to be all over the place'.

Former Merrill Man Goes To The Slammer

Reuters reports that Timothy O'Connell, one of a number of bankers acquitted in the now-famous 'Squawk Box' case, has been banged up anyway. O'Connell, 42, has been sentenced to one year and a day in prison for witness tampering and making false statements.

BofA, BNP, Citi, Deutsche, Lazard, FX Trading

Bloomberg reports that Bank of America and French bank BNP Paribas (BNP) are being sued by Biola, a Christian university in California, which claims that the banks 'conspired to reap 'excessive profits' by selling it $84.2m of interest-rate derivatives at inflated prices'.

Hedge Fund Thought To Have Lost $1bn In July

MarketWatch reports that Boston-based Sowood Capital Management LP is the latest hedge fund to come out and confirm that it has suffered from the recent difficulties in the credit markets. The once $3bn hedgie has sent a letter to investors confirming that its net asset value had fallen to around $1.5bn, suggesting that up to $1bn was lost in the month of July alone.