...actually having a job.
During the last couple of years, when money has been tight and costs are under the microscope as never before, any bank spending money on corporate hospitality wants to make sure that it gets real value and that its clients have a really good time. According to a Bloomberg report, all did not go well in 2001 when UBS hired party organizer Sports Mondial to arrange for the entertainment of top clients at the UEFA Champions League Final in Milan.
The New York Times reports that Goldman Sach's CEO, Henry Paulson, has now apologized to staff following his remarks earlier in the week that appeared to suggest that most of the firm's staff were expendable.
CNN reports that John Rusnak, the former dealer at the centre of the Allied Irish Banks' $691m US FX trading scandal last year, has now been sentenced to seven and a half years in prison. He will also pay restitution to the company at a rate of $1,000 per month after his release and has agreed to enter drug, alcohol and gambling addiction programs.
The Times reports that Theodore 'Ted' Maher, Edmond Safra's former nurse, has been sentenced to 10 years in jail for starting the fire that killed the banking billionaire in his luxury Monaco appartment three years ago.
The Sunday Times reports that at least 20 'leading City institutions' are now paying staff bonuses in Turkish lira in a legal move to avoid or mitigate tax liability.
The Evening Standard reports that accounting firm KPMG recently sent 670 staff e-mails to advise them that they were being made redundant. Staff apparently advised the firm that, rather than face the agony of being called in one at a time to learn their fate, it would be better for all be told at the same time at the press of a button.
The Evening Standard reports that the banker at the centre of the London City airport 'bomb' affair has been found not guilty after his trial collapsed.
The Washington Post reports that a former adult-movie film star has been jailed fo three months after admitting that she was guilty of insider trading.
The Times reports that an angry city banker has been accused in court of claiming that there was a bomb in his luggage, which had already been checked in, after airport officials told him he was too late to catch his flight.
Josef Ackermann, the chairman of Zurich Insurance Group, has resigned after indicating that he felt pressured to take part of the responsibility for the death of Chief Financial Officer Pierre Wauthier, the firm announced on Thursday.
Now that's flower power!
And it's the last thing this firm needs right now.