Bear Stearns Asset Management has now advised the clients who invested in those two in-the-news hedge funds that they have 'very little value' and that the firm is now seeking 'an orderly wind-down of the funds over time'. Investors are thought to have lost out to the tune of a cool $1.5bn.
Here Is The City is able to reveal that some of the world's leading investment banks are now investing in cloning technology in an effort to solve their chronic recruitment problems.
Bloomberg reports that Bank of America (BofA) is likely to suffer because it has remained practically glued to its own backyard in recent years. With the demand for financial services increasing three times as fast overseas, the recent boast of CEO Ken Lewis that 'we do better when we play to our strengths, and our strengths are in the US', is starting to look at bit hollow.
Reuters reports that shares in Lazard were on the rise Thursday, and call options were active, on speculation that the firm could be acquired by an unspecified larger rival.
CNBC has reported that there is allegedly an ongoing enquiry over at the Hollywood Country Club to established whether Bear Stearns CEO Jim Cayne changed his golf scores to allow him to win a golf tournament there on 4th July.
The decision of the Dutch Supreme Court Friday to allow ABN AMRO to flog its US retail unit LaSalle for $21bn to Bank of America without a shareholder vote comes as no surprise. But the decision will serve to end the phoney war between Barclays and the Royal Bank of Scotland (RBS) consortium fighting for the ABN goodies.
Reuters reports that Bear Stearns is to open a London Metal Exchange trading desk in New York. The news agency quotes Bear Head of Liquid Products Sales Europe, Peter Williams, who said that the firm had 'seen increasing demand from clients for a global platform, in particular from hedge funds'.
Fortune magazine has just published its latest group of lists of the world's top companies. Here's a note of the top banks / securities firms by revenue as per their last year-end:
Here are some of the 'highlights' from our recent Karaoke. Make a note in your diary - the next event will be held on Monday, 24th September 2007.
Here are a couple of really terrible jokes.
Sounds like it was quite a bun-fight.
Nothing should really surprise us now.
The mystery is why Alison Carnwath, former chair of Barclays' remuneration committee, waited so long to put it on the record. It has been long known that she disagreed with Barclays' decision to award Bob Diamond, the then chief executive, a £2.7m bonus for 2011. But she didn't mention her disagreement with the other directors when resigning from the board last July. She merely cited her regret that she was no longer able to devote "sufficient time" to her non-executive duties.