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Banker Puts Foot In It As Cleaner Takes Revenge

Here's a real gem to start off the New Year. The story was fed to us by a mole present when the events detailed below occurred. He has asked to remain anonymous, and for us to withhold the name of his firm, as he fears for his job.

Employee Seeks $30m, Says HR 'Made Up' His Appraisal

Reuters has reported that Edward Sullivan, a former Managing Director at Morgan Stanley, has filed a lawsuit against the Wall Street firm in New York, seeking some $30m in actual and punitive damages as he claims he was fired after two of the firm's HR department 'made up' a 'poison-pen critique' and passed it off as his peformance appraisal. He says that he was axed simply because of his age.

Amaranth, Citi, Deutsche, Credit Suisse, Enron, UBS

The Wall Street Journal reports that Nick Maounis, the founder of failed hedge fund Amaranth (yes, the firm which lost $6.4bn of its value in a few days last year because of losing bets on the direction of the gas market) is looking to start up a new business. The newspaper quotes unnamed people 'close to the situation', who have said that Maounis is thinking of starting a new fund with a few ex-colleagues.

UBS - Heartbreak At Hedge Fund 'Hotel' ?

The New York Times has reported that William Gavin, the Massachusetts secretary of state, has subpoenaed documents from UBS, and is looking into the relationship between the firm and several small hedge funds who 'lease' space from the bank in the state.