Reuters reports that fraudster Bernie Madoff has now been moved to the medical wing of Butner Federal Correctional Complex, where he is currently serving 150 years for his $65bn Ponzi scheme. There have been reports that Madoff has told other inmates that he has cancer, and doesn't expect to ses out his sentence.
Dow Jones Newswires reports that US prosecutors are seeking a 15 year prison term for former Credit Suisse broker Eric Butler, for his role in an alleged scheme to dupe clients about the risks associated in investing in auction-rate securities. A jury convicted Butler of all the charges made again him in August, and he is due to be sentenced in late January.
And Bloomberg reports that Chen Ching-hsiao, a 46-year-old former HSBC executive, has been sentenced to 20 months in clink for taking a $60,000 bribe from a client seeking credit facilities.
The news agency also reports that R. Allen Stanford, himself accused of orchestrating a $7bn Ponzi scheme, won't be released ahead of his trial in 2011, despite the fact that a doctor's report has him close to 'a complete nervous breakdown'. Stanford has been refused bail, as he is considered a flight risk.
In the meantime, The Wall Street Journal reports that, according to data released by Dealogic, JPMorgan has earned more money in investment banking fees than any other investment bank this decade. JPMorgan is said to have raked in some $13.2bn, $85m ahead of Deutsche Bank. Credit Suisse comes in third ($11.5bn) and Goldman Sachs fourth ($11.3bn). Globally, the crown goes to Bank of America Merrill Lynch, which brought in $57.7bn in fees, almost $4bn more than JPMorgan.
And MarketWatch reports that, according to the US Treasury, the TARP program has so far generated some $16bn in profits to US taxpayers. Citi and Wells Fargo exited the TARP program this week.
Finally, Bloomberg reports that Royal Bank of Scotland is said to be considering selling some of its $24m art collection, as, having sold some of its buildings, the bank has less of a need for stuff on the walls.
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