- McCann in Bank of America Talks, Setting Up UBS Move
- Goldman Subpoenaed on Huddles
- Hedge funds hiring again after downturn
- FDIC insurance fund may need a hand itself
- Hedgie Paulson Mad About Citi
- Blackstone Gem
- US thrifts earn $4M in 2Q; 40 on ‘problem’ list
- Rules Eased on Bank Buyouts
- FSA backs global tax on transactions
- Pay Czar Is Expected to Clear AIG Chief’s Compensation
- Merkel Fends Off Criticism of Ties to Deutsche Bank Chief
- Bank of America to Sell Auto Loan Bonds for Fed’s TALF Program
- Tribune Bondholders Fault Zell Takeover
- Foxwoods Casino Owner Mashantucket Tribe Seeks Debt Restructure
McCann in Bank of America Talks, Setting Up UBS Move – Bloomberg
Former Merrill Lynch & Co. brokerage head Robert McCann is in talks to settle his lawsuit against Bank of America Corp., paving the way for him to join UBS AG as head of wealth-management in the Americas, two people familiar with the matter said…..
Goldman Subpoenaed on Huddles – Wall Street Journal
William Galvin, Massachusetts’s chief financial regulator, has subpoenaed Wall Street firm Goldman Sachs Group Inc., demanding information on the firm’s weekly trading huddles between its research analysts and traders.
Mr. Galvin, the Massachusetts secretary of the commonwealth, said he is concerned that the huddles, in which Goldman’s research staff give verbal short-term stock tips to the firm’s traders and then its clients, disadvantage some Goldman customers…..
Hedge funds hiring again after downturn – Reuters
Hedge funds and bank trading desks are hiring again and have already snapped up some of the most talented managers who were dislodged while firms struggled in the credit crisis, industry insiders said…..
Firms such as Citadel, RBC Capital Markets, Artradis and Tribridge have all recently hired staff in hedge-fund-related roles.
“Things have definitely turned around. Hedge funds are hiring and prop (proprietary trading) desks are hiring,” said Bob Olman, founder of recruitment firm Alpha Search Advisory Partners….
FDIC insurance fund may need a hand itself – AP via Houston Chronicle
The government agency that guarantees you won’t lose your money in a bank failure may need a lifeline of its own.
The coffers of the Federal Deposit Insurance Corp. have been so depleted by the epidemic of collapsing financial institutions that analysts warn it could sink into the red by the end of this year…..
Hedgie Paulson Mad About Citi – NY Post
Hedge-fund hotshot John Paulson has been quietly snapping up shares of beleaguered Citigroup in recent weeks, sources tell The Post.
Paulson was said to have acquired a roughly 2 percent stake in Citi — below the 5 percent threshold that would require him to disclose his investment stake in a securities filing, according to one source……
Blackstone Gem – NY Post
Blackstone boss Steve Schwarzman has quietly moved to the head of the class when it comes to the lucrative business of compiling and managing hedge-fund portfolios for investors.
As rivals like HSBC and Man Investments suffered double-digit drops in their respective units through the end of June, Blackstone’s grew 25 percent to $25 billion, according to London-based research group Hedge Fund Journal…
US thrifts earn $4M in 2Q; 40 on ‘problem’ list – AP
U.S. thrifts eked out a $4 million profit in the second quarter, but the number of troubled institutions continued to rise, the government said Wednesday…..
Rules Eased on Bank Buyouts – Wall Street Journal
Federal regulators approved watered-down guidelines for private-equity firms seeking to snap up failed U.S. banks, in a bid to tap a new and controversial source of capital for financial institutions.
The new rules still impose significant restrictions on private-equity ownership of banks, but after a ferocious lobbying effort by the buyout industry, the Federal Deposit Insurance Corp. backed away from an initial set of tough proposals that would have imposed heavy capital requirements…..
FSA backs global tax on transactions – Financial Times
The head of Britain’s top banking watchdog supports the idea of new global taxes on financial transactions, warning that a “swollen” financial sector paying excessive salaries has grown too big for society…..
Pay Czar Is Expected to Clear AIG Chief’s Compensation – Wall Street Journal
The Obama administration’s pay czar is expected to formally approve the $10.5 million pay package for American International Group Inc.’s new chief executive as early as next week, according to people familiar with the matter.
AIG had received “approval in principle” from Kenneth Feinberg, the Treasury Department’s special master for compensation, to pay AIG CEO Robert Benmosche an annual salary of $7 million and up to $3.5 million in incentive pay. But Mr. Benmosche wanted formal written assurance that his pay would be honored and had been pushing for a speedy sign-off on his compensation…..
Merkel Fends Off Criticism of Ties to Deutsche Bank Chief - Wall Street Journal
German Chancellor Angela Merkel tried to defuse criticism of a taxpayer-funded dinner she hosted for Deutsche Bank AG Chief Executive Josef Ackermann, hitting a rare glitch in her campaign for re-election on Sept. 27.
Opposition lawmakers and German media have accused Ms. Merkel of hosting a private party at taxpayer expense for the birthday of Mr. Ackermann, an influential but controversial figure in Germany…..
Bank of America to Sell Auto Loan Bonds for Fed’s TALF Program – Bloomberg
Bank of America Corp. plans to sell bonds backed by auto loans that are eligible for a Federal Reserve program to jumpstart lending, according to a person familiar with the offering who declined to be identified because terms aren’t set…..
Tribune Bondholders Fault Zell Takeover – Wall Street Journal
Disgruntled Tribune Co. bondholders have asked a U.S. bankruptcy judge to let them investigate Sam Zell’s 2007 buyout of the newspaper-and-television chain in an effort to derail a plan that would hand the company over to its banks.
The filing, made late Wednesday, calls the $8.2 billion transaction a “fraudulent conveyance” that left Tribune insolvent from the onset of the 2007 deal. It accuses senior lenders led by J.P. Morgan Chase & Co. of completing a leveraged buyout they should have known would push the company into bankruptcy…..
Foxwoods Casino Owner Mashantucket Tribe Seeks Debt Restructure – Bloomberg
Mashantucket Western Pequot Tribal Nation, owner of the Foxwoods Resort Casino, is seeking to restructure at least $1.45 billion in debt as the recession and competition cut into winnings.
The Connecticut casino’s owners have hired Miller Buckfire & Co., a New York investment bank, and the law firm Weil, Gotshal & Manges LLP as advisers, according to a tribal statement today…..
Tags: Bank of ABS, Blackstone Group, Debt restructurings, FDIC, Gaming, Goldman Sachs, Hedge funds, John Paulson, Revolving Door
