- Judge tosses e-mail in Bear case
- Ex-A.I.G. Chief Is Back, Luring Talent From Rescued Firm
- Lawyer: Heart Attack Killed Picower
- Goldman Sachs Tells SEC Dark Pools, Short Sales Help Cut Costs
- UBS Taps McCann to Lead U.S. Brokerage
- Cioffi ‘Upset’ When Told Bear Wouldn’t Permit Florida Loan Lien
- Bill in works to let U.S. dissolve failing firms
- U.S. newspaper circulation falls again
Judge tosses e-mail in Bear case – NY Post
A smoking gun in the prosecution of two former Bear Stearns hedge funders was tossed out yesterday.
The jury won’t be allowed to see the personal e-mail in which Matthew Tannin wrote: “We could blow up.”….
Cioffi ‘Upset’ When Told Bear Wouldn’t Permit Florida Loan Lien - Bloomberg
The head of Bear Stearns Cos. hedge funds testified that Ralph Cioffi got “upset” when told the company wouldn’t authorize him to pledge his $6 million holdings in the funds he managed to secure a line of credit for a Florida condominium development.
Greg Quental, then global head of hedge funds at Bear Stearns and Cioffi’s supervisor, testified as a prosecution witness at the securities-fraud trial of Cioffi and another former Bear manager, Matthew Tannin….
Ex-A.I.G. Chief Is Back, Luring Talent From Rescued Firm – NY Times
Even as he has been lambasting the government for its handling of A.I.G. after its near collapse, Mr. Greenberg has been quietly building up a family of insurance companies that could compete with A.I.G. To fill the ranks of his venture, C.V. Starr & Company, he has been hiring some people he once employed.
Now, Mr. Greenberg may have received some unintended assistance from the United States Treasury. Just last week, the Treasury severely limited pay at A.I.G. and other companies that were bailed out by taxpayers. That may hasten the exodus of A.I.G.’s talent, sending more refugees into Mr. Greenberg’s arms, since C. V. Starr is free to pay whatever it wants…
Lawyer: Heart Attack Killed Picower – Wall Street Journal
….The lawyer, William Zabel, said in a statement that an autopsy showed that Mr. Picower, 67 years old, drowned in his pool because of the heart attack. A spokeswoman said Mr. Picower had Parkinson’s disease, a neurological disorder that affects motor skills, as well as unspecified heart-related problems….
Goldman Sachs Tells SEC Dark Pools, Short Sales Help Cut Costs - Bloomberg
Goldman Sachs Group Inc., the most profitable securities firm, defended for U.S. regulators dark pools, short-selling, high-frequency trading and other market practices that have been criticized by lawmakers.
Goldman told the Securities and Exchange Commission that computer-driven trading and an increase in stock transactions that occur off public exchanges has reduced consumer costs, increased competition and brought more liquidity to markets…..
UBS Taps McCann to Lead U.S. Brokerage – Wall Street Journal
Mr. McCann immediately replaces former U.S. wealth-management head Marten Hoekstra, who will leave UBS. The appointment follows the settlement of Mr. McCann’s dispute with Merrill’s parent, Bank of America Corp., over a noncompete clause in his contract that prevented him working for a rival until January 2010. Mr. McCann left Merrill last January, days after Bank of America completed its acquisition of the bank…..
Bill in works to let U.S. dissolve failing firms - Washington Post
House Democrats and the Obama administration are preparing to introduce major legislation aimed at eliminating the devil’s choice the government faced last fall, when officials felt forced to decide between spending billions of dollars to rescue some of the nation’s most powerful financial firms or letting their failures sink the economy….
U.S. newspaper circulation falls again – LA Times
U.S. newspapers continued to lose subscribers in recent months as readers increasingly turned to online news sources and price increases scared off cost-conscious consumers.
The average weekday circulation of the nearly 400 daily papers that reported sales slid 10.6% to 30.4 million from April to September compared with the same six-month period in 2008, the Audit Bureau of Circulations said Monday. That was bigger than the 7.1% decline recorded during the previous six-month period…..
Tags: AIG, Bear Stearns, Bernie Madoff, Goldman Sachs, Hedge funds, Lawsuit, UBS
