- AIG Permitted by Feinberg to Pay $3.3 Million Grant
- Dubai World Seeks More Time for Debt ‘Standstill’ Agreement
- Collapsed Lehman pays out big bonuses
- Raj Rajaratnam, Chiesi Deny Insider Trading Charges
- Goldman on top in annual tussle for M&A jackpot
- Fortress Sues Law Firm Over Loss
- Greece To Step Up Fiscal Reform Efforts After Third Downgrade
- D Börse system to measure traders’ speed
AIG Permitted by Feinberg to Pay $3.3 Million Grant – Bloomberg
American International Group Inc., the bailed-out insurer, was permitted by the special master for executive pay to give an additional $4.26 million in compensation to an employee who decided not to leave the firm.
Kenneth Feinberg approved a deferred stock grant valued at $3.26 million and an annual long-term incentive award of as much as $1 million, according to a letter today to AIG released by the Treasury Department. The employee, who wasn’t identified in the letter, gets a $450,000 cash salary. The recipient is one of AIG’s top 25 managers and isn’t Chief Executive Officer Robert Benmosche, a Treasury official said……
Dubai World Seeks More Time for Debt ‘Standstill’ Agreement – Bloomberg
Dubai World said it will take more time to present a “standstill” offer after the state-owned holding company provided part of a plan to restructure about $22 billion of debt at a meeting today.
Dubai World will continue working with creditors to reach a standstill agreement on its borrowing “in an orderly way,” it said in a statement. The company received assurances from Dubai’s government that it will receive “financial support to cover working capital and interest expenses to ensure the continuity of key projects” if a standstill is achieved, according to the statement….
Collapsed Lehman pays out big bonuses – Financial Times
….A judge overseeing Lehman’s US bankruptcy in New York last week approved an extra $50m (€35m) in bonus pay-outs to some 230 derivatives traders working to unwind the dead bank’s $10bn portfolio. The pay-outs come as bankers in the US and Europe face public anger over probable multimillion-dollar bonuses at the end of this year and, in Britain and France, additional taxes on the pay-outs….
Raj Rajaratnam, Chiesi Deny Insider Trading Charges – Bloomberg
Raj Rajaratnam, the billionaire Galleon Group LLC founder, and Danielle Chiesi, an executive at New Castle Funds LLC, may face a summer trial on federal charges that they used inside information to profit from stock trades.
The two appeared in Manhattan federal court today to plead not guilty in an insider trading case that allegedly generated more than $20 million in illegal profits…..
Goldman on top in annual tussle for M&A jackpot – Daily Telegraph
In the closely-watched annual race to the finish, with just days to go until the end of the year, Goldman’s bankers have worked on $616.9bn of deals – compared to Morgan Stanley’s $599.6bn – generating what Dealogic calculates to be $1.18bn in fees by December 16. JP Morgan Chase takes third place globally, while in Europe, Goldman is in the lead, Morgan Stanley is second and Citigroup ranks third….
Fortress Sues Law Firm Over Loss – Wall Street Journal
Private-investment firm Fortress Investment Group LLC has sued law firm Dechert LLP in connection with the $700 million Ponzi scheme perpetrated by lawyer Marc Dreier.
The lawsuit, filed Monday in New York state court, alleges Dechert issued a “false” legal opinion letter that Mr. Dreier used to defraud Fortress. New York-based Fortress has said it lost $125 million buying phony promissory notes from Mr. Dreier….
Greece To Step Up Fiscal Reform Efforts After Third Downgrade – Wall Street Journal
The Greek government will step up its drive to lift the country out of its debt crisis, the Finance Ministry said in a statement Tuesday following the third ratings downgrade this month.
“The government remains committed to the implementation of the reforms announced… and will intensify its efforts to restore the viability of fiscal and economic trends in Greece,” the statement said….
D Börse system to measure traders’ speed – Financial Times
High-frequency traders will for the first time see whether they managed to get a trade done before their rivals after Deutsche Börse started offering a new service that ranks the speed at which firms complete their trades.
The service, provided by Dublin-based technology company Corvil, is the latest sign of the technology arms race that is under way as exchanges and “multilateral trading facilities” try and attract orders….
Tags: AIG, Bonuses, Fortress, Galleon, Goldman Sachs, Insider Trading, Lawsuit, Marc Dreier, Pay czar, Raj Rajaratnam, Sovereign wealth funds
