- Tim’s troubles
- Bank of America Expects Record Bonuses for Some Staff
- For BofA Investment Bankers, Bonuses Likely Close to 2007
- Ex-Consultant Pleads Guilty in Galleon Insider Case
- Goldman Sachs Board Sued Over Co.’s Bonuses, Compensation
- SAC Analyst Linked in Case of Banker at Blackstone
- Swiss Regulator Broke Law on UBS Client Disclosure
- Gundlach Sued by TCW Group After Starting Own Investment Firm
- Late-Night Shift Sinking, NBC Wants Leno Back in Old Slot
Tim’s troubles – NY Post
Treasury Secretary Timothy Geithner will likely face a high-level congressional probe after documents and e-mails show he played a hand in withholding details about American International Group paying billions in taxpayer dough to Wall Street banks to settle insurance contracts.
Darrell Issa, the ranking Republican on the House Committee on Oversight and Government Reform, said correspondence between officials at the Federal Reserve Bank of New York and AIG showed Geithner and his team worked hard to keep quiet payments the insurer made to firms like Goldman Sachs and Deutsche Bank at the height of the financial crisis…..
Bank of America Expects Record Bonuses for Some Staff – Bloomberg
Bank of America Corp., the biggest U.S. bank, expects to pay record bonuses to some investment bankers while keeping the overall cost of incentive compensation below previous years, according to a company spokesman.
“Some people will be getting very good bonuses because they had a very good year,” spokesman Robert Stickler said. The overall pool “will not be a record,” he said…..
For BofA Investment Bankers, Bonuses Likely Close to 2007 – Wall Street Journal
Bank of America Corp. investment bankers are likely to get bonuses that are close to 2007 levels as the giant bank tries to stem more defections following its takeover of Merrill Lynch & Co., according to people familiar with the situation.
The expected payouts reflect Merrill’s recovery since the securities firm’s net loss of $27.6 billion in 2008, forcing a rescue by the U.S. government. Through the first three quarters of last year, Merrill churned out profit of $2.2 billion, or about one-third of Bank of America’s overall earnings of $6.5 billion…..
Ex-Consultant Pleads Guilty in Galleon Insider Case – NY Times
On Thursday, Mr. Kumar, a former director at the consulting firm McKinsey & Company, pleaded guilty to providing inside information to Mr. Rajaratnam in exchange for cash payments of at least $1.75 million from 2004 through 2009.
As part of his plea, Mr. Kumar, 51, agreed to cooperate with investigators in the widening insider-trading investigation of Galleon.
Mr. Kumar, a friend of Mr. Rajaratnam and a direct investor in a hedge fund controlled by Galleon, is the seventh person charged in the insider-trading case to reach a plea agreement with prosecutors and agree to cooperate. He faces a maximum sentence of 25 years in prison but is likely to receive much less after reaching a deal with the government…..
Goldman Sachs Board Sued Over Co.’s Bonuses, Compensation – Wall Street Journal
A Goldman Sachs Group (GS) shareholder has filed a derivative lawsuit against the investment bank’s top executives and directors, alleging they acted in bad faith and violated the company’s compensation standards in approving billions of dollars in compensation and bonuses for its employees in 2009.
The lawsuit, filed in New York State Supreme Court in Manhattan on Tuesday, alleges Goldman was involved in actions that contributed to a worldwide economic crisis when its board of directors approved a compensation plan for the company. The lawsuit alleges the bonuses are in an amount “so disproportionately large as to be unconscionable.”…..
SAC Analyst Linked in Case of Banker at Blackstone – Wall street Journal
Last January, federal prosecutors arrested Ramesh Chakrapani, a Blackstone banker, and accused him of tipping a friend about the 2006 leveraged buyout of Albertson’s Inc., the supermarket chain. The SEC also brought civil charges against Mr. Chakrapani.
In court papers, the government only identified the friend— named as a co-conspirator in the case—as an analyst at a New York investment firm and said he earned about $3.5 million for his firm.
The friend is Jonathan Hollander, a former analyst at SAC, according to people familiar with the matter. Mr. Hollander executed the trades for CR Intrinsic Investors, a subsidiary of SAC, the fund run by billionaire investor Steven Cohen. Reuters earlier reported the news of Mr. Hollander’s involvement in the case….
Swiss Regulator Broke Law on UBS Client Disclosure – Bloomberg
Switzerland’s financial markets regulator broke the law when it ordered UBS AG to give data on 255 of the bank’s clients to the U.S. last year, a court ruled.
The Swiss Financial Market Supervisory Authority, known as Finma, exceeded its authority when it told the bank Feb. 18 to deliver the information to the U.S., the Federal Administrative Court in Bern ruled today. The case is separate from a larger agreement to turn over data on as many as 4,450 UBS accounts……
Gundlach Sued by TCW Group After Starting Own Investment Firm – Bloomberg
TCW Group Inc., the Los Angeles-based unit of Societe Generale, sued former investment chief Jeffrey Gundlach and three ex-employees after more than half of its fixed-income professionals joined his new firm.
TCW accused Gundlach and several former employees who joined DoubleLine Capital LP of breach of fiduciary duty, unfair competition and misappropriation of confidential information in a complaint filed yesterday in state court in Los Angeles. TCW seeks more than $200 million in damages…..
Late-Night Shift Sinking, NBC Wants Leno Back in Old Slot – NY Times
Faced with the failure of the biggest recent gamble in television, NBC is shuffling its late-night deck one more time.
The network has a plan in the works to restore Jay Leno to his old spot at 11:35 each weeknight for a half-hour, while pushing the man who replaced him, Conan O’Brien, to a starting time of 12:05 a.m. Mr. O’Brien would then have a full hour…..
Tags: Bank of America, Bonuses, Goldman Sachs, Hedge funds, Insider Trading, Merrill Lynch, NBC, SAC Capital, TV, UBS
