- TARP Panel Finds Fault With GMAC Bailouts
- Citicorp eyes $20bn profit
- Geithner warns of rift on EU regulation
- Mexico’s Slim becomes ‘world’s richest’ person
- Forbes: The World’s Billionaires
- Court finds former partner of Cazenove guilty on five counts of insider dealing
- Nomura Departures Rise as Former Lehman Bankers Leave
TARP Panel Finds Fault With GMAC Bailouts – NY Times
A Congressional panel, in a report to be released Thursday, questioned the need for the Treasury Department’s $17.2 billion bailout of GMAC as the company dealt with the collapsing mortgage market in 2008 and 2009…..
The government “might have been able” to arrange a strategic bankruptcy for GMAC, as it did for General Motors and Chrysler, preserving its automotive lending arm while dealing with the mortgage lending operations that brought it down, the panel found…..
Citicorp eyes $20bn profit – Financial Times
Vikram Pandit, Citigroup’s chief executive, will today raise the prospect of the US bank earning as much as $20bn from its core business within a few years, which would mark a sharp revival in Citi’s fortunes.
Mr Pandit’s move – to be made as he details Citi’s strategy to investors – is an attempt to shift financial markets’ attention away from Citi’s huge losses and government bail-outs during the crisis. It will raise the stakes over Mr Pandit’s tenure at Citi’s helm by linking his future to the success of the strategy and financial performance…..
Geithner warns of rift on EU regulation – Financial Times
A letter sent by Mr Geithner this month to Michel Barnier, Europe’s internal market commissioner, makes clear that the European Union is heading for a clash with Washington if it pushes ahead with what the US – and Britain – fear could be a protectionist law.
The debate over the shape of financial regulation has reached a critical point in Brussels. Diplomats were last night moving closer to a compromise on an overhaul that has angered the industry and worried big investors. The draft EU directive would impose tighter restrictions on hedge funds, private equity and other alternative investment funds…..
Mexico’s Slim becomes ‘world’s richest’ person – AP
…..With a recovery in the value of his cell phone holdings pushing his estimated fortune to $53.5 billion, Slim jumped past Microsoft founder Bill Gates and investor Warren Buffett when Forbes magazine released its 2010 list of the world’s wealthiest Wednesday…..
Forbes: The World’s Billionaires
Court finds former partner of Cazenove guilty on five counts of insider dealing – Financial Times
A former partner of Cazenove, the blue-blooded bank that has counted the Queen among its clients, was found guilty yesterday of insider dealing charges in the most high-profile court victory to date by the City watchdog.
Malcolm Calvert, known as “Streaky” to his friends, was convicted on five counts of insider dealing in a case that partly relied on the written statement of a witness now suffering from dementia. The charges carry a maximum sentence of seven years’ imprisonment…..
Nomura Departures Rise as Former Lehman Bankers Leave – Bloomberg
….Jane Wang, vice chairman of China investment banking, resigned and plans to join a competitor, two of the people said, requesting anonymity because her departure hasn’t been announced. Geoffrey Feldkamp, responsible for share underwriting in Asia outside Japan, also left, one person said.
Wang and Feldkamp are former Lehman Brothers Holdings Inc. bankers who joined Nomura, Japan’s largest brokerage, when it acquired Asian assets of the bankrupt Wall Street firm in 2008. Their departures bring the number of senior defections from Nomura to at least five in the region since guaranteed bonuses to former Lehman workers were paid this month…..
Tags: Bailouts, Bill Gates, Billionaires, Carlos Slim Helu, Cazenove, Citigroup, GMAC, Insider Trading, Lehman Brothers, Nomura, Revolving Door, TARP, U.S.. Treasury, UK, Vikram Pandit; Tim Geithner, Warren Buffett, Wealth
