- Goldman Sachs bankers harangue top Demoocrat at private fundraiser
- Lehman may have grounds to sue banks
- BofA May Post Profit After ‘Fabulous Month’ for Merrill Lynch
- The Next Global Problem: Portugal
- SEC votes to tag large equity traders
- UBS investors speak out against pay plans
- Former Banker for UBS Seeks Shorter Sentence
- Massachusetts moving money out of 3 big banks to protest credit card rates
Goldman Sachs bankers harangue top Democrat at private fundraiser – The Guardian
They do like a good moan, these Goldman Sachs bankers. Fox Business has a great story today about a private political fundraiser thrown by Goldman’s president, Gary Cohn, in which the Democrats’ senate boss, Harry Reid, was obliged to listen to cries of anguished complaint about the Obama administration’s bonus-bashing…..”Reid was verbally harangued by several senior Goldman executives, including Cohn himself, for being part of the growing chorus of politicians who are using anti-Wall Street rhetoric to score political points,” writes Gasparino. “Cohn may have been the most vociferous, according to one person with knowledge of the meeting. ‘You are sitting here with a room full of Democrats and all you do is beat us up!” he said, according to this person.”….
Lehman may have grounds to sue banks - The Times of London ….
Anton Valukas, the examiner appointed by Lehman’s bankruptcy judge, said the fire sale of more than $2 billion of derivatives positions resulted in a “substantial loss” to Lehman, which filed for Chapter 11 protection on September 15, 2008.
As a result, Lehman may have a legitimate claim against “any of the firms that bought [its] positions at a steep discount during the liquidation”, he said. The bust bank may also have a claim against the Chicago Mercantile Exchange (CME), the options and futures exchange that conducted the auction, Mr Valukas added….
BofA May Post Profit After ‘Fabulous Month’ for Merrill Lynch – Bloomberg
Bank of America Corp., the largest U.S. lender by assets, may tell investors tomorrow that gains from investment banking and brokerage services helped restore profitability after two straight losing quarters.
Aided by a drop in overdue credit cards, Bank of America probably will say first-quarter profit was $1.2 billion, or 10 cents a share on an adjusted basis, according to the estimate of 20 analysts surveyed by Bloomberg. The bank had a $194 million loss in the fourth quarter and a profit of $4.2 billion in 2009’s first period…..
The Next Global Problem: Portugal – NYT
….Next on the radar will be Portugal. This nation has largely missed the spotlight, if only because Greece spiraled downward. But both are economically on the verge of bankruptcy, and they each look far riskier than Argentina did back in 2001 when it succumbed to default.
Portugal spent too much over the last several years, building its debt up to 78 percent of G.D.P. at the end of 2009 (compared with Greece’s 114 percent of G.D.P. and Argentina’s 62 percent of G.D.P. at default). The debt has been largely financed by foreigners, and as with Greece, the country has not paid interest outright, but instead refinances its interest payments each year by issuing new debt. By 2012 Portugal’s debt-to-G.D.P. ratio should reach 108 percent of G.D.P. if the country meets its planned budget deficit targets. At some point financial markets will simply refuse to finance this Ponzi game…..
SEC votes to tag large equity traders – FT
The Securities and Exchange Commission voted on Wednesday on a proposal which will enable the regulator to gather information on large trades conducted at lightening speed across different trading venues.
“To better oversee the US securities markets, the Commission must be able to readily identify large traders operating in the U.S. securities markets, and obtain basic identifying information on each large trader, its accounts, and its affiliates,” said Mary Schapiro, chairman of the SEC in prepared remarks before the measure was voted on…..
UBS investors speak out against pay plans – FT
The board and management of UBS received a serious warning yesterday when almost 40 per cent of shareholders at the Swiss bank’s annual meeting opposed its pay plans for last year.
Shareholder activists had argued that any revolt exceeding 30 per cent in the consultative vote would represent a significant rebuke for UBS, which has antagonised investors with heavy losses in the credit crisis and big executive bonuses…..
Former Banker for UBS Seeks Shorter Sentence - NYT
The former UBS private banker in prison after helping to uncover tax evasion by wealthy Americans is asking President Obama for a shorter sentence.
The former banker, Bradley C. Birkenfeld, whose information helped the Justice Department and the Internal Revenue Service crack down on offshore tax evasion services sold by UBS, plans to petition for a commutation, his lawyers said on Wednesday…..
Massachusetts moving money out of 3 big banks to protest credit card rates – Washington Post
….State Treasurer Timothy Cahill said the state has removed Bank of America, Citi and Wells Fargo from a list of institutions approved for new state investments. Massachusetts, which is the only state to make such a move, is also beginning to divest $243 million in funds held at those banks, though the process could take up to six months.
“We want to bring some fairness into the issue,” said Cahill, who is running for governor. “I don’t think what we’re asking is . . . out of line.”….
Tags: Bank bashing; Bank of America, Bonuses, Citigroup, Compensation, credit cards, Goldman Sachs, Greece, Harry Reid, High Frequency Trading, Merrill Lynch, Politics, Portugal, SEC, Sovereign debt, UBS, Wells Fargo
