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Write-Offs: 10.30.14

$$$ Swiss Boards Command Top Pay as Members Refuse ‘Peanuts’ [Bloomberg]

$$$ Tim Cook Speaks Up [BusinessWeek]

$$$ QE was a ‘nonevent’: Billion-dollar bond manager [CNBC]

$$$ Raymond James reports strongest recruiting year since 2009 [Reuters]

$$$ A Memphis divorcé who left his wife a year ago broke into a dance at a Bank of America branch last week after paying the last of his alimony payments, an online video shows. “I am done!” he exclaims with his check in his right hand. “Thank you Jesus, I am free at last! Free at last! Wooo!” [NYDN] Read more »

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Nothing to see here.There are things at which the Securities and Exchange Commission should probably have a look. Like, say, the unregistered issuance of securities by companies dealing in fake currencies. You know, just a gander, if for no other reason than to demonstrate that they’re expected to follow all of those boring, stupid rules they hate so much. And so they have! Or perhaps not. Read more »

  • 30 Oct 2014 at 4:30 PM
  • Banks

Deutsche Bank, Suspended Traders Are Friends Again

Alright, you can come down now.When a German judge tells you in clipped tones that you do not want her weighing in on the matter of (a) your suspension for (allegedly!) trying to manipulate interest rates or (b) your suspending said alleged manipulators without actually following any of the (probably thousands of) rules in Germany regarding such, you listen. Deutsche Bank and its suspended traders have listened. Read more »

charliegasparinojefferies
[via @cgasparino]

Earlier: Jefferies Exec Sage Kelly Taking A Timeout From Investment Banking

barclaysballoonBarclays PLC on Thursday reported a fresh £500 million ($800 million) legal provision related to investigations into the alleged manipulation of the foreign-exchange market. The charge weighed down what was otherwise a brighter quarterly performance by the British bank, showing early signs that a radical restructuring is paying off…The provision comes as the first stage of a global probe into alleged foreign-exchange price rigging nears an end, and relates to “ongoing investigations into foreign exchange with certain regulatory authorities,” the bank said. [WSJ]

Joseph GalbraithOver at Dealbook today, you will find the story of Joseph B. Galbraith, whose Galbraith Capital Investment Management was mistakenly wired $1.5 million from Credit Suisse back in January. Currently, Galbraith is said to be living in Monacco and, presumably, the money is with him, because Credit Suisse, despite realizing its error many months back and asking nicely for Galbraith to return the money, has not seen a dime. But not for lack of trying! In fact, the bank asked Galbraith and his associates (one of whom appears to be his nephew) to give the money back many, many times. Unfortunately, the Swiss apparently had no idea who they were dealing with, i.e. a master of the old “Your check’s in the mail/I just got in a cab/I’m around the corner/I’m just looking for a parking spot.” Read more »

Sage KellySayeth executive committee chairman Brian Friedman and CEO Richard Handler, in a memo to employees:

For the past few extremely painful days, the media has been reporting on one person’s very personal and inflammatory allegations, some of which relates to several of our employee-partners and two of our clients. We cannot express how deeply we regret the agony and distraction that this has caused all of us, not to mention our clients, each of whom has categorically denied the allegations. If you know us personally, and most of you do, you know how seriously we are taking this matter and how focused we are on always doing the right thing. Our mindset is always to be straightforward and transparent with all information, and we will do our best to do so in this situation, but we also must be mindful of personal privacy issues and legal complexities.

Read more »

This may or not be the Lawrence Herzing in question, but you must admit it's a fetching Christmas tree.Over the past 10 years, Lawrence Herzing needed a few extra bucks. Certainly, in those turbulent times, he was not alone. But he was controller of a $4 billion hedge fund, which gave him somewhat ready access to those extra bucks, access which he allegedly used 32 times to the tune of $12 million. While this undoubtedly helped Herzing’s cash-flow problems, it also has the drawback of being quite illegal, as Herzing discovered when a couple of FBI agents showed up at his $2.6 million Greenwich home with a pair of handcuffs. Read more »