Bess Levin

Posts by Bess Levin

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 »

Bankers may yet face federal prosecution for their roles in the 2008 financial crisis, U.S. Attorney General Eric Holder said today. “We have ongoing investigations that may perhaps produce individual prosecutions,” Holder said, defending the Justice Department’s handling of probes that have resulted in large financial settlements but few criminal prosecutions. [Bloomberg]

What makeover show in hell?

What makeover show in hell?

Remember Aubrey Lee Price? Georgian banker who screwed investors out of millions, faked his own death, was on the lam for about 18 months, during which time he set up a grow house in Florida and transformed his look from southern banker to the love child of James Lipton and Dave Navarro? Got caught when some local cops pulled him over for having illegally tinted windows? Today he was sentenced to 30 years in prison and will also be ordered to pay approximately $46 million in restitution. How will he come up with the cash? Oh, he’s got a plan. Read more »

  • 29 Oct 2014 at 12:53 PM

Bonus Watch ’14: US Bankers

…are feeling pretty good about their odds this year. Read more »

bill grossMay 2014: “…during a meeting of about 20 Pimco executives at the firm’s investment committee, Mr. Gross halted Jeremie Banet, a French-born executive vice president and portfolio manager, while he was sharing his views. “I never understand what you’re saying,” Mr. Gross said, according to people in the room. “Ever.” A day after the exchange, Mr. Banet announced his resignation and said he planned to operate a food truck selling croque-monsieur sandwiches in Los Angeles. In an email, Mr. Banet said there was no connection between the meeting and his departure from Pimco. He said he has “enormous respect and admiration for Bill Gross.” September 2014: “Bill Gross is joining Janus Capital Group, effective September 29.” October 2014: “PIMCO has hired Jeremie Banet, who previously worked for the firm and will return as an Executive Vice President and Portfolio Manager for real return strategies, including Treasury Inflation Protected Securities (TIPS).” [WSJ, CNBC, Pimco via Matt]