Bess Levin

Posts by Bess Levin

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Earlier: Charlie Gasparino Shows Enormous Restraint In Not Referring To Sun Valley Security As “Buncha Rent-A-Cops”

Those interested should search 'extreme inflatables'The Federal Reserve Bank of New York failed to examine J.P. Morgan Chase & Co.’s investment unit ahead of the bank’s 2012 “London Whale” trading debacle, despite a recommendation from other Fed supervisors that they look at the unit involved in the trades, according to a new report. The Fed’s Office of Inspector General released a report Tuesday saying Fed supervisors didn’t follow up on signs that the bank’s chief investment office—where the traders engaging in the problematic derivatives transactions were based—needed a closer look. A team of experts from across the Fed system recommended that the New York Fed conduct “a full-scope examination” of the unit in 2009, but the New York Fed never did so, the report said. [WSJ]

rbsIf you’re going to team up with other banks to manipulate interest rates and engage in other shady behavior, just make sure to be the first one to go to regulators and let them know what you’ve all been up to. Read more »

  • 21 Oct 2014 at 12:59 PM

Mathew Martoma Still Going To Jail

martomaUnfortunately for the ex-SAC PM, a judge was unswayed by the defense team’s promise to reveal heretofore unknown details re: its client’s innocence. Read more »

  • 20 Oct 2014 at 4:36 PM

Bonus Watch ’14: Babies Born In The Next 7.5 Hours

Hold my callsIf you’re inside a womb and have reached full-term by today, try and make your way to the exit before midnight tonight. Read more »

Bob Diamond Twitter
[Bob Diamond via BI]

Nell Diamond, daughter of Bob and “HMD” fame, this weekend with dad, pre-wedding.

ubs1When Christie’s auctioned off Edgar Degas’s “Danseuses” for nearly $11 million in 2009, the catalog noted that the masterpiece was being sold as part of a restitution agreement with the “heirs of Ludwig and Margret Kainer,” German Jews whose vast art collection was seized by the Nazis in the years leading up to World War II. But now a dozen relatives of the Kainers are stepping forward to object. Not only did they fail to benefit from that sale, they say they were never even told about it, or any other auctions of works once owned by the couple, including pieces by Monet and Renoir. It turns out that the Kainer “heir” that has for years collected proceeds from these sales and other restitutions, including war reparations from the German government, is not a family member but a foundation created by Swiss bank officials. In lawsuits filed in New York and Switzerland, the Kainer relatives contend that officers of the bank — now part of the global banking giant UBS — never made a diligent effort to find them, and worse, used the family name to create a “sham” foundation ostensibly organized to support the health and education of Jewish youth but actually formed, they say, to cheat them out of their inheritance. [NYT via Matt]

  • 17 Oct 2014 at 4:33 PM

Compensation Watch ’14: Fed Chairs

Screen Shot 2014-10-17 at 4.32.03 PMJanet Yellen apparently needs to sit her boss down for a frank talk re: how much she’s valued by this organization. Read more »