Remember Deeb Salem? Goldman Sachs alum who worked at the firm as a mortgage trader for a number of years, despite numerous attempts by rivals to poach him and his self-described Michael Jordan-esque skills? Thought he was going to get paid $13 million in 2010 and told his mom to expect as much, only to be informed the number was more like $8.25 million? Sued the bank for the extra $5 million, demanding it make good on the promise he’d made to woman who’d give him life? He recently got some not great news. Read more »
Posts by Bess Levin
Judge Rules Statements To Your Mother About Your Expected Bonus Don’t Equal A Legally Binding Contract With The Company Paying Your BonusBy Bess Levin
Quick! You barricade the door and he’ll hold down the investors that apparently can’t flee Pimco fast enough. Read more »
Along with sole custody, Ms. Griffin wants to “permanently remove the children to New York City, where the family has a residence.” Mr. Griffin filed a motion late last week seeking more access to his children. A source close to Mr. Griffin called the father of three a devoted dad who’s been known to dress as Spider-Man for a school Halloween party and as a prince for a daughter’s birthday party that had a princess theme. And he’s a familiar face at the Lab School, where his two oldest children attend, the source said. [Chicago Business, earlier]
$$$ Liquidity Rules Coming to Wall Street [WSJ]
$$$ Oaktree Is Said to Seek $10 Billion for Distressed Fund [Bloomberg]
Back in July, after he filed for divorce from his wife of 11 years, we noted that Ken Griffin’s title as World’s Richest Illinoisan was in peril. In light of the fact that even if Anne Dias Griffin took half, the Citadel founder would still be worth over $1 billion, this comment may have seemed a tad dramatic. Following today’s report that Anne wants their prenuptial agreement voided, though, and is clearly playing the hardest of ball, it doesn’t seem dramatic in the slightest. She’s going after him for everything, and if the idea of her demanding not just cash, homes, and art but the keys to the hedge fund sounds laughable than laugh it up! Also, if the (soon-to-be-ex-) Mrs. needs any pointers on playing dirty, she (allegedly!) needn’t look far. Read more »
At least 10 Swiss banks have withdrawn from a U.S. programme aimed at settling a tax dispute between them and the United States, Swiss newspaper NZZ am Sonntag said on Sunday, quoting unnamed sources. Around 100 Swiss banks came forward at the end of last year to work with U.S. authorities in a programme brokered by the Swiss government to help the banks make amends for aiding tax evasion. “At least 10 banks that had decided at the end of 2013 to pay a fine have withdrawn their decision,” NZZ am Sonntag said, quoting unnamed lawyers and auditors. It did not name the banks concerned. The newspaper said the banks were convinced they had not systematically broken U.S. law and lawyers of the U.S. Department of Justice had actually been surprised to see them take part in the programme and did not object to the banks leaving the programme. [Reuters]
1. Is it standard practice at Credit Suisse to tell traders at other banks, “Hey, we might buy this stock”? Because Zoe Henderson has worked in a lot of offices and people do that all the time.
Credit Suisse has accused the trader, Zoe Henderson, of improperly sharing client communications with her husband, a London-based trader at a rival bank, via electronic chat rooms, the people said…At Credit Suisse, the examination of chat-room records revealed that Ms. Henderson, who has been at the bank since 2004, on multiple occasions during the past several years shared Credit Suisse communications with her husband, Toby Henderson, a London-based equities trader at Royal Bank of Canada, according to the people familiar with the probe. Some of the communications described Credit Suisse clients’ interest in buying or selling stocks, price ranges of upcoming public offerings, or updates on corporate mergers or other deals, the people said…Ms. Henderson has told Credit Suisse lawyers that it was normal practice for traders other than her to send messages indicating interest in certain stocks to traders at rival banks, and that the practice didn’t hurt clients, according to a person familiar with the probe.
2. Why were Credit Suisse traders (allegedly!) making viewings of adult videos a group activity?
2a. …in the office? Read more »
The Financial Times reports that Citi senior staff in Europe have received letters that essentially read:
To whom it may concern:
Please enjoy this extra money we’ll be depositing into your account each month, which is in no way, shape, or form to be construed as a bonus. Nod if you understand what we’re saying.
Citi Read more »