Bess Levin

Posts by Bess Levin

credit suisseWhich was nice of her, in the event the bank is running low on funds and needs to move some assets around/pay a visit to the neighborhood pawn shop/etc. Every day the payment is late, though, interest rates start kicking in and Brady Dougan is paid a visit by a guy named Bunky. Read more »

Britain put in a good faith effort to challenge what it sees as unfair/unrealistic bonus rules from the EU but it’s since been told to sit down and STFU, so: you’re on your own. Read more »

  • 21 Nov 2014 at 12:09 PM

RBS Messed Up But It’s Okay

rbs1-260x175RBS’s full-year 2016 capital ratio under the European Banking Authority’s “Adverse Scenario” is 5.7% versus 6.7% previously reported—meaning the bank just hurdled the minimum 5.5% pass rate. The EBA organized the stress tests, which were aimed to help restore confidence in bank balance sheets. RBS said it erroneously considered around billions of pounds of deferred tax assets as top quality capital. After comparing with other U.K. banks it realized its error and restated the calculation. [WSJ]

point72 asset management Over the last several years, as nearly a dozen former SAC Capital employees have been convicted of securities violations, the firm has taken many steps to redefine its image, from one of a bastion of insider trading to one where such actions are not only frowned upon but strictly prohibited. Such steps include but are not limited to: paying over $1 billion in fines; changing its name; and turning itself into a family office. Last month, Point72 Asset Management, AKA the hedge fund formerly known as SAC, even went so far as to announce that it would be monetarily compensating employees for “setting a proper tone and example on compliance and doing the right thing.” You’d think that all of these things– including the fact that a whole bunch of ex-SAC employees are doing time– would go far to deter people currently working at the hedge fund from engaging in insider trading. And yet, someone in Stamford apparently thought it was necessary still to take away one final temptation from them. Read more »

Portrait of an investment banker.

Portrait of an investment banker.

Those working in IBD are expected to do quite nicely for themselves come bonus communication day. Others would be smart to remember the ancient Chinese proverb: you’ll take what you get and you’ll like it/those multi-billion dollar fines aren’t going to pay for themselves. Read more »

brianmoynihanbofa2It’s a great day in Moynihan Land. Read more »

Who?If George Soros, whose fund threw Gross a couple of nickels earlier this week, had any doubts about his investment with the former Pimco CEO, they have been assuaged. Not only has Gross pledged his undying stewardship of Soros’s capital but he’s promised to watch over the money 24 hours a day, 7 days a week, no matter what. Should Soros have any questions, any questions at all, he should feel free, nay, encouraged to give Bill a call, day or night (obviously it goes without saying that Gross has assigned him a special ringtone and programmed Soros’s number to ring through regardless of any Do Not Disturb settings). Read more »

Just the tip of the iceberg re: what he could score you.

Just the tip of the iceberg re: what he could score you.

Time was, anyone in need of both prescription pain killers and a top of the line inkjet printer needn’t look any further than the 24-hour convenience store that was Jeffrey Brian Grove, of the Melbourne, Florida Charles Schwab office. JBG had everything you could possibly need and if he didn’t, he’d simply log into Schwab’s internal system and order it or tell his dealer to chop chop. Unfortunately, for his clients and the beneficiaries of his lucrative side business, all good things must one day come to an end. Read more »