ICAP Former Brokers Face Felony Charges in Libor Case (Bloomberg)
Three former ICAP Plc employees were charged by U.S. prosecutors and the interdealer broker was fined $88 million as the five-year-old probe into the rigging of benchmark interest rates ensnared another financial institution. The brokers were charged with two counts of wire fraud and conspiracy to commit wire fraud, the U.S. Justice Department said in a statement today. ICAP, the world’s largest broker of transactions between banks, was fined $65 million by the U.S. Commodity Futures Trading Commission and 14 million pounds ($22.5 million) by the U.K. Financial Conduct Authority, the regulators said in separate statements.
Pakistan Earthquake That Created New Island Kills 271 People (Bloomberg)
The quake struck 41 miles (66 kilometers) north-northeast of Awaran in Balochistan province bordering Afghanistan and Iran, the U.S. Geological Survey said on its website. An island measuring 100 meters (328 feet) in length and about 35 feet in height emerged off the Gwadar coast after the quake, Moazzam Jah Ansari, the district police chief, said by phone today.
Prosecutors Pursue Big SAC Settlement (WSJ)
Federal prosecutors, seeking to cap a major chapter in an insider-trading crackdown, proposed settling a criminal case against hedge fund SAC Capital Advisors LP for $1.5 billion to $2 billion, people familiar with the case said. At a meeting late last week at the U.S. attorney’s office in Manhattan, SAC lawyers argued for a lower settlement amount—and that a separate $616 million civil regulatory penalty SAC agreed to pay earlier this year be deducted from any criminal sanction, according to the people. SAC lawyers are expected to present a counteroffer to prosecutors in coming weeks, the people said.
Wall Street Wistful About New York Life Without Mayor Bloomberg (Reuters)
“There is a great deal of wistfulness and preemptive nostalgia for Bloomberg within the industry,” said one Wall Street executive who asked to remain anonymous because he did not want to be seen as publicly taking sides in the election.
Monte dei Paschi hopes to buy time on $3.4 billion fundraising: sources (Reuters)
Italy’s Monte dei Paschi di Siena has delayed approval of a restructuring plan because it is hoping the European Commission will give it more time to raise a planned 2.5 billion euros ($3.4 billion), two sources close to the situation said.
CNBC Host Uses Indian Accent, Makes 7-Eleven Joke (Gawker)
Early Friday morning on CNBC Squawk Box, host Joe Kernen had some really interesting things to say about rupees. Actually he didn’t, but that didn’t stop him from adopting an Indian accent while talking about the currency.
AIG’s Benmosche Backs Off Inflammatory Comments (MoneyBeat, earlier)
American International Group Inc. chief executive Robert Benmosche said Tuesday that he regretted his phrasing when he compared the outrage about banker pay during the financial crisis to inflammatory rhetoric from the civil-rights era. “It was a poor choice of words. I never meant to offend anyone by it,” he said in a statement. Read more »