Barclays

Lehman BrothersIn fairness, no one has officially measured and reported the size of Jonathan Hoffman’s testicles. But you’d have to figure they’re pretty big to hugely big based on the fact that he’s put forth the argument that:

  • Barclays paid him the $84 million he was owed by Lehman Brothers for his work in 2008, which was quite nice of them…
  • …Having said that, that doesn’t leave Lehman Brothers off the hook…
  • …While Lehman contends that Barclays paid the bonus because it took over all the Lehman employee contracts…
  • …Hoffman delightfully argues that he and Barclays had their own separate contractual agreement because he was hired by the British bank independent of its deal with Lehman1
  • …and therefore the Lehman estate still owes him his god damn money…

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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]

Barclays has banned employees from giving or receiving gifts and entertainment from brokers as the British bank tightens internal controls. The “prohibitions apply regardless of the monetary value or nature of the relevant gift or entertainment,” according to a July letter, a copy of which was seen by Bloomberg News and confirmed by Barclays. The ban applies to relations with so-called executing brokers, who process orders for the bank. Any exceptions require prior approval, according to the letter. Brokers will have to report every six months that they haven’t given or received any presents from Barclays staff. If they have, the item and reason must be explained. [Bloomberg]

Britain and the US tag-teamed a 1-2 punch around breakfast and lunch, respectively so who wants to knee the bank in the balls on its way home from work tonight or just after dinner? France? Germany? Read more »

The world’s biggest banks are overhauling how they trade currencies to regain the trust of customers and preempt regulators’ efforts to force changes on an industry tarnished by allegations of manipulation. Barclays Plc, Deutsche Bank AG, Goldman Sachs Group Inc., Royal Bank of Scotland Group Plc and UBS AG, which together account for 43 percent of foreign-exchange trading by banks, are introducing measures to make it harder for dealers to profit from confidential customer information and take advantage of clients in the largely unregulated $5.3 trillion-a-day currency market, according to people with knowledge of the changes. Banks have capped what employees can charge for exchanging currencies, limited dealers’ access to information about customer orders, banned the use of online chat rooms and pushed trades onto electronic platforms, according to the people, who asked not to be identified because they weren’t authorized to discuss their firms’ practices. [Bloomberg]

The corpse of Lehman Brothers wants the Second Circuit Court of Appeals to take a really close look at the part of its bankruptcy that say “no cash” should go to Barclays when it bought Lehman’s brokerage. Because, you know, their honors this month said that Barclays could have $4 billion in cash from the brokerage, and, not to belabor the point, but that seems like a lot more than “no cash.” Read more »

Or something. Read more »

US$450 million for Liborgate. £3.56 billion for payment protection insurance, with £900 million more to come. US$480 million to Fannie Mae and Freddie Mac. £211 million for “other unspecified litigation and conduct charges.” And that’s just the beginning of the legal accounting at the House of Jenkins. Read more »