Brits

Too much talk of your “lunch date with a vat of guac” will come back to haunt you. Read more »

Paul Flowers, the former Co-operative bank chairman, has been suspended by the Labour Party as he faces a police investigation over his alleged purchase of class A drugs. Mr Flowers, 63, has already been suspended from his position as a Methodist minister after he was caught on camera discussing the purchase of crystal meth, cocaine and ketamine. Reverend Paul Flowers is said to have bought the illegal substances just days after he gave evidence to the Treasury Select Committee on how the bank lost £700 million and came close to collapse whilst he was at the helm. A Labour councillor in Bradford for ten years he has been suspended for “bringing the party into disrepute.” Mr Flowers has apologised to “all I have hurt or failed by my actions” and has said he is currently seeking professional help. [Telegraph]

Your guess is as good as theirs! Read more »

Earlier this month, it was reported that Barclays’ investment bank chief Rich Ricci was working on a little something called Project Mango,* which is similar to Bank of America’s Project New BAC in that one aspect of it involves firing a bunch of people, as part of a plan to revamp the unit. According to the Journal, management is now putting the finishing touches on Project M and all that is left to decide is whether cutting 2,000 IBD jobs is enough or if they should think bigger. Read more »

Bankers’ pay needs to be curbed further to reflect the risk of a bank failure many years after a bonus has been awarded, the Bank of England (BoE) said before the annual bonus season begins next month. The European Union has already introduced curbs on bankers’ bonuses after huge payouts were criticized for helping to create the climate that led to the financial crisis in 2008. Bank shareholders, too, expressed dismay at large bonuses for bank employees despite poor returns. Measures taken so far include the requirement for a portion of bonuses to be paid in shares over several years, but the BoE’s Financial Policy Committee (FPC) believes that these do not go far enough. Chunks of a bonus are typically deferred for only three years. The FPC, which takes over British bank regulation next year, said that this is not sufficient to deter bankers from taking risky decisions that can have an adverse impact many years later. [Reuters]

Jessica Mang, who traded material non-public information based on tips obtained by her Mizuho investment banker boyfriend, Thomas Ammann, because he promised to take her on vacation afterward and also because she thought his entrusting her with such a high level task was a sign he wanted to get serious, was cleared by a jury today, as was Christina Weckwerth, Thomas Ammann’s other girlfriend/execution trader. Read more »

The couple is getting a quickie divorce that should be wrapped up shortly, if you know anyone both familiar with the plot lines and interested. Read more »

Crispin Odey is the founder of Odey Asset Management, a sausage brand ambassador, and a guy who unwittingly made fellow hedge fund manager Philip Falcone’s life* a living hell when he pulled this stunt: Read more »