heirs

ubs1When Christie’s auctioned off Edgar Degas’s “Danseuses” for nearly $11 million in 2009, the catalog noted that the masterpiece was being sold as part of a restitution agreement with the “heirs of Ludwig and Margret Kainer,” German Jews whose vast art collection was seized by the Nazis in the years leading up to World War II. But now a dozen relatives of the Kainers are stepping forward to object. Not only did they fail to benefit from that sale, they say they were never even told about it, or any other auctions of works once owned by the couple, including pieces by Monet and Renoir. It turns out that the Kainer “heir” that has for years collected proceeds from these sales and other restitutions, including war reparations from the German government, is not a family member but a foundation created by Swiss bank officials. In lawsuits filed in New York and Switzerland, the Kainer relatives contend that officers of the bank — now part of the global banking giant UBS — never made a diligent effort to find them, and worse, used the family name to create a “sham” foundation ostensibly organized to support the health and education of Jewish youth but actually formed, they say, to cheat them out of their inheritance. [NYT via Matt]

Modest or manic, Mr. Gray is said to keep a low profile because he does not see the benefit of raising his, and would simply prefer to be another cog in the Peterson-Schwarzman machine. Which is not to say he is a hermit—friends describe him as animated and gregarious, but above all else, humble—he simply likes to keep things to himself…Try as he might, Mr. Gray may not be able to stay hidden much longer. Mr. James has big plans for his big man, according to multiple sources. “Tony James is going around telling people, ‘My job in life is to convince Jon Gray to take my job,’” as one of them put it. Mr. James did not recall making that statement, but during the interview, he allowed that “I think he’d be great at it.” So is Mr. Gray the future of the firm? “He is certainly one of the talented individuals of his generation who could do a fantastic job running the firm. Better than me.” [NYO]

  • 12 Aug 2010 at 11:55 AM

Citi Cares Deeply About Your Fuck-Up Offspring

Only half-serious, of course (though Vickles does love a charity case). What the bank does care about is having its wealthy clients’ hard-earned money pissed away by a bunch of pissants who need to be put on a leash.

Citigroup is testing a website to let millionaires’ children manage their allowances, while alerting parents and bankers when scions blow through cash too quickly. Heirs to Citigroup’s wealthiest clients can log in to parent-funded accounts for discretionary spending, investments and “one-click giving” to charities. The site was developed by Tile Financial LLC, founded by former New York Stock Exchange finance chief and Bear Stearns Cos. analyst Amy Butte.

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