punishments

  • 19 Dec 2012 at 12:42 PM

When Canadians And Romanians Conspire

By Jon Shazar

So here’s a little story about a man named Peter Beck. Once upon a time, he ran a day-trading operation with 5,000 traders in places like China, Nicaragua, Romania and, worst of all, Canada. And he used that network to manipulate markets, regulators say; at the very least, he knew his charges in 30 countries were doing so, it is alleged. Read more »

  • 13 Dec 2012 at 10:55 AM

UBS Is Going To Have To Hold A Telethon To Pay Off Its Libor Fine

By

UBS, Switzerland’s biggest bank, may be fined more than $1 billion by U.S. and U.K. regulators for trying to rig global interest rates, more than double the amount levied against Barclays Plc, according to a person familiar with the probe….The fine will likely be the largest against any bank levied by the U.S. and U.K. authorities in the Libor probes, the person said. [Bloomberg]

  • 31 May 2012 at 12:47 PM

Golfers Involved In “Grotesque Conduct” Given A Few Months To Think About What They Would Have Done Differently

By

Just a quick update re: yesterday’s story about the group of Piedmont Driving Club golfers one member wanted to see shamed for various offenses committed during a tournament that included (but was not limited to) slapping people in the face with appendages other than their hands: Read more »

  • 02 Nov 2011 at 3:26 PM

Former Mayor Of New York Suggests Current Mayor Wake Up

By

“It was not the banks that created the mortgage crisis,” the mayor said. “It was, plain and simple, Congress who forced everybody to go and to give mortgages to people who were on the cusp.” It was Congress, he continued, that “pushed Fannie and Freddie to make a bunch of loans that were imprudent; they were the ones that pushed the banks to loan to everybody.”…Mr. Koch, a Democrat, praised Mr. Bloomberg’s business acumen but said he differed with him on the question of the financial crisis and the protests. “I’m Jewish, not Catholic, but I believe in punishment,” he said. Referring to the settlements paid by Goldman Sachs and Citigroup to resolve claims by the Securities and Exchange Commission, Mr. Koch said they were just “the cost of doing business” in the view of the banks. “What do you think they got fined for — schmutz on the sidewalk?” Mr. Koch said. “They got fined because they abused their relationship with their clientele. And I want to see somebody — I want to see one of them, of a major corporation, punished criminally.” [NYT]

  • 05 Oct 2011 at 3:13 PM

UBS Will Have A Serious Talk With Everyone Who Let The Adoboli Incident Go Down When They Get Home

By

The company said it plans to take “appropriate disciplinary action” against other individuals in the Equities business” as a result of the trading incident. UBS said it also expects to take disciplinary action “against responsible staff in other functions.” [WSJ]

  • 09 Nov 2010 at 10:27 AM

Goldman Sachs Traders Brought Shame Upon Firm Two Days Last Quarter

By

For the third quarter this year, Goldman Sachs’s trading desks made more than $100 million on seven days, some sort of profit on 64 out of the 66, and lost on a mere two. At Morgan Stanley, which only had one single $100 million day and lost money on ten days, these results would be considered excellent and the sort that James Gorman would knock off a hobo to report. There would be piñatas and cake and they’d let everyone take the rest of the year off for a job amazingly well done. But this is not Morgan Stanley, this is Goldman Sachs, which means the responsible parties are going to pay. Read more »

  • 18 Oct 2010 at 10:00 AM

How Much Is Angelo Mozilo’s Settlement Costing Him?

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“The former Countrywide Financial Corp. chief agreed Friday to a settlement that requires him to pay 16 cents out of his own pocket for every dollar federal authorities claimed he had taken out of the company in ill-gotten personal gains.” [HP]

  • 19 Jul 2010 at 1:41 PM

Area Man Predicts Goldman Sachs Will Take Away Nothing From Its Punishment

By

I also give out "incomplete information" to clients on certain deals.

In announcing the SEC’s settlement with Goldman Sachs last week, Division of Enforcement director Robert Khuzami said that the $550 million settlement should serve as a “stark lesson” to the bank and the rest of Wall Street. And while it’s rare for a settlement with the Commission to include an admission of having fucked up, Goldman’s conceded it’d “made a mistake,” and one that Lloyd Blankfein and Co “regret.” Having said that, finance professor Charles Geisst is keenly aware that this charade is a total crock and that by forcing LB and Gary Cohn to hand over whatever cash they had in their wallets on Thursday, the SEC is ensuring the bank will probably do it again, having learned nothing. Read more »