that’s gonna leave a mark

When last we checked in with Javier Martin-Artajo, his attorney was telling the press that he was on vacation and had no plans or reason to believe it was necessary to cut said vacation short. Now this is happening: Read more »

  • 03 Apr 2013 at 12:56 PM

Steve Cohen Needs To Go Stress Shopping, STAT

In objective terms, worse things have happened to Steve Cohen than the news he received today. The charges against Mathew Martoma re: allegedly masterminding the largest insider trading scheme ever during his time at SAC. Friday’s arrest of high-ranking employee Michael Steinberg. The $614 million he needs to personally pony up to settle with the Securities and Exchange Commission (which he may not even be allowed to do without an admission of guilt). The slanderous claim his house clocks in at a mere 14,000 square feet. The circling of federal investigators who want him bad. And yet presumably none of that compares to today’s hit, which must have him in a fury that only the purchase of the Mona Lisa can assuage. Read more »

Okay, technically not *everyone* but A LOT. Read more »

  • 26 Oct 2012 at 3:51 PM

Layoffs Watch ’12: UBS Has Something To Share

Management has decided to burn the investment bank down and start fresh (basically). Read more »

  • 10 Sep 2012 at 6:22 PM

Deutsche Bank Had A Bunch Of Tough Good-Byes Today

In addition to cuts in the Industrials; M&A; Real Estate, Gaming, Leisure & Lodging; and Leveraged Finance, the bank’s converts desk was said to be “gutted,” losing at least five Managing Directors and a few analysts. On the bright side, today was expected to be the last day of layoffs for the foreseeable future.

Swiss banks are turning over thousands of employee names to U.S. authorities as they seek leniency for their alleged role in helping American clients evade taxes, according to lawyers representing banking staff. At least five banks supplied e-mails and telephone records containing as many as 10,000 names to the U.S. Department of Justice, according to estimates by Douglas Hornung, a Geneva- based lawyer representing 40 current and former employees of HSBC Holdings’s Swiss unit, Credit Suisse, and Julius Baer Group Ltd. The data handover is illegal, said Alec Reymond, a former president of the Geneva Bar Association, who is representing two Credit Suisse staff members. “The banks are burning their own people to try and cut deals with the DOJ,” said Hornung. “This violation of personal privacy is unprecedented in the Swiss banking industry.” [Bloomberg]

Remember the time Harbinger Capital Partners founder Phil Falcone was a little short on cash, and decided to “borrow” $113 million from a fund in which redemptions had been suspended in order to pay personal taxes, which he later begrudgingly apologized for? Unfortunately for Big P, the SEC does. (The regulator also recalls he time he allegedly played favorites with Goldman and allegedly manipulated some markets.) Read more »

Jon S. Corzine, MF Global Holding Ltd.’s chief executive officer, gave “direct instructions” to transfer $200 million from a customer fund account to meet an overdraft in one of the brokerage’s JPMorgan Chase & Co. accounts in London, according to an e-mail sent by a firm executive. Edith O’Brien, a treasurer for the firm, said in an e-mail sent the afternoon of Oct. 28, three days before the company collapsed, that the transfer of the funds was “Per JC’s direct instructions,” according to a copy of a memo drafted by congressional investigators and obtained by Bloomberg News…Barry Zubrow, JPMorgan’s chief risk officer, called Corzine to seek assurances that the funds belonged to MF Global and not customers. JPMorgan drafted a letter to be signed by O’Brien to ensure that MF Global was complying with rules requiring customers’ collateral to be segregated. The letter was never returned to JPMorgan, the memo said. [Bloomberg]