Seriously. When you can't use a little "adult entertainment," some competitive dwarf tossing, racing lessons, and $50,000 to pay down your client's bachelor party nut in order to drum up a little business, then what the hell is the point of banking? I mean, we might as well work in the commercial banking group of a regional if we give up those perks. Right?
Lazard Capital Markets, the broker dealer, on Thursday agreed to pay more than $2.8m to settle civil charges accusing the firm of letting its employees improperly entertain traders at Fidelity Investments to win business.
The SEC on Thursday also charged the three ex-employees and a supervisor for their roles. They have agreed to collectively pay $210,000. The firm and the individuals neither admitted nor denied wrongdoing.
Note to aspiring financial journalists: The individual that admits no wrongdoing probably also failed to deny any wrongdoing. Kudos to the FT for spinning that one.
Lazard Capital Markets settles charges [The Financial Times]