Opening Bell: 09.24.09

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Credit Suisse Bankers Poised For Pay-Out (FT)
About 300 employs could split an estimated $1.85 billion in March for promising not to leave the Swiss bank five years ago. Alternatively, they could get nothing, which is probably less exciting.

Ex-AIG Chief Greenberg Asks Court to Dismiss 2005 Spitzer Suit
(Bloomberg)
Hank is somehow under the impression Spitzer used the case to promote his career: "At that time, Spitzer was planning to run for governor of the state of New York, and he has since admitted that his high- profile pursuit of Greenberg achieved its intended objective of enhancing his reputation as he pursued higher office," Gravante wrote in the filing. "AIG was, at the time, one of the world's most successful companies and Greenberg was the one of the world's most successful business leaders."
Insider Charged In Perot Deal (WSJ)
The SEC filed a civil lawsuit against Reza Saleh, an employee of Parkcentral Capital Management LP in Plano, Texas, and accused him of making $8.6 million in profit from trading stock options on Perot Systems ahead of Dell's announcement Monday that it was buying the technology services firm.

Adair Turner, Top British Regulator, Takes On Banks
(NYT)
Banks "need to be willing, like the regulator, to recognize that there are some profitable activities so unlikely to have a social benefit, direct or indirect, that they should voluntarily walk away from them," Mr. Turner told the group of City financiers.
Swiss Secrecy Onslaught May 'Criminalize' Elites, Hummler Says (Bloomberg)
"If there is really a desire to criminalize part of the elite in European countries, then it would be a bigger problem for these countries than for Switzerland," Konrad Hummler said in an interview at the offices of Wegelin & Co. in Zurich. The "majority of European clients were not criminals but just diversifying away from their home country."
Hedge Funds Still Aren't Reducing Their Fees (WSJ)
Everyone can now breathe easy.

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