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Julius Baer 'Clarifies' A Few Currency Trades

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The Swiss private bank joins the rate-rigging review.

The chief executive of Switzerland's Julius Baer Group AG said Monday the private bank has had to "clarify a few cases" of currency trading to the country's regulator, an indication that the global investigation of possible market manipulation has spread well beyond the major lenders that have so far been at its center….

During a presentation of bank's annual results, Chief Executive Boris Collardi said Julius Baer has been approached regarding the foreign-exchange probe, adding that it had to "clarify" some cases where the bank had hired employees from larger lenders "more in focus" in the investigation.

In a subsequent interview with The Wall Street Journal, Mr. Collardi said the Swiss financial regulator, Finma, was the only one to contact the bank regarding the matter. Mr. Collardi said the regulator had inquired about "a couple of employees" who had joined the bank from UBS and Credit Suisse, though ultimately "it hasn't been necessary" to discipline or fire anyone as a result.

Julius Baer Dragged into Forex Probe [WSJ]


Inside George Soros' Famed Currency Trade

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Warren Buffett Wants To Get One Thing Straight: He Loves A Good Booze Cruise

Earlier this month, Denis Abrams, CEO of Berkshire Hathaway-owned Benjamin Moore was fired, because, one story claimed, he'd arranged a "corporate trip to Bermuda on the company tab," which included an "island dinner cruise aboard a yacht some believed was owned by singer Jimmy Buffett." According to Warren Buffett, however, such is not the case and any suggestion otherwise is downright offensive. Abrams was fired over a "strategy disagreement" and, more importantly, Buffett would never can anyone for mixing it  up on a booze cruise, a point he cannot stress enough, in case anyone out there was considering not inviting him to their next bash. "The recent story coupling a top management convocation on a boat with the decision to make a management change at Benjamin Moore is completely false," Mr. Buffett wrote in the letter. "I had never heard of the boat trip prior to reading about it in the paper on June 14. There was no reason for you to let me know about the meeting and, if you had, I would have had no objection to it at all." We clear? Buffett Gets Hands-On At Benjamin Moore [WSJ]