GOSSIP: Today's Wall Street Buzz in 60 Seconds

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The trustee trying to recover funds for victims of Bernie Madoff’s Ponzi scheme is suing JPMorgan for $6.4 billion.Hedge fund Gartmore might layoff 35 employees. Potential victims were told yesterday their jobs were “at risk.”

Clearly unperturbed by all that insider trading nonsense in New York, Steve Cohen is living it up at the Art Basel art fair in Miami. Within minutes of the fair’s opening, he dropped $300,000 on a large-scale map of the world made from tin cans. Peter Brant is also there buying up art.

A former president of the First National Bank of Emory died on Tuesday in a plane crash. John Armstrong was flying his personal plane when high winds caused the aircraft to crash into a Texas highway.

Former colleagues trash Chip Skowron‘s already-bruised reputation in the NYPost.

The legendary Christmas light show that Paul Tudor Jones puts on every year is on, despite the fact that he unexpectedly canceled the annual Halloween party much to Greenwich’s disappointment.

JPMorgan hired Robert Cummings Jr., a former senior deal-maker at Goldman Sachs and art history student, as vice chairman of its i-banking group.

A mystery buyer apparently owns between 50% and 80% of the copper stocks at the London Metal Exchange’s warehouses.

HSBC spun off its Asian private equity unit.

Billionaire media mogul Barry Diller has stepped down from his role as CEO of IAC/InterActiveCorp.

Check out why working on the JP Morgan trading floor is so much fun. Clue: it’s because of one person.

A shrewd banker at First City Bank in Florida prevented an 87-year-old from being scammed out of thousands of dollars after she refused to allow a bank transfer to a man who had all the woman’s bank details, because she sensed something wasn’t right.

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