Cash bonuses on Wall Street dropped in 2010 but overall compensation rose 6 per cent.Four Credit Suisse bankers have been indicted in tax evasion conspiracy dating back to 1953. Whether or not Bern will allow the men to be extradited to the U.S remains to be seen.
Deutsche Bank has been banned from prop and derivatives trading in South Korea for six months because regulators think a local unit of the bank caused a $26 billion dip in the Kospi index.
The SEC’s number one lawyer and his two brothers, have been sued because they inherited more than $1.5 million in fraudulent profits from their mum’s investment in Bernie Madoff’s Ponzi.
Blackstone just seeded a new hedge fund launched by a former analyst from Third Point and a former managing director at Brahman Capital.
KKR had profits of $697 million in Q4, more than double its earnings in the period a year earlier. For the full year, the private equity firm reported a profit of $1.9 billion.
Former congressman Harold Ford Jr. is leaving Bank of America to join Morgan Stanley. He’ll be a a managing director and senior client relationship manager at his new job.
Gene Zabezhinsky, a senior director in Morgan Stanley’s Moscow office, has left the bank.
Hedge fund Gartmore continues to implode.
A new profile on SAC Capital and its chieftan revealed some new morsels about the hedge fund: Steve Cohen keeps an off-site emergency data centre in Connecticut; Cohen cancelled the firm’s awesome golf outings because of too much press; and SAC’s lawyers actively discourage the use of email and IMs.
Rose McGowan was spotted dancing with her financier boyfriend at Manhattan club Bunker on the weekend. She’s says she’s spending more time in New York because her banker boyfriend works here.