'Rogue' Banker, Sued Banker, 'Happy' Bankers
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The Wall Street Journal reports that US regulator The Securities and Exchange Commission has sued Ajaz Rahim, a Pakistanti investment banker at Faysal Bank in Karachi, accusing him of reaping $7.5m in illegal insider trading profits in TXU and eight other deals. Rahim is the fifth person to have been accused of wrongdoing in the affair. The regulator has claimed that Rahim made inside trades within minutes of receiving calls from former Credit Suisse banker Hafiz Naseem, who allegedly fed him price sensitive information obtained from the firm's New York office. Naseem and Rahim are said to have worked together previously for American Express in Pakistan.
Finally, there's apparently a bankers 'love-in' over at Citi. Bloomberg reports that Robert Rubin last week dismissed rumours that Michael Klein, the co-head of investment banking, was thinking of trowing in the towel after realising that he had only a slim chance of taking over as CEO when current boss Chuck Prince steps down. According to Rubin, who heads up Citi's executive committee, Klein remains one of the company's 'central leaders'. Rubin also said that the firm's investment bankers, hedge fund types and leveraged buyout guys have been working hard to work together. What happy bankers they must be.
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