Jailed Hedge Fund Manager Commits Suicide
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Wright had been in custody since May 2006, 3 months after his International Management Associates hedge fund collapsed. He had used false documents to reassure investors that all was well, and was found to have used their money for personal expenditure like jewelry, real estate and luxury cars. Wright, who was due to be sentenced in August, faced the prospect of up to 710 years in prison.
The Guardian reports that London-based bankers bagged some $26.1bn in bonuses last year, just 1% less than they got in 2006, which was a record year. Predictably there has been an outcry from the uninformed, angry that bankers received such large payouts when many of their firms were writing down billions and earnings were under pressure (or non existent). The reality, however, is that bankers will suffer in their wallets this year for the sins of 2007. 2008 bonuses are thought likely to be down by as much as 40%.
The Daily Telegraph reports that HSBC's board is expected to come under fire at the bank's Annual General Meeting Friday over a controversial bonus scheme which could result in five directors bagging bonuses worth $120m between them over the next 3 years.
HereIsTheCity has received unconfirmed reports that rating agency Standard & Poor's has axed around 150 staff in the last couple of weeks, in what is being described as its third round of job cuts. The cuts are thought to have included several structured finance analysts. The majority of the lay-offs are believed to have come in New York.
Finally, Bloomberg reports that Threadneedle Asset Management has confirmed that it is to open an office in Hong Kong. David Gasparro, the firm's head of distribution, said: 'There is a growing demand for our funds amongst Asian-based investors, and we're delighted to be developing a presence on the ground to introduce our products more widely'.
