Grasso, Moody's, Morgan Stanley, UBS, Unicredit
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The New York State Court of Appeals has thrown out the case against Grasso originally brought by former New York State Attorney General Eliot Spitzer. The decision overturned a ruling by a lower court that Grasso had to give back over $100m. As the state will not appeal, the case is effectively over. Grasso and other directors of the NYSE are said to have spent $70m fighting the lawsuit, all of which is covered by insurance.
Bloomberg reports that Moody's has 'ousted' its head of structured finance and confirmed that some of its employees have violated internal rules in assigning Aaa ratings to certain CPDOs (Constant Proportion Debt Obligations). The employees will now face disciplinary action and could be terminated. The rating agency is also now re-examining the accuracy of all the computer models it uses to assess the risk of products it rates.
The New York Times reports that Morgan Stanley has fallen down this year's Dealogic M&A league table. Normally a top 3 player, the firm is currently 6th behind Goldman, JPMorgan, Citi, UBS and Merrill Lynch.
The International Herald Tribune reports that a US judge has given the OK to force UBS to turn over to US authorities the names of high-net-worth clients sought in connection with a tax evasion probe. It is unclear whether the bank will comply with the order.
The Financial Times quotes a testy Tobias Guldimann, Credit Suisse's chief risk officer, who, on the subject of Swiss National Bank's Philipp Hidebrand's comments that the big Swiss banks will need to beef up their capital ratios, said: 'We manage banks according to Basel II, not Hildebrand I'. Nice.
Finally, the newspaper reports that Unicredit has bought a 10-person team of debt specialists from NewSmith Capital Partners. As part of the deal Unicredit will take a 5% stake in NewSmith, which henceforth will focus on fund management.
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