BNP Could Buy Dresdner, Credit Suisse Boss Defends 'One Bank'
More in BUSINESS NEWS
back-up- 'Their Staff...Were Making A Lot More (Than Ours). That Won't Last'
- The So-Called 'Greedy' Lehman Bonus E-Mail
- Support Staff Need Not Wait To Get Their Reward
- CenterFuld - Lehman Boss In The Dock
- The 2008 Best CTO / CIO Poll - First League Table
- M&A - Top Dogs Around The World
- An Oldie, But Goodie During These Difficult Times
- Richard Fuld's Statement To The Congressional Committee (In Full)
- Citi Sues Over Wachovia - For $60bn!
- Fear Not, There Are Jobs Out There
- Featured Recruiter - Martin Ward Anderson
- If Your Firm Was A Monopoly Property.....
- Click Here To Register For Free News E-Mail Alerts
- 'Never Mind Your Bonus' - The First Here Is The City Book
- Layoffs - The Definitive Job Loss League Table (The Very Latest)
- Top Firm Accused Of Bringing Down Lehman
- Top Boss Says Bonuses Will Be 'Solid', But 'Smaller'
- Hedge Fund Makes Single $2.5bn Winning Trade
- 'This Was As Cogent A Case Of Murder As Might Be Imagined'
- 'This Hodge-Podge Of Regulations...(Will) Put Many (Banks) Off Participating'
- Wacha-Gotcha-Notcha-ovia - Bun Fight For Wachovia
- Top Worldwide M&A Legal Advisors - Year To Date
- Citigroup Threatens Legal Action Over Wachovia (Citi Statement)
- Wells Fargo Press Release On The Wachovia 'Acquisition'
- Owed Money By Lehman, & Are Struggling To Find Out What's Going On ?
- Out Of A Job, Out Of Pocket & Out For Blood
- 'In The Land Of The Laid-Off, The Hiring Firm Is King'
- UBS Confirms 2,000 Job Losses / Closure Of Commodities Unit
- A Wall Street Funny
- Worldwide M&A League Table - Year To Date
- Super Hedge Fund Manager Continues To Defy The Odds
- Fuld, Thain, BNP, SocGen, Morgan Stanley, Raymond James, Shorts
- 'My Firm Will Never Fire Me. I'm Untouchable!'
- 'I Felt Sick When I Saw Them Taking Down The Lehman Signage'
- More Writedowns Expected, Hedge Funds Suffer
- 'We Need A Reality Check'
- 'There Is Only One End To The World, And This Isn't It'
- Top Firm Said Close To Cutting 1,900 Jobs
- 'Masters Of The Universe' Should Give Back Their Bonuses
- Bank Makes Paper Loss Of $506m On Morgan Stanley On First Day
- Citi Acquires Wachovia Units
- Unemployment, Depression & Suicide - Bankers In Crisis
- 'During This Difficult Conversation With Me, He (Dick Fuld) Cried'
- Fortis Rescued, As Parts Of ABN Will Be Sold Again
- And The Financial Markets Institution Of The Year Is....
- Investment Banking Is Just Like Marriage - Divorce Is Painful
- Citi's Board Said To Be Considering Big Acquisition
- Statement By US Treasury Secretary 'Hank' Paulson
- Some Of Your Views On Recent Events
- 'At Worse, As In The Depression, The Economy Collapses'
Related Content
- Investigators Probing Ex-Credit Suisse Bankers (10/07/2008)
- Cazenove, Citi, Credit Suisse, Goldman, Hedge Funds (24/07/2008)
- Dresdner Bank - An Obituary (01/09/2008)
- Barclays, Credit Suisse, Deutsche, KKR, Lehman, Merrill, RBS (14/08/2008)
- BofA, BlackRock, Credit Suisse, Jefferies, JPMorgan, Merrill, SG, UBS (04/09/2008)
- BofA, Credit Suisse, Deutsche, Morgan Stanley, Wells Fargo (11/09/2008)
Reuters reports that Credit Suisse chairman Walter Kielholz has been busy defending his firm's 'one bank' model. Interviewed by Swiss newspaper Basler Zeitung, Kielholz said that banking clients expected firms such as Credit Suisse to provide a broad range of services, and 'that includes the investment bank'. The banking boss did admit, however, that: 'The economic outlook for the coming three to five years, and the expected investment risks for this time, certainly suggest that we will take a conservative approach when providing our investment bank with capital'.
The news agency also reports that Du Jun, a former Managing Director at Morgan Stanley, has been arrested and charged in Hong Kong for alleged insider dealing linked to trades in CITIC Resources. No pleas was taken, and the case was adjourned until early September. Morgan Stanley said that 'this conduct was identified by the firm's own compliance department, and reported to the SFC in May 2007'.
The Wall Street Journal reports that US regulator The Securities and Exchange Commission has sent subpoenas to over 50 hedge funds as part of its probe into the spreading of false rumours to manipulate shares in Bear Stearns earlier this year, and, more recently, Lehman Brothers. And Bloomberg reports that a number of the large investment banks have also been subpoenaed. The regulators are seeking trading and communications data related to short-selling and option trading in the two firms' stock.
Oh, the irony. Finally, Bloomberg reports that when $400m fraudster hedgie Samuel Israel III was in a fix in 2004, busy trying to save his hedge fund empire from collapse (by all means necessary), he was himself conned out of $10m (or his investors were, more to the point) in a get-rich-quick scam. Attorneys are now attempting to recover the funds.
Please use the 'E-Mail' button immediately under the article title to send this item to a friend.
