Trader Gets $30m After Firm Deceived Him Over Trading Losses
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Rajesh Gill racked up heavy losses in 2001 and 2002, yet a former manager at MF Global is said to have fixed the trading system (in order to continue to receive trading commissions) to make it look as if Gill's trading was profitable. The trader successfully claimed that he would have changed his strategy if the correct information had been provided to him. The company has said that it will appeal the ruling.
Barclays came out with an earnings preview Thursday. First-quarter profit will come in 12% up at $1.25bn. CEO John Varley said: 'We generated strong growth across most business lines driven by investments we have made in expanding our international network and in buying Lehman'.
Bloomberg reports that, according to a US regulatory filing, Goldman Sachs made over $100m in 34 separate days in the first three months of 2009, up from 28 days during the same period in 2008.
The Wall Street Journal reports that French bank Societe Generale posted an unexpected $370m net loss in the first-quarter. Most of the losses were sustained on writedowns over at the corporate and investment banking unit. The bank has now confirmed that CEO Frederic Oudea will also take over as Chairman when incumbent Daniel Bouton steps down later this month.
Reuters reports that Wells Fargo confirmed Wednesday that it is to lay-off 548 workers from those it inherited with the Wachovia purchase. Most of the job cuts are thought likely to come from the Wachovia Securities unit.
Finally, Bernie Madoff's secretary has been spilling the beans in an interview with Vanity Fair. And among the gems is the claim that Bernie had 'dozens' of masseuses in his address book. Is that where all the money went, then ?
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