This Time Next Year We'll All Be More Wealthy (Well, Some Of Us)
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And unit executives and senior staff stand to make millions in the event that iShares or the whole of BGI is sold, as staff currently own 4.5% of BGI and are thought to have options to increase their ownership to as much as 10.3%. Bloomberg reports that Barclays President Bob Diamond alone stands to make as much as $15.7m from a BGI sale.
In pole position to take over BGI is thought to be US mutual fund BlackRock. The combined business would create the largest fund manager in the world, with assets of around $2.5 trillion.
CNBC's on-air Editor Charlie Gasparino reports on good authority that both Goldman Sachs and JPMorgan are likely to receive permission to repay their TARP funding from the US government in the next few days.
Bloomberg reports that Commerzbank CEO Martin Blessing has said that his firm doesn't need any additional German state aid. He also said that the acquisition of Dresdner Bank remained strategically logical, notwithstanding the current financial and economic crisis. And Financial News reports that Commerzbank is to relocate Corporates & Markets staff from two of its London offices into Dresdner Kleinwort's Gresham Street HQ. Job cuts and defections over at DK means that there's a lot of room over there.
And The Times reports that the City of London Police have made two arrests in connection with an investigation into failed hedge fund Weavering Capital. The police were called in over concerns over suspicious swap deals.
Associated Press reports that US federal prosecutors are investigating claims of insider trading on the part of two enforcement attorneys who are employed at US regulator the Securities and Exchange Commission.
In the meantime, The Sunday Telegraph reports that UK market regulator The Financial Services Authority has appointed PricewaterhouseCoopers to investigate the conduct of the former board of directors over at Royal Bank of Scotland. The focus of the investigation is thought be on whether due public disclosures were made at the time of the bank's $18.2bn rights issue just over a year ago, when Sir Fred Goodwin was CEO.
Finally, Reuters reports that Warren Buffett's Berkshire Hathaway was busy buying additional 'modest' stakes in both US Bancorp and Wells Fargo during the first quarter.
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