Four Firm Bosses Said In Line For $189m Windfall
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And, according to the newspaper, four Barclays executives (Bob Diamond, Blake Grossman, Rich Ricci and Richard Grinold) could walk off with up to $115m between them. Nice.
In the meantime, Bloomberg reports that House Republicans staffers said in an e-mail that the US Treasury and Federal Reserve 'overstepped their authority' when pushing Bank of America to complete the acquisition of Merrill Lynch last year. The news agency quotes from an internal e-mail which says that Treasury and Fed officials placed a gun 'to the head of Bank of America to go through with the merger'.
And MarketWatch reports that Citi has finalized agreement with the US government about recapitalizing the company and making the US taxpayer its largest shareholder. Citi will eventually be 36% state-owned.
Reuters reports that Lehman Brothers Holdings is being sued by two former clients (Western Digital and Ceradyne Inc) for over $190m over claims that the firm used deceptive sales practices when it sold auction-rate securities.
Finally, The Associated Press reports that the Federal Reserve lost some $5.25bn in the first-quarter on the securities it took on after last year's bailouts of AIG and Bear Stearns. The Fed's cumulative losses for the two firms now totals $16.4bn.
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