Bankers Predictably Sue For Their Bonuses
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Commerzbank said that 'it is disappointing that these former senior managers of Dresdner Kleinwort are obviously not prepared to take responsibility for the losses of the investment bank last year'. The bankers claim that they have a legal right to the money, notwithstanding any losses which may have accrued to Dresdner Kleinwort.
The news agency also reports that Bank of America has been able to generate 'considerable' cost savings in Asia since it acquired Merrill Lynch (is that because a lot of senior bankers with large base salaries have resigned ?). The firm has also hired over 100 bankers in the region since March.
And The Guardian reports that several large Barclays shareholders are up in arms over the $625m that is to be paid out to staff over at Barclays Global Investors (BGI) following its $13.5bn sale to US mutual fund BlackRock. The newspaper quotes one institutional shareholder anonymously, who said: 'The BGI management incentive scheme is overly generous to staff, and to its senior executives most of all. You could say that Barclays investors are being shortchanged'.
President Obama seems astonished by the fact that a number of financial institutions are rushing to exit government aid programs. He told Bloomberg TV: 'Wall Street seems to maybe have a shorter memory about how close we were to the abyss that I would have expected. All we are doing is cleaning up the mess that was made'.
Finally, The Financial Times reports that, according to Hedge Fund Research, hedge fund liquidations fell by some 50% in the first quarter. And 376 funds closed their doors in the period, compared to 778 in Q4 08.
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