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President Obama claims he is really a fan of Wall Street (honest), but he isn't listed. Neither is Fed Chairman Ben Bernanke down as one of Lewis's friends. Strange that.
On a more serious note, Reuters reports that global M&A has fallen by over half in the first-quarter to just $402bn, but there's a genuine hope that things will pick up in the second-half of the year as the economy improves. Fees earned from stock sales were, however, on the up in the second-quarter, rising 29% over Q1. JPMorgan alone underwrote 169 equity issues, pulling in a cool $1bn in fees. And The Sunday Times reports that Morgan Stanley estimates that 35 - 40 companies could go public in Europe in the next two years, raising up to $20bn.
And the charity auction for lunch with Warren Buffett has concluded. The winning bid of $1.68m was made by a as yet an unknown bidder. This year's price was less than the $2.11m paid by last year's winner, hedge fund manager Zhao Danyang.
Finally, Monday is a big day for both Bernie Madoff and Alan Stanford. Madoff is likely to be jailed for 150 years for his Ponzi scheme, and Stanford will be in court for his own bail hearing. The New York Post reports that Fiji-born golfer Vijay Singh, who is sponsored by Stanford Financial Group (and who remains a strong supporter of the accused financier), is said to have offered to come up with some of the required $500,000 bail money.What a guy!
Oh, and as a side note, Bernie's wife, Ruth, has apparently reached agreement with US prosecutors, and will give up her claims to more than $80m of assets. She will, however, keep $2.5m in cash.
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