Aversion To Risk May Affect Top Firm's Second-Quarter Profits
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And The Charlotte Observer reports that Merrill Lynch staff appear to be getting used to life under Bank of America. Dan Sontag, who heads up the company's brokerage business (which is mostly made up of Merrill staff), told the newspaper: 'People are really starting to move forward here. I see my group not wanting to talk about the rear-view mirror as much'.
In the meantime, Bloomberg reports that The New York Stock Exchange had to extend trading by 15 minutes Thursday, after a system failure late in the day meant that trades had to be processed by hand. Good having proper people around, ain't it ?
And The Wall Street Journal reports that US and Austrian prosecutors are investigating Sonja Kohn, a former chairwoman at Bank Medici, over claims that she may have received $40m in kickbacks to funnel billions of dollars to Bernie Madoff funds. Mrs Kohn, who has not been charged with any wrongdoing, describes herself as 'the greatest Madoff victim'.
Reuters reports that US marshals have seized the $7m New York City luxury apartment, once home to Ruth and Bernie Madoff. The property will be sold, along with other Madoff assets, for the benefit of investors who lost out as a result of Bernie's shenanigans.
Finally, Bloomberg reports that hedge fund Och-Ziff lost around 3.7% of funds under management in June, due to investor withdrawals.
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