Top Team Of Traders Said To Be Just 'Sitting There'
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According to a news agency source, 'the firm has hired all the right people....., and made a small investment in product development, but has yet to commit the budget to let this project go live.....This crack team is still sitting there'.
And how about this for making the wrong call ? Bloomberg quotes Harvey Miller, a partner at Weil Gotshal & Manges, who last year warned then-US Treasury Secretary Hank Paulson and Federal Reserve Bank of New York (now Treasury Secretary) Tim Geithner that 'Armageddon is coming (if Lehman was allowed to fail). You don't know what the consequences will be', Their response was, 'We have it covered!'.
Reuters reports that The Kuwait Investment Authority has said that it has no desire to sell its investments in either Citi or Merrill Lynch (now Bank of America) - at least not in the short term.
The Sunday Times reports that HSBC has made a $1bn for ING's private banking units. The businesses have been put on the block so that ING can raise money to repay Dutch government financial support.
And Germany's Sueddeutsche Zeitung has reported that the $717,000 limits in place on Commerzbank executive salaries (imposed as part of the bank's German state aid package) will run off at the end of the year.
Finally, also Bloomberg reports that securities firm MF Global is to open a brokerage business in Japan, hoping to take advantage as rivals have exited the market there this year. The unit will kick-off with 25 staff, including 7 in research and 10 in sales and trading.
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