Merrill Lynch Claims 'Recruiters' Hatched 'Nefarious Plot'
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The three individuals set up merrillynchcareers.com and spoofed jobseekers into thinking that information was being routed via CareerBuilder. Merrill claims that the defendants schemed 'to collect banking information from individuals by preying on people who are merely looking for a job in difficult economic times'. The firm is seeking $500,000 in damages.
In the meantime, Bloomberg reports that Barclays President Bob Diamond told the BBC earlier this week that banking is a 'risk business', and that any bank or banker not willing to take risks should 'get out of banking'.
And The New York Times reports that ING may have to pay back billions it received in Dutch government aid, as European regulators are probing whether the firm's recent bailout was overly generous. The EU said in a statement: 'The commission supports member states' efforts to stabilize financial markets by dealing with banks' impaired assets. However, state aid in the form of impaired-asset relief has to be properly remunerated, and should not give undue advantages to banks'.
Finally, The Financial Times reports that 30 senior bankers from Societe Generale's alternative investment arm have left to set up their own hedge fund, Nexar Capital, with funding from US private equity group Aquiline Partners. Amazing how political bank bonus bashing can focus the minds of top talent and result in them going elsewhere to make their money.
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