Hedge Fund Exec In Tragic Death Fall
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Vellanti, 42, fell 40 feet from an escalator at Pier shopping and dining mall in Atlantic City on Sunday. The cause of death has been listed as 'multiple traumatic injuries due to the fall'. Vellanti's death, which has been ruled as accidental, is the second involving an escalator at the mall in a little over a year. The hedge fund executive previously worked at State Street and Wachovia.
In the meantime, The Wall Street Journal reports that Ohio Attorney General Richard Cordray has said that his office may seek 'billions' from Bank of America, and CEO Ken Lewis, over the deal to purchase of Merrill Lynch. Cordray has now filed an amended lawsuit on behalf of five pension funds which alleges that bank directors and executives failed to inform BofA shareholders about the widening losses over at Merrill Lynch prior to the vote to sign-off on the Merrill acquisition.
And The BBC reports that bank BNP Paribas is to raise $6.3bn in order to repay the French government the $7.5bn in state aid it received in March 2008.
The Guardian reports that Johnny Cameron, the former head of Royal Bank of Scotland's investment banking unit, has resigned from his new job as an adviser at executive search firm Odgers Berndtson after just one week, after UKFI, the UK state agency that oversees taxpayer investments in part-nationalised banks, fired the headhunter.
Richard Boggis-Rolfe, Odgers' CEO, admitted: 'We did not correctly read the public mood with regard to former senior executives of RBS, and I regret this. But Johnny's behaviour over this matter confirms our view that whatever errors he and others have made in the past, it would be a great shame if he cannot build a new career and begin to make a positive contribution to business success in this country'.
Finally, The Financial Times reports that UBS is looking to buy its way out of its Swiss government-supported 'bad bank' deal, and is hopeful of returning to profit within a year. And Reuters reports that bank CEO Oswald Gruebel has said that he is not looking to sell UBS's US wealth management arm at the moment, as 'it wouldn't make sense to sell at current valuations'.
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