Anger Grows Over Bailed Out Firm's Bonus Guarantees
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Related Content
- Bailed Out Firm Gave Kitchen Assistant Retention Bonus! (14/10/2009)
- Threat Grows That Large Banks Will Be Split Up (21/10/2009)
- Two Firms Said To Exploit Bailed Out Rivals (07/11/2009)
- Top Bailed-Out Execs Averaged $18m Each In 2008 (24/10/2009)
- Brokers Complain Of Bailed-Out Banks Bullying Tactics (10/11/2009)
- More Bonus News (19/10/2009)
One banker told Here Is The City, however: 'Only £500,000 each to go work for Royal Bank of Scotland ? Those traders were done!!'.
In the meantime, the trial of former Bear Stearns hedge fund managers Matthew Tannin and Ralph Cioffi is underway in New York. And Bloomberg reports that prosecutors called Bella Borg-Brenner, a risk manager over at Stillwater Capital Partners, who told the court that Tannin advised her in March 2007 that it was a good time to invest in the funds, and that he would be investing some more of his personal money. Tannin never did, and he and Cioffi are accused of encouraging investors to put money into the funds at a time when they privately expressed concerns about their performance, and were even considering closing them.
And CNBC reports that bond manager PIMCO is considering hiring talent in order to expand into managing equity offerings, while The Wall Street Journal reports that Hong Kong-based Citic Securities International, which has already hired some 300 staff this year, is to add more bankers in equity sales and research.
Finally, The Financial Times reports that Morgan Stanley is to sell its retail asset management unit, Van Kampen Investments, to Invesco in a stock and cash deal worth around $1.5bn.
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