Compliance Training ? 'The Biscuits Were Good'
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'It all went over my head', he said, 'But the biscuits were very good'. Uberoi also claimed that he had never heard the term 'insider trading' during his 6-month stint at the firm, and that his training was so limited that he learned more about the markets from watching films like Wall Street!
In the meantime, The New York Times reports that Jeffry Picower, the man who is said to have reaped around $7bn in profits from Bernie Madoff's Ponzi scheme, drowned in his pool Sunday, after suffering a heart attack. The cause of death was confirmed by Palm Beach police, which ended speculation that the philanthropist may have killed himself over his Madoff-related troubles (Madoff trustee Irving Picard was suing for the return of the profits).
The Financial Times reports that UBS has at last confirmed that former Merrill Lynch executive Bob McCann has joined the firm as head of its North American brokerage network.
And Reuters reports that former Bear Stearns hedge fund manager Matthew Tannin has won his fight to keep his infamous 'blow up risk' e-mail from the jury which is deciding his securities fraud case. A judge has ruled that the e-mail, which was kept on his google account, was not covered by the warrant used to collect information.
Finally, at a time when AIG is thought likely to lose several key executives over the actions of US pay czar Kenneth Feinberg in cutting back on compensation, The New York Times reports that former AIG CEO Hank Greenberg is building up a 'family of insurance companies that could compete' with the firm, and that he is likely to be in the market for some top AIG talent.
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