'There Aren't Many People Who Think Charlotte Is A Major Financial Center'
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The news agency reports that the talent pool of candidates prepared to move from New York may not be large enough, and so the bank's board has decided to be flexible when it comes to where the successor to current CEO Ken Lewis sits. Bloomberg quotes Thomas Brown, CEO of hedge fund Second Curve Capital, who said: 'It does reflect well on the board that they're not going to let the headquarters location limit their selection in terms of CEOs. There aren't many people who think that Charlotte is a major financial center'.
And Citigroup is said to have around $244.2bn in cash on hand (double the figure it had a year ago), as US Treasury has put the company under pressure to remain liquid in case of further emergencies. Bloomberg quotes Rochdale Securities analyst Richard Bove, who said: 'Even though it makes no sense for a bank to have $242bn in cash, (Citi CEO) Pandit has no choice. I don't think it's something to either praise him for, or criticize him for. That's simply the fact. You either keep that cash or you're dead'.
In the meantime, Reuters reports that lawyers acting for the two former Bear Stearns hedge fund managers accused of deceiving investors have asked the trial judge to kick out the case. Lawyers for Ralph Cioffi and Matthew Tannin have claimed that US prosecutors have failed to make a case against the two men. The judge is said to be mulling over the request.
Finally, Time magazine reports that a whole industry has grown out of the Bernie Madoff affair - 'Bernie Madoff' auctions, where possessions are put up for sale that either belonged to Bernie, or to hard-up investors he defrauded. The only problem is, it's difficult to establish whether the items are genuinely Madoff-related, or whether they are just some old rubbish being flogged by opportunists.
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