Trader Says He's Been Made Scapegoat As Firm Wants $5m Bonuses Back
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The bank is said to have been forced to reduce earnings by around $90m in 2007, after it uncovered pricing issues in Naqui trading positions, and the trader was subsequently fired for gross misconduct. Toronto Dominion is now trying to recover $5m in bonuses it paid to the trader, which it claims were based on fictitious profits. Naqui claims that he repeatedly told bank officials that the pricing tools the bank used were flawed.
And Reuters reports that JPMorgan Chase is rumoured to be trying to ditch the deal to acquire Royal Bank of Scotland's 51% stake in commodities trading unit RBS Sempra. In view of President Obama's outline proposals to do away with prop trading, JPMorgan is thought now only to be interested in buying the unit's non-US operations.
The Daily Telegraph reports that a new book written by US Treasury Secretary Hank Paulson will lay the demise of Lehman Brothers firmly at the door of the UK government, which refused to sign-off on a deal for Barclays to acquire the business, because of concerns over the true value of Lehman's asset book. These claims, however, are not new, having first been revealed in Andrew Ross Sorkin's Too Big To Fail a few months back.
In the meantime, The Financial Times reports that Barclays has hit back at legal claims that it enjoyed an unwarranted $5bn windfall when it took over Lehman's US businesses in September 2008, and insists that Lehman still owes it around $3bn in securities and collateral included in the purchase agreement.
And Business Week reports that Steve Black is to become Vice Chairman of JPMorgan, and will be freed up from day-to-day management of the bank's investment banking unit, which is now run by Jes Staley.
Finally, the BBC reports that Ben Bernanke has been reappointed to a second four-year term as Chairman of the US Federal Reserve. Bernanke was reconfirmed by the US Senate last week in a 70-30 vote.
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