Rival banks cited in Lehman case March 11, 2010 JP Morgan Chase and Citigroup helped cause the illiquidity that led to the collapse of Lehman Brothers by making new demands for collateral, the failed US investment bank, a court-appointed examiner said. In a 2,200-page report, which was made public yesterday, examiner Anton Valukas, chairman of law firm Jenner & Block, said Lehman used accounting gimmicks [...]
Bridgepoint to sell a 17 per cent Safestore stake March 18, 2010 Private equity firm Bridgepoint Capital, the largest shareholder of Safestore, said it planned to sell up to 32m shares, or about half its stake in the British self-storage retailer. The shares represent about a 17 per cent stake in Safestore, Bridgepoint said, adding that it would continue to hold at least 17.9 per cent shares [...]
Feinberg to review pay at US bailed out companies March 22, 2010 OBAMA pay tsar Kenneth Feinberg is planning to review past compensation at 419 firms that received bailout funds, including JP Morgan and Goldman Sachs, according to a source close to the US Treasury Department. Feinberg will “look back” at any pay for the top 25 earners that totaled more than $500,000 (£331,218) from October 2008, [...]
NEWSPAPER VETERAN APPROACHES GUARDIAN WITH A HEAVY HAND March 24, 2010 HEATED words in the media world yesterday after Carolyn McCall’s abrupt defection from the helm of Guardian Media Group to easyJet. Some say McCall won’t be too sorely missed by her former charges at the Guardian, given the messy state of the group’s finances and her recent controversial decision to sell the Manchester Evening News. [...]
Former WaMu boss says bank seizure unfair April 13, 2010 THE former chief executive of Washington Mutual yesterday accused the US government of unfairly seizing the bank in September 2008 and selling it for the bargain price of $1.9bn (£1.2bn) to JP Morgan. Kerry Killinger said the failed lender “should have been given a chance to work its way through the crisis” in testimony prepared [...]
BEST OF THE BROKERS March 16, 2010 UBS JP Morgan reiterates it’s “overweight” stance on UBS. It highlights strong trading during the first half of January due to a significant pent up of demand from December with prearranged trades from clients. Together with a market correction for the second half, it believes UBS is in a strong position compared to rivals. ALLIED [...]
Lloyds throws weight behind Daniels amid succession talk March 29, 2010 LLOYDS Banking Group last night moved to quash speculation that chief executive Eric Daniels is about to be replaced. Talks of Lloyds hiring City head hunter JCA Group to draw up a short list of potential candidates was dismissed by the banking giant, which threw its weight behind Daniels. A spokesperson said: “Eric Daniels is [...]
LONDON TURNS OUT IN FORCE TO WATCH FINAL ELECTION SHOWDOWN May 6, 2010 FITTINGLY for one of the most important elections in this country’s history, turnout smashed expectations yesterday – and we’re talking of the bars, pubs and restaurants of London, rather than of the polling stations. The City, eager to know what the next government will have in store for them, flocked to parties as the results [...]
BANK BOSS HOLDS OWN IN STUDENT SCUFFLE May 16, 2010 THERE’S certainly one thing you can say with confidence about JP Morgan Chase chief executive Jamie Dimon: he ain’t afraid of taking the bull between the horns. Dimon yesterday braved the anger of the masses as he strode onto the campus of Syracuse University in New York, despite a planned protest against his invitation to [...]
A recovery this year doesn’t mean that the worst is over March 15, 2010 SLOWLY but surely, activity is creeping back to the moribund commercial property sector. British Land and Songbird have signed tenants at their landmark developments Drapers Gardens and the Ropemaker, while it’s only a matter of time before Minerva finds an occupant for the now-complete Walbrook. That’s good news for adviser DTZ, which advised on Macquarie’s [...]