Keydata CEO made personal loan July 12, 2009 The chief executive of Keydata, the collapsed specialist investment firm, made personal loans worth several million dollars to the man behind the investment vehicles that Keydata is blaming for a £103m shortfall in client funds. Court documents show that Stewart Ford lent $3.25m to David Elias, who managed funds that Keydata sold on to its [...]
FSA secures bankruptcy order July 9, 2009 City watchdog the Financial Services Authority (FSA) has secured a bankruptcy order in the High Court against former East London mortgage broker Sadia Nasir for non-payment of a £129,000 financial penalty levied on her by the FSA for mortgage fraud. This is the first time the FSA has taken bankruptcy proceedings for an unpaid financial [...]
WHAT THE OTHER PAPERS SAY THIS MORNING February 15, 2010 FINANCIAL TIMES UNITED REMAINS KEEN TO COURT RIVAL CONTINENTAL The head of United Airlines has hinted at the benefits of renewing merger talks with Continental Airlines, saying the market had judged in favour of rival Delta’s takeover of Northwest. “The market capitalisation of Delta is approximately twice the combined market capitalisation of United and Continental,” [...]
Live above the rooftops in City’s sleekest building March 18, 2010 THE Heron, the City’s first residential development in 30 years, will be second to none, from Hong Kong to LA, in terms of style, views and overall quality of design and finish. This assertion is made in a matter of fact way by Lisa Ronson, head of marketing at The Heron’s mothership, Heron International, and [...]
A BONUS CAN BE A RIGHT August 11, 2009 SPEAKER’S CORNERROBERT JAMES WASHINGTONASSOCIATE, HOGAN & HARTSON PEOPLE who have lost their jobs as a result of the current recession might not like it, but as the reports of banking profits last week suggested, bonuses are back. Or in any case, they will be soon. This bonus season, though, PR might dictate that some firms [...]
A BONUS CAN BE A RIGHT August 11, 2009 SPEAKER’S CORNERROBERT JAMES WASHINGTONASSOCIATE, HOGAN & HARTSON PEOPLE who have lost their jobs as a result of the current recession might not like it, but as the reports of banking profits last week suggested, bonuses are back. Or in any case, they will be soon. This bonus season, though, PR might dictate that some firms [...]
There is no such thing as a free lunch in banking November 25, 2009 IT came as a bit of a shock. Britain’s new Supreme Court, which has just been spun out from the House of Lords, dealt the Office of Fair Trading a bitter blow yesterday by ruling against it in its test case against high street banks. Their Lordships ruled unanimously that deciding whether overdraft charges – [...]
NO SIGN OF A TRUCE IN BATTLE OF BROKERS July 21, 2009 THE long-standing tustle between inter-dealer broker Tullett Prebon and BGC Partners looks set to rumble on well into the autumn. Tullett is currently leading a High Court battle to stop its rival pinching any more of its staff. The pair have been at loggerheads since last year, when former Tullett chief operating officer Tony Verrier [...]
CFTC action is good for UK forex dealers January 19, 2010 After giving energy traders a relatively easy deal in a bid to curb speculation in the commodity markets last week, the CFTC (Commodity Futures Trading Commission) has now turned its attentions to forex. The agency is proposing a dramatic regulatory overhaul for the foreign exchange markets in the US, worth more than $3.6 trillion a [...]
US hedgie trial goes to a jury November 9, 2009 THE trial of two former Bear Stearns hedge fund managers went to a jury yesterday, in the case of the first high-profile Wall Street executives criminally charged with fraud over subprime mortgage-backed securities that fuelled the market meltdown. US prosecutors called a score of witnesses and cited hundreds of documentary exhibits for their case in [...]