TRADER OF THE YEAR | The Shortlist Day 3

first_img AT the top of the tree, trading is all about talent. There’s an abundance of it ?on our shortlist, added to a good deal of nerve and nous. Our top five between them manage billions and have made huge returns in choppy markets. Whatever is happening out there, you can make money. This lot prove it. Don’t miss the City event of the year – get online now and book your table for the City A.M. Awards on Thursday 28 October 2010 at Grange St Paul’s Hotel, London EC4. www.CityAMAwards.comJAMES BERGER, GLGThe youngest man on our shortlist at just 29, Berger started his career at JP Morgan and Goldman Sachs before joining GLG in 2005 to work on the European Opportunity Fund. A gross return of 15.5 per cent for 2008 brought him attention and won him fans in the City. With his friend and mentor Markus Mez, who he first worked with at Goldman, he is one half of “a star duo”, says a fund manager. One to watch.PHILIPPE JABRE, JABRE CAPITAL PARTNERSA record £750,000 FSA fine saw Jabre leave the City for Geneva in 2006, where he wasted no time setting up Jabre Capital Partners. He says that living in Lebanon during the civil war of the 70s helped him keep his cool during the financial crisis, and he made a killing by shorting HBOS. What a former colleague calls his “animal instincts” helped his flagship fund recover from a 36 per cent loss in 2008 to make an 85 per cent return in 2009.CRISPIN ODEY, ODEY ASSET MANAGEMENT“He’s absolute class, he called everything pretty right,” said one person who nominated Odey, and it’s hard to argue. He was one of the few to spot the weakness in the banking sector and his fund made £55.3m in 2007/8, with Odey himself taking half the profits. And then he saw the potential for growth in agricultural commodities and made another killing there. His judgment is so widely trusted that he now has a whopping £5bn under management.MIKE PLATT, BLUECRESTHe’s been called a “modern-day Medici” for his patronage of the arts – think crucified gorillas – but more telling is the description from a friend that he’s “a trader who puts his money where his mouth is”; Platt is famous for investing heavily in his own funds. And well he might. His flagship fund has performed every year since it launched in 2000, including a solid 2008, when it was up 6 per cent. It was up a truly impressive 41 per cent in 2009 and has continued to perform strongly so far in 2010. One of the biggest hedge fund characters.ALAN HOWARD, BREVAN HOWARDTrue, he has upped sticks and moved to Switzerland, but Alan Howard still makes our list for his phenomenal performance this year, when the fund that he co-founded in 2003 was up 19 per cent. It grew to become the fourth-biggest in the world, with $31bn (about £20bn) under management. A former Salomon Brothers bond trader and a keen supporter of the Conservative party, Howard’s personal wealth grew by 133 per cent over the year to £875m. Which makes him a dollar billionaire, and the 556th richest person in the world. whatsapp Tags: NULL TRADER OF THE YEAR | The Shortlist Day 3 More From Our Partners Astounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgMark Eaton, former NBA All-Star, dead at 64nypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comBill Gates reportedly hoped Jeffrey Epstein would help him win a Nobelnypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comFeds seized 18 devices from Rudy Giuliani and his employees in April raidnypost.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.com‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.com whatsapp Wednesday 1 September 2010 8:27 pm Show Comments ▼ KCS-content Sharelast_img read more

PROFESSIONAL SERVICES FIRM OF THE YEAR | The Shortlist

first_img whatsapp Tags: NULL Share KCS-content PROFESSIONAL SERVICES FIRM OF THE YEAR | The Shortlist center_img whatsapp Tuesday 7 September 2010 10:45 pm Show Comments ▼ WHETHER it’s advising firms, publishing reports or driving efficiency, professional services firms are never far from the front line in the City. With their global reach and diversified portfolios, the best-known firms have emerged looking healthy and ready to face the challenges of the new, post-downturn world. Don’t miss the City event of the year – get online now and book your table for the City A.M. Awards on Thursday 28 October 2010 at Grange St Paul’s Hotel, London EC4.www.CityAMAwards.com. DELOITTEIn common with all the firms in this section, the government’s spending cuts are sure to hit Deloitte hard. For now, though, its employees can be forgiven for celebrating. 2010 was its second-best year ever, with partners on average taking home £873,000. Its results for 2009/10 showed that its revenue dropped £16m to £1.95bn in the year to May, meaning it narrowly failed to overtake PWC as the world’s biggest financial services firm. ERNST & YOUNGThe smallest of the big four, E&Y is planning for serious future growth. Two years ago it merged its EMEA and India practices, something that has proved profitable. It recently admitted almost 400 new partners, its UK and Ireland advisory practice continues to grow, and it is looking to recruit 1,000 more people in that area. The only shadow? It could still face investigation over Lehman Brothers’ Repo 105 accounting practice. MCKINSEYIt must be tough being outside the Big Four, but McKinsey still holds its own in this most challenging of company. True, it’s smaller than the others on this list, but employing 8,600 people worldwide, it is by any standard a big firm. Regularly voted the best consultancy to work for in surveys of employers, it is renowned for employing MBAs rather than more experienced managers, and for giving young, talented people a chance to make an impact. KPMGVoted the best Big Four auditor for the third year in a row last month, KPMG continues to play a central role in the life of the City, not to mention government too. With a presence in 146 countries and employing 140,000 people, the operation is massive. Globally, its revenue was $20.1bn (£13.1bn) for the last year available – to September 2009. In recent years it has also prided itself on its green credentials, and recently won an award for its environmentally friendly offices, and for a ban on short-haul flights. PWCIf popularity is a measure of success, then PwC is doing alright; it recently received an incredible 800 applications for just 60 graduate jobs. Earlier this week it announced that net revenues rose 4 per cent to £2bn in the year to June, with pay for its 820 UK partners of £759,000 – down from its record of £777,000 the year before, but still healthy. It also hired 57 new partners and 1,750 other new staff over the past 12 months. It plans to add 800 more in the next year, and in 2011 it will move to an impressive new HQ on the Southbank. last_img read more

Santander to be grilled by Commission

first_img SPAIN’S Santander will join the UK’s largest banks in facing individual grillings by the government’s independent banking commission when the private phase of the review gets under way next year.The commission’s official consultation launches tomorrow when ex-OFT boss Sir John Vickers, the chairman, publishes an initial “issues paper” setting out its agenda. The two main priorities for the review will be increasing the amount of competition in the retail banking sector and the much-debated prospect of splitting up bank’s investment and retail operations, as well as a discussion of the impact of recent hard-hitting regulatory changes such as Basel III and US President Barack Obama’s sweeping Dodd-Frank reforms.The first part of the review, between now and Christmas, will be a “public phase” designed to engage the man on the street with the decision-making process. It will involve a series of public debates, possibly televised, where senior banking figures will put their arguments forward alongside other interested parties such as regulators, consumer organisations and academics.Early next year, the commission will move into a closed period, when it will privately interrogate executives at the helm of the UK’s largest banks – Barclays, Lloyds Banking Group, HSBC and Royal Bank of Scotland – as well as Santander, which has a heavy presence on the UK high street after its purchases of Bradford & Bingley, Abbey and Alliance & Leicester.Input from foreign banks and smaller UK players will be welcomed, according to those close to the commission, though their boards will not face individual grillings from Vickers and his team – former Barclays boss Martin Taylor; Claire Spottiswoode, the ex-head of gas regulator Ofgas; JP Morgan’s former co-head of investment banking Bill Winters; and FT columnist Martin Wolf. Santander to be grilled by Commission Share whatsapp Show Comments ▼ Tags: NULL whatsapp Wednesday 22 September 2010 8:01 pm KCS-content Time Line | a year in the life of the banking commissionFriday 24 SeptemberCommission launches its consultation with the publication of an “issues paper” setting out the problems facing the industry and the top priorities for its investigation over the next year.September – December 2010“Public phase” of the consultation begins, during which the commission is set to hold a series of debates open to the general public. Five or six debates will be held across the country, with arguments put forward by senior figures from the banking industry, regulators, consumer groups, academics, ex-industry figures and businesses. It has also invited responses from smaller UK banks, foreign banks and building societies.January – April 2011The commission is set to hold a number of private interrogations for the most influential banks on an individual basis, meeting with the chairmen and chief executives of the UK’s largest banks and Santander, which bought out Abbey, Alliance & Leicester and Bradford & Bingley over the course of the crisis.Spring 2011Commission publishes an “options paper” setting out a shortlist of its most likely recommendations. A final period of consultation will follow over the summer.September 2011Commission due to publish its final recommendations. last_img read more

Elster prices below IPO range

first_img whatsapp Elster prices below IPO range Show Comments ▼ KCS-content whatsapp Share More From Our Partners Police Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comKiller drone ‘hunted down a human target’ without being told tonypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.com German smart meter maker Elster Group priced shares in its initial public offering below the expected range yesterday, according to an underwriter. The company sold 16.2m American Depositary Shares for $13 each, raising about $210.6m. It had filed to sell shares for $16 to $18 each. The company never officially cut the price range but an underwriter said that investor demand was below-range. Elster sells meters and software to measure gas, electric and water consumption. It said in its prospectus that it has installed more than 200m meters over the past 10 years. Elster plans to use the proceeds to repay debt. Wednesday 29 September 2010 11:29 pm Tags: NULLlast_img read more

Carriers still sore point for defence cuts

first_img whatsapp Wednesday 6 October 2010 8:00 pm KCS-content Read This Next’Kevin Can F**k Himself’: Here’s Why Only Allison and Patty Are SeenThe Wrap20 Stars Who’ve Posted Nude Selfies, From Lizzo to John Legend (Photos)The Wrap’Batwoman’: Wallis Day on Circe’s ‘Deranged’ Warpath and the Key to SavingThe Wrap’Godzilla vs Kong’ Reaches $100 Million in US After Grossing $250,000 inThe WrapJoin a Conversation on ‘Cancel Culture in Comedy’ with Maz Jobrani, SkyeThe WrapAnya Taylor-Joy, Ralph Fiennes Join Searchlight’s Dark Comedy ‘The Menu’The WrapAfter ‘Black Widow,’ Kevin Feige Leaves Open the Possibility of OtherThe Wrap’Pose’ Creator Steven Canals on Life After His Groundbreaking Show: ‘I’mThe Wrap’The Boys’ Star Aya Cash Took Inspiration From YouTube, TikTok and SteveThe Wrap whatsapp Sharecenter_img LIAM Fox yesterday confirmed that the Trident nuclear deterrent would be replaced, earning him a huge round of applause at the Tory conference, but the future of two aircraft carriers remains unclear.“The first duty of the government is defence of the realm. That is why we will maintain Britain’s nuclear deterrent and will go ahead with the trident replacement programme,” the defence secretary said. But Fox warned the government was approaching the defence spending review “with unavoidably constrained finances”, adding to fears that at least one of the Navy’s two aircraft carriers could be scrapped.The government could scrap both ships, which are expected to cost some £2.5bn each to build, but fears that the impact could prove fatal for Britain’s ship building industry. Another option is building just one carrier and keeping it in a state of “extended readiness”, essentially mothballing it.Earlier this week, former Prime Minister Gordon Brown made a rare intervention in national politics, and insisted that both aircraft carriers should be built as planned.But yesterday Fox responded with a scathing attack on Labour’s handling of the defence budget.He said: “We all know about Labour’s toxic economic legacy. There is an unfunded liability in defence of around £38bn over the next 10 years – compared to an annual budget of only £37bn. Fox added that the UK would pay £46bn on debt interest payments next year, a sum that could purchase four aircraft carriers, 300 Chinook helicopters, 13,000 troops, 10 destroyers, 50 cargo planes, and pay for a complete refurbishment of forces’ living quarters.Later, in his first conference speech as Prime Minister, David Cameron said the defence review would “match our commitments with the resources we’ve got”, and warned of “big changes” for Britain’s military.Resources for the Afghanistan war will be maintained or improved, but the Navy and Royal Air Force are bracing themselves for swingeing cuts. Show Comments ▼ by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastNoteabley25 Funny Notes Written By StrangersNoteableyMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBemoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan Times Carriers still sore point for defence cuts Tags: NULLlast_img read more

Hands says he was betrayed over EMI

first_imgTuesday 19 October 2010 8:22 pm whatsapp Share More From Our Partners Police Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgMark Eaton, former NBA All-Star, dead at 64nypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.com‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comKiller drone ‘hunted down a human target’ without being told tonypost.comFeds seized 18 devices from Rudy Giuliani and his employees in April raidnypost.com Hands says he was betrayed over EMI GUY Hands, the head of private equity firm Terra Firma, accused senior Citigroup banker David Wormsley of betraying him over the sale of EMI, as he gave evidence in a New York court yesterday. Hands told the court he would never have bid for the record label if he had known all other interested bidders had pulled out. He alleged Wormsley misled him into believing another bidder, private equity group Cerberus, had submitted a 262p per share bid, leading him to up Terra Firma’s offer to 265p per share. “I knew him well. I trusted him. I considered him my closest business colleague,” Hands said of Wormsley. Terra Firma paid £4bn for EMI in 2007. It has since struggled financially and nearly defaulted on debts. whatsapp KCS-content Show Comments ▼ Tags: NULLlast_img read more

Ex Cadbury boss: Let’s query overseas bids

first_img whatsapp Show Comments ▼ Thursday 21 October 2010 9:11 pm FORMER Cadbury chair Roger Carr yesterday called on the government to rethink its free-market stance on foreign takeovers, after the Takeover Panel recommended only modest reforms to UK rules.Carr, who initiated a heated debate over the scope of the Takeover Code after US food giant Kraft’s acquisition of Cadbury, said the Panel had tackled the “practical and tactical” issues in its review, which stopped short of introducing the most extreme measures under consideration. But he said it fell to the government to address the “philosophical” aspects of foreign takeovers in its own ongoing review led by business secretary Vince Cable – considering in particular the merits of increasing the bid acceptance threshold to above the current 50 per cent-plus-one-share level and of disenfranchising shares held by short-term investors.“The Panel’s recommendations will not tip the scales back in favour of target companies, but they will help make the process fairer,” Carr told City A.M. “However, if as a country we are more accessible to foreign control than other countries are, we need to look at changing the philosophical stance on it rather than just the rule book – and that decision is a matter for the government.”The Panel defended its decision not to recommend the higher threshold and disenfranchisement options, arguing that respondents to its consultation had been almost unanimously opposed to them and that both measures would be ineffective without changing company law.Roger Barke at the Institute of Directors welcomed the Panel’s decision to err on the side of caution and said introducing more radical measures would have been “a mistake”.The most significant of the new measures is a rule designed to trigger a put-up-or-shut-up deadline of four weeks as soon as an approach is revealed, a measure which was broadly welcomed by the City as a relatively radical step in the right direction.The Panel also recommended prohibiting deal protection measures such as “break fees” when a takeover is abandoned, as well as forcing bidders to disclose offer-related fees, how they plan to finance a bid and their intentions with regard to the future of the target company and its staff.Matthew Fell, the CBI’s director for competitive markets, said: “Greater transparency is welcome to help ensure that the prospect of fees on completion of a deal does not bias the likelihood of it happening.” Ex Cadbury boss: Let’s query overseas bids Share whatsapp by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastNoteabley25 Funny Notes Written By StrangersNoteableyMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBemoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan Times KCS-content Tags: NULLlast_img read more

FTSE opens higher ahead of key data

first_img Tags: NULL FTSE opens higher ahead of key data whatsapp The FTSE 100 rose on opening this morning with heavyweight miners likely to be buoyed by a softer dollar after the Group of 20 major economies agreed to avoid competitive currency devaluations.The blue chip index looks set to gain 43 to 48 points, or as much as 0.8 percent, according to financial bookmakers, after it closed 16.49 points, or 0.3 percent, lower at 5,741.37 on Friday, retreating after hitting a six-month closing high in the previous session.In terms of domestic economic data, preliminary third-quarter GDP data, due on Tuesday, should attract a lot of attention.With nothing significant due on Monday, investors will look ahead to releases later in the week including the October Nationwide house price index on Thursday along with October’s CBI distributive trades survey, with GfK October consumer confidence data due after the market’s close that day.On Friday, investors will look at Bank of England September consumer credit, mortgage lending and mortgage approvals data.On the other side of the Atlantic, a speech by Federal Reserve Chairman Ben Bernanke, could outline details of an expected new round of US monetary stimulus.Later in the week, the August US Case-Shiller house price index along with October Conference Board U.S. consumer confidence data is due on Tuesday, September’s US durable goods and new home sales data are scheduled for release on Wednesday, weekly US jobless claims data is due on Thursday, with US GDP data out on Friday. whatsapp Read This NextRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe WrapNewsmax Rejected Matt Gaetz When Congressman ‘Reached Out’ for a JobThe Wrap’Sex and the City’ Sequel Series at HBO Max Adds 4 More ReturningThe Wrap2 HFPA Members Resign Citing a Culture of ‘Corruption and Verbal Abuse’The Wrap Sharecenter_img by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailNoteabley25 Funny Notes Written By StrangersNoteableySerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan TimesElite HeraldExperts Discover Girl Born From Two Different SpeciesElite HeraldDiscovery23+ Sports Stadiums Around the World That Are Abandoned NowDiscoveryZen HeraldThe Truth About Why ’40s Actor John Wayne Didn’t Serve In WWII Has Come To LightZen Herald Monday 25 October 2010 3:15 am John Dunne Show Comments ▼last_img read more

HSBC in $9bn suit over Madoff fraud

first_img whatsapp More From Our Partners A ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.org980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.org HSBC in $9bn suit over Madoff fraud Monday 6 December 2010 8:42 pm HSBC is being sued for at least $9bn (£5.7bn) for allegedly aiding Bernard Madoff’s $65bn Ponzi scheme. Irving Picard, the court-appointed trustee charged with liquidating Madoff’s investment firm and recovering funds for its victims, alleges 24 counts of financial fraud and misconduct against HSBC and its affiliates. The lawsuit filed on Sunday claims HSBC helped establish an international network of “feeder” companies that diverted funds to Madoff’s investment advisory business. This helped “fuel and extend Madoff’s Ponzi scheme across international borders,” a statement from Picard’s office says. He has named a series of defendants, including directors and managers in the funds’ management companies, accused of aiding and abetting the fraud. He alleges the defendants, who include Sonja Kohn, Genevalor, Mario Benbassat and his sons Albert and Stephane, Bank Medici and Unicredit, were “well aware” of signals that the deals were fraudulent.“Had HSBC and the defendants reacted appropriately to such warnings and other obvious badges of fraud outlined in the complaint, the Madoff Ponzi scheme would have collapsed years, billions of dollars, and countless victims sooner,” Picard said. HSBC had both flagged concerns with and received warnings about Madoff’s investment practices from KPMG, its accountant, he said. The suit claims the institutions involved had the sophistication to understand the fraud and participated knowingly. HSBC said it was “defending itself vigorously”against the claims. “HSBC believes that the US court-appointed trustees’ claims of wrong-doing are unfounded,” a spokesman said.Picard has filed Madoff-related suits against several banks, including UBS and JP Morgan, to date. Share KCS-content Show Comments ▼ whatsapp Tags: NULLlast_img read more

Danish banks play down Amagerbanken exposure

first_imgMonday 7 February 2011 9:08 pm Show Comments ▼ DENMARK’S biggest financial institution Danske Bank and Nordic bank Nordea said yesterday they had little exposure to Amagerbanken, which fell into state hands on Sunday.Jyske Bank and Sydbank also said they were not exposed to Amagerbanken, which failed to meet solvency requirements and is to be wound up by state administrators. But Denmark will still be lumbered with a $2.8bn (£1.7bn) bill, as Amagerbanken became the country’s tenth bank to fall into the state’s hands in the wake of the global financial crisis.Amagerbanken has said it will transfer its assets to Finansiel Stabilitet, the state company that administers failed banks, allowing administrators to close the bank.Amagerbanken, which was Denmark’s eighth biggest bank in terms of lending, said fourth-quarter writedowns wiped out its equity, attributing a large part to failed property investors. The failure of Amagerbanken was roughly the same size as the mid-2008 collapse of Roskilde Bank, previously the biggest Danish bank failure. Share by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryPeople TodayNewborn’s Strange Behavior Troubles Mom, 40 Years Later She Finds The Reason Behind ItPeople TodayMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastWanderoamIdentical Twins Marry Identical Twins – But Then The Doctor Says, “STOP”WanderoamZen HeraldNASA’s Voyager 2 Has Entered Deep Space – And It Brought Scientists To Their KneesZen HeraldSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBe KCS-content whatsappcenter_img Danish banks play down Amagerbanken exposure whatsapp Read This Next’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofAmazon roars for MGM’s lion, paying $8.45 billion for studio behind JamesFamily ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily ProofBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily ProofChicken Bao: Delicious Recipes Worth CookingFamily ProofCheese Crostini: Delicious Recipes Worth CookingFamily ProofNew England Patriots’ Cam Newton says no extra motivation from Mac Jones’Sportsnaut Tags: NULLlast_img read more

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