NEXT’s Client Privacy Drama Ends With $125K FineJun 19, 2008,By Halah Touryalai On Wednesday, an SEC judge ordered NEXT Financial Group to pay a $125,000 penalty and prohibited the independent b/d from using recruiting tactics that violate client privacy laws. ... Rival Firm Settles With RIA DatabaseJun 16, 2008,By Christina Mucciolo RIA Database, a financial services software firm, announced today the end of a yearlong legal battle with the company’s chief rival, Discovery Database (Discovery), operated by The Financial Information Group (TFIG). Under the terms of the settlement, Discovery will pay RIA database $2.5 million. ... Sovereign Wealth Funds: The Smart Money?Jun 16, 2008,By Nancy N. DiCostanzo It’s earnings season, and with Lehman, Goldman Sachs and Morgan Stanley kicking it off this week, many investors will be asking themselves: Is the financial crisis over? (Or, at least, is it winding down?) The smart money at the sovereign wealth funds (big investment funds controlled by foreign governments) sure thought they smelled the bottom some months ago when they injected some capital into a few of the ailing Wall Street banks. ... All You Need Is CashJun 11, 2008,By Nancy N. DiCostanzo Gold Diggers and Sugar Daddys joined forces Thursday at New York City’s Taj nightclub to raise money for charity—and make-out! Nothing says “selfless” like paying $5 to sell oneself at a weekday party that starts at 5:30 in the afternoon. Yes, the Fashion Meets Finance after-work mixer appears to have been successful. ... Thain + You, Sittin’ in A TreeJun 11, 2008,By Kristen French If you’re a Merrill FA, Thain loves you—and he wants you to know about it, too. ... The Ultimate Dartboard ContestJun 10, 2008,By Nancy N. DiCostanzo So, the efficient market theory vanquished active management (okay, people still argue over this but given the amount of money flowing into passive indexes and ETFs . . . ). Now Warren Buffett says the S&P 500 can outperform a professionally picked hedge fund of funds. Back in May 2006, Buffett placed a $1 million wager putting his money where his trap is: Specifically, he says the Vanguard S&P 500 index fund can beat 10 hedge funds, net of fees, over 10 years, according to Fortune. ... Lehman Won't Back DownJun 10, 2008,By Nancy N. DiCostanzo Investors may not be that impressed by Lehman CFO Erin Callan's forthrightness. The Wall Street Journal (among others) reported today that Lehman Brothers Holding is taking a $2.8 billion loss for the second quarter—a worse-than-expected report. (Its shares tumbled by 8 percent yesterday and, at one p.m. today, were down another 6 percent.) ... Nice Building, Shame About The BusinessJun 10, 2008,By Nancy N. DiCostanzo According to analyst Richard Bove of Punk Ziegel (now a unit of Ladenburg Thalmann & Co.), Reuters reports, “Jamie Dimon did one for the United States. He's a patriot—but he didn't do one for JPMorgan.” ... Would You Invest With Client No. 9?Jun 10, 2008,By David A. Geracioti According to today’s New York Sun, Eliot Spitzer, the disgraced former New York State governor once heralded as Sheriff of Wall Street, is mulling launching a distressed real estate fund.... Credit Downgrades, More Write-Downs And The ARS MarketJun 9, 2008,By John Churchill Credit downgrades last week to MBIA and AMBAC Financial Group, the world’s largest bond insurers, will lead to more write-downs at Citigroup, Merrill Lynch and UBS, according to a research report from Oppenheimer analyst, Meredith Whitney. ... UBS Considers Divulging Client Names In Tax Evasion CaseJun 6, 2008,By John Churchill This weekend won’t likely be a relaxing one for UBS executives, private bankers and thousands of wealthy American clients. The New York Times reports today that the firm is under intense pressure from authorities as one of its top private bankers, Bradley Birkenfield, is expected to enter a guilty plea on Monday in a Florida court for conspiracy to defraud the U.S. government, or to put it plainly, helping U.S. clients evade taxes. The Times story indicates UBS is considering whether to divulge the names of 20,000 of its wealthy US clients. ... Spin-Rage Broker AcquittedJun 3, 2008
A Manhattan Criminal Court ruled yesterday that a hedge fund manager was not seriously injured when a stockbroker threw him off his exercise bike during a spin class at a health club. The stockbroker said, yeah, he threw the hedgie off his bike because he was grunting too loudly. True story. ... Wachovia CEO Thompson Gone; Sale to JPMorgan In The Cards?Jun 2, 2008,By Christina Mucciolo Wachovia announced today that CEO and chairman, G. Kennedy “Ken” Thompson had retired, at the Board of Director’s request. Thompson worked 32 years at the bank, and acted as chairman and CEO from 2000 to May 2008. ... Top Citi Broker DefectsJun 2, 2008
Richard Zinman, a star Smith Barney broker, and his team left the bank for Credit Suisse on Friday, Business Week reports. Zinman is consistently ranked among the top broker’s in the country in terms of assets under management; he tied for 7th place with two other brokers in Registered Rep’s Top 100 Wirehouse Advisors, published in September, with $5 billion in assets. ... Guilty Plea On Tax Fraud Has UBS Management NervousMay 30, 2008,By John Churchill A former UBS private banker, Bradley Birkenfield, charged with helping U.S. clients evade millions in taxes is going to plead guilty in court next month, reports The Times Online, the web edition of the fabled London-based newspaper. ... Exit Stage LeftMay 30, 2008,By Nancy N. DiCostanzo Jimmy Cayne was uncharacteristically penitent as he spoke before shareholders at a meeting Thursday to approve Bear Stearns’ sale to JPMorgan Chase, The New York Post reports today. But shareholders greeted his words of remorse with stony silence. Still, they approved the sale of the company to JPMorgan for $1.4 billion, with 84 percent voting in favor. ... Clearing Firm Faces SEC Charges, Small Firm Movement TarnishedMay 29, 2008,By John Churchill Small firms struggling against what they see as an unfair regulatory regime may have lost a leader this week. ... Art As TherapyMay 29, 2008,By Nancy N. DiCostanzo Geoffrey Raymond, an artist who seems to have a penchant for painting portraits of Wall Street honchos, has just unveiled his latest masterpiece: Jimmy Cayne in acrylic. ... Broker (Allegedly) Attacks Hedge Fund Manager At The Gym And Other Tidbits From Around The WebMay 28, 2008,By Nancy N. DiCostanzo Exercising can be detrimental to your health—just ask Stuart Sugarman, fund manager and investment banker at Sunrise Financial Group. Last August, in spin class, Sugarman, 48, was quite vocal about the “burn.” One of his classmates, apparently, did not appreciate it. Christopher Carter, 44, a broker at Maxim Investments Group, "tilted the grunting hedge-fund manager's Schwinn exercise bike up off its front wheel and into a wall out of sheer frustration" after allegedly trying to get Stuart to pipe down by telling him to do so—which I'm guessing didn't work. Today, in Manhattan Criminal Court, the two will be in the same room once again—sans bikes. Oh, and by the way, Carter says Sugarman provoked him. ... Rest In Peace, Bear StearnsMay 27, 2008,By Nancy N. DiCostanzo The Wall Street Journal published part one of Kate Kelly's three-part series, The Fall of Bear Stearns today, which details the events leading up to the bank’s eventual deal with JPMorgan Chase on March 17. ... Indie B/Ds Inching Forward With RegulatorsMay 21, 2008,By Halah Touryalai The independent broker/dealer channel is still fighting a decades-old battle. In Chicago this morning, the fourth annual SIFMA Independent Firms Conference opened with remarks from industry executives whose speeches seemed to underline a familiar theme: the challenges of compliance for independent firms.... Here's Hoping You Made The CutMay 21, 2008,By Nancy N. DiCostanzo JPMorgan Chase CEO Jamie Dimon said Tuesday that approximately 55 percent of Bear employees will be out of a job once JPMorgan Chase completes its acquisition in the coming weeks, Reuters reports. ... Should Congress Rescue Me From My Margin Debt?May 20, 2008,By David A. Geracioti We hate to get too political here, but the Senate deal to “save” struggling homeowners by refinancing up to $300 billion in loans seems quite unfair to taxpayers and, I would daresay, equity investors or speculators of any kind. Sure, homeownership is the bedrock of American culture, populist politicians say. But consider the case made by John Tamny, the editor of RealClearMarkets.com, a comprehensive and opinionated blog on all things economic (and a sister to the most-excellent RealClearPolitics.com). ... Dimon Kicks It Old SkoolMay 19, 2008,By Nancy N. DiCostanzo JPMorgan Chase CEO Jamie Dimon has personally embarked on a letter-writing campaign, The Financial Times reported this morning, to find employment for the “5,000-plus Bear employees who will not have a job after the takeover closes next month.” So far, he has sent letters to over 30 JPMorgan clients, rivals and suppliers, and asked for lists of vacancies from more than 1,800 companies and numerous headhunters. ... Merrill’s New Stock RankingsMay 15, 2008,By John Churchill Starting this summer, Merrill Lynch will be encouraging analysts to call more stocks dogs. ...
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