City mourns Sir Brian Pitman March 11, 2010 SIR Brian Pitman, one of the most respected bankers of his generation, has died aged 78. Pitman, who was latterly chairman of Virgin Money, led Lloyds Bank for 18 years before retiring almost a decade ago. In his time as chief executive and then chairman of Lloyds, Pitman built the bank from a £1bn business [...]
Europe is risking a trade war with US March 11, 2010 ONCE again, the European Union has got it wrong. It doesn’t have a clue about regulating hedge funds, private equity or other financial products and players. Brussels is tilting at windmills, attacking problems that don’t exist, inserting dangerous protectionist barriers into its proposed new rules and all the while ignoring the very real weaknesses and [...]
WHAT THE OTHER PAPERS SAY THIS MORNING March 11, 2010 FINANCIAL TIMES PUSH FOR CLEARING HOUSES FAILS TO MOVE OIL TRADERS Big oil traders are choosing to keep more derivatives deals private, in spite of a global regulatory campaign to steer such contracts to clearing houses. Their willingness to take on risks viewed as intolerable just a year ago reflects renewed faith in the strength [...]
Tory lead cut to three points March 11, 2010 Labour crept up two points on the Conservatives, according to the YouGov daily tracker poll published today. The Tories, led by David Cameron, remain unchanged on 37 per cent, while Gordon Brown’s Labour has risen to 34 per cent. While Nick Clegg’s Liberal Democrats remain unchanged at 17 per cent.
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 [...]
US and EU in a battle over hedge funds March 11, 2010 THE bitter war of words between the US and Europe over hedge fund regulation reached new heights yesterday. The EU reacted furiously to criticism of its plans to clamp down on hedge funds. US treasury secretary Tim Geithner had complained tough new rules passed down from Brussels could alienate US hedge funds trading in Europe. [...]
Calvert gets jailed for insider trading March 11, 2010 INSIDER trader Malcolm Calvert, has been jailed for nearly two years after being found guilty of a crime that destroys confidence “in a clear and fair market.” The former Cazenove partner made more than £103,000 from buying shares in companies just before takeovers were unveiled. “This offending isn’t victimless,” judge Peter Testar said. “These offences [...]
Darling rules out a giveaway budget but tax rises not expected March 11, 2010 Alistair Darling says his budget on 24 March will not be a “giveaway.” He said the budget, Labour’s last chance to set out its plans for the economic recovery, before an expected 6 May election, will be “a budget for the times in which we live.” He said: “I don’t think anyone’s expecting some sort [...]
Data leak hits HSBC clients March 11, 2010 THOUSANDS of clients of HSBC’s Swiss private banking division, including wealthy Britons with off-shore accounts in the country, have been affected after a former employee of the bank filched personal information about account-holders. HSBC confirmed yesterday that a total of 24,000 people had been compromised in the case, which is now under criminal investigation by [...]
White Knight could rival the Red Knights’ Old Trafford bid March 11, 2010 A SECOND bid to buy Manchester United from the Glazer family is brewing, City A.M. has learned. A group of wealthy City figures are desperate to wrest control of the club with a bid worth around £1.25bn. But sources close to the deal say a rival “White Knight” bid could materialise as wealthy foreign investors [...]
