Lehman used accounting “gimmicks” before collapse March 12, 2010 LEHMAN Brothers used accounting gimmicks and had been insolvent for weeks before it filed for bankruptcy in September 2008, but there was not extensive wrongdoing, a court-appointed examiner has found. In a 2,200-page report examiner Anton Valukas, chairman of law firm Jenner & Block, reported the results of his more than year-long investigation into who [...]
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 [...]
CITY MOVES | WHO’S SWITCHING JOBS March 3, 2010 LaSalle Investment Management The investment manager has appointed Susan Lloyd-Hurwitz as managing director for Europe and a member of its nine-strong global management committee. Lloyd-Hurwitz will also be a director of LaSalle’s parent company, Jones Lang LaSalle. She has over 20 years of experience in the real estate and asset management industry, most recently as [...]
FSA’s fine means Lehman cases are on the cards March 2, 2010 LAURENCE LIEBERMAN FINANCIAL DISPUTES PARTNER AT TAYLOR WESSING LAST Thursday, the FSA fined RSM Tenon Financial Services £700,000 for failings in its advice and sales processes relating to Lehman-backed structured products between 1 November 2007 and 31 August 2008. Tenon was also directed to conduct a past-business review and compensate those customers that it determines [...]
New football regulator threat sparks anger February 15, 2010 WHITEHALL is threatening to introduce a mandatory regulator to oversee British football as part of a backlash against debt-laden clubs. With several teams currently battling for survival, Whitehall is studying plans it hopes could help prevent clubs from going under. But the idea has sparked fury among Premier League insiders who will fiercely resist the [...]
Two offers push Portsmouth survival bid into extra time February 10, 2010 PORTSMOUTH pulled off their most significant victory of the season yesterday when they succeeded in obtaining an extra seven days to fight a winding-up order. The Premier League’s bottom club, who have debts of around £60m, were granted more time to prove they can afford to pay creditors at a hearing at the High Court. [...]
Portsmouth given stay of execution February 10, 2010 PORTSMOUTH have been given seven days to provide documents proving they can pay their creditors. The club now have until 4pm on 17 February to file a “statement of financial affairs” or face going out of business. Her Majesty’s Revenue and Customs (HMRC) took Portsmouth to court over an unpaid tax bill of £7.4m. They [...]
Malaysian IT firm joins queue to list on Aim this year February 9, 2010 Malaysian IT systems integrator Teliti International is planning an Aim flotation that could give it a market capitalisation of up to £40m. The company provides services to banks, government agencies and oil and gas companies. It plans to raise £12m through the IPO (initial public offering) to build a new data centre in Malaysia, where [...]
CITY MOVES | WHO’S SWITCHING JOBS February 9, 2010 ING Real Estate The investment management company has appointed Mike Evans, the chairman of stockbroker Hargreaves Lansdown, as a new non-executive director. Evans has held an advisory role with ING for over three years. He also recently completed a two-year stint as director of life assurance at law firm Pinsent Masons and originally spent almost [...]
Doors close yet again at February 8, 2010 Beleaguered clothing retailer Ethel Austin has gone back into administration just two years after it found an eleventh-hour saviour. The 300-store firm looks set to finally close its doors after 76 years, with 3,700 jobs at risk. Its sister company, homeware chain Au Naturale, has also gone into administration. Ethel Austin was saved in 2008 [...]