(Crain’s) — Northern Trust Corp.
Posts Tagged ‘5 Million’
Northern Trust CEO Waddell paid $11.9M, a 42% hike
March 16th, 2010 
Before You Invest 
Posted in Finance Fraud 
Tags: 5 Million, 6 Million, Cash Awards, Cash Incentive, Cash Payments, Descendants, Equity Stake, Federal Compensation, Financial Crisis, Incentive Plan, Laflin, Net Income, Northern Trust Corp, Preferred Shares, Rick Waddell, Salary, Senior Executives, Smith Family, Substantial Equity, Treasury Department 
Comments OffCME Group volume up 17% in Feb ‘10
March 2nd, 2010 Before You Invest (AP) — Derivatives exchange operator CME Group Inc. said Tuesday its February volume averaged 12.5 million contracts per day, a 17 percent increase from a year ago.
Total volume was 238 million contracts in February, with 84 percent traded electronically.
Electronic volume averaged 10.5 million contracts per day, up 23 percent from February 2009.
CME Group’s exchanges offer a range of products representing all major asset classes, including futures and options based on interest rates, equity indexes, foreign exchange, energy, agricultural commodities, metals, weather and real estate.
Posted in Finance Fraud Tags: 5 Million, Agricultural Commodities, Asset Classes, Cme, Contracts, Derivatives, Electronic Volume, Equity Indexes, Exchange Energy, Exchange Operator, Foreign Exchange, Futures And Options, Group Volume, Interest Rates, Metals, Real Estate, Weather Comments OffTwo Arbitration Awards Against Morgan Keegan & Co. Bond Funds in One Week
February 24th, 2010 Before You Invest A recent arbitration panel has awarded three holding companies over $1 million for losses sustained by investments in various Morgan Keegan & Co. bond funds. The funds in question were heavily backed by mortgage-related securities, experiencing a near total loss in the subprime mortgage crisis of two years past.
This is the second time in a week that an arbitration panel has ruled in favor of investors against Morgan Keegan & Co.’s bond funds.
Posted in Finance Fraud Tags: 1 Million, 5 Million, Amp, Arbitration Awards, Arbitration Panel, Bond Funds, Co Bond, Conservative Investments, Degree Of Risk, Investment Funds, Investor, Investors, Losses, Morgan Keegan, Second Time, Subprime Mortgage Crisis, Volatility Comments OffGuilty Plea in Westgate Capital Ponzi Likely
December 11th, 2009 Before You Invest James Nicholson, a Saddle River hedge fund manager accused of bilking investors of as much as $160 million, has tentatively agreed to plead guilty to charges his Westgate Capital Management LLC was a Ponzi scheme.
A plea hearing is set for noon Friday in federal court in Manhattan, according to a court order signed by U.S.
Posted in Finance Fraud Tags: 5 Million, Attorneys, Capital Management Llc, Criminal Case, Currency Transactions, District Judge, Edwards, Federal Prosecutors, Guilty Plea, Hedge Fund Manager, Investment Adviser, James Nicholson, Mail Fraud, Manhattan, Ponzi Scheme, Redemption, Retirement, Richard Sullivan, S College, Saddle River No Comments »This Day in Wall Street History 1845: Polk goes after Mexican territory
December 10th, 2009 Before You Invest This day in 1845 saw President James Polk make a bold move to radically expand the burgeoning United States.
Polk gave Congressman John Slidell the go-ahead to settle a border dispute concerning Texas, as well as to purchase New Mexico and California, from Mexico.
As per Polk’s demand, Slidell anted up $5 million for New Mexico and $25 million for California; however, Mexico refused the offer, emboldening the president to marshal a war effort in the name of “re-annexing” the territory.
Source: History.com
John Reed : I’m Sorry I Ever Built Citigroup
November 9th, 2009 Before You Invest 
John S. Reed, who helped engineer the merger that created Citigroup Inc., apologized for his role in building a company that has taken $45 billion in direct U.S. aid and said banks that big should be divided into separate parts.
“I’m sorry,” Reed, 70, said in an interview yesterday.
Posted in Finance Fraud Tags: 5 Million, Banking Services, Capital Markets, Citicorp, Citigroup, Citigroup Inc, Consumer Banking, Depression Era Glass, Fixed Income Trading, Glass Steagall Act, Investment Firm, John Reed, Lawmakers, Park Avenue, Recession, Salomon Smith Barney, Sanford I Weill, Term Profitability, Traditional Customer, Travelers Group, Treasury Department No Comments »Bank of America and Citigroup execs paid average $18m in 2008
October 26th, 2009 Before You Invest Top executives at Bank of America and Citigroup earned an average salary of $18.2 million in 2008, according to records released by US pay czar Kenneth Feinberg.
Despite receiving around $90 billion in government bailouts, the two banks paid out almost double the average amount paid to managers at the other five bailed-out US companies.
At Bank of America, 13 executives shared almost $230 million between them, an average pay packet of $17.5 million.
Citigroup paid out $390 million to 21 top employees, $18.6 million each.
The records do not include managers who have left the two banks since 2008.
Mr Feinberg has already told the companies to cut their wage bills by 50 per cent in 2009, resulting in Citigroup chief executive Vikram Pandit volunteering to accept only one dollar in pay for this year.
In 2008, Mr Pandit took home almost $11 million.
Earlier this month, Citigroup reported third-quarter losses of more than $100 million, while Bank of America announced a net loss of $1 billion.
Posted in Finance Fraud Tags: 1 Billion, 100 Million, 18m, 5 Million, 50 Cent, 6 Million, Average Salary, Bank America, Bank Of America, Banks, Chief Executive, Citigroup, Czar, Dollar, Execs, Kenneth Feinberg, Pay Packet, Quarter Losses, Top Executives, Wage Bills No Comments »Goldman Sachs staff in line for big bonuses
October 16th, 2009 Before You Invest Goldman Sachs, which has just reported a third-quarter profit of more than $3 billion, is set to reward staff with bonus payments that of more than $500,000 each, according to media reports.
The investment bank has already set aside almost $17 billion for staff bonuses this year, a figure that is likely to break the $20 billion mark by the end of 2009.
Its staff of around 30,000 employees across the world are set to receive the largest bonus payouts in the company’s history.
Because the bank has repaid the $10 billion it took from the government in bailout funds, it is no longer subject to the pay restrictions that have been imposed on the likes of Bank of America and Citigroup.
It will be those at the top of the company who are likely to be most richly rewarded.
In 2008, the top 200 employees received average payouts of around $5 million each, compared to a company average of $364,000, reports Reuters.
Earlier this week, Goldman Sachs agreed to curb bonus payouts to UK staff from next year.
Posted in Finance Fraud Tags: 5 Million, Bailout, Bank Of America, Bonus Payments, Citigroup, Goldman Sachs, Investment Bank, Quarter Profit, Reuters, Uk Staff No Comments »JPMorgan Chase, Credit Suisse and Morgan Stanley pay $100m Ponzi fine
October 11th, 2009 Before You Invest JPMorgan Chase, Credit Suisse and Morgan Stanley have agreed to pay out $100 million over claims they were involved in a Ponzi scheme at the now bankrupt mortgage lender American Business Financial Services (ABFS).
The lawsuit alleged that ABFS had become insolvent in 2000, but created the impression it was still financially viable with the assistance of the Wall Street firms. Bear Stearns, which is now part of JPMorgan Chase, was also named in the lawsuit. George Miller, the ABFS’s bankruptcy trustee, was seeking at least $750 million from the banks on behalf of more than 20,000 people who lost their life savings when ABFS went bankrupt. JPMorgan Chase paid $55 million on behalf of it and Bear Stearns to settle the case, while Credit Suisse paid out $37.5 million and Morgan Stanley $7.5 million. The companies denied any wrongdoing. Last month, changes to the Security and Exchange Commission’s investigations policies into Ponzi schemes were recommended after it missed Bernard Madoff’s $50 billion worldwide fraud for years.
Posted in Finance Fraud Tags: 100 Million, 5 Million, Abfs, American Business Financial Services, Bankruptcy Trustee, Bear Stearns, Bernard Madoff, Business Financial Services, Chase Credit, Credit Suisse, George Miller, Jpmorgan Chase, Morgan Stanley, Mortgage Lender, Ponzi Scheme, Ponzi Schemes, Security And Exchange Commission, Wall Street, Wall Street Firms, Wrongdoing No Comments »FINRA Investor Alert
October 4th, 2009 Before You Invest An Investor Alert has been issued by FINRA in reaction to a, “phishing,” scam. Phishing is the attempt of a fraudulent entity to collect sensitive information while masquerading as a legitimate body. This particular email promises compensation from ARS settlements in exchange for personal information.
Posted in Finance Fraud Tags: 5 Million, Email, Finra, Investor, Phishing Scam, Phishing Scams, Recipient, Regulatory Actions No Comments »
