A securities arbitration panel has ordered Goldman Sachs Execution & Clearing LP and Spear Leeds & Kellogg LP to pay nearly $21 million to unsecured creditors of the Bayou Group LLC, according to an award. The Official Unsecured Creditors’ Committee of Bayou Group LLC filed the case against the two units of Goldman Sachs Group Inc.
Posts Tagged ‘Chief Executive’
FINRA Panel Awards $21 Million to Bayou Creditors
June 26th, 2010 
Before You Invest 
Posted in Finance Fraud 
Tags: Arbitration Panel, Bayou Hedge Funds, Chief Executive, Damages, Execution, Failure, Financial Industry Regulatory Authority, Fraud, Fraudulent Transfers, Goldman Sachs, Goldman Sachs Group, Goldman Sachs Group Inc, Lawyer, Leeds, Panel Awards, Sachs Group Inc, Securities Arbitration, Spear Leeds Kellogg, Spokesman, Unsecured Creditors 
Comments OffWarren Buffett voices support for Goldman Sachs
May 5th, 2010 Before You Invest Warren Buffett, a billionaire investor, has voiced his support for investment bank Goldman Sachs in the wake of the recent fraud allegations levelled by the Securities and Exchange Commission (SEC). The regulator filed a charge of fraud against the financial institution and vice-president Fabrice Tourre, which accused the bank and its employee of deliberately omitting information from investment products linked to subprime mortgages.Mr Buffet, chief executive of Berkshire Hathaway, said that he did not “hold it against Goldman Sachs that they are subject of [SEC] allegations”.He was quoted by the Financial Times as saying: “There is no question that the allegation alone causes the company to lose reputation … the last few weeks hurt the company and morale … it is not remotely mortal but it hurts.”But, Mr Buffet added that after having studied details of the supposedly illegal transaction, he did not believe that Goldman Sachs had committed fraud.Berkshire Hathaway is thought to own $5 billion worth of shares in Goldman Sachs.Meanwhile, Goldman Sachs has revealed that its shareholders have filed a number of law suits against the financial institution accusing it of mismanagement.
Posted in Finance Fraud Tags: Allegation, Berkshire Hathaway, Billionaire, Chief Executive, Fabrice, Financial Institution, Financial Times, Fraud Allegations, Goldman Sachs, Investment Bank, Investment Products, Law Suits, Mismanagement, Reputation, Securities And Exchange, Securities And Exchange Commission, Shareholders, Subprime Mortgages, Voices, Warren Buffett Comments OffFINRA reconsiders role of industry arbitrators
April 1st, 2010 Before You Invest U.S. securities regulator FINRA is reconsidering the mix of industry and public members in its arbitration panels while also taking actions to expand the pool of arbitrators, Chairman and Chief Executive Richard Ketchum told Reuters on Monday.FINRA — the Financial Industry Regulatory Authority — is a regulator affiliated with the securities industry it monitors.
Posted in Finance Fraud Tags: Arbitration Panels, Arbitrator, Brokerage Customers, Chief Executive, Financial Industry Regulatory Authority, Finra, Global Exchanges, Industry Member, Ketchum, Monitors, Pilot Program, Pool, Public Members, Public Representatives, Reuters, Running, Securities Brokerage, Securities Industry, Securities Regulator, Summit Comments OffDubai to Provide $9.5 Billion to Help Dubai World
March 25th, 2010 Before You Invest The government of Dubai will place up to $9.5 billion into Dubai World and its subsidiary Nakheel PJSC to help them restructure debt, Dubai World said Thursday.The Nakheel bonds falling due this year and next will be paid, Dubai World, which is the chief investment vehicle for Dubai, said in a statement.Nakheel, the company’s real estate development unit, will receive about $8 billion in the new government funds.In a statement, the unit said it would “work with its creditors over the coming weeks to secure agreement for the recapitalization plot.
Posted in Finance Fraud Tags: Abu Dhabi, Bonds, Chief Executive, Chief Investment, Chris O Donnell, Creditors, Dubai, Four Months, Government Funds, Government Help, Government Support, Investment Vehicle, Mature, Pjsc, Real Estate Development, Recapitalization Plan, S Real Estate, Subsidiary, Term Projects, World Government Comments OffUAE Stocks Seen Surging If Dubai Government Backs Debt Plan
March 21st, 2010 Before You Invest (Reuters) – Dubai’s debt restructuring proposal will determine the fate of UAE equity markets as the ailing emirate seeks support from Abu Dhabi, with markets poised to rally if the deal includes guarantees, analysts said.Dubai’s index has been resurgent, gaining 12.8 percent in 12 trading days, as investors bet a restructuring deal would be more favorable to creditors than once thought, but it is down 15.2 percent since November 25, the day Dubai World said it would seek a debt standstill.The government conglomerate is trying to restructure about $26 billion in debt, while Dubai’s total debt pile is estimated at around $100 billion.”It all depends on what the restructuring entails — if Dubai World offers a seven-year rollover and full repayment, then this is already discounted in the market, but if there’s a government guarantee the market will glide,” said Haissam Arabi, chief executive at Gulfmena Alternative Investments.”If the offer is as expected, then banks won’t have to increase provisions and so bank stocks like Emirates NBD and the Abu Dhabi lenders should pick up.”
Posted in Finance Fraud Tags: Abu Dhabi, Alternative Investments, Bank Stocks, Banks, Chief Executive, Conglomerate, Creditors, Debt Plan, Debt Restructuring, Emirate, Emirates, Fate, Government Guarantee, Guarantees, Lenders, Nbd, Proposal, Provisions, Reuters, Standstill Comments OffBank Chief Accused of TARP Fraud
March 16th, 2010 Before You Invest The former president of New York’s small Park Avenue Bank was arrested on fraud charges, one of the first such cases involving a TARP recipient. The bank was shut Friday.Charles J. Antonucci Sr., the former president and chief executive of the Park Avenue Bank of New York, made fake statements to regulators in an effort to obtain about $11 million from the U.S.
Posted in Finance Fraud Tags: Antonucci, Bank Bailout, Bank Chief, Bank Fraud, Bank Of New York, Chief Executive, Economic Meltdown, False Statements, First Person, Former President, Fraud Charges, Hps, Park Avenue Bank, Prosecutors, Recipient, Regulators, Verge, Wsj Comments OffFormer HSBC employee steals data for 24,000 accounts
March 13th, 2010 Before You Invest Data surrounding up to 24,000 client accounts was stolen by a former technology expert from HSBC’s Swiss subsidiary, the bank has admitted. Hervé Falciani, an IT specialist at the Geneva branch, is thought to have committed the theft three years ago.The crime, which was learned during 2009, affected accounts opened before October 2006, 9,000 of which have subsequently been closed, the bank announced.Alexandre Zeller, chief executive of the Swiss subsidiary, said: “We deeply regret the situation and unreservedly apologise to our clients for this threat to their privacy.”HSBC is only thought to have recently uncovered the full extent of the crime perpetrated by its ex-employee.Tax authorities in France seized the data and increased diplomatic tensions between the two countries after it announced the information would be used to crackdown on French taxpayers with Swiss accounts.But, both countries subsequently agreed to not use the data to implement an investigation into tax evasion.In a statement, HSBC said it did not believe that the stolen information had been used to allow third parties to access client accounts.The bank has subsequently invested approximately $93 million on upgrading security surrounding its IT systems.
Posted in Finance Fraud Tags: Chief Executive, Client Accounts, Countries, Crackdown, France, Full Extent, Geneva Branch, Hsbc, Privacy, Subsidiary, Swiss Accounts, Tax Authorities, Tax Evasion, Taxpayers, Technology Expert, Tensions, Third Parties, Zeller Comments OffGoldman Sachs made $100m on 131 days of 2009
March 3rd, 2010 Before You Invest Goldman Sachs made at least $100 million on 131 days in 2009 – equivalent to once every two days.The figure was revealed by the Securities and Exchange Commission, in a filing that showed the bank made the profits by taking larger risks than it did in 2008.Its daily ‘value at risk’ figure – the amount Goldman Sachs estimated it could lose in a day’s trading – stood at $218 million, up from $180 million the previous year.But, the bank only lost money on 19 occasions in 2009, with the figure never exceeding more than $100 million.David Hendler, an analyst with CreditSights, told the Financial Times that the figures were not surprising.”It’s impressive, but it’s not unexpected,” he said. “They were one of the few games in town in 2009.”Last month, Goldman Sachs announced that its chief executive Lloyd Blankfein is to receive a $9 million bonus for his work last year – a lower-than-expected amount and much lower than the $67.9 million he received in 2007.
Posted in Finance Fraud Tags: 100 Million, Bonus, Chief Executive, Financial Times, Games, Goldman Sachs, Hendler, Lloyd Blankfein, Lost Money, Occasions, Previous Year, Profits, Risk Figure, S Trading, Securities And Exchange, Securities And Exchange Commission, Value At Risk Comments OffHSBC boss Geoghegan hands £4m bonus to charity but top 5 bankers share £38m
March 2nd, 2010 Before You Invest • Michael Geoghegan refuses rise in salary• Bank reports 24% fall in pretax profit for 2009 to $7bn• HSBC’s highest-paid banker gets £10m bonusFive bankers at HSBC shared a bonus bonanza of more than £38m last year, even as the bank tried to demonstrate it was heeding public concern about City pay through a choice by its chief executive Michael Geoghegan to hand his £4m bonus to charity .As the bank reported a 24% fall in pretax profit for 2009 to $7bn (£4.63bn), the bank’s annual report showed that the company had intended to hand the chief executive a pay rise “in light of the international competition position and the increased responsibilities”.
Posted in Finance Fraud Tags: 1m, 3m, 4m, 5m, 7m, 9m, Annual Report, Bonanza, Charities, Chief Executive, Competition Position, Executive Director, Gulliver, International Competition, Investment Bank, Michael Geoghegan, Pretax Profit, Public Concern, Report Showed That, Report Suggests That Comments OffHSBC chief attacks bonus culture
January 27th, 2010 Before You Invest Stephen Green, the chairman of HSBC, has criticised the bonus culture and remuneration levels that have been loved by the financial sector.Speaking to the Financial Times, Mr Green said that pay has become “distorted” due to the plethora of potential bonus options available to those working in the industry.”You’ve had bonuses paid off yucky income, you’ve had bonuses paid off first-day [profits], you’ve had bonuses paid without any capital charge and so you can see how that gives rise to the incorrect and frankly inflated numbers,” the HSBC boss said. But, Mr Green went on to predict that the new economic realities presented by the financial crash would bring about a fairer system.HSBC currently defers around 40 per cent of its bonuses but has yet to announce how much extra it will pay its bankers for work in 2009.Last week, HSBC chief executive Michael Geoghegan told Sky News that bankers were beginning to leave London in response to the higher levels of taxation being imposed on staff working in the banking industry there.
Posted in Finance Fraud Tags: Banking Industry, Bonus Options, Boss, Chief Executive, Culture, Economic Realities, Financial Crash, Financial Sector, Financial Times, Gross Income, Hsbc, Inflated Numbers, London, Michael Geoghegan, Plethora, Profits, Remuneration Levels, Sky News, Taxation Comments Off
