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Posts Tagged ‘Shares’

Ex-Cazenove broker accused of insider trading

February 21st, 2010

Before You Invest

A former partner at JPMorgan offshoot Cazenove is accused of receiving cash at race courses in the UK in exchange for insider information.

The Financial Services Authority (FSA) has launched legal proceedings against Malcolm Cavert, a 65 year-old stockbroker, who stands accused of 12 counts of insider trading, alleged to have taken place between April 2003 and March 2005.

He is reported to have received profits from deals in the form of cash handed over in envelopes at race courses across the UK.

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Posted in Finance Fraud

Tags: Bank Information, Bertie, Business Partner, Cazenove, Different Companies, Envelopes, Financial Services Authority, Fsa, Insider Information, Insider Trading, Investment Bank, Legal Proceedings, Offshoot, Profits, Race Courses, Shares, Stockbroker, Trading Partner, Two Thirds, Unknown Source

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JPMorgan Chase chief gets $10m in shares

February 6th, 2010

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Jamie Dimon, JPMorgan Chase’s chief executive officer, has taken $10 million in shares after exercising stock options that have accrued over the course of ten years.

He has taken on an additional 250,000 shares – a move he had to make before the stock expired in March.

The windfall comes on top of his 2009 pay packet, which is set to be revealed in the next few days and is estimated to stand between $15 and $20 million, reports the Financial Times.

JPMorgan Chase shares have increased in value by around 60 per cent over the course of the past 12 months but company insiders indicated that Mr Dimon has no immediate intention of selling his stock.

It is believed that he is also likely to forgo a cash bonus for the second year in a row to help fend off potential criticism of JPMorgan Chase’s pay practices.

Last month, industry analysts predicted to the Telegraph that the firm’s bonus pot will stand at around $29 billion.

Posted in Finance Fraud

Tags: 10 Million, 12 Months, Cash Bonus, Chief Executive Officer, Company Insiders, Few Days, Financial Times, Industry Analysts, Intention, Jamie Dimon, Jpmorgan Chase, Pay Packet, Pot, Shares, Stock Options, Telegraph, Windfall

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Citigroup Loses $7.6 Billion on Costs to Repay U.S.

January 19th, 2010

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(Bloomberg) — Citigroup Inc., the U.S. bank that is 27 percent owned by the Treasury Department, ended a three- quarter profit streak with a $7.6 billion loss on costs to exit the government’s bailout program.

The fourth-quarter loss of 33 cents a share was narrower than the record loss of $17.3 billion, or $3.40 a share, a year earlier, New York-based Citigroup said today in a statement.

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Posted in Finance Fraud

Tags: Bailout, Banks, Bloomberg, Chief Executive Officer, Citigroup, Citigroup Inc, Exit, Fourth Quarter, Government Program, Left Behind, Pretax Charge, Profitability, Quarter Loss, Quarter Profit, Shares, Taxpayers, Top Job, Treasury Department, U S Bank

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Wells Fargo sells $12.25 billion in stock to repay TARP

December 16th, 2009

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Wells Fargo priced nearly 490 million shares at $25 each to raise billions of dollars to repay the government for funds it received through the Troubled Asset Relief Program. The government still has Wells Fargo warrants, which are estimated to be worth roughly $723 million at auction, said Linus Wilson, an assistant finance professor at the University of Louisiana at Lafayette.

more at http://www.bloomberg.com/apps/news?pid=20601208&sid=ap0b0cFFTVIY

Posted in Finance Fraud

Tags: Amp, Apps, Auction, Billions Of Dollars, Finance Professor, Linus, Louisiana At Lafayette, Pid, Relief Program, Shares, Sid, Stock, University Of Louisiana, University Of Louisiana At Lafayette, Warrants, Wells Fargo

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This Day in Wall Street History 1886: Record day for trading

December 15th, 2009

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Turbulence reigned over Wall Street on this day in 1886, as a record 1.2 million shares changed hands in a day of frantic trading.

Source: History.com

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Tags: Day Trading, Shares, Source History, Turbulence, Wall Street, Wall Street History

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Diners Club International sees makeover with new parent Discover Financial

December 15th, 2009

Before You Invest

(AP) — Diners Club International said Monday it’s changing its logo, card, Web site and advertisements to reflect its new ownership under Discover Financial Services Inc.

The new ads focus on everyday card use rather than travel and entertainment.

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Tags: Advertisements, April, Assets, Bmo, Brazil, Card Web, Citigroup, Denmark Finland, Diners Club International, Discover Financial Services, Financial Group, Financial Services Inc, Franchise, International Portion, New Focus, Rebranding, Shares, Six Years, South Africa, Sweden

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John Paulson: Bank of America’s stock will double by 2012

November 19th, 2009

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Bank of America’s stock will double over the course of the next two years, hedge fund investors have been told.

In a letter to clients, Paulson & Co, which is run by billionaire John Paulson, predicted that Bank of America shares may rise to almost $30 by December 2011.

The share price currently stands at $15.77 on the New York Stock Exchange, reports Bloomberg.

In February this year, Bank of America shares stood at $2.53 but investment by John Paulson’s hedge fund has helped the turnaround.

The letter told investors that Paulson & Co believes they have yet to reach their peak.

“[While the bank] has risen from when we purchased the stock, we believe considerable upside remains,” it said.

Paulson & Co is a respected name in the financial sector and had its reputation improved last year after it made an estimated $2.5 billion by betting against the US housing market.

Last month, Bank of America reported a net loss of $1 billion for the third quarter of 2009, partly due to paying $402 million to terminate an asset guarantee term sheet with the government.

Posted in Finance Fraud

Tags: 1 Billion, Amp, Bank Of America, Betting, Billionaire, Bloomberg, Financial Sector, Fund Investors, Hedge Fund, Investment Fund, John Paulson, New York Stock, New York Stock Exchange, Reputation, Share Price, Shares, Stock Reports, Turnaround, Us Housing Market, York Stock Exchange

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Inland Western and Inland American REIT In Trouble

November 3rd, 2009

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With $1.4 billion of debt maturing in the second half of 2009, observers expected Inland Western Retail Real Estate Trust to cut its dividend to conserve cash to help refinance this debt. This nonlisted REIT had been paying an annualized dividend of $0.64 per share which translates to a 6.4% yield based on the price ($10) at which the company sold shares in its public offerings.

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Posted in Finance Fraud

Tags: April, Buyback Program, Dividend Rate, Extent, Investors, Nbsp, Observers, Public Offerings, Real Estate Trust, Recourse, Redemptions, Reit, Retail Real Estate, Second Half, Shareholders, Shares

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Bank of America’s $2bn lawsuit against Bear Stearns set for court

October 2nd, 2009

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A Bank of America lawsuit against Bear Stearns and two of its hedge-fund managers will go ahead after a federal judge refused to dismiss contract and fraud claims.

Bank of America is claiming more than $2 billion in damages, alleging that Bear Stearns’s hedge fund losses were hidden from it, causing it significant losses as the value of the assets and the securities fell dramatically.

Hedge-fund managers Ralph Cioffi and Matthew Tannin are set to go on trial on October 13th 2009 in New York for their part in the alleged fraud.

The collapse of Bear Stearns’s hedge funds in 2007 led to the investment bank’s dramatic downfall that saw it sold to JPMorgan Chase & Co in May 2008 for just $10 a share.

Staff at the company, who owned almost 40 per cent of the shares between them, lost billions of dollars on their holdings, which had been trading at more than $150 a share in early 2007.

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Tags: Amp, Assets, Bank Of America, Bear Stearns, Billions Of Dollars, Chase, Collapse, Damages, Downfall, Federal Judge, Fraud Claims, Hedge Fund Losses, Hedge Fund Managers, Hedge Funds, Investment Bank, Lost, Ralph Cioffi, Share Staff, Shares, Tannin

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UBS and US government reach tax dispute deal

August 13th, 2009

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UBS has reached an agreement with the US government that will result in the Swiss bank settling a dispute over tax evasion out of court.

Stuart Gibson, US justice department lawyer, said that both parties have settled on the details of a contract.

However, Mr Gibson added that it will “take a little time for the agreements to be signed in final form”.

Details of the arrangement, such as how many names of the US customers that hold offshore accounts at UBS will be revealed to the government, were not divulged.

Florida-based tax lawyer William Sharp told the Associated Press that it is unlikely that such a move would have been made without a “substantial handover” of details.

He predicted that “at least several hundred, if not thousands” of names have been supplied to the authorities.

Shares in UBS fell earlier this week due to the ongoing negotiations, but have now rebounded on the news.