Buddah Lineage

Former PM Onboard manager Neil Rollins given record prison sentence - Telegraph: "The senior manager of waste management company PM Onboard received a record prison sentence for selling £174,000 of shares in the knowledge his employer was struggling. When he discovered the FSA was investigating the case he attempted to launder the money by transferring it to accounts he had set up in his father's name. Judge James Wadsworth said: 'You sold when you knew it was folly to buy. Every pound you saved was a pound someone else spent. By selling early you broke the trust of your employer, you broke the trust owed to the market.' Rollins sold his entire stake in PM Group between August and September 2006, encouraging his wife Louisa Rollins to do the same. When the financial problems at PM Onboard were announced the shares fell 17pc in a day. Although half the sentence was suspended, the decision by Justice Wadsworth is a significant victory for the FSA in its fight against...

Banks must reveal their highest paid employees | Mail Online: "The Government wants Britain's biggest banks to disclose the names and pay of their five most highly-paid employees, as it seeks to show it is clamping down on City excess. The requirement would be in addition to disclosure about the chief executive and finance director. Pressure on the banks to fall into line comes as Independent Commission on Banking chief Sir John Vickers today refuses to rule out a break-up of the banks as he gives a speech at the London Business School."

Tottenham boss Harry Redknapp is mugged in Spain on scouting trip | Mail Online: "Harry Redknapp has revealed he was ‘mugged’ before watching transfer target Diego Forlan play for Atletico Madrid against Real Madrid on Thursday night. The Tottenham boss was approaching Atletico’s Vicente Calderon Stadium with his assistant, Kevin Bond, when thieves took a substantial amount of cash and all Redknapp’s credit cards. The 63-year-old held on to his mobile phone and passport, which was in his shirt pocket."

Gibraltar Private Bank executives face questions in Rothstein case | South Florida Business Journal: "It’s time for some major scrutiny of Gibraltar Private Bank & Trust’s role in the $1.2 billion Ponzi scheme of disbarred attorney Scott Rothstein. Over the next two weeks, a dozen current and former Gibraltar employees and executives are set for deposition in the bankruptcy case of his now-defunct law firm, Rothstein Rosenfeldt Adler. Gibraltar is one of two banks – the other is TD Bank – where Rothstein laundered money. Both institutions claim they had no actual knowledge of the fraud. One of the first people on the list for questioning is Gibraltar’s departing CFO, Laura Craker. She told the Business Journal she is leaving Gibraltar for Lydian Bank & Trust on Jan. 21, the day for which her deposition was originally scheduled. It was moved up two days and held Jan. 19." :Text may be subject to copyright.This blog does not claim copyright to any such text. Copyri...

Ray Entwistle, formerly chairman of Adam & Co, hopes to launch the as yet unamed private bank in July 2012.: "Two former board members of Adam & Co, the private bank owned by the Royal Bank of Scotland , are set to launch a new wealth manager, following in the success of several rival boutiques setting up in the past couple of years. Ray Entwistle, formerly chairman of Adam & Co, plans to launch the as yet unnamed private bank in July 2012. It wlll be based in London and Edinburgh. Entwistle, who will become chairman of the venture, will be joined by fellow former Adam & Co board member Simon Miller. David Nabarro and and Alex Hammond-Chambers, who are on the boards of several ventures, will become non-executive directors." DISCLAIMER:Text may be subject to copyright.This blog does not claim copyright to any such text. Copyright remains with the original copyright holder.

OFT chief supports potential break up of Big Four banks: "The Office of Fair Trading's (OFT) chief executive, John Fingleton, has spoken out in support of the investigation into whether the Big Four banks should be split up. The Independent Commission on Banking is currently looking at options to ensure that a financial crisis, like the one we have experienced recently, never happens again. One of the options being considered is the breaking up of the Big Four banks to ensure that financial institutions can carry the burden of their own debt themselves, without having to rely on tax payer bail-outs. The commission is looking at whether RBS, Lloyds, Barclays and HSBC are simply too large and powerful to behave as responsibly as they should. Regarding the breaking up of the banks, Fingleton said, 'I agree that consideration should be given to it.' He continued, 'I am not opining on what should be done. It is a question which should not go unanswered.' He ...

In finance it's often been survival of the fattest rather than the fittest”BBC News - Nature's lessons for bank crises: "'In October 2008, the financial system, and world economy, fell off a cliff,' he told BBC News. 'Conventional economic models struggled to make sense of that. But such cliff edges and tipping points are commonplace in networks, from infectious diseases to power grids, from forest fires to the world wide web. 'The dynamics of these systems would help in developing economic models which make sense of the contagious consequences of Lehmans Brothers' failure'. Mr Haldane reviewed scientific literature with the renowned epidemiologist and former government chief scientist, Lord May of the University of Oxford. They compared the dynamics of financial interactions with other complex networks such as ecological food webs and the spread of diseases. In finance it's often been survival of the fattest rather than the fittest” ...

FT.com / UK / Politics & policy - UK banks battle to halt bonus disclosures: "Britain’s banks are fighting a rearguard action to block the disclosure of their top traders’ bonuses, as George Osborne, chancellor, tries to make City pay more transparent than in New York. Royal Bank of Scotland and Barclays, which have big investment banking divisions, fear that disclosure of star traders’ pay could lead to a “witch-hunt” and that the vilification of individuals in the media could drive some out of Britain." :Text may be subject to copyright.This blog does not claim copyright to any such text. Copyright remains with the original copyright holder.

UPDATE 1-IMF stress tests come early for UK, German banks | Reuters: "team from the International Monetary Fund will ask Britain's biggest banks for detailed information this week as it assesses the health of lenders in five European countries. The IMF is checking Britain's banks before wider so-called stress tests by the European Union, three industry sources told Reuters. A separate source said the team was expected in Sweden next month or early March. The IMF said late on Tuesday it is conducting what it called 'routine' stress tests of financial systems in Britain , Sweden, the Netherlands, Germany and Luxembourg. [ID:nN18172974] The European Union has come under pressure after finding only a small capital shortfall among banks last year, just before spiraling problems at banks forced an international bail-out of the Irish government. The IMF's Financial Sector Assessment Programs, or FSAPs, were made mandatory in September for 25 'systemically ...

Ireland Wields Stick to Wound Bank Bondholders: Euro Credit - Businessweek: "Irish Finance Minister Brian Lenihan is about to inflict more pain on bank investors. Unless they take it, analysts say worse may follow. Junior bondholders in Dublin-based Allied Irish Banks Plc will decide this week on an offer to buy back more than $5 billion of subordinated debt at 30 percent of face value. Analysts at BNP Paribas SA recommend investors accept the package or risk getting “the stick” after the government passed laws allowing it to reduce payments to bondholders. “The draconian powers granted to the Irish finance minister in December is a game-changer for subordinated bondholders in Irish banks,” said Ivan Zubo, a London-based credit analyst at BNP Paribas. “Clearly, there is a risk that the more drastic powers could be used if Allied Irish needs more capital in the future.” Costs to insure the subordinated debt of Allied Irish, the country’s second-biggest bank, was 63.5 percent ...

Santander deal ‘lost chance to break hold of big five’ - Herald Scotland | Business | Corporate & SME: "The sale of 318 Royal Bank of Scotland branches was an “opportunity lost” to break the hold of Britain’s big five banks on the small business lending market, Virgin Money chief executive Jayne-Anne Gadhia has told MPs. Virgin Money, which is majority owned by Sir Richard Branson’s Virgin Group, was among the banks competing for the chain after European competition officials told RBS to sell it in return for state aid. In August Spanish bank Santander agreed a deal to pay £1.65 billion for the branches. Meanwhile, Santander UK’s new chief executive Ana Patricia Botin said the removal of a key funding scheme for banks will reduce the cash available to lend to small businesses. Ms Gadhia described the dominance of the UK’s five biggest high street institutions HSBC, Barclays, RBS, Lloyds and Santander as an “oligopoly” and a barrier to competition and consumer choice in t...

BBC World Service - Business - Bank bonuses: 'Gangmaster culture' in UK: "chairman of one of Britain's biggest banks has said that a 'gangmaster culture' exists among the investment bankers in the City of London who work for him. Sir Philip Hampton, chairman of the Royal Bank of Scotland, said this culture is partly responsible for big banker salaries. He told the BBC's business editor, Robert Peston, that it was a 'major challenge' deciding how to compensate the less-than-stellar players that surround top banking talent." DISCLAIMER:Text may be subject to copyright.This blog does not claim copyright to any such text. Copyright remains with the original copyright holder.

Lenders pull best mortgage deals before rate rise: "Banks and buildings societies are withdrawing their cheapest mortgage deals from the market and replacing them with more expensive products ahead of an expected rise in interest rates. Homeowners looking to fix their mortgages in anticipation of rates being pushed up by runaway inflation are finding that the most competitive deals are disappearing fast. First Direct, Northern Rock and Skipton Building Society were the first to withdraw their cheaper products. Other lenders are expected to follow suit over the coming days as pressure mounts on the Bank of England to increase the base rate from 0.5%. The consumer prices index leapt by 1% between November and December, the biggest monthly rise on record. Increases in the cost of air transport, fuel, utility bills and food are the main drivers of inflation according to the Office for National Statistics. The rise in VAT from 17.5% to 20% which came into force at the beginning ...

Two Enemies who - WSJ.com: "Investors are about to be called on by euro-zone borrowers to cough up record amounts of capital. European governments have to roll over about €555 billion ($742 billion) in debt in this new year, with euro-zone countries expected to borrow some €80 billion this month alone. The euro-zone bail-out facility will be in the market for an additional €13 billion to fund its Irish adventure. All in all, forecasts Royal Band of Scotland, Group, European governments' gross debt issuance this year will come to €814 billion, 10% of it in January alone. All in addition to some €400 billion European banks are expected to need in the first half of this year." :Text may be subject to copyright.This blog does not claim copyright to any such text. Copyright remains with the original copyright holder.

Express.co.uk - Home of the Daily and Sunday Express | UK News :: Mystery of terror plot suspect’s luxury flat : "ROW has erupted over how a man accused of plotting to blow up Big Ben was able to live in a luxury London flat, courtesy of his local council. Mohammed Chowdhury, 20, mingled with some of Britain’s wealthiest bankers while living in his £250,000 home near Canary Wharf in Docklands. The one-bedroom flat, in the Stanliff House apartment block on the Isle of Dogs, is owned by the Toynbee Housing Association . The flats are reserved for people on the lengthy housing queue of the East London Borough of Tower Hamlets. Chowdhury is believed to have lived there on a special “social tenant” rent for about a year." :Text may be subject to copyright.This blog does not claim copyright to any such text. Copyright remains with the original copyright holder.