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” ...