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Credit Suisse to Pay Bonuses With $5B in Illiquid Assets

Dec 18, 2008 @ 12:00 PM By Kerry Massaro,

A story just posted on Bloomberg says that Credit Suisse plans to pay bonuses to directors and managing directors using $5 billion in illiquid assets. The story says, "Credit Suisse Group AG's investment bank has found a new way to reduce the risk of losses from about $5 billion of its most illiquid loans and bonds: using them to pay employees' year-end bonuses."

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Options Trading Surfaces In Madoff Fraud

Dec 16, 2008 @ 01:52 PM By Ivy Schmerken,

As new details emerge from Bernard Madoff’s alleged investment fraud, today’s Wall Street Journal reports that options trading played a central role in his strategy, and that red flags about options trades should have been raised in Madoff’s customer statements.

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Regulators Comb Through Madoff Records; Victims Speak Out (Video)

Dec 15, 2008 @ 11:57 AM By Ivy Schmerken,

Regulators spent the weekend poring through the records of Bernard L. Madoff Investment Securities to check if any assets remain in the firm owned by Bernard Madoff who ran a $50 billion investment scam, according to today’s media reports.

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Madoff: Reflections and Reactions

Dec 12, 2008 @ 03:51 PM By Ivy Schmerken,

News of Bernard Madoff’s arrest by federal agents on charges of securities fraud against his firm Bernard L. Madoff Investment Securities LLC are shocking and personally disturbing.

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Madoff: "The Owner's Name is On the Door"

Dec 12, 2008 @ 10:40 AM By Kerry Massaro,

As everyone in the industry must know by now Bernard Madoff, founder of Bernard Madoff Investment Securities has been arrested for fraud. He allegedly admitted that his firm is just a giant Ponzi scheme---one that lost $50 billion in investors money.

It’s ironic that it says this on the firm’s Web site, “In an era of faceless organizations owned by other equally faceless organizations, Bernard L. Madoff Investment Securities LLC harks back to an earlier era in the financial world: The owner's name is on the door. Clients know that Bernard Madoff has a personal interest in maintaining the unblemished record of value, fair-dealing, and high ethical standards that has always been the firm's hallmark.”

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Bernard Madoff Arrested: Firm Giant Ponzi Scheme

Dec 11, 2008 @ 04:59 PM By Kerry Massaro,

Wow, I second Ivy Schmerken on this who said I nearly fell off my chair when I read this:

"Bernard Madoff arrested over alleged Ponzi scheme."

There aren't too many details yet, but Bernard Madoff, founder of Bernard L. Madoff Investment Securities, was arrested today, according to an article reported in the Wall Street Journal.

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FBI Taps Ex-Lehman IT Exec as CIO

Dec 11, 2008 @ 02:32 PM By Ivy Schmerken,

The U.S. government is becoming one of the top employment agencies for CIOs leaving Wall Street firms. On Tuesday, the Federal Bureau of Investigation reported hiring bankrupt Lehman Brother’s former IT executive Chad Fulgham, as the Bureau’s chief information officer.

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Holiday Drinks for the Bailout Season

Dec 9, 2008 @ 10:27 PM By Ivy Schmerken,

A PR firm Cognito that caters to journalists covering finance and technology is hosting a holiday party on Thursday evening with themed cocktails and descriptions that reflect the current news events. One that is bound to be popular is Cosmo Paulson, described as “a generous bailout of vodka, triple sec, cranberry juices and lime.”

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Hedge Fund Manager's Ordeal in Mumbai Terrorist Attack

Dec 4, 2008 @ 10:21 AM By Ivy Schmerken,

I was surfing last night and found a harrowing but humanizing account of a New York hedge fund manager who survived the Mumbai terrorist attack last week.

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How Has Trading Changed for You?

Dec 2, 2008 @ 04:25 PM By Cristina McEachern, Continue reading ... | Comment on this blog entry