JUST DAYS AFTER signing on to a letter promising not to repeat the mistakes of touting stocks to inv...
JUST DAYS AFTER signing on to a letter promising not to repeat the mistakes of touting stocks to investors in an unethical manner, Wall Street bank Bear Stearns has been fingered as using one of its equities analysts in a webcast to push sales of shares in a new company.
The Daily Telegraph says this action directly contradicts the promises made in the recent deal between some 10 major banks and US authorities as part of the $1.4bn settlement that sought to draw a line on past activities.
Using equities analysts to promote IPO offerings have been specifically banned under the terms of the settlement, so Bear Stearns has been left red-faced, and investor anger has risen again.
FRANK QUATTRONE, formerly of Credit Suisse First Boston, has become the first investment banker to be indicted for shady dealings that ripped off billions from retail investors in the US during the heady days of the late 1990s, the FT reports.
He has been indicted for obstructing justice and destroying documents that were subject to subpoenas from authorities looking for evidence of share allocations during technology IPOs.
Quattrone is accused of having destroyed evidence that could prove he knew CSFB was offering clients stakes in IPOs in return for more investment banking business, a practice that enabled clients to get rich when shares were listed and rocketed in price, and brought more banking business, and hence more money, to Quattrone and his staff.
PENSIONERS MAY BE getting a rough deal, but it will only get rougher if employers do not get real about their pension fund deficit problems and sit down with trustees to work out an acceptable solution, The Scotsman says today.
"The UK is full of final salary schemes in limbo and no-one seems to know what's going on," the paper writes.
"Something has to be done to stop those who have retired from being paid in full, while those on the cusp of retirement receive nothing."
Lasting power of attorney
Three risk profiles
Caused by falling oil price
Roger Marsden takes over on interim basis
Will face 'appropriate action'