To recoup losses related to the financial crisis, numerous pension funds "are loading up on private equity and other nontraditional investments that promise high, steady returns in the face of low interest rates and a volatile stock market."
Financial Times
Company emails indicate that senior managers at Barclays knew the bank "was lowballing its submissions to the rate-setting process in November 2007, almost a year earlier than previously disclosed."
New York Times
More good news for Goldman Sachs: A jury rejected claims from an American couple that the bank had failed to uncover that the Belgian company they were selling their business to was a fraud. Evidence presented in the trial showed that the investment firm had simply been hired to structure and negotiate the deal and not conduct a financial analysis. Goldman was also able to produce a memo that advised the couple to do a comprehensive accounting of their buyer. A choice quote from Goldman's lawyers: "When you hire a banker, you ask it to do certain things, but delving into the books, doing accounting and finding fraud, is not one of them."
Long-time Wall Street financier and former Treasury advisor Steven Rattner pens a glowing op-ed on the legacy of Treasury Secretary Tim Geithner, whose last day in office is today. Rattner wrote the op-ed after attending an event Geithner hosted to thank recruits who helped after the financial crisis. "Leaving the reception, I walked past the portraits of previous Treasury secretaries that line the building's wide hallways and mused about how history would assess Tim," he writes. "Near great? Without a doubt. Great? Certainly warranted, in my estimation."
Washington Post
An article breaks down the little that is known about Treasury Secretary nominee Jack Lew's time at Citi. "His résumé isn't sterling from this perspective," one source tells the paper."Citigroup was one of the bad firms on Wall Street."
Be the first to comment on this post using the section below.