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Madoff feeders' due diligence attacked as lawsuits mount
Investors that lost billions of dollars to Bernard Madoff have filed several class-action lawsuits claiming massive due diligence failures by fund managers who placed money into the alleged $50 billion Ponzi scheme, even though scant detail has emerged…
RBS signs up to UK's asset-protection scheme
Royal Bank of Scotland (RBS), which today announced 2008 losses of £24.1 billion, has become the first bank to sign up to the UK government's asset-protection scheme, which will offer insurance against future losses in return for a promise to increase…
RWE restructures
RWE has announced plans to restructure its supply and distribution business in Germany and reorganise its ultra-high voltage grid as part of a €6.5 billion investment scheme.
Bernanke: Public-private partnership required to value toxic assets
The involvement of both the public and private sectors is essential to accurately value illiquid assets before public funds are used to remove them from dealer balance sheets, Federal Reserve chairman Ben Bernanke claimed yesterday.
New SEC chair seeks to clean house
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Renaissance Re replaces CRO
Bermuda-based reinsurer Renaissance Re has promoted Ian Branagan, its previous head of risk modelling, to chief risk officer.
More MCAs needed to meet equity derivatives targets
Participants in the equity derivatives market say a significant amount of work remains to be done on standardising documentation before it can meet regulators' electronic processing targets for over-the-counter trades.
Standard Chartered boosts currency team
Standard Chartered Bank has appointed Felipe De Freitas as head trader in charge of Latin American foreign exchange options.
WTC bomb prosecutor to lead SEC enforcement
The US Securities and Exchange Commission (SEC) has named Robert Khuzami, the former federal prosecutor who brought the case against the 1993 World Trade Center bombers, as its new director of enforcement.
UBS credit derivatives head departs
The head of credit derivatives for UBS, Keith Grimaldi, has left the bank.
Isda adds buy-side members to board for first time
The International Swaps and Derivatives Association has elected three buy-side members to its board for the first time in the organisation's history.
Senior bankers swap seats at BNP
Jacques d'Estais, BNP Paribas' head of corporate and investment banking, has exchanged jobs with the head of asset management and services, Alain Papiasse.
FSA names chief operating officer
Mark Norris has joined the UK Financial Services Authority as chief operating officer.
SGCIB reshuffles management team to integrate divisions
Société Générale Corporate and Investment Banking (SGCIB) has reorganised its management structure as part of a move to integrate its capital markets activities.
Steinberg leaves BNP Paribas
Todd Steinberg, New York-based head of equity and commodity derivatives for the Americas at BNP Paribas, has resigned from the bank.
DNV suspension lifted
A major player in the Clean Development Mechanism (CDM) markets has been allowed to resume validating projects, the United Nations (UN) CDM Executive Board (EB) has announced.
SEC parts ways with enforcer Thomsen
Linda Thomsen, enforcement director for the US Securities and Exchange Commision (SEC), is to step down after a 14-year stint at the regulator. Her departure follows widespread criticism of the SEC in the wake of the Bernard Madoff scandal.
FSA deputy chairman resigns over HBOS risk whistleblower
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Aviation industry calls for inclusion in Copenhagen deal
Four of the world's leading airlines have today called for carbon dioxide emissions from international aviation to be included in any new global climate change deal agreed at the UN's Copenhagen Summit in December.
Swiss Re's CEO steps down after securitisation writedowns
Jacques Aigrain, the chief executive of Zurich-based reinsurer Swiss Re, has resigned following the company's announcement that it expects to make a SFr 1 billion net loss for 2008.
Crosby resigns from FSA following HBOS allegations
James Crosby, the UK Financial Services Authority's (FSA) deputy chairman, has resigned. His departure comes after an accusation that he and other directors at his former employer HBOS ignored warnings the company was taking excessive risks from its ex…
Eight CEOs face congressional bonus questions
The need for discretionary pay was one of numerous thorny issues put to chief executives of eight major banks during a hearing of the US House Financial Services Committee in Washington, DC.
BBVA strengthens Asian business
BBVA Global Markets has reinforced its team in Asia by appointing Daryl Chen as head of equity derivatives sales. The hire is cited as part of the bank's build up of its team in Asia and its franchise in Greater China both in equities and fixed income.
IDCG names Ferber as general counsel and chief regulatory officer
The New York-based International Derivatives Clearing Group (IDCG) has appointed Laurie Ferber as its general counsel and chief regulatory officer.