This is the first bold claim in a Financial Times article today on how Barclays Capital has done so well for itself over the last 14 years: "most investment banks claim to have a ‘no jerk' policy on hiring." Of course, on occasion, said rule is overlooked. Not too many times, once, maybe twice at Goldman Sachs. 
Share:  This is the first bold claim in a Financial Times article today on how <span class="company">Barclays Capital</span> has done so well for itself over the last 14 years: "most investment banks claim to have a ‘no jerk' policy on hiring." Of course, on occasion, said rule is overlooked. Not too many times, once, maybe twice at Goldman Sachs. Tweet this 

AIG Is Said to Query Bonus Holdouts in Push for $45 Million of Concessions (Bloomberg). The insurer mailed questionnaires this month to ex workers at the Financial Products unit asking whether they'd earned income after leaving AIG, said the people, who declined to be identified because the negotiations are private. Under the program, compensation earned by former AIG staff in 2009 from another employer would lower payouts to be delivered next week from the New York based company, the people said. 
Share:  <span class="company">AIG</span> Is Said to Query Bonus Holdouts in Push for $45 Million of Concessions (Bloomberg). The insurer mailed questionnaires this month to ex workers at the Financial Products unit asking whether they'd earned income after leaving <span class="company">AIG</span>, said the people, who declined to be identified because the negotiations are private. Under the program, compensation earned by former <span class="company">AIG</span> staff in 2009 from another employer would lower payouts to be delivered next week from the New York based company, the people said. Tweet this 

Fuld was warned months before the bankruptcy by Treasury Secretary Henry Paulson that Lehman might fail if it continued to report losses without finding a buyer or putting in place a survival plan, according to the report. Lehman's chief was "at least grossly negligent in causing Lehman to file misleading periodic reports" while its risks were rising because of long term assets financed with short term debt, Valukas said in the report. Lehman's executives engaged in conduct ranging from "non culpable errors of business judgment" to "actionable balance sheet manipulation," as they used "accounting gimmicks" to move assets off the balance sheet without disclosing that to the government, rating agencies, investors or Lehman's board. 
Share:  Fuld was warned months before the bankruptcy by Treasury Secretary Henry Paulson that <span class="company">Lehman</span> might fail if it continued to report losses without finding a buyer or putting in place a survival plan, according to the report. <span class="company">Lehman</span>'s chief was "at least grossly negligent in causing <span class="company">Lehman</span> to file misleading periodic reports" while its risks were rising because of long term assets financed with short term debt, Valukas said in the report. <span class="company">Lehman</span>'s executives engaged in conduct ranging from "non culpable errors of business judgment" to "actionable balance sheet manipulation," as they used "accounting gimmicks" to move assets off the balance sheet without disclosing that to the government, rating agencies, investors or <span class="company">Lehman</span>'s board. Tweet this 

In its storied history, Bank of America has accidentally foreclosed on a few houses it wasn't supposed to. There are a lot of deadbeats out there and really no good centralized system for keeping track of whose homes are supposed to padlocked and whose aren't. Whatever, it's bound to happen. 
Share:  In its storied history, <span class="company">Bank of America</span> has accidentally foreclosed on a few houses it wasn't supposed to. There are a lot of deadbeats out there and really no good centralized system for keeping track of whose homes are supposed to padlocked and whose aren't. Whatever, it's bound to happen. Tweet this 

Last week , Goldman Sachs announced that the experiment wherein upper management acted like it cared what shareholders think, validated their feelings, took out the trash without having to be asked and so on and so forth was over. Not sure if The International Brotherhood of Electric Workers missed it in the 10 K or if they saw it and thought Lloyd and Co were just JK'ing (we assure you: they were not!) but here we are. The fund has filed a lawsuit in Delaware Chancery Court, seeking to recover money for the company on behalf of other shareholders. 
Share:  Last week , <span class="company">Goldman Sachs</span> announced that the experiment wherein upper management acted like it cared what shareholders think, validated their feelings, took out the trash without having to be asked and so on and so forth was over. Not sure if The International Brotherhood of Electric Workers missed it in the 10 K or if they saw it and thought Lloyd and Co were just JK'ing (we assure you: they were not!) but here we are. The fund has filed a lawsuit in Delaware Chancery Court, seeking to recover money for the company on behalf of other shareholders. Tweet this 

AIG Agrees to Sell Alico to MetLife for $15.5 Billion (Bloomberg). MetLife will pay $6.8 billion in cash and $8.7 billion in equity securities for American Life Insurance Co., the buyer said today in a statement. "This is a sizeable transaction," Robert Haines, an analyst at CreditSights Inc in New York, said in an interview before the deal was announced. 
Share:  AIG Agrees to Sell Alico to <span class="company">MetLife</span> for $15.5 Billion (Bloomberg). <span class="company">MetLife</span> will pay $6.8 billion in cash and $8.7 billion in equity securities for American Life Insurance Co., the buyer said today in a statement. "This is a sizeable transaction," Robert Haines, an analyst at CreditSights Inc in New York, said in an interview before the deal was announced. Tweet this 

JPMorgan Tops Goldman in Investment Banking as Fees Swell 13% (Bloomberg). The world's No. 1 investment bank in 2009 was JPMorgan, which took in $4.97 billion, a 16 percent increase over 2008, when it was also the leader. JPMorgan was also No. 1 in fees from equity and debt sales. 
Share:  <span class="company">JPMorgan</span> Tops Goldman in Investment Banking as Fees Swell 13% (Bloomberg). The world's No. 1 investment bank in 2009 was <span class="company">JPMorgan</span>, which took in $4.97 billion, a 16 percent increase over 2008, when it was also the leader. <span class="company">JPMorgan</span> was also No. 1 in fees from equity and debt sales. Tweet this 

JPMorgan Tops Goldman in Investment Banking as Fees Swell 13% (Bloomberg). The world's No. 1 investment bank in 2009 was JPMorgan, which took in $4.97 billion, a 16 percent increase over 2008, when it was also the leader. JPMorgan was also No. 1 in fees from equity and debt sales. 
Share:  JPMorgan Tops <span class="company">Goldman</span> in Investment Banking as Fees Swell 13% (Bloomberg). The world's No. 1 investment bank in 2009 was JPMorgan, which took in $4.97 billion, a 16 percent increase over 2008, when it was also the leader. JPMorgan was also No. 1 in fees from equity and debt sales. Tweet this 

As you're aware, John Thain took over at the only firm that would have him (kidding, he's the best), CIT Group, earlier last month. In his first order of business, Mr. T made sure to let everyone know he will not be redecorating his office like he did at Merrill, presumably before he saw just how hideous the place turned out to be. In his second order of business, he canceled all bonuses. 
Share:  As you're aware, John Thain took over at the only firm that would have him (kidding, he's the best), <span class="company">CIT Group</span>, earlier last month. In his first order of business, Mr. T made sure to let everyone know he will not be redecorating his office like he did at Merrill, presumably before he saw just how hideous the place turned out to be. In his second order of business, he canceled all bonuses. Tweet this 

While Dick Fuld's focus on Lehman Brothers' balance sheet admittedly fell by the wayside, there was one thing the Gorilla never stopped harping on: an insistence his top lieutenants had perfect marriages. According to a new book by Vicki Ward , Lehman management tied the success of the bank to how strong its marital partnerships were, with Chris Pettit, a former Fuld deputy, giving a toast at a dinner for the senior executives one night and noting, "Now, look at this! Every single person here is with their original spouse. That is why we are successful. 
Share:  While Dick Fuld's focus on <span class="company">Lehman Brothers</span>' balance sheet admittedly fell by the wayside, there was one thing the Gorilla never stopped harping on: an insistence his top lieutenants had perfect marriages. According to a new book by Vicki Ward , Lehman management tied the success of the bank to how strong its marital partnerships were, with Chris Pettit, a former Fuld deputy, giving a toast at a dinner for the senior executives one night and noting, "Now, look at this! Every single person here is with their original spouse. That is why we are successful. Tweet this