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Tacoma News Tribune – The list of investors who say they were duped in one of Wall Street’s biggest Ponzi schemes grew larger Monday, snaring some of the world’s biggest banking institutions and hedge funds, the super rich and the famous, pensioners and charities.
The alleged victims who sunk cash into veteran Wall Street money manager Bernard Madoff’s investment pool include real estate magnate Mortimer Zuckerman, the foundation of Nobel laureate Elie Wiesel, and a charity of movie director Steven Spielberg, according to The Wall Street Journal.
Among the world’s biggest banking institutions, Britain’s HSBC Holdings PLC, Royal Bank of Scotland Group PLC and Man Group PLC, Spain’s Grupo Santander SA, France’s BNP Paribas and Japan’s Nomura Holdings all reported that they had fallen victim to Madoff’s alleged Ponzi, or pyramid, scheme.
TheChronicleHerald.ca – The list of investors who say they were duped in one of Wall Street’s biggest Ponzi schemes is growing, snaring some of the world’s biggest banking institutions and hedge funds, the super rich and the famous, pensioners and charities.
The alleged victims who sunk cash into veteran Wall Street money manager Bernard Madoff’s investment pool include real estate magnate Mortimer Zuckerman, the foundation of Nobel laureate Elie Wiesel, and a charity of movie director Steven Spielberg, according to the Wall Street Journal.
Among the world’s biggest banking institutions, Britain’s HSBC Holdings PLC, Royal Bank of Scotland Group PLC and Man Group PLC, Spain’s Grupo Santander SA, France’s BNP Paribas and Japan’s Nomura Holdings all reported that they had fallen victim to Madoff’s alleged Ponzi, or pyramid, scheme.
Bloomberg – Mizuho Financial Group Inc., Japan’s second-largest bank by revenue, will start electronic trading in Asia after hiring a team of 16 former Lehman Brothers Holdings Inc. employees, two executives familiar with the plan said.
The team, led by Anthony Brooker, the former head of electronic trading sales for Lehman in Asia, will target hedge funds and institutional investors with electronic products and systems for equities trading, the executives said. They declined to be identified as the plan isn’t public.
Mizuho, which cut its full-year profit forecast 55 percent on Oct. 31 because of rising bad loans and investment losses, is building its equity trading business in Asia to challenge Nomura Holdings Inc. Brooker was among hundreds of Lehman employees who opted to join competitors rather than staying with Nomura after the firm agreed to buy Lehman operations in Asia, the Middle East and Europe. Nomura is taking over about 8,000 Lehman workers following the Wall Street firm’s collapse in September.
Reuters Tokyo – Japan’s Nomura Holdings is to buy the Asian operations of Lehman Brothers, a source with direct knowledge of the deal said on Monday, outbidding other banks seeking to scoop up the bankrupt U.S. bank’s Asian assets.
The source did not say how much the deal was worth, nor did he say if certain Lehman units were excluded from the agreement.
Nomura and Britain’s Barclays Plc have also bid for parts of Lehman’s business in Europe, as administrators seek to save as many jobs and salvage as much business as possible from the wreckage of what was Wall Street’s fourth biggest investment bank.
International Herald Tribune – Lehman Brothers said Monday that it would sell for $2.15 billion much of its money management business, including its prized Neuberger Berman asset management unit, to Bain Capital and Hellman & Friedman.
The sale of the business, more than a month in the making, has been among the biggest outstanding issues for Lehman, which filed for bankruptcy protection two weeks ago. Barclays of Britain bought Lehman’s United States capital markets division. Nomura Holdings of Japan is buying many of Lehman’s assets in Europe, the Middle East and Asia.
Before Lehman collapsed, it had proposed selling off a major stake in its investment management division, which includes Neuberger, as an integral part of a self-help plan. Then, it expected to fetch bids that would have valued the unit as high as $7 billion.
