Tag Archive | "employees"

UBS Not Down With Employees Transferring Securities Into Their Personal Accounts

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Last month, we noted that a group of UBS employees who “worked in operations and were responsible for securities movements and payments” had been escorted out of the building and told not to come back “pending an internal review into their conduct.” Now we’ve been informed they were recently told not to come back, period. If you’re a current employee or about to join the firm and are unclear on the rules, know this: it turns out UBS does in fact frown upon skimming some off the top for yourselves.

“The employees were transferring securities that UBS held to personal accounts and then just selling them in their personal account. Not sure how the bank didn’t know, but apparently it went on for a few years.

We were told last week that the employees in question were asked to resign and given severance packages. UBS declined to comment, other than to confirm that the people are “no longer with the bank.”



Article courtesy of Dealbreaker

Eavesdropping In: Gas Averages $4/Gallon; Chris Brown’s Publicist Splits; Burger King Bikini Brawl; Lindsay Dropping Lohan?; Violent Clashes In Syria

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  • Anyone wanna carpool? Gas is officially averaging $4/gallon in L.A. [LAT]
  • Can’t imagine why Chris Brown and his publicist have parted ways as everything with him has been going so smoothly [TMZ]
  • I hate when they mess up my order in the drive-through, but this lady in a bikini got real upset about something at Burger King and things got physical with the employees. In Florida, of course. [KABC]
  • Lindsay plans to drop the “Lohan” from her name but “that ginger mess” will still do just fine [PE]
  • Political unrest rages in Syria, government troops open fire on civilians [HuffPo]

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Securities And Exchange Commission Employees Working Through Their Porn Issues

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As you may recall, last February an unnamed Securities and Exchange Commission worker got in a bit of trouble with his employer for viewing porn while on the job. The guy made at least 1,800 logged attempts to check out some sites that included www.ladyboyx.com, www.ladyboyjuice.com, www.trannytit.com, and www.anal-sins.com, which, he admitted, “were kind of distraction, per se.” But he had a good reason which is that he had a lot of work to do, and it was stressing him out. Apparently the guy, who remains employed by the SEC wasn’t alone- thirty three individuals employed by the regulator in its Denver, Atlanta, Boston, Chicago, Los Angeles, Fort Worth, Texas, and Washington, D.C. offices have had issues getting through the work day without taking a break for some ‘me time.’

Because our tax dollars are at work, the SEC took the porn incidents seriously and have informed the individuals in question that a) that sort of thing is generally frowned upon and b) in some cases made them talk with a professional about why they struggle to overcome certain urges until clocking out. Read the full story

Write-Offs: 03.04.11

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$$$ “On Friday, prosecutors also gave a preview of their case against Raj Rajaratnam, saying the first two witnesses will be a Federal Bureau of Investigation agent and Anil Kumar, a former McKinsey consultant and a cooperating witness in the case. Prosecutors indicated that they planned to play recorded telephone conversations between Mr. Rajaratnam and Mr. Kumar, as well as conversations between Mr. Rajaratnam and his employees and with his younger brother, Rengan Rajaratnam.” [WSJ]

$$$ Completely unimaginative UBS employee spends investor funds on “expensive cars, prostitutes and large gambling debts.” [WSJ]

$$$ “Our industry has a terrible, terrible reputation,” Anthony Scaramucci said as he accepted an award from the Hedge Funds Care charity Thursday night in front of 1,200 of his closest friends and expressed why he believes hedge fund managers should donate to charities. “I don’t care how many PR firms we hire. I don’t care how many lobbyists we hire. The only way we’re going to be able to change that is through our philanthropy,” he told the industry audience, at the annual gala at Cipriani 42nd Street in Manhattan. [Reuters]

$$$ Charlie Sheen Radio Station, Tiger Blood Radio, By Sirus XM [HP]

$$$ Rick Santelli: ‘Good’ Jobs Report Has Dark Side [CNBC]

$$$ Signs You’re About To Get Fired [USNEWS]

$$$ DJ Mr. Chachi, who spins regularly at the night club Tenjune and has worked for Hedge Funds Care free for the past four years, turns down the volume. Honoree Anthony Scaramucci, managing partner of Skybridge Capital LLC, is clinking his glass to quiet the crowd. “This is bigger than my bar mitzvah back in 1978,” he says. [Bloomberg]



Article courtesy of Dealbreaker

Steve Cohen, King Of Our Heart, Recounts The Worst Day Of His Life

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Was it: a) the day two of his employees put the firm’s name in headlines next to ‘women’s underwear’ and ‘estrogen pills’ b) the day his ex-wife broke out of the psych ward c) the day he had to put his traders in a time out or d) none of the above?

The correct answer we were looking here was d, none of the above.

[Cohen] remembered getting his clock cleaned on a long position in Tenet Healthcare in 2002, losing $75 million to $80 million on the trade. He described the stock drop in Tenet because of a scandal as one of the worst days of his life. Mr. Cohen said it got worse when he came home that night and his wife was orchestrating their Christmas card photograph and made him dress up as the King of Clubs, [Hearts, and Diamonds].

Steve Cohen Opens Up [Dealbook]



Article courtesy of Dealbreaker

Bonus Watch ’11: Level Global

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It probably shouldn’t come as much of a shock that the employees of a business that’s shutting down will most likely not be receiving bonuses this year but we can still allow them their pain.

“Level laid off all the analysts and PM’s. The only people left are executive committee, technology, accounting, 3 traders, and 1 ops analyst, maybe a few admins/random people. What sucks is that many employees had part of their 2010 bonus “deferred” until June 30, and signed documents of some sort that basically indicated they might not get any of it if the fund isn’t around. Obviously the laid off won’t be getting that money but it’s unclear if anyone left will either.  Apparently they money may have to go to paying for other obligations like rent and potential legal fees.”



Article courtesy of Dealbreaker

Bonus Watch ’11: FDIC Votes To Make Bonus Payouts Multi-Year Event

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Why do it in one year when you can do three?

The Federal Deposit Insurance Corp.’s five-member board unanimously approved a draft rule, written jointly with six other regulators, that would require large financial firms to hold on to at least half of top executives’ bonuses for three years or longer. The aim is to tie the final payments to the outcomes of the employees’ trades and other decisions over time. The deferral requirement, if approved, would apply to firms with $50 billion or more in assets, such as Morgan Stanley, Goldman Sachs Group Inc., and mortgage-finance giants Fannie Mae and Freddie Mac. Smaller firms with at least $1 billion in assets would be subject to less-prescriptive rules but would still have to satisfy regulators that top officials’ incentive-based compensation balances risk and reward. [WSJ]



Article courtesy of Dealbreaker

America Has Some Thoughts About Your Bonuses

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When you walk out of the office and down the street today, are you planning on asking some strangers their opinion on whether or not you should get paid this year? No? Well give it a shot- the answers may surprise you, if you were under the impression the general population thinks you deserve that money. Apparently they don’t, and but they do have some ideas about how you should be compensated moving forward. Here’s what 70 percent of Americans have come up with– you get nothing.

More than 70 percent of Americans say big bonuses should be banned this year at Wall Street firms that took taxpayer bailouts, a Bloomberg National Poll shows. An additional one in six favors slapping a 50 percent tax on bonuses exceeding $400,000. Just 7 percent of U.S. adults say bonuses are an appropriate incentive reflecting Wall Street’s return to financial health. A large majority also want to tax Wall Street profits to reduce the federal budget deficit. A levy on financial services firms is the top choice among more than a dozen deficit-cutting options presented to respondents.

“The American people bailed them out and immediately they went and paid their employees very large bonuses,” says poll respondent Michael Robertson, 43, of Wayne, Michigan. “I don’t believe they should have a bonus at all for a while.” Robertson lost his job in retail management in the auto parts industry three years ago when his company cut workers and is now in school studying computer electronics. “Of course I’m bitter about this Wall Street thing,” he says.

Banning Big Wall Street Bonuses Favored By 70% Of Americans [Bloomberg]



Article courtesy of Dealbreaker

Taint o’ The FBI Turning Out To Be Not So Great For ‘Expert-Networks’

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From: [redacted at investment management arm of large US bank]
Sent: Tuesday, November 30, 2010 10:54 AM
To: All Employees
Subject: GLG

Effective immediately, we are suspending our business with Gerson Lehrman Group pending further transparency of the current investigation (see the attached link).

http://online.wsj.com/article/SB10001424052748703945904575645202769315746.html?mod=WSJ_WSJ_US_News_5

Our policy going forward is that we will restrict trading activity with any broker or research provider that falls under this type of scrutiny, until we can get comfortable with their business practices.

Please call me with any questions.



Article courtesy of Dealbreaker

Does Morgan Stanley Have A Problem With Dwarves?

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In a seemingly positive article this morning about Wall Street having and spending shitloads of money again, a troubling firing story is relayed:

A Morgan Stanley trader recently tried to hire a dwarf for a bachelor party in Miami, asking the dwarf to meet him at the airport in a “Men in Black” style suit, according to e-mail exchanges. The trader, who wanted to handcuff the dwarf to the bachelor, was recently fired.

No answer is provided as to why the trader was canned, and so we’re left to wonder, What Is Morgan Stanley’s Problem? It’s important we answer this question so other employees can know what exactly management is and isn’t cool with. So, is MS’ prob:

* The dwarf? Does the bank discriminate against the vertically challenged?

* The “Men In Black” scenario?

* The handcuffs? (James Gorman prefers more professional restraints)

* The planning of a bachelor party over company email, despite it being an event leading up to marriage, one of the most important and happiest moments of someone’s life?

* None of the above (WELL WHAT THEN?)

Wall Street Dares To Indulge Itself Again [Dealbook via BI]



Article courtesy of Dealbreaker