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Financial Services News

Fed values Bear Stearns assets at $29bn
The Federal Reserve Bank of New York confirmed the estimated fair value of assets that were formerly held by Bear Stearns at about $29bn, the amount at which it was sold to JPMorgan in March

TPG pulls out of B&B rescue
Bradford & Bingley's largest shareholders have stepped in to rescue the ailing mortgage lender after TPG Capital, the private equity group, pulled out of a £400m capital increase

Baugur shifts assets as it eyes UK move
Baugur, the Icelandic retail investment group, will on Friday announce a restructuring as the first step to becoming a limited company as it plans to move to the UK

US hedge fund fugitive returns to court
Samuel Israel was denied bail and ordered to be jailed immediately after the former hedge fund manager abused his previous bail terms by faking his own death and going on the run, forcing an international manhunt

Penn National's $6.1bn buyout abandoned
The $6.1bn private equity takeover of Penn National Gaming has been aborted because of market conditions and the risk of spiralling legal costs

Lone Star considers block sale of KEB shares
Lone Star may sell out of Korea Exchange Bank through block share sales, the Korean lender's chief executive said, as attempts to sell the bank to HSBC continue to face regulatory hurdles

Ex-Refco chief gets 16 years in prison
Phillip Bennett, the former chief executive of Refco, was sentenced to 16 years in prison for a nearly decade-long fraud that ultimately pulled the commodities brokerage into bankruptcy

Unlikely ally for FSA in HBOS issue
Philippe Jabre, the hedge fund manager,helps underwrite UK's biggest mortgage lender's rights issue, in effect supporting a capital raising the FSA wants to succeed

Skills shortages still hamper Islamic finance
Malaysia's central bank is trying to persuade global groups to enter the market as a shortage of qualified employees proves to be a stumbling block for the industry

Lehman issues shares to all its employees
Lehman Brothers has issued shares to all employees representing about 20 per cent of their equity compensation for the year, a person close to the matter said

Moody's to check on accuracy
Moody's is moving to re-examine the accuracy of all its computer models and place them under a centralised monitoring system after it formally acknowledged earlier this week that a glitch had appeared in a model used to rate complex products

FSA imposes disclosure to block covert stakes
Hedge funds will no longer be able to build secret stakes in companies after the UK Financial Services Authority announced it would introduce unexpectedly strict rules on the disclosure of derivatives

Deloitte bolstered by 'downturn' work
Deloitte will report revenues up more than 11 per cent this year, buoyed by a pick-up in classic "downturn" work of restructuring and debt advisory services

SEC urged to act against short-selling
Much stronger action against abusive short-selling needs to taken by the Securities and Exchange Commission, Wachtell, Lipton, Rosen & Katz, a leading US law firm has urged

UnitedHealth cuts its forecast again
US health insurer slashed its earnings forecast for a second time this year, blaming "an intensely competitive commercial business environment", as the company announced it had settled a class-action suit for more than $900m