CEO: Richard S. Fuld Jr.

CEO, People

Richard Severin Fuld Jr  born April 26, 1946) is an American banker best known as the final Chairman and Chief Executive Officer of major investment Bank Lehman Brothers.

Fuld held this position from the firm’s 1994 spinoff from American Express until 2008. Lehman Brothers filed for bankruptcy protection under Chapter 11 on September 15, 2008, and subsequently announced the sale of major operations to parties including Barclays Bank and Nomura Securities. Continue reading “CEO: Richard S. Fuld Jr.”

Article: Banks Can Argue Funds Passed On UK Forex Rigging Losses

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Banks Can Argue Funds Passed On UK Forex Rigging Losses

Christopher Crosby, 25 February 2021

Institutional investors suing some of the world’s largest banks for manipulating the foreign exchange market will have to prove their losses were not passed on to others after a London court ruled on Thursday that the issue has to be determined at trial.

Nigel Teare, sitting as a judge at the High Court, refused to knock down the legal defense raised by Barclays, CitiBank, HSBC and other lenders to fight claims for damages for allegedly manipulating benchmark rates in the forex market.. Continue reading “Article: Banks Can Argue Funds Passed On UK Forex Rigging Losses”

Article: The LIBOR Scandal

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The LIBOR Scandal

Jason Fernando, 24 February 2021

What Is the LIBOR Scandal?
The LIBOR Scandal was a highly-publicized scheme in which bankers at several major financial institutions colluded with each other to manipulate the London Interbank Offered Rate (LIBOR). The scandal sowed distrust in the financial industry and led to a wave of fines, lawsuits, and regulatory actions. Although the scandal came to light in 2012, there is evidence suggesting that the collusion in question had been ongoing since as early as 2003.

Many leading financial institutions were implicated in the scandal, including Deutsche Bank (DB), Barclays (BCS), Citigroup (C), JPMorgan Chase (JPM), and the Royal Bank of Scotland (RBS).

As a result of the rate fixing scandal, questions around LIBOR’s validity as a credible benchmark rate have arisen and it is now being phased out. According to the Federal Reserve and regulators in the U.K., LIBOR will be phased out by June 30, 2023, and will be replaced by the Secured Overnight Financing Rate (SOFR). As part of this phase-out, LIBOR one-week and two-month USD LIBOR rates will no longer be published after December 31, 2021. Continue reading “Article: The LIBOR Scandal”

Article: Barclays Escapes UK Municipalities’ Libor Loan Suits

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Barclays Escapes UK Municipalities’ Libor Loan Suits

Joanne Faulkner, 22 February 2021

A judge said on Monday that eight local councils in England cannot get out of Libor-linked loans they signed with Barclays before the bank’s involvement in the rate-rigging scandal was revealed because they could not prove the lender had acted dishonestly. 

High Court Judge Sara Cockerill said that two claims focusing on how interest rates tied to the loans were influenced by the London Interbank Offered Rate had “no real prospect of success.” The local authorities could not prove that Barclays had knowingly made false representations when it sold the swaps between 2006 and 2008, the judge said. Continue reading “Article: Barclays Escapes UK Municipalities’ Libor Loan Suits”

Article: British banking giant Barclays sues BR Shetty to recover $130m

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British banking giant Barclays sues BR Shetty to recover $130m

Michael Fahy, 25 February 2021

Banking giant Barclays is seeking $130 million from embattled Indian businessman BR Shetty through a claim filed in the Dubai International Financial Centre Courts.

The bank in a court filing says its claim “is in relation to an unlimited guarantee” provided by Mr Shetty in January 2015 for funding extended to UAE Exchange, part of the businessman’s Finablr money exchange and digital payments group.

“Despite certain liabilities becoming due and payable by the defendant to the claimant under the guarantee, the defendant has failed to pay these,” according to the court filing. Continue reading “Article: British banking giant Barclays sues BR Shetty to recover $130m”

Article: Five Banks Settle LIBOR Manipulation Suit for $22 Million

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Five Banks Settle LIBOR Manipulation Suit for $22 Million

Meg Slachetka, 13 October 2020

Last week, Judge Naomi Buchwald of the Southern District of New York provided final approval of a nearly $22 million settlement between a class of indirect investors and five Wall Street banks that the plaintiff investors accused of manipulating the London Interbank Offered Rate (LIBOR) in violation of the Sherman Act. The plaintiffs are over-the-counter (OTC) investors who indirectly interacted with the defendant banks via interest rate swaps and other transactions.

These plaintiffs made purchases from other banks that are not defendants in the case; the five settling defendants are JPMorgan, Citibank, Bank of America, HSBC, and Barclays. The suit is one of many filed after Barclays admitted in 2012 that it had manipulated LIBOR. Continue reading “Article: Five Banks Settle LIBOR Manipulation Suit for $22 Million”

Subject: Manish Mehta

Subject of Interest

Manish Mehta is a member of BlackRock’s Global Executive Committee. He is a Managing Director and co-chairs its Talent Sub Committee, as well as the firm’s Human Capital Committee. Prior to that Mehta was the Global Head of Markets & Investments for ETF and Index Investments, and previously the Chief Operating Officer for iShares. Mr. Mehta joined BlackRock in 2009 as part of its acquisition of Barclays Global Investors (BGI). Earlier in his career, Mehta was with the Boston Consulting Group He began his career with Accenture where he managed the design and implementation of enterprise technology solutions for clients in the pharmaceutical and insurance industries. Mehta has an MBA from the Wharton School at the University of Pennsylvania, and a B.S. in Electrical Engineering and Computer Sciences from the University of California, Berkeley.

Biography

Black Rock, Inc 

Subject: Derek Stein

Subject of Interest

Derek Stein is a member of BlackRock’s Global Executive Committee. He is a Senior Managing Director and is Global Head of Technology & Operations. Stein’s service with the firm dates back to 2005, including his years with Barclays Global Investors (BGI), which merged with BlackRock in 2009. Before joining BGI, Stein was an executive vice president at Knight Capital. Prior to that, Stein spent 10 years with Merrill Lynch & Co. Earlier, he spent several years as a senior manager with Ernst and Young’s capital markets and banking management consulting practice. Before moving to the U.S. from South Africa, Stein managed a long/short equity fund and was a practicing Chartered Accountant. Stein earned a BA degree in computer science and an MS degree in finance, both from the University of Witwatersrand in South Africa.

Biography

Black Rock, Inc 

Web: Our Financial Oligarchy; Emperors of a Brave New World

Web

Our Financial Oligarchy; Emperors of a Brave New World

They own the regulators; they own the brokerage houses; they own the clearing houses; they own all of your investments; and it’s even been shown that they can exert complete control over the government.

To understand how these banks exert complete control over our financial system, one must first understand the securities clearance system.

In the United States of America, there is only one central clearinghouse: The Depository Trust and Clearing Corporation, and for almost 50 years they have maintained a virtual monopoly over this essential service.

It is a private corporation that is owned by these mega-banks and brokers.

Read full free book online with many illustrations

PDF (470 Pages): Our Financial Oligarchy Back-Up

Subject: Dr. Navneet Arora

Subject of Interest

Dr. Navneet Arora Is head of Quantitive Strategies at Citadel. Prior to joining Citadel, served as Director of Quantitative Research at American Century Investments. Previously, he served as Managing Director and Global Head of Model-Based Credit Research at BlackRock and as Global Head of Credit Research at Barclays Global Investors. Dr. Arora’s publishes in academic and practitioner journals, including Journal of Financial Economics, Review of Accounting StudiesJournal of Investment Management, and Energy Risk. Dr. Arora received a Ph.D. in finance from University of North Carolina-Chapel Hill, a post-graduate degree from Indian Institute of Management.

Continue reading “Subject: Dr. Navneet Arora”

Subject: Pascal Bandelier

Subject of Interest

Pascal Bandelier is the Senior Managing Director, Head of Equities. He joined the Cantor Fitzgerald based in New York. Bandelier was the Head of Equity Execution Trading at Barclays, where he was responsible for the trading, sales trading, desk analyst and low-touch electronic businesses during his tenure at Barclays since 2013. Prior to Barclays, Bandelier was Head of TMT Cash Equity Trading, at Morgan Stanley, and Head of Cash Equity Trading & Risk at Nomura. From 2001 to 2010, Mr. Bandelier worked at Barclays/Lehman Brothers. Bandelier graduated from Northwestern University with a Bachelor’s degree in economics.

Continue reading “Subject: Pascal Bandelier”

Article: Pandemic May Disrupt Discovery In Credit Suisse Forex Case

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Pandemic May Disrupt Discovery In Credit Suisse Forex Case

Dean Seal, 17 April 2020

Counsel for investors and Credit Suisse cited the COVID-19 pandemic Monday when they asked a New York federal judge to push their discovery deadlines in a suit over alleged foreign exchange market manipulation by nine weeks.

In a letter to U.S. District Judge Lorna G. Schofield, attorneys for both sides in the long-running litigation said that in light of the threat to public health posed by the novel coronavirus, as well as the disruptions it has caused in air travel, continued discovery efforts would be risky and exceedingly difficult. Continue reading “Article: Pandemic May Disrupt Discovery In Credit Suisse Forex Case”

Article: London Court Hears £1B Forex-Rigging Case Against Five Banks

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London Court Hears £1B Forex-Rigging Case Against Five Banks

Aziz Abdel-Qader, 05 November 2019

The case accusing Barclays, Citigroup, JPMorgan, Royal Bank of Scotland, and UBS of foreign exchange rigging is scheduled to be heard at London’s tribunal on Wednesday.

The five global banks are facing a £1 billion ($1.3 billion) class-action lawsuit that seeks to compensate pension funds, asset managers, hedge funds, and corporations that lost out because these banks participated in a market manipulation scheme between 2007 and 2013. However, the total value of potential fines will depend on the number of forex trades executed in London, and the proportional impact of rate-rigging on GBP trades. Continue reading “Article: London Court Hears £1B Forex-Rigging Case Against Five Banks”

Article: Form 6-K Inmode Ltd.

Article - Media, Publications

Form 6-K Inmode Ltd.

TOPPAN MERRILL, 12 August 2019

On August 12, 2019, InMode Ltd., an Israeli company (the “Company”) closed its previously announced initial public offering (the “IPO”) in which the Company offered 5,000,000 ordinary shares. The aggregate gross proceeds, before deducting underwriting discounts and commissions and other offering expenses, to InMode from the offering were approximately $70.0 million. In connection with the sale of the ordinary shares on August 12, 2019, on August 7, 2019, the Company entered into an underwriting agreement (the “Underwriting Agreement”) by and among the Company, Barclays Capital Inc. and UBS Securities LLC, acting as representative of the several underwriters named on Schedule I thereto (the “Underwriters”), pursuant to which the Company agreed to issue and sell the ordinary shares to the Underwriters. A copy of the executed Underwriting Agreement is attached hereto as Exhibit 1.1 and is incorporated herein by reference.

On August 12, 2019, the Company issued a press release announcing the closing of the IPO. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

On July 29, 2019, the Company filed the form Amended and Restated Articles of Association. On August 7, 2019, they became effective. A copy of the Amended and Restated Articles of Association is attached hereto as Exhibit 3.1 and is incorporated by reference.

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Article: Barclays, RBS and other banks face £1bn forex rigging lawsuit

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Barclays, RBS and other banks face £1bn forex rigging lawsuit

Sean Farrell, 29 July 2019

Barclays, Royal Bank of Scotland and three other banks are being sued by investors for at least £1bn over rigging of the foreign exchange market in a test case for US-style class actions in the UK.

A US law firm that specialises in stock market litigation has filed the claim at the Competition Appeal Tribunal. The claim also targets US investment banks JP Morgan and Citigroup, and Switzerland’s UBS. The legal action follows the European commission’s decision in May to fine five banks more than €1bn (£910m) for colluding to reduce competition in markets for 11 currencies, including the US dollar, the euro and the pound.

Cartels of traders with names such as the “Three-Way Banana Split” operated on chatrooms to rig the multitrillion-dollar foreign exchange market. UBS, which informed the commission about the collusion, was not fined but Japan’s MUFG received a penalty. Continue reading “Article: Barclays, RBS and other banks face £1bn forex rigging lawsuit”

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