Banking Reporter, New York
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Jun 7, 2010

Providence to acquire MMC’s Kroll in $1.13 billion deal

NEW YORK (Reuters) – Marsh & McLennan Cos Inc (MMC.N: Quote, Profile, Research) agreed to sell investigations unit Kroll to a firm led by former Marsh CEO Michael Cherkasky for less than the insurance broker paid for Kroll six years ago.

MMC said on Monday it plans to sell Kroll — a corporate sleuth and intelligence expert that has expanded into risk management and other areas — to Altegrity in a $1.13 billion all-cash deal. MMC bought Kroll in 2004 for $1.9 billion.

Jun 6, 2010

Goldman silence on probe a model others will avoid?

NEW YORK (Reuters) – The decision of Goldman Sachs Group Inc not to tell shareholders that U.S. regulators might sue the bank over a subprime mortgage-linked security could cause other companies to rethink the way they handle regulatory investigations.

The investment banking powerhouse has said its lawyers found no reason to disclose a Wells notice from the Securities and Exchange Commission because the transaction at issue was relatively small and the case had little legal weight.

Jun 4, 2010

Analysis: Goldman silence on probe a model others will avoid?

NEW YORK (Reuters) – The decision of Goldman Sachs Group Inc not to tell shareholders that regulators might sue the bank over a subprime mortgage-linked security could cause other companies to rethink the way they handle regulatory investigations.

The investment banking powerhouse has said its lawyers found no reason to disclose a Wells notice from the Securities and Exchange Commission because the transaction at issue was relatively small and the case had little legal weight.

Jun 1, 2010

Goldman’s bid didn’t disclose probe to Calpers

NEW YORK (Reuters) – Goldman Sachs Group Inc, seeking a consulting mandate from Calpers, assured the pension fund giant in March that it was not “the target of a formal investigation,” according to a document obtained by Reuters.

That was six months after U.S. securities regulators notified the powerful Wall Street bank that it was likely to be charged with fraud in connection with the underwriting and marketing of a $1 billion subprime-mortgage-linked security.

May 28, 2010

Morgan Stanley’s Mack gets a 150 percent raise

NEW YORK (Reuters) – Morgan Stanley Chairman John Mack, who has said Wall Street’s high pay packages show that the industry is out of touch with mainstream America, is receiving a 150 percent base salary increase to $2 million.

Mack, who declined to accept a bonus the past three years, received a base salary of $800,000 in 2009. In 2006, the last year he received a bonus, he was awarded restricted shares that were worth $36.2 million at the time.

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    • About Steve

      "Steve Eder, based in New York, covers investment banks for Reuters. He came to Reuters in May, 2009, after working as an investigative reporter for the Toledo Blade newspaper in Ohio. Eder has written about plant closings, the health insurance industry, poverty, and public corruption, helping to expose Ohio's 'Coingate' scandal. He also completed assignments to India and South Korea. Since joining Reuters, Eder has written about the aftermath of the financial crisis, Goldman Sachs and the debate over Wall Street bonuses."
      Hometown:
      Detroit
      Joined Reuters:
      May, 2009
      Awards:
      Loeb Award, 2006
      Finalist, Pulitzer Prize for Public Service, 2006
      National Headliner Award, 2006
      Finalist, IRE Award, 2006 and 2008
      Best Ohio Reporter, Cleveland Press Club, 2009
      Finalist, Livingston Award, 2009 and 2010
      Reuters Company News Story of the Year, 2009
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