Banking Reporter, New York
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Sep 21, 2010

Rules won’t rattle Morgan Stanley’s real estate unit

Hong Kong (Reuters) – New curbs on Wall Street banks will not force Morgan Stanley (MS.N: Quote, Profile, Research, Stock Buzz) from its real estate investing business, despite concern about how U.S. financial regulatory reform would affect it, an executive said on Tuesday.

Morgan Stanley Real Estate Chairman Owen Thomas told Reuters in an interview in his Hong Kong office that the Volcker rule — aimed at limiting banks’ ability to place trading bets that could put their capital at risk — will not preclude the firm from operating its real estate funds.

Sep 16, 2010

Morgan Stanley’s Nides might join State Department

NEW YORK, Sept 16 (Reuters) – Morgan Stanley (MS.N: Quote, Profile, Research, Stock Buzz)
Executive Thomas Nides, who has a long history in politics, is
in discussions to join the U.S. Department of State, a person
familiar with the matter said.

Nides, who is Morgan Stanley’s chief administrative officer
and chief operating officer, is the leading candidate to
replace Jack Lew, who is departing as deputy secretary for
management and resources, the source said.

Sep 10, 2010

Goldman names O’Neill chair of asset management

NEW YORK, Sept 10 (Reuters) – Goldman Sachs Group Inc
(GS.N: Quote, Profile, Research, Stock Buzz) named Jim O’Neill, a company veteran, chairman of its
asset management business.

O’Neill, who headed global economics, commodities and
strategy research, will work from London in a newly created
role. His responsibilities will help direct the asset
management unit and play a major role in setting global
investment direction.

Sep 9, 2010

UK watchdog fines Goldman Sachs $27 million

NEW YORK/LONDON (Reuters) – Britain’s financial watchdog fined Goldman Sachs Group Inc 17.5 million pounds ($27 million) for failing to tell the regulator that it was the subject of a U.S. probe, reviving disclosure headaches for the Wall Street powerhouse.

The fine — one of the biggest ever imposed in Britain — stemmed from Goldman’s troubled Abacus mortgage-security product, which was the focus of an investigation by the U.S. Securities and Exchange Commission.

Sep 9, 2010

Fed and banks wrangle over scope of pay oversight

NEW YORK (Reuters) – A year after wading into the politically charged issue of banker bonuses, the U.S. Federal Reserve is still wrangling with banks about how broad its purview over pay should be.

Last fall, amid public anger over exorbitant pay packages at bailed-out firms, the Fed said it would police Wall Street pay to ensure it didn’t affect banks’ safety and soundness.

Sep 9, 2010

Analysis: Fed and banks wrangle over scope of pay oversight

NEW YORK (Reuters) – A year after wading into the politically charged issue of banker bonuses, the Federal Reserve is still wrangling with banks about how broad its purview over pay should be.

Last fall, amid public anger over exorbitant pay packages at bailed-out firms, the Fed said it would police Wall Street pay to ensure it didn’t affect banks’ safety and soundness.

Sep 8, 2010

Crisis CEOs Sullivan and Peek find new jobs

NEW YORK (Reuters) – Two former chief executives who were criticized during the financial crisis for driving their firms to the brink have found new homes.

Former American International Group Inc (AIG.N: Quote, Profile, Research, Stock Buzz) Chief Executive Martin Sullivan, who was ousted three months before the U.S. government bailed out AIG in 2008, is joining insurance broker Willis Group Holdings Plc (WSH.N: Quote, Profile, Research, Stock Buzz).

Sep 8, 2010

Goldman NY proprietary traders consider next move

NEW YORK, Sept 8 (Reuters) – Members of Goldman Sachs Group
Inc’s (GS.N: Quote, Profile, Research, Stock Buzz) New York Principal Strategies team are in talks
with several groups, including KKR, Perella Weinberg, BlackRock
Inc (BLK.N: Quote, Profile, Research, Stock Buzz) and Carlyle Group [CYL.UL], to possibly join one of
the firms, a source familiar with the matter said.

Goldman’s proprietary trading desk has been in limbo as the
firm works to comply with the “Volcker rule,” which limits the
extent banks can bet with their own capital.

Sep 8, 2010

Former AIG CEO Sullivan joins Willis Group

NEW YORK (Reuters) – Former AIG (AIG.N: Quote, Profile, Research, Stock Buzz) Chief Executive Martin Sullivan is getting another chance.

Sullivan, who was ousted three months before the U.S. government bailed out AIG in 2008, is joining Willis Group Holdings PLC (WSH.N: Quote, Profile, Research, Stock Buzz), the insurance broker said on Wednesday.

Sep 8, 2010

Former AIG CEO joins Willis Group

NEW YORK, Sept 8 (Reuters) – Former AIG (AIG.N: Quote, Profile, Research, Stock Buzz) Chief
Executive Officer Martin Sullivan is getting another chance.

Sullivan, who was ousted three months before the U.S.
government bailed the insurer out, is joining Willis Group
Holdings PLC (WSH.N: Quote, Profile, Research, Stock Buzz), the insurance broker said on Wednesday.

    • 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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