According to Bloomberg, Goldman Sachs Group Inc. (GS) said J. Michael Evans, a vice chairman who ran emerging markets and was seen as a potential successor to Chief Executive Officer Lloyd C. Blankfein, is retiring after more than 20 years at the bank.
Evans, 56, will step down at the end of the year and become a senior director, the New York-based company said today in a statement.
Evans ran businesses including the securities division, equity trading and equity-capital markets in a career that featured positions in New York, London and Hong Kong. In 2011, he was named to lead the emerging-markets units as part of Blankfein’s push to be “Goldman Sachs in more places.”
“Michael’s deep commitment to the firm, his unrelenting focus on our clients and his broad global market knowledge have left an extraordinary mark at Goldman Sachs,” Blankfein, 59, said in the statement.
Posted in Finance, Goldman Sachs, ICBC, Investment Banking
Tagged Chief Executive Officer, E. Gerald Corrigan, emerging markets, equity capital market, Gary Cohn, Goldman Sachs, Hong Kong, ICBC, Inndustrial Commercial Bank of China, J. Michael Evans, Lloyd C. Blankfein, London, New York, Oxford University, Princeton University, Salomon Brothers, Securities and Exchange Commission
According to Reuters, JPMorgan Chase & Co’s preliminary $13 billion mortgage settlement with the U.S. government could end up costing the bank closer to $9 billion after taxes, because the majority of the deal is expected to be tax deductible, two sources familiar with the matter said.
The deduction also means the government is getting less than it appears in this deal. Banks can often deduct legal settlements from their taxes, but cannot get tax benefits from penalties for violating laws.
JPMorgan and the U.S. government have been negotiating the tax treatment of the settlement. The outcome could have a dramatic impact on exactly what the deal ends up costing the bank, how it is perceived by the public and whether it becomes a model for resolving government investigations of mortgage deals at other banks.
JPMorgan is negotiating the settlement with a group of government agencies led by the Justice Department, and the deal is expected to include a $2 billion penalty, one source said.
But another $4 billion of the deal, which will go toward aid for struggling mortgage borrowers, is tax deductible, another person familiar with the negotiations said.
Posted in Breaking news, Finance, Financial Crisis, Investment Banking
Tagged Bear Stearns, bond, Fannie Mae, Financial Crisis, Freddie Mac, Goldman Sachs, JPMorgan Chase, Justice Department, Obama, Robert Willens, Securities and Exchange Commission, Tax deduction, U.S. government, Wall Street, Washington Mutual
Recent SEC ‘Bad Actor’ Provisions For Hedge Funds, Private Equity Funds, Could Unearth Unethical Backgrounds Of Executives: Securities Lawyers
Recent regulations unearthing the legal backgrounds of those who sell private securities could lead to nervousness and layoffs among hedge fund and private equity executives, according to securities lawyers.
The major 2010 Dodd-Frank financial reforms required the Securities and Exchange Commission to adopt so-called “bad actor” provisions, which bar those convicted of financial crimes from selling private securities. The commission adopted these rules earlier in July.
Although only crimes committed after September 2013 will automatically disqualify private fundraisers, the provision still requires investment executives to at least disclose past convictions to investors.
Posted in Equity Markets, Events, Finance, Opinion, Private Equity
Tagged Business, Dodd-Frank, Dodd–Frank Wall Street Reform and Consumer Protection Act, investing, Private Equity, Securities and Exchange Commission, Security (finance), U.S. Securities and Exchange Commission
S.E.C. Rejects Its Own Deal With Hedge Fund Manager
The Securities and Exchange Commission overruled its own enforcement division’s decision to settle a civil case with the high-flying money manager Philip A. Falcone and his flagship hedge fund, a rare reversal that signals a broader crackdown by the agency.
The S.E.C. recently notified Mr. Falcone and the fund, Harbinger Capital Partners, that the agency’s five commissioners had rejected “the previously disclosed agreement in principle,” according to a public filing his company made on Friday. The charges stemmed from allegations that Mr. Falcone manipulated the market, used hedge fund assets to pay his own taxes and secretly favored select customers at the expense of others.
Posted in Breaking news, Events, Finance, Hedge Funds, Regulation
Tagged Business, Falcone, Harbinger Capital, hedge fund, investing, Lawsuit, Securities and Exchange Commission, U.S. Securities and Exchange Commission