FSA Grab City Boys, Conrad Black, Property & Premiership Pay
Greed Is Good
A hot-shot City analyst was fined by the FSA after being found guilty of improper conduct, writes the Independent. Citigroup analyst Roberto Casoni will have to cough up £52,000, around the price of one of his handmade Italian driving gloves, after the FSA caught the 42-year-old rapscallion tipping off favoured clients about “hot” companies. The fine, says the Telegraph, was reduced from £75,00 after the honourable chap graciously co-operated with the FSA investigation. The Times even lists the biggest fines dished out to the City by the FSA, with GLG hedge fund management partner Philippe Jabre copping a chart-topping £750,000 fine following some dodgy market shenanigans last year.
Courtroom Drama
Across the Atlantic, the great Conrad Black was himself cast as little more than a common thief, says the Guardian. As the media mogul’s trial on $60 million racketeering charges got underway in Chicago, a windy city well used to gangsters, US attorney Jeffrey Cramer had a right go at Black in his opening statement. “Bank robbers are masked and they use guns”, he said, “These men dressed in ties and wore a suit”. However, Cramer wasn’t only concerned with Lord Black of Crossharbour’s fashion sense, and according to the Independent, “scowled and shouted directly at Lord Black” as the ballsy attorney went on to list the most damaging charges against his famous target including mail, wire and tax fraud, money laundering and obstruction of justice. A Hollywood courtroom drama based on the case (starring Tom Cruise and Jack Nicholson) must surely be in development.
House Frenzy Raises Interest
The Mirror worries that interest rates could rise again next month after mortgage lending hit its highest-ever February total of £24.6 billion. That’s an annual increase of nine per cent as the housing boom continues to, erm, boom. A”steep jump” in air fares last month also helped to push annual consumer inflation back to 2.8%, says the Times, with Gordon Brown’s decision to double air passenger duty back in December having a major effect on the disappointing figures released ahead of his final budget today.
A Premier Slice Of The Pie
Many Cuban cigars will be smoked and much expensive wine coiffed today as Premiership chairman get together in London today to discuss how to carve up the recent £2.7 billion television windfall. The Telegraph reports that a number of the top division’s smaller clubs, lead by Charlton Athletic, are deeply concerned over just how the new riches will be distributed around the league. The league’s chief executive, Richard Scudamore has even forecasted that, unless something is done, the winners of next year’s Premiership will net £20 million more than the team finishing in last place, a significant increase on the £13.6 million difference for 2005/06.
Posted: 21st, March 2007 | In: Money Comment (1) | TrackBack | Permalink
