As far as I know, this is the 21st “apparent suicide” by yet another financier/banker. This latest death is Shawn D. Miller who, in 2011, was promoted by Citigroup to an executive position as managing director of environmental and social risk management.
Here are a few more from 2014:
1 – William Broeksmit, 58-year-old former senior executive at Deutsche Bank AG, was found dead in his home after an apparent suicide in South Kensington in central London, on January 26th.
2- Karl Slym, 51 year old Tata Motors managing director Karl Slym, was found dead on the fourth floor of the Shangri-La hotel in Bangkok on January 27th.
3 – Gabriel Magee, a 39-year-old JP Morgan employee, died after falling from the roof of the JP Morgan European headquarters in London on January 27th.
4 – Mike Dueker, 50-year-old chief economist of a US investment bank was found dead close to the Tacoma Narrows Bridge in Washington State.
5 – Richard Talley, the 57 year old founder of American Title Services in Centennial, Colorado, was found dead earlier this month after apparently shooting himself with a nail gun.
6 -Tim Dickenson, a U.K.-based communications director at Swiss Re AG, also died last month, however the circumstances surrounding his death are still unknown.
7 – Ryan Henry Crane, a 37 year old executive at JP Morgan died in an alleged suicide just a few weeks ago. No details have been released about his death aside from this small obituary announcement at the Stamford Daily Voice.
8 - Li Junjie, 33-year-old banker in Hong Kong jumped from the JP Morgan HQ in Hong Kong this week.
9 - James Stuart Jr, Former National Bank of Commerce CEO dies suddenly in Arizona with no explanation.
10 – Autumn Radtke, the 28 year old, American chief executive of Singapore-based virtual currency company First Meta, died mysteriously of an apparent suicide.
11 - Edmund (Eddie) Reilly, 47, a trader at Midtown’s Vertical Group, jumped in front of an LIRR train at 6 a.m. near the Syosset train station.
12 - Kenneth Bellando, 28, a JP Morgan investment banker was found dead on March 12th after reportedly jumping from the roof of his apartment.
13 – Joseph Giampapa, 56, a JP Morgan bankruptcy attorney was killed when his bike was struck by a minivan. The killer allegedly confessed but no charges were filed.
15 — Jan Peter Schmittmann, the former CEO of Dutch bank ABN Amro as well as his wife and one of his daughters were all found dead at home.
16 — Benedict Philippens, 37-year-old Director at BNP Paribas Fortis was murdered alongside his wife and a 9 year old nephew in a premeditated and orchestrated drive-by shooting.
17 — Lydia of the Bred-Banque Populaire has committed suicide, Tuesday, April 22 in the morning at the headquarters of the bank. On her arrival at headquarters, quai de la Rapee, in the 12th arrondissement of Paris.
18 — Alita Knott, 47, and her husband Julian Knott, 45, were found dead inside their Log Road home early Sunday morning, law enforcement officials said. Julian was executive director of JP Morgan’s Global Network Operations Center in Whippany
19 — Nicholas Valtz, a managing director in cross-asset sales at Goldman Sachs Group Inc. (GS) in New York, was found dead 7/20/14 by family members who went searching for him after he didn’t return from a kiteboarding outing.
20 — Thierry Leyne, the French-Israeli entrepreneur who last year started an investment firm with former International Monetary Fund Managing Director Dominique Strauss-Kahn, has died. Leyne died yesterday in Tel Aviv, according to his assistant at the firm, who asked not to be identified. Le Figaro newspaper reported that he committed suicide.
What exactly does it mean for a big Wall Street bank to plead guilty
to a serious crime? Right now, practically nothing.
But it will if California’s Santa Cruz County has any say.
First, some background.
Five giant banks – including Wall Street behemoths JPMorgan Chase and
Citicorp – recently pleaded guilty to criminal felony charges that they rigged
the world’s foreign-currency market for their own profit.
This wasn’t a small heist. We’re talking hundreds of billions of
dollars worth of transactions every day.
The banks altered currency prices long enough for the banks to make
winning bets before the prices snapped back to what they should have been.
Attorney General Loretta Lynch called it a “brazen display of
collusion” that harmed “countless consumers,
investors and institutions around the globe — from pension funds to major
corporations, and including the banks’ own customers.”
The penalty? The banks have agreed to pay $5.5 billion. That may sound like a big
chunk of change, but for a giant bank it’s the cost of doing business. In fact,
the banks are likely to deduct the fines from their taxes as business
The banks sound contrite. After all, they can’t have the public believe they’re outright
It’s “an embarrassment to our firm,
and stands in stark contrast to Citi’s values,“ says Citigroup CEO Michael
Values? Citigroup’s main value is to make as
much money as possible. Corbat himself raked in $13 million last year.
JPMorgan CEO Jamie Dimon calls it "a
great disappointment to us,” and says “we demand and expect better of
Expect better? If recent history is any
guide – think of the bank’s notorious “London Whale” a few years ago, and,
before that, the wild bets leading to the 2008 bailout – JPMorgan expects exactly this kind of behavior from its people.
Which helped Dimon rake in $20
million last year, as well as a $7.4 million cash bonus.
When real people plead guilty to felonies, they go to jail. But big
banks aren’t people despite what the five Republican appointees to the Supreme
The executives who run these banks aren’t going to jail, either. Apologists say it’s not fair to jail bank executives because they don’t
know what their rogue traders are up to.
Yet ex-convicts often suffer consequences beyond
In many states they lose their right to vote. They can’t run for
office or otherwise participate in the political process.
So why not take away the right of these convicted banks to participate in
the political process, at least for some years? That would stop JPMorgan’s Dimon from lobbying Congress to roll back
the Dodd-Frank act, as he’s been doing almost non-stop.
Why not also take away their right to pour money into politics? Wall
Street banks have been among the biggest contributors to political campaigns. If
they’re convicted of a felony, they should be barred from making any political
contributions for at least ten years.
Real ex-convicts also have difficulty finding jobs. That’s because,
rightly or wrongly, many people don’t want to hire them.
A strong case can be made that employers shouldn’t pay attention to criminal
convictions of real people who need a fresh start, especially a job.
But giant banks that have committed felonies are something different.
Why shouldn’t depositors and investors consider their past convictions?
Which brings us to Santa Cruz County.
The county’s board of supervisors just voted not to do
business for five years with any of the five banks felons.
The county won’t use the banks’ investment services or buy their
commercial paper, and will pull its money out of the banks to the extent it
“We have a sacred obligation to protect the public’s tax dollars
and these banks can’t be trusted. Santa Cruz County should not be involved
with those who rigged the world’s biggest financial markets,” says supervisor Ryan
The banks will hardly notice.
Santa Cruz County’s portfolio is valued at about $650 million.
But what if every county, city, and state in America followed Santa Cruz County’s example, and held the big banks accountable for their
What if all of us taxpayers said, in effect, we’re not going to hire
these convicted felons to handle our public finances? We don’t trust them.
That would hit these banks directly. They’d lose our business. Which might even cause them to clean up their acts.
There’s hope. Supervisor Coonerty says he’ll be contacting other
local jurisdictions across the country, urging them to do what Santa Cruz County is doing.
CITIGROUP is lucky that Muammar el-Qaddafi was killed when he was. The Libyan leader’s death diverted attention from a lethal article involving Citigroup that deserved more attention because it helps to explain why many average Americans have expressed support for the Occupy Wall Street movement. The news was that Citigroup had to pay a $285 million fine to settle a case in which, with one hand, Citibank sold a package of toxic mortgage-backed securities to unsuspecting customers — securities that it knew were likely to go bust — and, with the other hand, shorted the same securities — that is, bet millions of dollars that they would go bust.
It doesn’t get any more immoral than this. As the Securities and Exchange Commission civil complaint noted, in 2007, Citigroup exercised “significant influence” over choosing $500 million of the $1 billion worth of assets in the deal, and the global bank deliberately chose collateralized debt obligations, or C.D.O.’s, built from mortgage loans almost sure to fail. According to The Wall Street Journal, the S.E.C. complaint quoted one unnamed C.D.O. trader outside Citigroup as describing the portfolio as resembling something your dog leaves on your neighbor’s lawn. “The deal became largely worthless within months of its creation,” The Journal added. “As a result, about 15 hedge funds, investment managers and other firms that invested in the deal lost hundreds of millions of dollars, while Citigroup made $160 million in fees and trading profits.”
I think what we should probably do is go and split up investment banking from (consumer) banking. Have banks be deposit-takers; have banks make commercial loans and real estate loans; and have banks do something that’s not gonna risk the taxpayer dollars, that’s not gonna be too big to fail.
Former Citigroup chairman and CEO SANFORD WEILL, appearing on CNBC to suggest that banks should separate their investment and consumer businesses altogether to help prevent a repeat of Wall Street’s financial collapse.
The Significance of Citigroup's Shareholder Revolt
The shareholders of Wall Street giant Citigroup are out to prove that corporate democracy isn’t an oxymoron. They’ve said no to the exorbitant $15 million pay package of Citi’s CEO Vikram Pandit, as well as to the giant pay packages of Citi’s four other top executives.
The vote, at Citigroup’s annual meeting in Dallas Tuesday, isn’t binding on Citigroup. But it’s a warning shot across the bow of every corporate boardroom in America.
Shareholders aren’t happy about executive pay.
And why should they be? CEO pay at large publicly-held corporations is now typically 300 times the pay of the average American worker. It was 40 times average worker pay in the 1960s and has steadily crept upward since then as corporations have morphed into “winner-take-all” contraptions that reward their top executives with boundless beneficence and perks while slicing the jobs, wages, and benefits of almost everyone else.
Meanwhile, too many of these same corporations have failed to deliver for their shareholders. Citigroup, for example, has had the worst stock performance among all large banks for the last decade but ranked among the highest in executive pay.
The real news here is new-found activism among institutional investors – especially the managers of pension funds and mutual funds. They’re the ones who fired the warning shot Tuesday.
Institutional investors are catching on to a truth they should have understood years ago: When executive pay goes through the roof, there’s less money left for everyone else who owns shares of the company.
For too long, most fund managers played the game passively and obediently. Some have been too cozy with top corporate management, forgetting their fiduciary duty to their own investors. How else do you explain the abject failure of fund managers to police Wall Street as it careened toward the abyss in 2008? Or to adequately oversee executives, such as the Enron criminals, who were looting their companies in the years before 2002?
The new Dodd-Frank law, much of which is being eviscerated by Wall Street’s lawyers and lobbyists, at least requires that public companies give shareholders a say on pay. As a practical matter, this gives institutional investors the chance to speak clearly and openly about the scandal of unbridled executive compensation.
Two key questions for the future: Will institutional investors keep the pressure on? And will CEOs and boards of directors get the message?
#245_10th_Avenue #Address #Multifamily #Building_Buddy @BLDGBUDDY #Architect #Della_Valle_Bernheimer #Built #2009 #40760_sf #20_Units #11_Stories #Developer #Grasso_Holdings #Owner #Aristone_Realty_Capital ; This #High_Line #condominium residence nearly suffered the fate of One Madison Park before its new owner swept in purchased the #construction_debt from #Citigroup and finished the building. Now you can own one of these for a cool 1700 PSF. (Taken with Instagram at 245 10th Avenue)
Now known as 601 Lexington Avenue, the Citigroup Center is one of the most prominent buildings in the Manhattan Skyline thanks to its dramatically sloped roof and unique base, featuring four stilts on each side rather than in each of the corners.
As part of its probe-happy new attitude, the SEC is investigating three banks for manipulating rates in order to mask their borrowing in the buildup to the financial crisis. The probe has been underway for at least a year, with twenty banks under investigation. But sources tell The Wall Street Journal that the focus is on Bank of America, Citigroup, and UBS.
Banks including Goldman Sachs and Morgan Stanley have already unwound similar businesses in preparation
for stricter government regulation under the Volcker Rule.The Volcker Rule, which goes into effect next year, is
aiming to prevent banks from making risky trades by prohibiting
short-term trading for their own profit.Citi spokeswoman Danielle Romero-Apsilos said Citi’s Equity
Principal Strategies unit, is a “de minimis part of Citi’s
overall trading operation.”“As it does not fit with Citi’s business model under the
impending Volcker rule, it is in the process of being wound
down,” Romero-Apsilos said in an emailed statement.