Bloomberg: CEO Of Liechtenstein Bank Frick Murdered In Broad Daylight

 

A Liechtenstein banker was shot dead after a feud involving an investment fund, and police said they believe the alleged killer later committed suicide.

The 48-year-old man was shot in the underground garage of a financial institution in Balzers at 7:30 a.m. local time, the Liechtenstein police said on their website today. Neither the victim nor the institution was identified in the statement. The deceased was Juergen Frick, CEO of Bank Frick & Co. AG, according to Switzerland’s Radio 1, which cited employees of his bank.

The suspect, Juergen Hermann, fled the scene in a Smart car with Liechtenstein license plates, according to police. The authorities later said Hermann appears to have committed suicide after they found the vehicle in Ruggell, 25 kilometers (16 miles) north of Balzers, with his passport and a confession.

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Bloomberg: Former Dutch Bank CEO & Family Found Dead

Former ABN Amro Group NV Netherlands Chief Executive Officer Jan Peter Schmittmann, his wife and a daughter were found dead at their home yesterday after a possible “family tragedy,” Dutch police said.

“The bodies of a father and mother and their daughter were found at the property” in the town of Laren, 32 kilometers (20 miles) southeast of Amsterdam, Dutch police said in a statement on theirwebsite. Leonie Bosselaar, a police spokeswoman, said in a telephone call with Bloomberg News that the deceased were Schmittmann, 57, and two family members.

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Vietnam Sentences Bankers to Death in Fraud Trials

 

Vu Viet Hung, former director of the Central Highlands branch of Vietnam Development Bank, receives a death sentence for lending nearly a hundred million dollars to fake business contacts. Photo courtesy of Tuoi Tre


A court in the Central Highlands on Thursday gave the death sentence to a Vietnam Development Bank (VDB) executive and several life sentences to others involved in a hundred-million-dollar scam.
The defendants had taken advantage of credit privileges given to exporters to fake documents and borrow more than VND2 trillion (US$94.88 million) from VBD’s Central Highlands branch for Dak Nong and the neighboring Dak Lak Province, as well as Nam A bank at its Hanoi branch, and the Ho Chi Minh City-based Orient Commercial Bank.
Vu Viet Hung, 57-year-old former director of the VDB branch, was punished on three charges - a death sentence for taking bribes in the form of a BMW car worth 3.2 billion in late 2009, a life sentence for fraud, and 20 years in jail for violating lending regulations.
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Russia Today: Young Banker's Suicide Becomes Twelfth in 2014

 

A New York City investment banker is dead after allegedly jumping from his apartment building, continuing an alarming streak of suicides that has descended upon the financial world.

The latest death occurred on March 12, when 28-year-old Kenneth Bellando was found on the sidewalk outside his six-story Manhattan apartment building.

According to the Daily Mail, police investigators said the case was still under investigation, but that they do not suspect a third party to be involved and that Bellando – who had been working for Levy Capital since January – likely took his own life.

Before moving into his last position, the New York Post reported Bellando worked as an investment banker at JP Morgan Chase. His brother, John Bellando, also works at JP Morgan as an investment officer; the Post stated that multiple emails by John Bellando were presented as evidence during Senate hearings regarding the “London Whale” trading scandal.

Kenneth Bellando’s death now marks the 12th time this year that an employee in the financial world has taken his or her own life around the globe. Bellando graduated from Georgetown University in 2007, and is the youngest banking professional to commit suicide this year.

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Wall Street Journal: Proposed Bank Tax

Wall Street is mobilizing to beat back an unexpected threat: a bank tax championed by a Republican lawmaker.

Bank of America Corp.Citigroup Inc., Goldman Sachs GroupInc., J.P. Morgan Chase & Co. and other big banks are marshaling opposition on Capitol Hill to kill a proposal by House Ways and Means Committee Chairman Dave Camp (R., Mich.) to tax the nation's largest financial firms, according to people familiar with the efforts. The companies are curtailing financing for GOP lawmakers and warning of an economic hit, these people say.

The proposal has galvanized Wall Street in a way largely unseen since the financial crisis. While banks have pushed back on postcrisis regulation, they rarely act as one, since the rules affect firms differently. This time, banks large and small are coordinating on the resistance.

"This is a fairly large effort," said one industry lobbyist. "Most of the offices we're talking to are saying they're opposed, and some are willing to make their views known." The Financial Services Forum is spearheading much of the lobbying efforts.

Mr. Camp's proposal is unlikely to gain traction before the 2014 midterm elections. But Wall Street is worried, according to people familiar with the banks' thinking, about its potential for success in 2015 or beyond, when Congress is expected to tackle broader tax overhaul. The idea also enjoys Democratic support: President Barack Obama has proposed a similar bank levy in his budget every year since 2010.

Republicans have criticized Wall Street in the wake of the financial crisis, including so-called too-big-to-fail banks that are so large their collapse could threaten financial stability. But they largely have shied away from proposing to tax banks and haven't supported previous Democratic efforts to do so.

A summary of Mr. Camp's legislation said he proposed the tax on large financial institutions in part because it would offset the lower borrowing costs they receive from a perceived government backstop.

The big firms dispute that such a subsidy exists. The tax, tucked into a broader tax-revision package announced last month, is aimed at bringing in $86 billion in revenue over the next decade and eliminating what his staff calls a "massive taxpayer-funded subsidy" big banks receive from the perception the U.S. would step in to prevent their collapse.

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International Business Times: Another Banker Suicide

 

A New York trader has become the seventh employee in some of the world's major financial cities to commit suicide this year.

Vertical Group trader Edmund Reilly jumped in front a hurtling commuter train at 6am near the Syosset train station, according to the New York Post.

Passengers on board the express train spotted 47-year-old Reilly, who was declared dead at the scene, standing by the tracks before he jumped in front of the train.

Reilly's identity was confirmed by Salvatore Arena, a Long Island Rail Road spokesperson, who said an investigation into the incident was continuing.

Rob Schaffer, a managing director at Vertical, told the NYP: "Eddie was a great guy. We are very upset and he will be deeply missed."

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FORTUNE: Is There A Suicide Contagion On Wall Street?

A series of untimely deaths at J.P. Morgan Chase and other banks has left observers wondering if there are more to come.

By Jen Wieczner

 

FORTUNE -- A few days ago, a Wall Street executive was debating whether he could get away from the office long enough to see his shrink uptown. In the midst of a busy workday, it was looking unlikely. Then he stumbled across an article in the New York Post with the disquieting news that a J.P. Morgan Chase (JPM) employee had jumped to his death from the bank's offices in Hong Kong, just three weeks after a fellow banker at the firm had committed suicide by jumping off the roof of the bank's London headquarters. "JPMorgan suicide is 3rd mysterious death in weeks," read the Post headline.

The executive went to his appointment. "He said, 'That's what drove me into your office today, I want to make sure that I'm all right,'" says Alden Cass, the psychologist who treats the executive, as well as a bunch of clients who are portfolio managers, investment bankers, and traders of all types.

The rash of suicides has sent a shudder through Wall Street and beyond. The third death referenced by the Post—that of a J.P. Morgan executive director who died inside his Connecticut home in January—did not appear to be intentional. (A report is still pending.) Yet the J.P. Morgan incidents are only the most recent in a string of at least a half-dozen suicides in the financial world since late August. Those include executives at Zurich Insurance Group (ZURVY), Deutsche Bank (DB), and Russell Investments, among other firms.

 

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"The International" Movie: Debt Slaves

 

The International is a 2009 German–American action thriller film directed by Tom Tykwer. The film follows an Interpol agent and an American attorney who investigate corruption within the IBBC, a fictional merchant bank based in Luxembourg. It serves organized crime and corrupt governments as a banker and as an arms broker. The bank's ruthless managers assassinate potential threats including their own employees.

Inspired by the Bank of Credit and Commerce International scandal of the 1980s, the film's script, written by Eric Warren Singer, raises concerns about how global finance affects international politicsacross the world. Production began in Berlin in September 2008, including the construction of a life-size replica of the Guggenheim Museum in New York for the film's climactic shoot-out scene. The film opened the 59th Berlin International Film Festival on 5 February 2009. Reviews were mixed: some praised the sleek appearance and prescient themes, The Guardian called it a thriller with "brainpower as well as firepower" but The New Yorker criticised the characterisation saying the two protagonists were not believable humans.

Hong Kong Suicide is 3rd Death of a Young JPMorgan Banker in Past 3 Weeks

 

A 33-year old JPMorgan investment banker leaped to his death Tuesday from the roof of the bank’s 30-story Hong Kong office, according to reports.

The banker, identified by co-workers in one report as a junior-level investment banker, went to the roof shortly after lunch. Attempts by the local police to talk him down from the edge failed, according to a report in the South China Morning Post.

The bank was aware of the incident but it could not confirm at this time whether the deceased was an employee of the bank, a Hong Kong-based JPMorgan spokesperson said.

This suicide marks the third mysterious death of a JPMorgan banker in the last three weeks.

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Reuters: Personal Savings Can be Used to Plug Financing Gap Left by EU Banks?

 

(Reuters) - The savings of the European Union's 500 million citizens could be used to fund long-term investments to boost theeconomy and help plug the gap left by banks since the financial crisis, an EU document says.

The EU is looking for ways to wean the 28-country bloc from its heavy reliance on bank financing and find other means of funding small companies, infrastructure projects and other investment.

"The economic and financial crisis has impaired the ability of the financial sector to channel funds to the real economy, in particular long-term investment," said the document, seen by Reuters.

The Commission will ask the bloc's insurance watchdog in the second half of this year for advice on a possible draft law "to mobilize more personal pension savings for long-term financing", the document said.

Banks have complained they are hindered from lending to the economy by post-crisis rules forcing them to hold much larger safety cushions of capital and liquidity.

Please read more here.

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