Bill Gross , who runs the world’s biggest mutual fund , takes a seat in a conference room and makes a confession. Overlooking the ocean at the headquarters of Pacific Investment Management Co., Gross describes missteps that doomed his bond firm’s experiment with equities in the mid- 1980s.
It had been two days since U.S. lawmakers negotiated all night to finish rules that would reshape the business of Wall Street. The 20-hour session left legislators, aides, lobbyists and regulators exhausted. Almost no one had a grip on all the details.
A former Citigroup Inc. secretary must serve 4 1/2 years in prison for stealing $1.3 million from William Salomon, the 99-year-old former Wall Street banker who is the son of the founder of Salomon Brothers, a judge ruled.
William Salomon, the 98-year-old former Wall Street banker, testified he trusted a former Citigroup Inc. assistant facing trial on charges that she stole $1.3 million from him to support a lavish lifestyle.