Five U.S. agencies will finish the Volcker rule today after more than three years of Wall Street resistance to its limits on trading and investing. Lawmakers and their allies who want to rein in big banks are ready to pounce if it isn’t strict enough.
Former Goldman Sachs Group Inc. trader Matthew Taylor was sentenced to nine months in prison for concealing an unauthorized $8.3 billion trading position in 2007 that caused the bank to lose $118 million.
The University of Alabama opened a new football-training center last February. Any professional team would be happy to have it. The amenities include a $9 million weight room, a hydrotherapy pool with a Club Med–style cascade of hot water and an anti-gravity treadmill that’s more NASA than Nautilus. Coach Nick Saban goes over the finer points of football with his team in a 212-seat theater with a multiplex-sized screen. After practice, players shoot pool or kick back on a leather couch with a video game, Bloomberg Markets magazine reports in its January issue.
Glen W. Albanese, a former chief financial officer at brokerage firm Needham & Co., pleaded guilty to stealing $1 million to spend on wine, trips, decorating and a designer breed of dog known as a Labradoodle.
A former Rochdale Securities LLC trader was sentenced to 2 1/2 years in prison for his role in an unauthorized $1 billion purchase of Apple Inc. stock that led to his company’s failure, according to federal prosecutors.
Former LinkBrokers Derivatives Corp. employee Benjamin Chouchane was sentenced to two years in prison for his role in a stock fraud scheme in which brokers lied to clients about the prices of securities bought and sold for their accounts.