Wednesday, December 7, 2022
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The messages are at the center of a trial for metals rigging in the case of three ex JPMorgan traders

Kaja Whitehouse

Good morning. I’m Kaja Whitehouse. I’m acting as a replacement to Aaron Weinman. There’s an atmosphere at Wall Street, and financial hubs all over the world is dark today, in the wake of the death of the former Japanese premier Shinzo Abe who was shot during a speech at an election event in Nara west Japan.

In our newsletter today we also look at a report from Chicago in which three JPMorgan traders are being tried in connection with an alleged scheme to manipulate the price of gold and other precious metals prices.

We’ll discuss why the trial is relevant to the current state of Wall Street (even though it is from the year 2019) -and introduce readers to the entire Congress of Congress who have a real dislike for the latest financial industry style: ESG investing.

Alexander Manzyuk/Reuters

1. It’s all about the conversations. The heart of the investigation into the rigging of metals by 3 former JPMorgan traders is a collection of bank chat logs from internal banks that the prosecution can utilize to prove. As per Bloomberg, JPMorgan has been trying to keep certain internal communications from being included in the trial, including those that involve executives currently in the company.

The concern for Wall Street bankers and traders It’s just a warning that whatever they communicate to clients and colleagues is not private. Bankers who use unauthorized applications like WhatsApp in order to carry out business are at risk of losing their job even if there were no unacceptable messages were found.

This is part of the larger crackdown by the government which has rattled financial industry professionals who’s clients typically prefer WhatsApp and SMS over email. This is also putting employees in conflict with their employers since bankslike JPMorgan, will do anything to monitor their employees.

As Insider previously stated, Wall Street’s surveillance is causing some employees to be scared. However, banks are increasing their efforts.

In other news:

Rep. Dan Crenshaw, R-Tex.Drew Angerer/Getty Images

2. ESG’s latest foe is Congress. Investments made with social, environmental and governance issues in mind are currently under attack by an array that includes Republican lawmakers, including one who has declared ESG investments “a scam.” The Insider’s Rebecca Ungarino breaks down the people behind them and what they’re trying to achieve.

3. Elon Musk’s plan to buy Twitter in “peril”. The advisors to Musk Tesla chief have recommended that Twitter’s numbers regarding spam accounts are not credible as according to the Washington Post reported. In addition, the billionaire has decided to stop participating in specific discussions about financing for the deal worth $44 billion and possibly with a potential supporter, WaPo said, citing anonymous sources.

4. The financial advisor has a brand new toolkit. Wealth management firms are set to review the software they employ to assist their clients with managing their money in the face stock prices that are falling. Insider spoke with seven industry insiders on the fintechs considered essential and those which could be eliminated.

5. Bank of America’s refugee-turned-banker to the ultra rich. Dega Nalayeh shares how she was able to go from nothing to the top of the heap with a $6.4 billion business book that includes players of the Atlanta Hawks basketball team. Find out more about her tale here.

6. SoftBank long-time veteran Rajeev Misra is setting up his own fund. Misra has resigned from the job of managing SoftBank’s most recent investment vehicle, Vision Fund 2. He will continue to oversee SoftBank’s initial Vision Fund, while launching an own fund worth $6 billion. More details here.

7. Do you need to change jobs now? The market is in decline as is inflation, which is at a record high of 40 years experts are preparing for the possibility of a recession. So your window could be closing. Here’s how you can decide what you should do.

8. The battle for Spirit Airlines. Stockholders at Spirit Airlines are scheduled to vote today, on July 8th, on the proposed merger of the company to Frontier Airlines. However, will it actually happen? The company has already delayed the vote twice in order to look into possible offers from rival rival JetBlue.

9. Another tense hedge fund divorce. John Paulson was accused by his wife, Jenica, of secretly placing billions of assets in secret trusts in order to not share their wealth in the course of their separation, Bloomberg reported.

10. This week’s “Banker of the Week” feature is currently off -but it’ll return next week. In the meantime, you should get to familiarize yourself with these last four bankers that we highlighted:

  • Naveen Nataraj the senior director of management for Evercore, held nine major transactions in 2021 that have accumulated more than $60 billion in value for the enterprise.
  • Uzair Dossani is a director of the managing department at Intermediate Capital Group, has been in private equity for 25 years who recently concluded the acquisition of Seaway Plastics Engineering.
  • Harold Butler, a major advocate for financial equity Wall Street, leads Citi’s financial institutions division, which includes a variety of banks.

If you know of bankers who have recently concluded major deals or are making progress in the direction of Wall Street, submit them as possible “Bankers of the Week” to Aaron at 54******6fd@a***9.com

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