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Economy
In reply to the discussion: Weekend Economists Ride With Sally into the Sunset July 27-29, 2012 [View all]Demeter
(85,373 posts)12. Nomura CEO Watanabe to resign over trading leaks
http://www.reuters.com/article/2012/07/26/nomura-ceo-idUSL4E8IP5IF20120726
Nomura Holdings Inc CEO Kenichi Watanabe and his top lieutenant, Takumi Shibata, will resign to take responsibility for leaks of insider information to clients of its brokerage unit, people with knowledge of the shake-up said.
The departure of the architects of Nomura's takeover of the Asian and European assets of Lehman Brothers throws open the succession at Japan's top investment bank and raises questions about the future of the global expansion strategy they pursued.
Nomura's management shake-up comes a month after the investment bank cut pay for both of its top executives in response to the third insider trading scandal since Watanabe took the helm four years ago.
"When you look at their history, the number of scandals, this was the last straw," said Jim Sinegal, an analyst with Morningstar research house...The resignation of Watanabe, 59, had been expected by many inside Nomura since signs emerged this spring that the bank's leadership was at loggerheads with Japan's financial regulators, which accused Nomura of being slow to respond to an investigation into insider trading practices that had grown rampant in the Tokyo market...
Nomura Holdings Inc CEO Kenichi Watanabe and his top lieutenant, Takumi Shibata, will resign to take responsibility for leaks of insider information to clients of its brokerage unit, people with knowledge of the shake-up said.
The departure of the architects of Nomura's takeover of the Asian and European assets of Lehman Brothers throws open the succession at Japan's top investment bank and raises questions about the future of the global expansion strategy they pursued.
Nomura's management shake-up comes a month after the investment bank cut pay for both of its top executives in response to the third insider trading scandal since Watanabe took the helm four years ago.
"When you look at their history, the number of scandals, this was the last straw," said Jim Sinegal, an analyst with Morningstar research house...The resignation of Watanabe, 59, had been expected by many inside Nomura since signs emerged this spring that the bank's leadership was at loggerheads with Japan's financial regulators, which accused Nomura of being slow to respond to an investigation into insider trading practices that had grown rampant in the Tokyo market...
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Countrywide Investigator Fired for Doing Her Job While Rampant Fraud Was Concealed
Demeter
Jul 2012
#23
i did -- it was wonderful -- and i love burt lancaster... we love ya hotler -- Peace be with you
xchrom
Jul 2012
#54
But wait, Mayors now can dictate how and what we feed our babies. We are saved! n/t
kickysnana
Jul 2012
#77