It seemed to be a thumb in the eye of the U.S. Justice Department. Britain last week criminally charged a former Barclays employee suspected of trying to manipulate global interest rates, even though the authorities in London were aware that the employee had been assisting U.S. prosecutors in a related investigation for more than a year.
SAC Capital Advisors has agreed to plead guilty to insider trading violations and pay a record $1.2 billion penalty, becoming the first large Wall Street firm in a generation to confess to criminal conduct. The move caps a decade-long investigation that turned a once mighty hedge fund into a symbol of financial wrongdoing.
The program was originally called “Sons and Daughters.” And although it was supposed to protect JPMorgan Chase’s business dealings in China, the program went so off track that it is now the focus of a federal bribery investigation in the United States, interviews and a confidential government document show.
In the latest rebuke of eye-popping pay packages on Wall Street, a major institutional investor is taking the rare step to oppose the re-election of a Goldman Sachs board member who approves compensation for many of the bank’s top executives.