Here are three interesting Bloomberg stories.On The Up
Rochdale Securities analyst Richard Bove says that he feels that Citi could turn out to be a big winner from the Japan crisis and turmoil in the Middle East.
Bove says that Citi's international presence makes it ideally placed to capitalise on Japan's needs to raise money for reconstruction following the recent earthquake and tsunami. In addition, the firm is in a strong position to assist Arab states as they bid to create jobs to quell unrest.
In his latest research note on Citi - Buy This Stock Now - Bove says: 'The stock has fallen on a false premise. As this is better understood, the shortfall that has occurred in the past two months will be reversed'.
In the meantime, six Morgan Stanley employees are said to have sued the firm in Manhattan federal court, claiming that the company and its directors breached their fiduciary duty by holding too much Morgan Stanley stock in their retirement savings-plan in 2008. The complaint says: 'Morgan Stanley and its stock were exposed to extraordinary risk as a result of the financial perils of the entire banking sector. Company stock was an imprudent, inappropriate and exceedingly risky investment'.
Finally, US prosecutors are said to be seeking jail time of up to 37 months for former UBS investment banker Igor Poteroba, who pleaded guilty to conspiracy and securities fraud in connection with insider trading charges last December.
Prosecutors have said in a sentencing memorandum filed earlier this week: 'Poteroba was not a one-time tipper; rather he provided repeated tips over the course of several confidential transactions spanning a number of years. Poteroba was also a sophisticated member of the financial community who was more than well aware that his conduct was wrong and illegal'.
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