In the AIG debacle, where AIG has officially estimated a discount of 20% to 50% for clients who have been offered the opportunity to redeem half the fund; and while they can redeem residual income, due to mature in 2012, now, it appears that will be at 30% lower than face value.
Finally, some Ethics are being exercised in the world of working “other peoples’ money”
While I don’t lately think of ethics and Wall Street banks in the same sentence, Barclays Wealth says they will “step up to the plate” to offer their clients support in recovering from AIG.
An unnamed Barclays spokeswoman confirmed the bank’s earlier comment: “We have a dedicated team working with AIG to determine the best way to achieve the return of all funds to our clients. This team is working closely with other private banks. We are focusing our efforts on representing the interests of our clients in these discussions.
You may recall that Sallie Krawcheck (known as one of the most powerful women on Wall Street,
named as one of Forbes 100 Most Powerful Women) resigned from Citigroup’s wealth division in September, “after failing to persuade her former employer that it should compensate clients for investment losses” according to the Wall Street Journal.
Sallie Krawcheck
(Read the article, it wasn’t the only reason she left, but it makes her a hero in my book.)
Maybe the Universe will right itself . . . maybe.
