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When Jamie Dimon hears the word "culture", he reaches for his chequebook. The rich price at which JPMorgan Chase reportedly plans to exercise its option to buy out Cazenove from the two companies' joint venture is in part a bill for the aura that the venerable City stockbroker has managed to maintain.

All eyes in the consulting industry are fixed on financial services sector, which acts as bellwether for the whole industry. The banks took the world into recession, but 18 months after the demise of Bear Stearns , the US investment bank, they are leading the consulting industry out of the recession.

The notion that "behind every great fortune lies a great crime" is an alien one to Americans, who hew more towards Horatio Alger than Honoré de Balzac. But an accepted corollary is that every great loss of fortune must be the result of a crime.

Prosecutors had hoped that a string of e-mails exchanged in 2007 between Ralph Cioffi and Matthew Tannin, the former Bear Stearns hedge fund managers acquitted of fraud on Tuesday, would present a convincing case that the two men had lied to investors.

Two former Bear Stearns hedge fund managers accused of misleading investors were found innocent of all charges on Tuesday, marking a blow to the first big effort by US prosecutors to bring a criminal case related to the subprime mortgage meltdown.

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Partners at New Castle, the former Bear Stearns hedge fund embroiled in an insider trading crackdown by US authorities last month, have told investors they are moving to establish a new fund in order to distance themselves from Mark Kurland, the firm's founder.

The worst economic and financial crisis since the Great Depression is causing significant changes in the global financial system.

Concerns about the business practices of Galleon hedge fund founder Raj Rajaratnam and his associates were raised inside JPMorgan Chase as far back as 2001, according to an internal company document seen by the Financial Times.

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In the 2007-08 crisis, many different kinds of financial institution failed or were saved only by state intervention. Large financial conglomerates - Citigroup and Royal Bank of Scotland.

Partners at New Castle, the former Bear Stearns hedge fund, have begun discussions to restructure it and potentially buy out Mark Kurland, its founder, after insider trading charges were brought against him, according to people familiar with the matter.

Nearly a third of investors' holdings in New Castle, the former Bear Stearns -owned hedge fund now embroiled in insider trading allegations in the US, were sold as highly conservative accounts designed to protect clients from fraud.

Swiss bank Union Bancaire Privée has opted to liquidate a fund it runs in conjunction with New Castle Partners - the former Bear Stearns -owned hedge fund now embroiled in insider trading allegations in the US.

What prosecutors call the biggest insider trading case involving hedge funds is likely to implicate far more people than the six individuals who were charged on Friday.

Billionaire investor Raj Rajaratnam and present and former executives of Bear Stearns , IBM, Intel and McKinsey were charged on Friday in an alleged insider trading scheme that US prosecutors called the biggest ever involving hedge funds.

Two former Bear Stearns hedge fund managers who ran investment vehicles that collapsed and marked the beginning of the financial crisis misled investors to save their multi-million dollar bonuses and reputations, US federal prosecutors claimed on Wednesday.