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Deutsche Bank Securities Inc has announced the appointment of Brian C. Mulligan as MD and vice chairman within the Media and Telecommunications Investment Banking group.
He joins Deutsche Bank Securities from specialist advisory and investment firm Brooknol Advisors, LLC.
Earlier in his career he served as a senior executive advisor with Cerberus Capital Management, as well as occupying senior posts with The Boston Consulting Group, Fox Television and Universal Entertainment, amongst others.
In his new post Mulligan will be stationed in Los Angeles and directly responsible to J
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acques Brand and David Pearson, co-head of Global Industry Coverage and head of Media and Telecommunications Investment Banking in the Americas respectively.
Brand has welcomed the appointment and praised Mulligan’s wealth of experience accumulated during more than a quarter of a century in the media.
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Patient advocates can help research treatment options, sort out insurance claims and open doors to specialists.


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Bank of America has named Gregory L. Curl as the firm’s new chief risk officer, tasked with discovering credit, market and operational risks.
On 30 June, after a transitional period, Curl will succeed the incumbent chief risk officer Amy Woods Brinkley, who will remain with the firm until she retires in the summer and will join the bank’s charitable board.
Curl is a veteran of Bank of America, having served it for over three decades.
He began his career in the mid-70s with Boatmen’s Bancshares, working as a commercial loan officer, and also served U.S. Senator
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John C. Danforth as a special assistant for a few years.
After that he became vice chairman and chief operating officer of Boatmen’s, then occupied a range of senior positions within Bank of America.
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The Blackstone Group has reported its third quarter financial results, during which it made net income of $275m.
This marks an increase from the Q2 profits of $181m, and on the corresponding period last year when the firm incurred a loss of $503m.
The firm has retained strong ratings, with Standard & Poor’s rating it A with a stable outlook and Fitch considering it A+ with a stable outlook.
The third quarter marks the second successive quarter of profits for Blackstone, after suffering a Q1 loss of $73m.
Chairman and CEO Stephen A. Schwarzman has stated his view t
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hat although the worst of the financial crisis has now passed the recovery will be gradual, and uneven.
Schwarzman added that the firm’s capital position and the changing situation meant that there were various opportunities for the firm to deploy its capital across its asset management businesses.
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The number of unemployed rose to 15.7 million in October, as 190,000 nonfarm jobs were lost, the government said, and economists do not expect relief until next year.


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Official figures show a record number of people being declared insolvent in England and Wales during the three months to the end of September 2009.
According to the Insolvency Service, the quarter saw a 28% annual rise in personal insolvencies, to 35,242, respresenting a 6.6% increase on the second quarter of the year.
Routes out of debt included bankruptcy, individual voluntary arrangements (IVAs) and Debt Relief Orders (DROs).
The latter were introduced this April for people with debts of less than £15,000 and surplus cash amounting to less than £50 per month.
The third
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quarter saw 18,347 people opt for bankruptcy (up 6.4% year-on-year); 12,390 completed IVAs, (up 20.9%) and 4,505 chose DROs.
Also during the period, company liquidations leapt 14.6% year-on-year but saw a 4.7% decline on the three months to the end of June, at 4,716.
Compulsory company liquidations were down to 1,301, falling 9.8% on the previous three months and 12.9% on the year.
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The Financial Services Authority (FSA) has fined UBS £8 million for systems and controls failures that were initially exposed by a whistleblower.
Failures by the Swiss-headquartered investment bank enabled four employees to carry out unauthorised trades involving customer money on at least 39 accounts.
Activities involved trading foreign exchange and precious metals using customer money and allocating losses to customers’ accounts.
An internal UBS investigation estimated that as many as 50 unauthorised transactions a day were taking place at the operation’s peak.
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r />The events took place between January 2006 and December 2007 at UBS’s London-based wealth management business and the bank has since paid compensation of over $42 million to customers.
The regulator’s director of enforcement and financial crime, Margaret Cole, comments: “It is imperative, particularly in these more challenging financial conditions, that firms have suitable systems and controls in place to keep their houses in order.”
She adds: “Where firms fall short in this regard, the consequences will be severe.”
The £8 million fine is the third-largest ever imposed by the FSA.
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The federal government is poised to enact rules to combat discrimination on loans backed by the Federal Housing Administration.


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The Treasury has asked Royal Bank of Scotland (RBS) to provide evidence that UK businesses are choosing not to apply for its loans.
In return for taxpayer support, RBS is committed to lending an additional £25 billion, £16 billion of which is earmarked for firms.
However, the about-to-be 84% state-owned bank has admitted to falling behind on its commercial lending target because of lack of demand and in presenting its third-quarter results, the group reported that total net lending in the first nine months of the year fell by £500 million.
According to a BBC report, the bank
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has now been ordered to produce the terms and conditions of its business loans for ministers to scrutinise.
It is worth noting that in its Trends in Lending report published in September, the Bank of England stated that total net lending to businesses fell across all the main industrial sectors during the second quarter of 2009.
Evidence suggested that corporates were turning to the markets to raise funds, with some companies apparently repaying bank debt using money raised on the capital markets.
The report concluded “overall this year there has been a marked change in corporate financing patterns relative to 2007 and 2008″.
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