[UPDATE BELOW] A "highly placed" executive with Morgan Stanley was charged with assault, theft of services and second-degree intimidation based on race or bigotry after allegedly stabbing a cab driver in a dispute of a fare, the Stamford Advocate reports. On Wednesday night a reportedly intoxicated William Bryan Jennings, 47, hailed a cab in Manhattan and instructed the driver to take him to Darien, Connecticut, some 45 miles away. The unidentified driver insists he told Jennings how much it would cost, but when they arrived at his $3.6 million home, Jennings felt the $294 fare was "extortion." He's an investment banker, so we can only assume he knows what he's talking about. more ›

Bank of America says that Berkshire Hathaway, headed by tax-loving billionaire Warren Buffett, will invest $5 billion as the company tries to emerge from its disastrous, economy-wrecking involvement with subprime mortgages. BoA's shares have recently fallen to two-year lows, so this news has helped: An analyst told Bloomberg News, "This is a tremendous vote of confidence in the U.S. banking industry as well as Bank of America. Bank of America was being punished or victimized as one of the weakest U.S. banks that could be in financial distress. For Buffett to step up like this for BofA has implications for all the other banks." more ›

Because the most talent bankers apparently would rather live in New York City than Connecticut, the Swiss banking firm UBS is considering moving from its massive Stamford, CT headquarters back to the Big Apple. As UBS negotiates a deal at to-be-built 3 World Trade Center, a Stamford man who sells "'a whole lot' of brown-bagged bottles of liquor to UBS employees every evening," tells the NY Times, "You couldn’t pay me to work at a World Trade Center tower. Have they forgotten about 9/11?" more ›

Brace yourselves for even more Vineyard Vines polos and icy stares from behind tinted glass: banking giant UBS wants to move back to the city. According to the Times, UBS just "can't hire the bankers and traders they need" from their Stamford, Connecticut location, which includes a massive trading floor "the size of two football fields." But what could be better than the Land of Lieberman? The still-nonexistent 3 World Trade Center. UBS has reportedly begun negotiating a lease there but its executives have so far refused to comment. more ›

Senator Christopher Dodd (D-Connecticut) is set to unveil a financial reform bill that gives more power the Federal Reserve and includes "legislation tougher on financial companies than was expected just a few weeks ago" (Wall Street Journal) and a "new government watchdog for financial consumers [to] be housed within the Fed" (Reuters). And, to make matters more exciting, Politico says, "Neither side will be satisfied by what Dodd's offering, and particularly the left." more ›

Add another name to the list of unexpected candidates considering running against Sen. Kirsten Gillibrand. Mayor Bloomberg's longtime girlfriend Diana Taylor has reportedly been meeting with Republicans to discuss a possible campaign. The race has already seen a short-lived Democratic campaign by former Congressman and pundit Harold Ford Jr. and an already-canceled Republican run by Daily News publisher Mort Zuckerman—not to mention a still pending Republican campaign by former Bush adviser Dan Senor, husband of CNN anchor Campbell Brown. So what's the deal with the city's unofficial First Lady? more ›

Former governor Eliot Spitzer's dalliances with an expensive escort were discovered after the federal authorities noticed "suspicious money transfers." Concerned that Spitzer was being blackmailed, the FBI and IRS found that he was actually paying shell companies set up by the prostitution ring! Now, months later, the NY Times reports a congressional committee is "pursuing what would be the first public examination of the events that prompted the initial inquiry into" Spitzer's banking. House Financial Services Committee member Rep. Michael Capuano (D-Mass.) said, "The question was: Why were they looking for this? Is this political retribution?" Testimony could be heard from the Treasury, North Fork (Spitzer's bank) and HSBC (the prostitution ring's bank). more ›

Goldman Sachs applied for a NY State Bank Charter yesterday, in a move to becoming a full-service bank. The NY Times points out, "The announcement does not mean a move for Goldman Sachs, which has been based in New York City since its founding in 1869. But it does provide glimpses of Goldman’s roadmap as it transforms itself into a commercial bank." more ›

Citigroup may have gotten a NY judge to block Wells Fargo from taking over Wachovia on Saturday, but that was overturned by an appellate court judge yesterday! Apparently a NY judge can't issue an order from outside of NY--and the judge was in Connecticut at the time (it's like a mistake that would happen on Law & Order!). The NY Times' Dealbook tries to explain the lawsuits piling up--Citigroup is suing Well Fargo for interfering with its federally-arranged $2+ billion purchase of Wachovia, while now Wachovia is suing Citigroup claiming that their agreement is not exlusive and its can purse the $15+ billion offer from Wells Fargo. Bloomberg News reports that squabble could mean Wachovia gets split up between Citigroup and Wells. more ›

The NY Times reports that Citigroup says it "persuaded a New York judge to temporarily block Wells Fargo from acquiring Wachovia." Wells Fargo's $15 billion deal was announced on Friday, surprising Citigroup which had worked with the feds to acquired Wachovia for $2.2 billion. Citigroup says their agreement prohibited Wachovia from any other discussions until after October 6 but Wachovia spokesperson said its Wells deal is "proper, valid and is in the best interest of shareholders, employees and the American taxpayers. Under that agreement, Citigroup is always free to make a superior offer to Wachovia." Wells' chairman further emphasized, "The taxpayer doesn't pay a penny." Oh, and the TImes's source said, "Citigroup was seeking $60 billion in damages from Wells Fargo for interfering with the initial transaction." more ›

Forget the federally-backed deal for Citigroup to buy Wachovia, because now Wells Fargo will take over Wachovia for $15.4 billion--and the Wall Street Journal says it won't require any government assistance. Earlier this week, Wachovia agreed to sell its banking operations to Citigroup," and the FDIC would have been responsible for any potential loan losses. Bell Rock Captial CIO Cassandra Toroian told CNBC, "For Citigroup, this is a real loss...this was a deal that was going to save them as much as it was saving Wachovia," while Wachovia was "smart" and is getting a "better deal." more ›

">since late last week. Also, the FDIC says Wachovia didn't fail, "For Wachovia customers, today’s action will ensure seamless continuity of service from their bank and full protection for all of their deposits. There will be no interruption in services and bank customers should expect business as usual.” more ›