Wall Street scion Caspersen pleads guilty to $38 million fraud

Former Wall Street executive Andrew Caspersen pleaded guilty on Wednesday to charges that he defrauded investors out of over $38 million, blaming his conduct on a gambling addiction he could not control. Caspersen, who worked at a unit of investment banker Paul Taubman's PJT Partners Inc prior to his arrest in March, pleaded guilty in federal court in Manhattan to securities fraud and wire fraud. Caspersen, who graduated from Princeton University and Harvard Law School, choked up in court as he admitted to cheating numerous people, mostly family and friends, through what he called a “simple” fraud.

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Wall Street scion Caspersen pleads guilty to $38 million fraud

Wells Fargo searching for rainmaker in bid to boost dealmaking franchise

Wells Fargo & Co , in a bid to boost its dealmaking franchise, is hunting for a new head of mergers and acquisitions, according to people familiar with the matter. The bank's existing head of mergers, John Laughlin, has moved to a vice chairman role, a spokeswoman said. “John Laughlin's appointment to vice chairman recognizes the key role he played in leading a fivefold increase in our M&A business,” said Rob Engel, head of investment banking and capital markets at Wells Fargo.

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Wells Fargo searching for rainmaker in bid to boost dealmaking franchise

White House threatens veto of rule-based monetary policy bill

By Jason Lange WASHINGTON (Reuters) – The White House on Tuesday issued a veto threat for a Republican-backed bill to make the Federal Reserve set interest rate policy using a mathematical rule, a proposal Fed Chair Janet Yellen said would “severely damage” the U.S. economy. The Obama administration opposes the proposal because it would hinder the Fed's ability to help the economy, the White House said in a statement. Lawmakers in the U.S. House of Representatives cleared the way on Tuesday for vote on the bill, called the Fed Oversight Reform and Modernization Act, as soon as Wednesday.

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White House threatens veto of rule-based monetary policy bill