A Federal judge yesterday ordered Chip Skowron, the former manager of Morgan Stanley’s FrontPoint Partners hedge fund, to pay his former firm $3.8 million in legal fees plus $6.4 million, representing 20 percent of his total compensation. Skowron, 42, is serving five years in prison following his insider-trading guilty plea last summer.
Fine Fed year
The Federal Reserve and its district banks earned the second-highest amount in its history last year as the central bank profited from increasing its balance sheet. The Fed said yesterday that it earned $77.4 billion, down from $81.7 billion in 2010.
JPMorgan Chase dismissed about 5 percent of its equities trading desk yesterday, Bloomberg reported.
Easy come . . .
Sears Holdings named former mall executive David Lukes to extract value from its real estate holdings.
. . . Easy go
Bank of America’s John McNiff, a managing director who served as co-head of trading in commercial mortgage securities, resigned.
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