In Goldman Sachs terms, Lucas Van Praag is no more. The bank had allegedly been wanting to get rid of him for some time now, but had resisted for fear of looking desperate. Now, after a decent delay, the deed has been done.
So who was/is 62 year old Lucas Van Praag, the Machiavellian ex-master of Goldman’s PR? This:
– A graduate in in economics and economic history from the university of Durham
– A former officer in the merchant navy
– Someone who spent 10 years at Bankers Trust and then left to ‘run a manufacturing company’
– A former partner at PR firm Brunswick
Van P joined Goldman as an MD in London in 2000 and transferred to New Yorkin 2001. In 2006 he was made a partner. Urbane, erudite and known for lacerating put-downs, he appears sanguine about his fate. “C’est la vie,” he told New York Magazine. As someone points out, he could undoubtedly make a small fortune writing about his time at Goldman. Realistically, he’s probably signed a gagging order.
How Goldman blew the Facebook IPO. (Bloomberg)
Shares in Nomura rose 7.1% yesterday. (Bloomberg)
Jefferies is hiring 50 Hoare Govett staff, including all the MDs. Another 75 are being left behind to possible unemployment. (The Times)
Jefferies: “In the U.K.you need a corporate broking platform to be relevant, particularly in equity capital markets. (Bloomberg)
Remaining RBS employees have to hope the business gets sold before February 23rd. (Businessweek)
There will be no more SocGen private bankers in Bahrain. (Bloomberg)
HSBC is moving a fund administration unit to Dublin, where it’s cheaper to employ people. (Bloomberg)
Mr. Corzine repeatedly made efforts to enhance his authority over the strategy, including pushing MF Global’s board in 2010 or early 2011 to approve a new subcommittee that could give quicker authorization for European trades going beyond previously set limits. (Wall Street Journal)
Only immigrants with an IQ> 140 to be allowed into the UK in future. (Bloomberg)