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42-year-old banker told terrible lies to pay school fees

It’s the kind of truism that doesn’t make friends among families struggling to get by on average incomes during a time of high and rising inflation, but earning an income isn’t always easy. six figures when you also pay tuition and indulge in the kind of lifestyle most people have no choice but to live without. That’s why it was recently discovered that one-third of Americans earning more than $250,000 lived paycheck to paycheck.

It’s unclear how much Rajesh Ghedia earned at Bank of America, but it appears he was one of those people stuck in a cycle of excessive spending. Ghedia, who lived in Maidenhead, a market town an hour from London, had school fees to pay. He had mortgages to maintain and fancy cars to buy. And somehow, the amount the bank paid him was not enough.

It doesn’t help that Ghedia, 42, wasn’t working in a front office role at Bank of America and therefore didn’t earn the $1.2 million BofA paid its average senior risk-taker in London in 2020. Instead, as program head of the bank’s global technology and operations division, he was unlikely to have earned much more than £150,000 a year. Ghedia worked in the back office and spent like someone at the front.

Ghedia would not be the first employee of the banking back office to get carried away by expenses. Nor would he be the first to resort to nefarious means to keep his bloated lifestyle afloat. – Joyti Waswani, a secretary at Goldman Sachs, stole £4.5million from her bosses in 2004 and spent it on houses, boats and jewellery. Ghedia, however, seems to have taken the moral compromise several steps further: he lied when he said he had pancreatic cancer in a £1.2m insurance fraud; pretending to be the head of the trade, he told the parents of his children’s school friends, his own cousin and a former taxi driver that he could invest their money with Goldman Sachs and diverted it to his own funding; he said his daughter was killed in a car accident to avoid communicating with his victims.

Ghedia was finally discovered. After pleading guilty to 30 counts of fraud over a five-year period, he was sentenced last week to almost seven years in prison. “Ghedia shows no signs of having a moral compass,” said one of the detectives investigating her case. “Investment fraudsters often hide behind social media profiles or target complete strangers. Ghedia was far more brazen than that, introducing himself in person to acquaintances as a senior trader at one of the world’s largest investment banks,” another sleuth noted.

Ghédia appears belatedly penitent. His defense attorney said he “accepts full responsibility” for his crimes.

Separately, young quants and technologists burned by layoffs at Coinbase are still needed by the crypto industry. While Coinbase hasn’t guaranteed there won’t be more job cuts, crypto firms are reportedly creating bots that crawl blockchains, looking for traders who are about to be liquidated, then liquidating (potentially helping to force the price of a token below a viable level) and collecting a fee.

A 20-something technologist in the liquidation bot business told Bloomberg that it was feast or famine work: “You sometimes go a week or more without any significant liquidation. However, when liquidations occur, there are usually many at once. You basically have to work long hours while making $0 profit, so you’re ready for the big day or two where you might be able to make a million dollars at a time.


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Blair Effron Co-Founder of Investment Boutique bank, says mergers and acquisitions are now less cyclical due to technological change and that M&A fees this year will be at their pre-pandemic norm. Next year might be a little different, though. (FinancialTimes)

David Elliot Shaw, founder of DE Shaw, uses his mathematical abilities to create ultra-fast, atomically detailed simulations of the three-dimensional motion of biologically and pharmaceutically important molecules. (Alphaville)

Ex-Goldman MD Jamie Fiore Higgins has published a book about alleged discrimination rampant at the bank. Among other things, she says she was made fun of when expressing milk. Goldman denies his claims. (Bloomberg)

Peter Selman, the former head of equities at Deutsche Bank, became an expert witness. (Financial News)

Complaints from young bankers to the DB. “Long hours, teams half the size of before the pandemic, pay below the street.” (Yahoo)

Deutsche Bank bankers resign in Hong Kong. (FiNews)

The managing director of JPMorgan Asset Management says it’s harder to keep people. “We have to work more closely to keep people on board” because “people have more options. I don’t call that the big resignation. I call it the big bargain. (FinancialTimes)

Latest news from private equity professionals The SuperReturn conference in London brought together Duran Duran, DJ Mark Ronson and Groove Armada. Concerns have been raised about funds paying high multiples for companies that appeared to be growing rapidly, but are currently not. Optimism has been expressed about the potential for buying businesses at low prices later this year. (FinancialTimes)

Goldman Sachs’ Jim Esposito kept his coat on at last week’s Goldman event at the Serpentine, despite it being the hottest day so far of the British summer. (The temperature)

Asian and white men are more likely to be described as “geniuses” in performance reviews. (Axios)

Seven hours of sleep is optimal for middle-aged people. (Cambridge University)

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