The fine stems from a joint investigation alleging that the bank laundered $250 billion for the dictatorial Iranian regime.
In the meantime, Finextra has reported that Citigroup has been fined $30,000 by Australian securities regulators for a fat-finger trading error which caused the share price of a stock to plunge by 99%.
Even though the buyout king has no plans to retire, the appointment of Joe Baratta, a 41-year-old dealmaker credited with building up the firm's European buyouts practice, was the latest step in a wider succession plan, Blackstone insiders said.
Finally, Bloomberg reports that ex-Goldman Sachs director Rajat Gupta’s sentencing on securities fraud for leaking inside information to fund manager Raj Rajaratnam was reset for October 17th, a day earlier than previously set.
Gupta, 63, formerly managing partner of McKinsey & Co., was convicted by a federal court jury in Manhattan on June 15 of three counts of securities fraud and one count of conspiracy. Prosecutors said Gupta, who sat on the board of New York-based Goldman Sachs and Cincinnati-based Procter & Gamble Co. (PG), leaked tips he learned from board meetings to Rajaratnam, who had also been his business partner.