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Wall Street Drug Use & City Drinking

The Wall Street Journal reports that, according to Sterling InfoSystems Inc., a company that provides employment screening services, cocaine showed up in 7% of the positive drug tests undertaken at Wall Street firms last year, down from 16% in 2007.

Will You Be A Survivor In The Brave New World ?

Gloria Gaynor

To paraphrase US President-elect Barack Obama (not to mention Sam Cooke), it's been a long time coming, but a change has finally come. The financial markets industry has for many years been the career path choice of countless graduates and the envy of those on the outside. Average companies, run by clueless CEOs, have been able to post phenomenal profits. And ordinary people have been able to walk off each year with extraordinary compensation packages. The last few years of massive leverage have spawned a me-first culture of excess which culminated in the subprime debacle, and ultimately resulted in trillions in writedowns, billions in corporate losses and tens of thousands of layoffs.

Bonuses - The World's Worst Location For Bankers ?

It looks like the UK, and that's because, as usual, the authorities there are naive good old boys who have played with a straight bat on the bonus issue, while others have made plenty of noise, but largely left banks and bankers to their own devices when it comes to making year-end payouts.

Goldman, HSBC, Nomura, UBS

The Financial Times reports that Goldman Sachs International has filed a lawsuit against Natixis over the French bank's decision to terminate three credit default swap agreements Goldman purchased.

Prop Traders Wanted

The Wall Street Journal reports that UK fund manager Gartmore is looking to take advantage of any fallout following the introduction of the 'Volcker Rule', and beef up its hedge fund activities by nabbing some decent traders looking to move on from their current roles at investment banks.