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'The Bonus Bubble Burst Tonight'

The BBC reports that EU leaders meeting in Brussels on Thursday have agreed to act collectively to put pressure on the G20 to come up with a global solution on banker pay. The Corporation quotes Swedish Prime Minister Fredrik Reinfeld, whose country currently holds the EU presidency, who said: 'The bonus bubble burst tonight. We have agreed to say 'enough is enough', and we need to move away from the current culture of compensation based on short-term performance'.

BofA, BONY, Citi, Goldman Sachs , Lehman Brothers, Natixis

Reuters reports that New York State Attorney General Andrew Cuomo has subpoenaed five current or former Bank of America main board directors, as he continues on his quest to find out who knew what about those 2008 Merrill Lynch bonus payments. The five individuals, William Barnet III, John Collins, Tommy Franks, Walter Massey, and Thomas May, are all said to have been members of the bank's audit committee at the time the bonuses were paid.

Merrill Lynch Claims 'Recruiters' Hatched 'Nefarious Plot' reports that Merrill Lynch has claimed in a US federal court that three people posing as firm recruiters hatched a 'nafarious plot' to fleece innocent jobseekers, by obtaining bank account details on the basis that they were needed after the jobseekers were 'accepted' into a 'paid training program'.


Reuters reports that Wells Fargo has fired Cheronda Guyton, the senior VP responsible for corporate foreclosures who is said to have held weekend parties at a Malibu beachfront property the bank took possession of from victims of Berine Madoff.

Bank Accused Of Permitting 'Suicidal Conduct'


Imagine how you'd feel if you were a victim of Bernie Madoff, and had just had your house repossessed by the bank. What would you then think if you discovered that a bank VP, who worked in foreclosures to boot, was allegedly using your former property at weekends, and hosting parties for his friends ?