'The UK, France and Germany have called on the European Union to send a strong message at the G20 in Pittsburgh that it is “fully and firmly resolved” to implement stimulus plans.
'The test of a first-rate intelligence is the ability to hold two opposing ideas in mind at the same time and still retain the ability to function'. - F Scott Fitzgerald
Another day, another story Bank of America could do without.
Here's the executive summary of the Office of Inspector General's report on the SEC's handling of the Madoff affair.
The 16th annual Institute for Policy Studies 'Executive Excess' report exposes this year's windfalls for top financial bailout recipients.
Mary Shapiro, Chairman of US regulator The Securities and Exchange Commission, has written to the CEOs of several US broker-dealer firms / units, warning them that pay deals and incentives for financial advisors could result in dodgy sales practices.
Bloomberg reports that, according to a new study by the City of London, employment levels at British, French and German financial markets / services firms will not return to 2008 levels before 2013. According to Bloomberg data, European banks and financial markets / services firms have cut some 140,000 jobs since the third-quarter of 2007.
New York Magazine reports that times are hard for New York's cocaine dealers.
The Wall Street Journal reports that Bank of America is said to have offered to repay the US government part of its bailout support, perhaps as much as $20bn of the $45bn it has taken over the last year or so. Repayment of $20bn would mean that the bank would no longer by regarded as an 'exceptional' aid recipient, and it would therefore not have any of its compensation overseen by the US 'pay czar'.
The Times reports that some hedge funds, fund managers and investment banks (mainly European or Japanese) are considering paying 2009 bonuses before April 4th next year, in order to save UK-based high-earners the additional 10% tax which will be imposed on anyone earning over £150,000 effective 5th April.
The Court of Appeal ruling on a dispute between 104 London-based bankers and Dresdner Kleinwort (now part of Commerzbank) over a guaranteed minimum bonus pool of $521m has been handed down, says GQ Employment Law, the specialist employment law firm.
Commerzbank must pay $65m to 104 bankers at its now-defunct Dresdner unit after a U.K. appeals court refused to overturn a judge’s decision that the German lender must honor its promises on bonuses.
100 straight quarters of profits!