Here are a few comments on our recent 'Even A Chimpanzee Could Run Goldman Sachs' item, which ponders whether the structure of the financial system itself is mainly responsible for Goldman's strong earnings, and that bonuses should therefore be capped to reflect this.
Life's not too good right now for former Credit Suisse broker Julian Tzolov.
Those wags over at Dealbreaker were enjoying themselves yesterday. The website points out that Goldman staff evacuated the firm's 85 Broad Street NY headquarters building Wednesday (some say due to another low-flying aircraft, although Goldman insists it was merely a routine fire drill).
It's showtime! Former Treasury Secretary Hank Paulson is due to testify before the House Committee on Oversight & Government Reform Thursday, as the Committee continues its probe into Bank of America's acquisition of Merrill Lynch.
The Financial Times reports that Citi is close to signing-off an a 'secret agreement' with US regulator The Federal Deposit Insurance Corporation (FDIC)'.
Here's an interesting exchange between one of our readers and the Here Is The City editor about the profits made by Goldman Sachs and the bonuses that will be paid to staff as a result.
Spare a thought for all those Masters of the Universe who have fallen on hard times. In the good old days (before subprime chickens came home to roost), big bonused bankers had plenty of toys - fast cars, luxury pads - and yachts. But not anymore.
Here's an interesting perspective from Larry Levine, founder of Wall Street Prison Consultants, who has a rather pessimistic view of Bernie Madoff and the chances of him surviving long in prison.
Bloomberg reports that Darin DeMizio, a former stock lending supervisor over at Morgan Stanley, was banged up for 38 months for his part in a stock-lending scheme that resulted in $1.7m in kickbacks being paid to his family.
Fortune magazine has a list of the Top 50 money losing firms in 2008. Here's the top 20 in the financial institutions category.
Kareem Serageldin, the ex-global head of Credit Suisse’s structured credit trading business, pleaded guilty to conspiracy, saying that when he discovered subordinates falsifying the value of mortgage-backed bonds in late 2007, he joined the scheme rather than stop it.
At least that's what the smart money's saying.
Royal Bank of Scotland’s Japan brokerage head resigned after the country’s financial regulator punished the unit for attempts to manipulate benchmark interest rates.