Here's an interesting piece sent in by one of our readers.
Here are some more reader comments on the subject of the rating agencies and their culpability (or otherwise) for the financial crisis:
We reported last month that Dresdner Kleinwort apparently issued its staff with their bonus numbers in December. But the letters included a 'material adverse change clause', which made it clear that the number contained therein was really only a provisional figure, which could be subject to change, and that any bonuses anyway wouldn't be paid until the end of February.
Here's something sent in by a reader. The memo below has allegedly been published today on WestLB's intranet site, and informs staff that the bank won't be paying bonuses for 2008, unless it is contractually required to do so.
Interesting how some firms handle the issue of bonus announcements in these difficult times.
Send this to someone you love this Valentine's Day.
The Times reports that a former British soldier has shot himself and died as he faced bankruptcy after finding out that his family's life savings had been 'invested' with Bernie Madoff.
Dealbreaker has the following memo, which it claims was sent to Bank of Amercia employees by the firm's Marketing team. Interesting that the main driver to stop the 'jollies' mentioned appears to be not being outed in the press, rather than simply containing costs.
Eight 'Wall Street Titans' rocked up to Capital Hill Wednesday for a grilling over bailouts, bonuses and all the other baloney. It made for great theatre, and gave us a chance to get to know some of these guys a little better. So, based on their performances Wednesday, we have graded 'em.
New York State Attorney General Andrew Cuomo has to written Barney Frank, Chairman of the House Financial Services Committee on the issue of those bonuses Merrill Lynch paid to staff a few weeks back. Here's the full text of the letter: