Rumours abound that UK Chancellor Alistair Darling is preparing to levy a supertax on rich bankers to make his boss, Gordon Brown, feel better about screwing up the economy. A politically motivated move of this kind would also go down well with the masses, who doubtless will cry that greedy bankers have at last got their come-uppance.
The decision by Dubai World, Dubai's sovereign wealth investment fund, to delay interest payments on its $60bn of debt, has sent the global markets into a tailspin. But is it really the end of the world ?
The Sunday Telegraph reports that ICAP CEO Michael Spencer made a speech last week in which he said that he was 'genuinely offended' by Financial Services Authority Chairman Lord Turner's description of bankers as 'socially useless'.
The Financial Times reports that Royal Bank of Scotland has signalled that it will 'succumb' to pressure from the UK government to keep its 2009 bonus pool broadly in line with last year.
The Financial Times reports that Citi is to 'intensify its efforts to break free from the US government shackles', despite failing to convince the authorities that they are strong enough to stand alone without US government backing.
The cost of that Mizuho Securities trading blunder appears to have increased by some 50%. The botched share trade now looks likely to set the Japanese firm back around $335m, although the Tokyo Stock Exchange may well have to bear some of the pain, as a systems failure meant that Mizuho was unable to cancel out the trade when it first spotted the error.
Reuters reports that The New York Stock Exchange (NYSE) has fined Morgan Stanley $300,000 over a fat-fingered trader who, in September 2004, entered an order to buy $10.8bn of stocks - when the buy order was actually for $10.8m.
Reuters reports that the Benedictine Sisters of Mt. Angel in Oregon have joined a shareholder resolution which urges Goldman Sachs to pay reasonable (but not excessive) bonuses this year-end.
Credit Suisse's Canary Wharf staff were freezing their 'n.ts' off out in the cold Monday, after being evacuated following the outbreak of a fire.
Financial News reports that Goldman Sachs was forced to close its Moscow HQ on Friday, after a fire broke out in the complex which houses the firm.
A former Morgan Stanley employee, burdened by gambling debts and fearing for his job, killed his wife 'in a fit of rage' last July, London police said after he was sentenced to life in prison Thursday.
But it's not all bad news for the industry, as the 'best' people are still said to be in demand.
But this one is a bit different.