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Market Turmoil Continues To Take Its Toll

The Daily Telegraph reports that US Federal Reserve chairman Ben Bernanke has said that the problems facing the US economy from the fall-out of the US housing market are potentially more devasting than those it sustained from the collapse of the internet boom in 2001. Comparing the 2001 slowdown, Bernanke said that 'the effects of the stock market declines (then) were primarily on investments. In this case, consumers are taking the brunt of the effects'.

Top Firm Investors Call For Return Of Staff Bonuses

Oliver Twist

A heckler had to be physically restrained at UBS's extraordinary shareholder meeting Wednesday. The unindentified man attempted to climb onto the stage, forcing UBS chairman Marcel Ospel to leave for approximately 5 minutes. There's no truth in the rumour that the disgruntled man was former UBS CEO Peter Wuffli.

Latest Other Market News

The Wall Street Journal reports that Citi CEO Vikram Pandit has appointed Brian Leach, who previously was the chief risk officer for hedge fund Old Lane (which Pandit founded), as the company's CRO. Pandit told staff in a memo that 'as our industry grapples with one of the most difficult periods in market history, we at Citi are moving aggressively to transform our risk-management culture into a significant competitive advantage'.

You Know It Must Be Bad When

your boss actually acknowledges you with a 'good morning'. He's clearly under pressure as revenues have fallen away. He's worried he's vulnerable for the chop, so hopes that being nice to his staff (for once) will buy him some time.

6 Top Firms Said Likely To Writedown $27bn More In Q1

Unhappy Vikram Pandit

Goldman Sachs has come out and said that it expects six of the top US firms to report additional writedowns totalling some $27bn in the first-quarter. Goldman says that the writedowns will result from the falling values of mortaged-back securities and leveraged loans.