The News: Shame on You. Get Back to Work

Is it just me, or does Barack Obama's rhetoric on Wall Street bonuses seem a bit like a shotgun blast? I'm not a hunter, but I'm told that buckshot has a way of scattering so that it can impact anything standing on either side of your target. That keeps going through my mind as I read the president's remarks criticizing the "shameful" payment of bonuses last year. Certainly, a lot of people who did a lot of damage have gotten a lot of money, but no one's saying much about the investment business's rank and file - the professionals who get into the city by commuter rail and would have to pull their kids out of college if their bonus wasn't paid. So whatever bonus you're getting, if you're getting one, prepared to be made to feel guilty about it.

And here's one thing to comfort yourself: Despite Andrew Cuomo's and Chris Dodd's talk about clawing back bonuses, it's a lot easier said than done. [Dealbook]

At the same time, Wall Street's compensation model may be in for some real changes. [Bloomberg]

Meanwhile...

More cuts may be coming at Goldman Sachs and Morgan Stanley [Dealbook]

Citi's top producers won't get those trips to Scottsdale for a while [NY Post]

UBS is cutting bonuses as much as 80 percent [Reuters]

But...

No matter what, Wall Street still offers promising jobs. [WSJ]

Chastened quants envision a future for themselves [Portfolio]

And...

Ellyn McColgan leaves Morgan Stanley [Pensions & Investments]

John Barber is leaving Citi Private Equity [Dow Jones via CNNMoney]

Moynihan pushes BofA brokers to get down to business [WSJ]

Mmmmm, Brains. Night of the Zombie Bank [Portfolio]

In case you need a distraction, maybe you SHOULD go to the Super Bowl [Business Sheet]

An IPO rebound in the second half? [Dealbook]

Time began around 1982 [Dabagirls]

Hell hath no fury like a fired engineer [eWeek]