The argument - some would say "battle," still others, "assault" - over bonuses and compensation packages goes on. Even if the post-AIG, 90-percent tax is dead, new measures are kicking around, including the House bill passed yesterday, which would preclude companies receiving government capital infusions from paying excessive amounts, with "excessive" being defined by the Treasury.
Well, you know something like that was coming: The House was designed to light fires that would get tamped down as passions cooled, either by the Senate or time. Civics aside, a more interesting notion comes from Darrell Delamaide over at MarketWatch, who suggests bank executives should pay close attention to what's going on in Detroit. Firing GM's Rick Wagoner "as a condition for continued government support sets a new enforcement standard for aid," he writes.
"Be afraid," he says. "Be very afraid."
Obama's coded message to bank execs [MarketWatch]
To Chagrin of Republicans, Compensation Bill Passes [NY Times]
Dream-team investment banking [Fortune]
Wall Street: $1.8B A Year on Data Centers [DataCenterKnowledge]
How To Deal With Recruiters Who Want To Change YourResume [Let's Talk Turkey]
Swiss Re to cut 10% of workforce [MarketWatch]
TD Securities beefs up on Wall Street [Globe and Mail]
Mortimer to Leave Morgan Stanley: Report [Reuters]
OppenheimerFunds shakes up management structure [InvestmentNews]
James C. Stewart to Join Greenhill as Managing Director; Greenhill to Open Los Angeles Office [Greenhill via PRN]
CRG Partners Announces Sheon Karol to Join as Partner [CRG via PRN]