The News: Grounded at UBS
Compliance concerns related to tax evasion in the U.S. and other countries prompted UBS to issue "a general travel ban for all staff with client contact in international wealth management ...(pending) a review of its policy and compliance framework," a spokeswoman told Reuters.
UBS introduces worldwide travel ban in wealth management [Reuters]
A Rich Education for Summers (After Harvard) [New York Times]
Geithner Says Government Would Remove Bank Chiefs if Needed [WSJ]
Bankers and Brokers Clamor for Restaurant Work [DealBook]
Meredith Whitney: Bank Profitability Is An Illusion [ClusterStock]
Mayo Says Loan Losses Will Exceed Depression Levels [Bloomberg News]
Job Losses in Legal Sector Continue [American Lawyer]
The recession has erased one in three legal sector jobs created since the previous recession's trough in 2001.
For many unemployed, the recession will outlast even extended jobless benefits [AP via the Hartford Courant]
AIG's CDS Hoard: The Great Unraveling [BusinessWeek]
Schumer Chastises Wall Street Friends Amid Ire Over Bailouts [Bloomberg News]
Feds take over Madoff's Palm Beach estate, find it full of bull [Palm Beach Post]
Citigroup Lowers Its Pitch for Mets' Opening Day Festivities [New York Times]