The News: Don't Hold Your Breath

Is the Treasury Secretary Geithner about to lay another egg, as he did back in February when he announced a financial stability plan long on verbiage but short on specifics?

Bloomberg News has a prominent story this morning whose headline blares that Geithner is calling for 'very substantial' change in Wall Street's compensation model.

The Treasury Secretary just gave Bloomberg TV a wide-ranging interview that's set to air tonight and over the weekend. However, rather than revealing anything new, the interview reads like a mere curtain-raiser for the administration's actual reform proposals, whose content will be announced in coming weeks.

The only detail I noticed that may not have been previously reported elsewhere is a mid-June target for rolling out the administration's plan to help realign pay with performance.

Geithner Calls for 'Very Substantial' Change in Wall Street Pay [Bloomberg]

Career advice from Goldman's star execs [Fortune]

Star execs who are female, that is.

Undergrads Shuffle List of Dream Employers [Business Week]

Bear Stearns to Algebra I Means Lost Dollars in Trickle-Down [Bloomberg]

People:

Evercore's Altman Gives Up CEO Post [WSJ]

Ralph L. Schlosstein, co-founder of BlackRock, has taken over as chief executive, as Evercore moves to expand in asset-management and other areas outside its core advisory practice.

Brought In to Lead AIG in Upheaval, Liddy to Resign [Washington Post]

Can BofA CEO Ken Lewis Keep His Job? [Business Week]

For now, Washington is angling to push him out, while the company's board is on his side. Financial results over the next few quarters could tip the balance either way.

Note: "Our Take," Jon Jacobs' column which normally appears every Friday, will resume May 29.