As recently as a month ago, the media were full of stories predicting that Wall Street's best performers would flee government-aided banks for boutiques and foreign institutions, in order to escape legislated compensation caps and other indignities that Washington saw fit to impose on firms that accept its largesse.
The feared exodus has failed to materialize, proclaims the "Heard on the Street" column in Thursday's Wall Street Journal. Yet, the story names no sources and states no other evidence beyond this vague observation: "Traders and bankers who would normally move in a heartbeat for a higher offer have been surprisingly loyal, recruiters say."
That assertion sounds rather thin, when weighed against the numerous actual defections detailed in previous stories in the WSJ and elsewhere.
Bankers Huddle Under the TARP [The Wall Street Journal]
US banks swamped as refi fever takes hold [Financial Times]
The latest mortgage refinancing boom is creating thousands of new jobs at Bank of America, Wells Fargo and other institutions - and mountains of overtime work for loan processors.
Geithner to rein in derivatives [Fortune]
New regulations would boost the role of clearing houses, exchanges - and, presumably, the government agencies (such as the CFTC) that regulate them.
Frank to introduce muni-market legislation as 4 separate bills [Bond Buyer]
One measure is expected to require municipal financial advisers to register with the SEC and adhere to a fiduciary standard.
Crouching tigers [The Economist]
Asian economies are likely to be the first to pull out of the global recession.
Someone Bids $13,000 for Huffington Post Internship [Ad Age]
Why Settle for Free Content When Journalists Will Pay You?
Malbec Partners Continues to Expand Alternative Asset Management Platform [ Malbec Partners, via PRNewswire]
FBR Capital Markets Launches Credit Sales & Trading Platform [ FBR Capital Markets, via PRNewswire]