Wednesday's Headlines: Ex-Bank Prop Traders Start Wave of New Funds

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Bank Teams Rush To Set Up New Funds [FT]

Proprietary traders fleeing investment banks on the eve of the new U.S. financial reform law are fueling a wave of new hedge fund start-ups.

Financial Bill to Close Regulator of Fading Industry [NY Times]

The 1,000 employees of the Office of Thrift Supervision enjoy up to four years of job protection even though their agency will be abolished under the financial reform bill poised to be signed into law this week. Most will be shifted to the Office of the Comptroller of the Currency, where they will continue to oversee the same companies.

Feinberg's Not Done With Banks Yet [Fox Business]

Ken Feinberg, the government's banking pay czar (who's about to move to a new government post overseeing the BP claims fund), reportedly is "leaning" toward forcing some former bailout receipients to return additional money to the government, pegged to amounts those banks' executives were paid as bonuses for 2008.

Compensation 2010. Crisis? What Crisis? [RegisteredRep]

Income of registered investment advisors rebounded in 2009, nearly returning to 2007 levels, RegisteredRep's 2009 compensation survey finds.

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