Wednesday's Headlines: Goldman 'Goes For Bones, Chews Necks' in China

Goldman Sachs is the subject of a not-so-flattering book that accuses the firm of trying to destroy China. The Goldman Sachs Conspiracy has sold 100,000 copies since its release in June. ''Like a fox chewing a bone, Goldman Sachs knows the rules of the game and when to go for your neck,'' writes author Li Delin. No comment from Goldman Sachs on its hunting methods. [NY Times]

UBS will create an M&A team in China. The team will be headed by Philip Partnow, a Mandarin and Japanese speaker who helped set up the bank's brokerage and investment-banking venture there. UBS ranks second in advising on Chinese M&A deals this year, behind China International Capital. [Bloomberg]

Swiss insurers are offering psychological counseling to bankers in a campaign to limit rising claims from burnout. Zurich Financial Services is extending 30 percent discounts for therapy while Baloise Holding plans to introduce health evaluations next year. [Bloomberg]

Bob Herz, chairman of the Financial Accounting Standards Board, unexpectedly announced his retirement, giving way to a shake-up at the accounting rule maker. Herz's exit - two years ahead of his expected retirement - means the two top positions in global accounting are now in play. Sir David Tweedie, head of the International Accounting Standards Board, plans to retire next year. [FT]

Bank of America is looking for 1 million square feet of office space in New York City and may consider moving into 1 World Trade Center. The bank's distributed requests throughout lower and midtown Manhattan. [Bloomberg]