Late Lunchtime Links: The plight of the overqualified

US blog site Stone Street Advisors raises an interesting point about the many people in financial services who accepted jobs of the last resort in 2008 and 2009 and would now quite like to move on.

Do they have any hope of regaining their former glory in 2011? Probably not. The article points out that there are loads of overqualified people in positions incompatible with their depth of

experience, but that some jobs just aren't coming back.

Apart from that, many of the overqualified are likely to have been pigeonholed in their new under-demanding positions. And they're in danger of flooding the market by all sending in their CVs at once. One London headhunter says most of the CVs he's getting at the moment are from people from Lehman who grabbed the first job going (Nomura?) and are now having second thoughts.

Oswald Gruebel is walking a tightrope. He can encourage UBS AG's investment bank to take more risk or watch it fall further behind rivals. (Bloomberg)

"I do not know what I can pay people, how I can pay people, or when I will know what I need to know." (Financial News)

The FSA is trying to dictate the pay of bankers on Wall Street if they have a significant influence on the UK. (Sunday Times)

The UK Treasury is preparing to cut the banking levy to make sure it doesn't raise more than 2.5bn. (Guardian)

Something has to give. With too many heads relative to revenues, either compensation levels have to fall or noggins must roll. (Financial Times)

Wall Street CEO pay is NOT in the top 10. (MoneyWatch)

SocGen sees Africa as a route to China. (Financial Times)

Merkel wants private investors to lose in sovereign bailouts following the introduction of a permanent crisis resolution mechanism in 2013. (Reuters)

In 2013 the EU would have to choose between a full-fledged, open-ended bail-out, and reneging on the promise that existing debt would not be restructured. (Telegraph)

It's not about Ireland any more. (Baseline Scenario)

European officials are trying to persuade Ireland to agree to a big rise in corporation tax. (Sunday Times)

Zurich Insurance might not move to Dublin after all. (Sunday Times)

Bank of Ireland says funding is 'difficult.' (Telegraph)

It will become a case of beggar thy neighbour, as states vie to attract the cornucopia of financial services by promising lighter and lighter regulation. (SundayTimes)

Who's hiring in private banks? (Reuters)

World hedge fund number 2 emerges on Wimbledon Common. (Guardian)

Cedar wood, inlaid as a tiny block in a polished floor, can help you avoid run-ins with regulator. (Financial Times)

How Goldman benefits from QE, the animated version. (YouTube)

US Sino-Currency Rap battle. (YouTube)