Big Bonuses Are Back For Many On Wall Street (WSJ)
A survey by Johnson Associates “projects that the biggest increases in year-end cash bonuses and equity awards will go to employees in rebounding businesses such as fixed income and equities. Those incentive-based payouts likely will surge by as much as 60% from last year, the survey found. In contrast, declines of 15% to 30% are projected at hedge funds, private-equity firms and prime-brokerage operations.”
Countrywide ex-CEO Mozilo must face SEC fraud case (Reuters)
Orange’s request for a dismissal has been denied, despite this awesome endorsement by his lawyer: “Angelo Mozilo is an innocent man who helped millions of people find a home for more than 40 years,” David Siegel said in a statement.
Goldman Benefits From Trading Bonanza (FT)
Goldman made more than $100m in profits on 36 of the 65 days in the three months to September and recorded more than $50m in profit on more than eight out of 10 trading days, a filing shows today.
ValueLine Pays $45 Million To Settle Fraud Case (NYT)
And chief executive Jean Buttner is out.
UBS Gets Fewest ‘Buys’ as Analysts Fret Over Fleeing Clients (Bloomberg)
Sad trombones in Switzerland: “Of course UBS has done a lot, but outflows at the private bank continue,” said Patrick Lemmens, who helps manage about $14 billion at Robeco Group in Rotterdam, including UBS shares. “I don’t think a restructuring story on its own is enough. UBS is going to be range-bound” until outflows reverse.
State Oversight Of Some Hedge Funds Raises Red Flags (WSJ)
Because it might undermine Congress. CT AG Richard Blumenthal: “This may surprise you to hear my strong preference is for uniform national standards administered by a federal agency rather than state registration or oversight. There is clearly a need for equal treatment of hedge funds residing in different states.”
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UBS Sucks
Let’s say a 50% increase (the article says up to 40% DB says up to 60%…so I’ll split the difference) is doable for a star performer in a good year. The problem is that 2008 reset so many people’s total comp baseline back to the stone ages: 2008 = 80% down 2009 = 40% up. And their talking about “incentive pay” which for most firms means a tube of lubricant and a salve to apply afterwards.
Show me the money…I mean show me the deferred stock, the profit sharing plan and the subordinated debt notes!
@1
I missed you.
How does Ang Moz look in that pic?
@2 the article says 60 percent, if you read on.
That lousy wop Mozilo is a shitheel.
Compared to the fucking shakedown of our Treasury by GS, Moz is Robin Hood. I mean, I understand the great value in advising the Fucktard of Omaha on how much equity to use in buying up his cap and trade nightmare railway, and how he should also split his shares, but ultimately all GS (and the mini bitches that emulate) do is convince state school CEOs to float equity until they can no more, and then to issue debt until that’s a wash, meanwhile trading against them in liquid markets.
@4
He looks so regal in that pic.
@7 Thank you for stating that, Captain Obvious.
We received a package full of Mystic Tan coupons with a note saying
“If you drop the case There will be a steady stream of these for life, with some Boone’s thrown in every now and then. – Ang Moz”
-SEC investigator
@9
you forgot racist, trailer trash, and deranged
‘ow big are yer brists, Bess?
AD
@Douche, could you quadrant some of that for us? Where do the sales teams fit in?
If we get another money never sleeps related post today, thats the last time im visiting this site.
@14 congrats, no one cares.
@8: That’s nothing – he’s only waxing gibbous in that pic, you should see him on a clear night when he’s full.