Compensation Bill Passes, 247 to 171 (NYT)
The bill limits bonuses to being purely performance based and not "excessive."
"Amid the populist furor, the House overwhelmingly approved a near total tax on any bonuses paid since Jan. 1. But that legislation stalled after President Obama expressed misgivings. Senate Republicans also voiced opposition to it."
Greenberg Crusades To Save His Name, No One Cares (WSJ)
Greenberg is scheduled to meet before the Oversight committee today in DC, but I'm not entirely sure the old coot didn't plan/invite himself. You look at this guy and you see senility creeping in; you half expect him to grab a microphone and start rambling on about how much he his dog snowflake. But...the Hank does know AIG, and I'm sure he'll be able to dish up plenty.
Lewis: Merrill Will Pay Off In 2011(ish)
Back To The UBS Tax Fraud (NYT)
We knew this wouldn't stay shelved long: the IRS is delving into about 100 lucky winner's tax files. The majority of the people are worth a bit more than $100MM, but there's the odd case of the widow/heirs that weigh in at $50MM (it's kind of humorous that by extension, Americans hate tax evading old-lady widows).
"UBS turned over approximately 285 client names as part of its settlement agreement but is fighting Justice Department and I.R.S. attempts to force it to turn over as many as 52,000 additional client names. A federal judge has given the bank until April 30 to push for the equivalent of a trial on the matter. Under Swiss financial secrecy laws, disclosing client data is a crime in all but the most egregious cases."
G20 Leaders Spar Over Hedge Fund Rules (Bloomberg)
"The summit marks a "unique chance" to "thoroughly" change the financial system, Merkel, who faces elections in September, said at a news conference in London yesterday. "That's why we're being a bit tough."
""It's not at all clear why Sarkozy and Merkel are making such a show," said Morris Goldstein, a former economist at the International Monetary Fund and senior fellow at the Peterson Institute for International Economics in Washington. "On regulation, the differences really aren't that big.""
Investing In Citi (WSJ)
It looks like individual investors (mom & pop) are running to Citi for a bounce. Good move or set up for a loss?