Geithner Could've Been Citi CEO (NYT)
"Mr. Geithner met frequently with Sanford I. Weill, one of Citi's largest individual shareholders and its former chairman, serving on the board of a charity Mr. Weill led. As the bank was entering a financial tailspin, Mr. Weill approached Mr. Geithner about taking over as Citi's chief executive.
But for all his ties to Citi, Mr. Geithner repeatedly missed or overlooked signs that the bank -- along with the rest of the financial system -- was falling apart. When he did spot trouble, analysts say, his responses were too measured, or too late."
Sex, Lies And Videotape: The Bank Of America Experience (WSJ)
Doesn't tell us anything we didn't already know but it's nice to see his name back in print. "In an effort to restore his sullied reputation, the 53-year-old Mr. Thain is striking back at Bank of America Corp. He claims the bank lied about its role in the giant bonuses and losses at Merrill Lynch & Co. that cost Mr. Thain his job in January, after Bank of America bought the troubled brokerage.
"Getting fired is one thing. But nobody has the right to say things that they know aren't true," said Mr. Thain, who had been Merrill's chief executive, during one of a series of interviews with The Wall Street Journal."
Head of UBS Investment Bank Unit Steps Down (NYT)
Jerker Johansson-- out.
UAW Reaches Deal With Chrysler, Fiat And US (WSJ)
"Immediate terms of the deal were not released, but the agreement is believed to include about a 50% reduction in the amount of cash Chrysler owes a $10 billion health-care fund that was set up in 2007. The auto maker is also expected to have won at least hundred of dollars in per-car labor savings from the UAW.
The UAW will likely get cash and equity in Chrysler in exchange for its concessions. A deal with Chrysler is a stepping stone toward avoiding bankruptcy protection, according to a person familiar with the matter. Still, "a lot of work remains in order to get the good case scenario."
Fiat SpA, which has been positioning itself as a potential equity-alliance partner with Chrysler, had demanded that the UAW make significant concessions before agreeing to a deal. The Treasury Department, which has pumped $4.5 billion into the auto maker, also demanded givebacks by the union."
Wall Street Pay Bouncing Back (NYT)
While it's true that there's considerably less of us gainfully employed, those of us that have managed to hold on to jobs are going to be earning considerably similar salaries to pre-meltdown, which has to chap some asses. According to the article Goldman should turn an average income of around $570k this year, which JP Morgan weighing in at $510k.
Bea Arthur Passes Away At 86 (Reuters)
The Golden Girls seductress will be missed.
Bloomberg To Expand Despite Terminals Threat (FT)
"Bloomberg is planning a sustained investment in its technology and news operations, arguing that it can gain market share even as sweeping changes in financial markets pose the biggest threat to sales of its data terminals in its 27-year history.
Peter Grauer, chairman of the company controlled by New York mayor Michael Bloomberg, told the Financial Times that it had seen a fall of just over 2.5 per cent in terminal numbers since they peaked in November, implying about 7,500 net cancellations from a subscriber base of about 300,000."
Swiss Politely Ask American Government To Fuck Themselves Over Names (NYT)
The Swiss are asking that the US (Geithner, specifically) drop its quest for names related to an ongoing tax investigation, and is instead proposing a new treaty between the two nations. The new treaty, however, won't cover the names of the ongoing; there's a bit of a stand still here. I can see the Swiss sooner handing over their teenage boys to Geithner than giving up the names of investors suspected of tax evasion.
"Switzerland instead is proposing to negotiate a new tax treaty with the United States that would make possible such disclosures in the future. However, the treaty would not apply to the clients in the continuing case. The current treaty, signed in 1996, does not require Switzerland to disclose clients' names, and the United States is eager for a new treaty that does. Formal talks on a new treaty are scheduled to start on Tuesday."
Allianz And Amex To Cash In On ICBC (FT)
"Two more foreign investors in Chinese banks are expected to cash in lucrative stakes and raise a total of more than $2bn this week as a lock-in period ends for their holdings in Industrial and Commercial Bank of China.
Allianz, the German insurer, holds nearly 2 per cent of ICBC, while American Express, the US financial group, owns 0.4 per cent, and each is free to offload half of their holding as early as Tuesday."