The League Of Nations Didn't Work Out So Well, Either

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Now renting at a steep discountNot to pile on Dubai today, but we thought we'd offer a hearty congratulations to the crowd of media-hungry, isolationist, rabble-rousing politicians who fought so hard three-and-a-half years ago to keep American ports out of the hands of Dubai Ports World, a subsidiary of Dubai World, formerly thought to be a subsidiary of the Dubai government.
Now, we know their concerns had more to do with the unpleasant prospect of Arabs running out ports than with an impending debt crisis in the emirate, but bravo. Your racism has helped insure our shipping industry isn't relying on a bankrupt disaster of a company.
Who wound up buying those ports, again? Oh, right. These guys.

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Deferring 'Significant' Amounts Of Compensation, Placing Caps On Bonuses Not Working Out So Well For Barclays

Only in that senior people the bank worked hard to recruit are quitting en masse. Otherwise, it's great. Barclays spent a decade assembling a team of the most successful gas and power traders in Europe. It took less than 16 months to lose most of them. Mercuria Energy Trading SA, based in Geneva, hired five members from the group of about a dozen from March 2011 to June this year, including Phil Sutterby as head of U.K. and European gas and Roger Jones, the former global chief of commodities, according to people with knowledge of the moves. Another six left for companies including UBS, Noble Group Ltd. and Freepoint Commodities LLC. The departures from the U.K.’s second-biggest bank reflect bonus caps, limits on the amount of money traders can risk and shrinking revenue from the division that includes commodities. While hiring from hedge funds and rival lenders helped Barclays catch up with Goldman Sachs and Morgan Stanley in commodity derivatives, according to Greenwich Associates, a focus on deferred pay left the bank vulnerable to headhunters. “The significant amount of deferred compensation and the aggressive cap on cash payouts at Barclays has unsettled a number of individuals,” said Peter Henry, New York-based head of front-office research at Commodity Search Partners. “Add to that the fact they have been systematically targeted by privately held trading houses, specifically Mercuria, and it’s fairly understandable why senior traders are leaving.” Bonus Limits Spark Exodus At Barclays Trading Unit [Bloomberg]

Derivative Of Derided Derivatives In The Works

So credit-default swaps have a pretty bad rap in the wake of that whole financial crisis. And people apparently aren't interested in trading things that some parts of the general public (otherwise known retail investors) blame for the aforementioned unpleasantness without actually understanding anything about CDS. The IntercontinentalExchange has an idea to change all of that: