Opening Bell: 01.08.10

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London's Investment Banks Double Pay to Lure Back City Talent (Bloomberg)
Great news: "The banks are killing the boutiques," said Daryl Bowden, co-chief executive officer of ICAP Plc's equities unit in Europe and Asia. "They're doubling salaries and offering above-average compensation. Banks today have limited risk so people can work there without fear."
Contrarian Investor Sees Economic Crash in China (NYT)
Jim Chanos "is warning that China's hyperstimulated economy is headed for a crash, rather than the sustained boom that most economists predict. Its surging real estate sector, buoyed by a flood of speculative capital, looks like 'Dubai times 1,000 -- or worse,' he frets. He even suspects that Beijing is cooking its books, faking, among other things, its eye-popping growth rates of more than 8 percent." Meanwhile, Jim Rogers, who says China "is not a bubble,"' is making the bold claim that Jim Chanos didn't know how to spell 'China' as of ten years ago.
Swiss Regulator Broke Law on UBS Client Disclosure (Bloomberg)
Oops: Switzerland's financial markets regulator broke the law when it ordered UBS AG to give data on 255 of the bank's clients to the U.S. last year, a court ruled. "Even if Finma was in a difficult situation because of the threat of a lawsuit against UBS, it shouldn't have authorized the data transfer without following the proper administrative procedure," the court said in a statement attached to the ruling. "An authority like Finma cannot apply state of emergency measures in place of the government."
Tip Of Iceberg (New Deal 2.0)
Eliot Spitzer still wants to see those AIG emails. You people can't hide much longer.
TCW Group Sues Former CIO Jeffrey Gundlach For Having Drugs, Pornos And 12 "Sexual Devices" In Office (DB)
In case you missed it yesterday.
Goldman Sued By Pension Fund Over Bonus Plans (Reuters)
In a lawsuit filed in New York state supreme court in Manhattan on behalf of shareholders, the Central Laborers' Pension Fund said Goldman had by September 25 set aside nearly $17 billion for compensation and might pay out more than $22 billion for the year. It said this "highlights the complete breakdown" of corporate oversight.
Spending Bonus Cash Becomes Risky as Clawback Rules Increase (Bloomberg)
Seventy-three percent of Fortune 100 companies, or the largest U.S. firms based on revenue, said they had clawback policies in 2009 compared with 18 percent in 2006, according to Equilar, a Redwood Shores, California-based executive compensation research firm.

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