Despite Critics AIG Sets Bonuses (WSJ)
The insurer is moving forward with a plan to accelerate bonuses to employees of its financial products division after they agreed to a $20 million reduction in $195 million of previously promised awards. AIG said it believed the recouped $20 million "allows us to largely put the matter behind us." The company added it will continue to work with former employees to recoup the remainder "over the next few months."
Goldman To Defer Brits' $ (NYP)
Supposedly partners across the pond, whose bonuses were capped at $1.6 million, "expect the bank to make them whole through stock grants this year or early next year."
BofA Approved More Than $4 Billion in 2009 Pay (Reuters)
On average, a quarter of the payout will be in cash and the rest will be deferred payments of restricted stock or cash paid over one and a half or three years.
SEC asks Paulson & Co for fund information‎ (FT)
The people familiar with the matter said they believed that Paulson & Co was not a target of any investigation. The SEC and Mr Paulson's firm both declined to comment.
Volcker's Understanding Of PE Comes Across As Hazy (PE Beat)
Does former Federal Reserve Chairman Paul A. Volcker know the difference between private equity firms and hedge funds? Some people think not.
Mole In Galleon Case Identified (WSJ)
Elyse Slaine's ex-husband: David Slaine, a former hedge-fund manager, pleaded guilty to criminal charges that he engaged in insider trading several years ago based on tips about upcoming UBS AG analyst recommendations, generating more than $3 million in illicit profits for the hedge-fund where he worked. As part of his plea--unsealed on Tuesday in a New York federal court--Mr. Slaine agreed to cooperate with prosecutors from the Manhattan U.S. Attorney's office.
Hedge fund manager banned and fined for inflating trading positions (Guardian)
Senior hedge fund manager Simon Treacher has been banned from working in the City and fined £140,000 by the Financial Services Authority for deliberately inflating the value of trading positions which caused his former employer BlueBay to pay $650,000 (£407,000) in compensation to customers.
Wall Street Laughs At Volcker (TDB)
(According to Charlie Gasprino.) "If Volcker thinks what he's saying is going to stop another financial collapse, he's crazy," one CEO recently told CG.