Bloomberg Xs & O (NYP)
Apparently Obama doesn't love Dimon and Blankfein's packages as much as Bloomberg would've had us believe. The White House claims the newswire took the Presidents statements out of context yesterday, and released a transcript of the interview, wherein he'd added, after saying all those nice things: "I do think that the compensation packages that we've seen over the last decade at least have not matched up always to performance."
AIG Launches New System for Incentive Pay (Reuters)
Under the plan, which is being pushed by Chief Executive Robert Benmosche, AIG will rank employees on a scale of 1 to 4, based on how they do relative to their peers. The top rank will go to only 10 percent of the employees, who will be eligible to get higher incentive pay. Rank "2" will go to 20 percent of the employees and rank 3 will be given to 50 percent. Those who get rank 4 will get minimal incentive pay.
Credit Suisse swings to profit as inflows continue (MarketWatch)
The bank reported a net profit of 793 million Swiss francs ($745 million) in the final quarter of 2009, compared to a loss of 6.02 billion francs a year earlier, when the business took write-downs on risky loans and other assets.
Wall Street's Biggest Bonuses Go To Not So Big Names (NYT)
Topping the list is John G. Stumpf, head of Wells Fargo, according to an analysis of 2009 compensation in the industry. Mr. Stumpf was paid a personal best of $18.7 million in cash and stock for 2009 -- up 64 percent from 2007, just before the financial crisis struck. But he's not Lloyd or Jamie so no one cares.
Global bank tax near, says Brown (FT)
Gordon Brown said on Wednesday the world's leading economies were close to agreeing a global bank tax, amid hopes in Downing Street that a deal can be concluded at the G20 summit in Canada in June.
Gundlach Sues TWC For $1.25 Billion (NYT)
Gundlach asserted that he was wrongfully dismissed, and he denied stealing any of the firm's intellectual property. "I believe the facts stack up overwhelmingly on our side," Mr. Gundlach said in a statement. "I would be delighted to see this case go to trial tomorrow, if that were feasible." Imagine what he could do with $1.25 billion.
Bloomberg Xs & O (NYP)