Treasury Said To Prepare AIG Exit, Repayment Plan (Bloomberg)
The plan may be announced as early as this week or as late as never but regardless, just know their hearts are in the right place: The insurer’s objective is to “repay the taxpayers and position AIG, over time, as a strong, independent company worthy of investor confidence,” said Mark Herr, a spokesman for the firm.
Sizable Pay For Citi's Prize Hire (WSJ)
Citigroup's newest prized banker, UBS defector Stephen Trauber, has won quite a prize of his own: a pay package that could hit as much as $30 million over three years, according to people familiar with the matter. For Citi—still partly owned by the Treasury after years of woe—the hiring coup was seen as a sign the bank has grown confident it can grant hefty pay packages without fear of government objection.
Roubini Sees High Risk Of A US Recession, Says Japan Is 'Anemic' (Bloomberg)
“We know the second half of the year is going to be worse than the first half of the year because of the tailwinds to growth from the fiscal stimulus” turning into austerity, he said. “The main scenario is an anemic recovery, but I don’t rule out that a double-dip will occur” in the U.S., he said.
Moody's Slashes Anglo Irish Rating (Reuters)
The rating agency said that while it still expected the government to support all grades of senior debt, the rating would remain under review for possible downgrade until a decision was made. "While Moody's considers the likelihood of the government not supporting this (senior unsecured) debt to be very small, this risk has been reflected in the three-notch downgrade," Ross Abercromby, lead analyst for Anglo Irish at Moody's, said in a statement.
The CFA Chase: A Cornerstone Of Trust, No Shortcuts (Globe And Mail)
CFA v MBA? "It’s like the difference between a science degree and a medical degree. An MBA is a really broad program and the CFA is specifically about investment. The concentration of time, effort and energy into a very defined activity allows much more breadth and depth in that one area. If you’re going to be a professional in the investment business, you de facto have to have the CFA now. I would question a student who isn’t pursuing it because the CFA demonstrates a level of commitment and professionalism."
HSBC condemns 'diabolical' plot to undermine Geoghegan (Independent)
Michael Geoghegan, the outgoing chief executive of HSBC, was told over dinner in London's Goring Hotel 10 days ago that he was not to be the new chairman. But, contrary to damaging press reports Mr Geoghegan neither threatened to resign unless he got the promotion nor did he "throw his toys out of the pram."
Debrahlee Lorenzana Has No Interest In Fame, Playboy, Just Wants To Be An Example (NYDN)
"I don't want to be famous," Lorenzana said. "I try to stay away from that." The Latina lovely said she's been swamped by attention ever since suing Citigroup, charging she was canned for complaining about male coworkers who couldn't control themselves around her. She says she's passed on chances to pose for topless spreads and and appear on reality TV shows in favor of a job with another banking giant where customers occasionally recognize her. "That's all I know how to do," she said. Lorenzana said she hasn't changed a thing about the form-fitting outfits or high heels that she says Citibank bosses told her to quit wearing at two branches in midtown Manhattan. "I'm wearing my same shoes, my same clothes, it's the same me," she said.
JPMorgan Top Bank For Underwriting But Revenue Halves (CNBC)
While the bank kept its No.1 ranking, it brought in proceeds of just $39.5 billion compared with $80.07 billion in the same period a year earlier. The bank underwrote 224 offerings according to Thomson Reuters data at the close of U.S. markets on Friday, compared with 290 in the period a year earlier.
Democrats, Alexrod Say Obama Tax Plan Will Pass After Election (Bloomberg)
Illinois Senator Richard Durbin said Democrats will come together to extend Bush-era tax cuts for the first $250,000 of a married couple’s income, including lawmakers who also want to keep the lower rates for high-earning Americans.