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NEW YORK (Dow Jones)–Morgan Stanley paid employees an average of $256,595 each in 2010, an increase of 7.5% from 2009. The firm set aside $16 billion for compensation and benefits last year, an overall 11% increase from the previous year as net revenue jumped 15%. Morgan Stanley has 62,542 employees, an increase of 3% from [...] It’s going to be really interesting to see how this plays out … Lehman Brothers Holdings Inc.’s estate sued J.P. Morgan Chase & Co., alleging J.P. Morgan illegally siphoned billions of dollars from Lehman in the days before the troubled investment bank filed for the largest bankruptcy in U.S. history. The lawsuit alleges that [...] You’ve heard of pay-for-play, right? How about pay-for-pay? Here’s an idea that seems to make some sense. Don’t limit Wall Street pay and bonuses, but require higher FDIC premium payments if a bank’s pay structure is deemed to be “risky”, such as incentive bonuses for writing more loans (which leads to bankers writing riskier loans). [...] Bankers Win Big in Toxic Pay Plan – WSJ.com Credit Suisse Group’s novel plan to pay bankers with a brew of its own toxic bonds and corporate loans has gotten off to an unexpectedly strong start, which could put further political pressure on other Wall Street firms to change how they pay their employees. Late [...] David Weidner’s Writing on the Wall: Bill Clinton’s legacy is our financial disaster – MarketWatch … the biggest mistake of the Clinton years regarding Wall Street and the one that rings loudest today was the repeal of Glass-Steagall, a 1933 law that effectively split investment banking and brokerages from commercial banks. In the years leading [...] SEC Attorneys Probed For Insider Trading CBS News has learned that two attorneys at the Securities and Exchange Commission (SEC) are under “active” criminal investigation by the FBI for trading stocks based on inside information. Accusations against the two lawyers – a man and a woman whose names have not been released – are [...] Individual Investors Pile Into Citi – WSJ.com The old Wall Street adage about the dangers of catching a falling knife doesn’t seem to be scaring individual investors away from Citigroup Inc. Some discount-brokerage firms report a surge of individual, or retail, investors buying shares of Citigroup during the past five months, amid the New York [...] Geithner Sets Out Sweeping Overhaul to Bank Bailout – NYTimes.com WASHINGTON — The White House plan to rescue the nation’s financial system, announced on Tuesday by Timothy F. Geithner, the Treasury secretary, is far bigger than anyone predicted and envisions a far greater government role in markets and banks than at any time since the [...] I knew it! Anatomy of the Morgan Stanley Panic – WSJ.com Two days after Lehman Brothers Holdings Inc. sought bankruptcy protection, an explosive rumor spread that another big Wall Street firm, Morgan Stanley, was on the brink of failure. The chatter on trading desks that Sept. 17 was that Deutsche Bank AG had yanked a [...] Okay; I can honestly say that I didn’t see this happening. I figured that Citigroup, like Bank of America and JP Morgan Chase, would both be strong enough to weather almost anything the economy could throw at them, but their recent stock movements are highly precipitous. Citi Weighs Its Options, Including Firm’s Sale – WSJ.com [...] |
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