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22 Dec 09

FT.com / Companies / Banks - Collapsed Lehman pays out big bonuses

  • A judge overseeing Lehman’s US bankruptcy in New York last week approved an extra $50m (€35m) in bonus pay-outs to some 230 derivatives traders working to unwind the dead bank’s $10bn portfolio. The pay-outs come as bankers in the US and Europe face public anger over probable multimillion-dollar bonuses at the end of this year and, in Britain and France, additional taxes on the pay-outs.
19 Dec 09

FT.com / Markets - Sovereign debt fears spur US currency rise

  • Uncertainty over the outlook for global central bank policy added to the hesitant mood, while worries about banks were heightened by tough new proposals from international regulators on capital requirements for the sector.
  • That prompted some in the markets to see the Fed’s statement as its first step in a series of tightening measures – although it repeated its pledge to keep interest rates “exceptionally low” for an “extended period”.
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12 Dec 09

Goldman Sachs Had Bigger Role in AIG - WSJ.com

  • Goldman Sachs Group Inc. played a bigger role than has been publicly disclosed in fueling the mortgage bets that nearly felled American Insurance Group Inc.
  • Goldman was one of 16 banks paid off when the U.S. government last year spent billions closing out soured trades that AIG made with the financial firms.
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FT.com / Markets - Easy money could have a high price

  • From the heady days of the technology bubble, the S&P 500 is 11 per cent lower over the decade, when you include the reinvestment of dividends. In contrast, an index of long-term Treasury bonds has risen more than 116 per cent, according to Barclays Capital.
  • When the technology bubble popped, the risk of a nasty recession and deflation meant markets moved quickly to price in big rate cuts. On that score, the Fed delivered – an extended period of easy money softened the blow of recession in 2001, sowing some of the seeds of a massive mortgage and credit bubble which culminated in the financial crisis of 2007/2008.
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11 Dec 09

FT.com / Financials - Repo dealers fear US bill will hit bank access to cash

  • Under a proposal within the Financial Stability Improvement Act, passed by The House Financial Services Committee last week, secured creditors holding collateral from a bank that runs into trouble could end up losing as much as 20 per cent of their claim.

Top 30 at Goldman Will Get Stock, Not Cash, as Bonus - NYTimes.com

  • — the bank said that its 30 most-senior executives would be paid in the form of a special stock, rather than in cash. Goldman said that it would also let its shareholders vote on its executives’ pay, although the decision would be nonbinding.
  • A year after Washington rescued the nation’s financial industry with billions of taxpayer dollars, Goldman is enjoying one of the most profitable years in its 140-year history. Its bonanza — fostered by its own government bailout, as well as the rescue of the broader financial system — has angered the many ordinary Americans who are still waiting for an economic recovery.
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Americans' Net Worth Increases - WSJ.com

  • The rise in wealth should help consumers--a key growth engine for the U.S. economy--to rebuild their finances and to start spending again. Still, household wealth remains well below the $65 trillion peak hit two years ago, before the recession began and before stock markets hit their high.

FT.com / Companies / Banks - Nomura to wind down Lehman fixed bonuses

  • When Nomura acquired the European and Asian operations of collapsed Lehman Brothers, it agreed to pay several hundred former Lehman employees bonuses over a two-year period. The generous packages led to a huge spike in Nomura’s costs.
  • A Nomura spokesman said the bank was following remuneration principles endorsed by the Group of 20 nations. The guidelines strongly discourage multi-year guarantees.

FT.com / Global Economy - Bankers fail to clear bonus clouds

  • The sections on risk management and liquidity systems, for example, include laudable and welcome details (albeit many which have arrived two years too late).
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