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[Stock Lobster]

From Guys and Dolls:

NATHAN DETROIT: As you can see, Big Jule, the boys are fatigued from weariness, having been shooting crap for quite a while now, namely hours.

BIG JULIE: ...Since I've been cleaned out of cash,
I announce that I will now play on credit.

NATHAN DETROIT: Big Jule, you cannot imagine how exhausted they are...

...Especially on a non-cash basis.


Hmmm...

Goldman Sachs slashes London superstars’ pay to £1m

The new limit is likely to cause consternation among the bank’s biggest earners, an elite group dubbed the Masters of the Universe, who have in good years been handed bonuses topping £10m each.

http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article6999770.ece

Brevan Howard Hires Morgan Stanley Trader Houlot (Update1)

More traders may seek to join hedge funds if U.S. President Barack Obama’s plan to end banks’ proprietary trading passes, said Antonio Borges, chairman of the Hedge Fund Standards Board. Obama asked Congress yesterday to prohibit banks from owning or making investments in private-equity and hedge funds that “are unrelated to serving customers.”

“If there’s any one advantage to hedge funds it would be they would benefit from access to talent,” Borges said in an interview yesterday. “All those great people now prop trading will become available for hedge funds.”

http://www.bloomberg.com/apps/news?pid=20601087&sid=ap2OdodWAGBY&pos=6

Barclays to defer bonuses for up to three years

Barclays is to defer paying bonuses earned this year to its directors and senior staff for up to three years.

The BBC understands the payments for last year have not been set, but when they are will be paid out mostly in shares in staggered form up to 2013.

http://news.bbc.co.uk/2/hi/business/8476589.stm


President Barack Obama’s demand Thursday that Congress clamp down on the size of banks and their investments got major blowback from New York City Mayor Michael Bloomberg, who said it could cause layoffs and hurt the city. Mayor Bloomberg said the banks and Wall Street are part of the bedrock of the city’s economy, and efforts to slash their business just means less tax revenue for the city.

“I just find it sort of ironic that congressmen, senators who make more than double what the average person working in finance makes — they’re the rich ones and they’re talking about trying to restrict bonuses and taxing the industries that are our lifeblood,” Bloomberg said.

He added that if bankers have to put their bonuses in escrow until deals they made pan out, perhaps Congress should do the same with its own salaries.

http://dealbreaker.com/2010/01/the-bloomberg-proposal.php