Germany reminds me of a goody two-shoes teenager who’s respectful, gets good grades and seems to be oh-so-responsible, but then goes out binge-drinking with the bad boys the minute the adults’ backs are turned. It happened with the Maastricht Treaty and now it looks to be happening again.
To be fair, I suppose I should add France to this allegation but, well — it’s France. For historical, cultural and political reasons Germany is the one that carries the burden of our high expectations of moral rectitude.
The Financial Times reports that Paris and Berlin would like to water down the new Basel III rules that are designed to ensure that banks have enough loss-absorbing capital to weather losses. Continue Reading
Dale Westhoff is currently the Global Head of Structured Product Research at Credit Suisse. He has worked in finance for 22 years, but he started out in the world as an aerospace engineer. (Another scientific mind lost to the big money of big finance.)
Westhoff moved from JPMorgan to Credit Suisse about a year ago. As is the custom his new employer put out a press release when he joined, describing how wonderful he is and how the two would go on to slay dragons and warp space-time together. Westhoff was described as a “pioneer in the evolution and growth of the structured products business on Wall Street” who was “voted ‘First Team All-America’ by Institutional Investor Magazine in the Mortgage-Backed Prepayment/Strategy category for fifteen years in a row.” In his new role he would be responsible for the firm’s “highly innovative mortgage-backed security prepayment models”. Continue Reading
Today’s the big day at Goldman Sachs. Employees of the so-called Vampire Squid will find out whether they’re getting a bonus for last year’s performance and, if so, how much. For what it’s worth I’ve heard rumors from the firm’s own employees that 40% of staff will not be getting bonuses this year.
Here’s how the compensation picture looks to be shaping up so far for the major Wall Street houses.