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.
Charles Ellis Schumer is the senior United States senator for New York. A Democrat, he has represented New York on the national level since he became a member of the House of Representatives in 1998. He started his political career in 1974 when, at the age of 23, he became the youngest person to join the New York State Legislature since Teddy Roosevelt. When it comes to establishment politics it doesn’t get much better than good ol’ Chuck Schumer.
So what should we make of it when we hear that the upstanding gentleman from New York is “in favor of censoring the internet”? Continue Reading
The following statement scared me more than the thought of a Rick Perry presidency. From American Banker:
“If sloppy record keeping and problems with false affidavits is a problem with mortgages, it’s 100 times bigger in credit card accounts,” says Michelle Weinberg of the Legal Assistance Foundation of Metropolitan Chicago.
Worse than mortgages, even? Continue Reading
It’s always the unintended consequences that get you in the end.
The West seems committed to putting pressure on Iran over its nuclear enrichment program. (A program, I should add, that has been so far found to be purely non-military.) The pugnacious attitudes on both sides have increased tensions near the Straits of Hormuz, the tiny passage through which a third of the world’s oil passes. Which has naturally led to higher oil prices, as OPEC states in its January report. Continue Reading