JP
Compensation – Going Up?
With both trading profit and underwriting business rebounding in many markets, the newspapers are rife with stories about the return of boom-era paydays. Goldman allocated $11.36 billion for compensation and benefits expense in the first six months of 2009. That figure, which averages $386,000 per employee, stands higher than it did at the halfway mark [...]
Repairing Bank Regulation
The broad dimensions of the Obama administration’s regulatory overhaul set for release this week have been sketched out in media reports. According to The Wall Street Journal, the administration white paper will strengthen the Federal Reserve’s role as primary systemic risk regulator. The administration also reportedly will seek to empower a “council” of regulators (comprising [...]
Stress Tests – Inoculation or Gimmick?
Are the US government’s much-ballyhooed bank stress test results improving transparency, risk management, and therefore building confidence in the ultimate solvency of the system’s largest institutions? Or, are the stress tests a largely political exercise, tantamount to putting a Band-Aid over a gangrenous limb? Will the burst of confidence that the government’s official verdicts on [...]
Taking the Alpha Out of Finance
Would the world be better off if most financiers weren’t such alpha types? Do we really need our bankers to be among the smartest, best-educated people around? Or, would society as a whole make out just fine – even be served better – if the finance sector were populated by and large by run-of-the-mill individuals? [...]
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