from Felix Salmon:

The multimillionaire men of Lehman

By Ben Walsh
April 30, 2012

On Friday, the LA Times published the of pay for Lehman Brothers' top 50 employees in 2007.  That's employees as in managing directors and below: pay for "named corporate officers" like Dick Fuld was publicly disclosed. This is how much you make if you're not running the company, but just working there and making lots of money.

The Arab Spring: Tragic event, or unfortunate setback?

By Ben Walsh
April 25, 2012

Re-reading can lead you to real gems. Going back over JPMorgan’s annual letter to shareholders, I couldn’t believe that the first time around I missed this quote in the third paragraph of the first page:

from Felix Salmon:

Walmexgate’s fallout

By Ben Walsh
April 23, 2012

Welcome to the Counterparties email. The sign-up page is here, it’s just a matter of checking a box if you’re already registered on the Reuters website. Send suggestions, story tips and complaints to Counterparties.Reuters@gmail.com

Catch and release, board of directors edition

By Ben Walsh
April 20, 2012

In 1996, Richard Parsons joined the board of directors of Citicorp. Two years later, in 1998, Citicorp’s board approved its merger with Travelers – a merger that was illegal at the time, since it violated the Glass-Steagall Act. But no matter, in 1999, the Glass-Steagall Act was repealed, allowing the creation of Citigroup to go through unimpeded. There was no indication at the time that Parsons objected at all to the way that the law was changed to allow the creation of a financial services behemoth.

Citi shareholders speak on pay

By Ben Walsh
April 18, 2012

The shareholders have finally spoken. In a move that rebuked Citigroup management and the board of directors, the bank’s shareholders rejectedthe proposed $15 million pay package for CEO Vikram Pandit, as well as pay for three other execs.

Goldman Sachs: just good enough

By Ben Walsh
April 17, 2012

Goldman Sachs reported earnings this morning and the good news was that things weren’t as bad as people thought they were going to be. That doesn’t mean Goldman had a good quarter, however:  Both revenues and earnings were down compared to the same period last year. Long-term pessimism regarding the firm’s earnings power remains.

Over explaining the London Whale

By Ben Walsh
April 16, 2012

Producing a colorable response to the question of what precisely JPMorgan’s Chief Investment Office and Bruno Iksil were doing writing $100 billion in credit protection is not a simple task. Case in point, John Carney’s explanation:

Jamie Dimon and JPMorgan’s risk question

By Ben Walsh
April 13, 2012

This morning, JPMorgan reported $5.4 billion in earnings, or $83 million per weekday. While management trumpeted the increased strength of the company’s “fortress balance sheet” (trademark pending), they also pushed back on a Bloomberg report that a bank division called the Chief Investment Office had shifted from risk management toward large-scale speculation.

from Felix Salmon:

Counterparties: DeMarco’s principal principle

By Ben Walsh
April 11, 2012

Welcome to the Counterparties email. The sign-up page is here, it’s just a matter of checking a box if you’re already registered on the Reuters website. Send suggestions, story tips and complaints to Counterparties.Reuters@gmail.com

from Felix Salmon:

Counterparties: Should we fear Voldemort?

By Ben Walsh
April 9, 2012

Welcome to the Counterparties email! The sign-up page is here, it’s just a matter of checking a box if you’re already registered on the Reuters website. Send suggestions, story tips and complaints to Counterparties.Reuters@gmail.com