Extra Credit, Thursday Edition
House Passes Heavy Tax on Bonuses at Rescued Firms: It might be gesture politics, but it’s a sorely-needed gesture, a wake-up call to Wall Street.
Citigroup May Spend $10 Million for Executive Suite: They claim it’ll save them rent costs. But somehow I doubt they’re going to give up the third floor of 399 Park.
Deleveraging after Lehman—Evidence from Reduced Rehypothecation: The IMF reckons that "since end-2007 the decline in rehypothecation (i.e., total collateral received that can be pledged) by the largest four broker-dealers was $1.774 trillion."
Reprinted from Portfolio.com