The NYT and the WSJ both have big articles today on how highly-paid bankers are chafing in this brave new world of government restrictions on things like how much they’re paid. The NYT says that a lot of banks are itching to give their TARP funds back to the goverment, in order to give themselves more freedom of movement, while the WSJ looks at a lot of senior bankers simply leaving their jobs voluntarily, since "at the moment, no one can tell bankers whether they will or won’t get paid for the work they do in 2009".
Are you reading thousand-word stories about how Citigroup managed to propel the stock market upwards on Tuesday? Bear in mind this: Citigroup rose the grand total of 40 cents per share — which means that its contribution to the 379-point rise in the Dow was a whopping 3 points. And at $1.45 a share, Citi is still, to all intents and purposes, trading at zero.
David Segal’s NYT profile of Larry Gagosian slaps the TBTF label on him:
Mr. Gagosian has achieved the contemporary art market’s version of too big to fail, though for reasons that have nothing to do with toxic assets. The glamour and networking energy that he has brought to the business added a zero to the price of just about everything, Ms. Bortolami says. If his business were to fold, the new buyers he brought to the market, as well as a lot of added, buzz-laden value, would disappear along with him.