Wall Street Roundup: Big bucks for lunch with Buffett. Small banks, big problems

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Banks may lose swap desks. It looks like one of the biggest proposed changes for big banks will be included in the final financial reform legislation -- forcing banks to spin off their derivatives trading operations, the Financial Times reports.

Small banks, big problems. While the federal bailout has shone a critical light on big banks, it turns out that the JPMorgans of the world have done a much better job of paying back the government than the small banks that received assistance.

Big bucks for Buffett. By one indicator, the recession does not appear to have hurt Warren Buffett’s reputation. This year’s annual charity auction for lunch with Buffett raised a record $2.63 million.

Coffee jitters. The price of coffee has been skyrocketing since last week, thanks to a cold spell in Brazil, the world’s biggest producer.

-- Nathaniel Popper