Wall Street Roundup: Questioning bonus reform. Why they are free.

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Gold: Trading now at $1,423 per ounce, up 0.9% from Monday. Dow Jones industrial average: Trading now at 12,187.70, down 0.3% from Monday.

Questioning bonus reform. Many banks have tried to fix the Wall Street bonus system by deferring bonus payments for a few years, encouraging bankers to think more long-term. A new study suggests that the reforms might have little effect.

Big losses to come. Goldman Sachs reported Monday that it may lose $3.4 billion more than it anticipated due to legal problems growing out of the financial crisis, while JPMorgan Chase & Co. put its loss figure at $4.5 billion.

Why they are free. After the director of ‘Inside Job’ complained that no Wall Street executives are in jail, Charles Gasparino gave a more sympathetic explanation of why that is.

-- Nathaniel Popper in New York

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