Wall Street Roundup: Bank pay isn't changing. BP versus Goldman
Bank pay not changing. A Federal Reserve review of pay practices at major banks is finding that the bonus culture has not changed to reduce risk taking in the wake of the financial crisis, the New York Times reports.
Fighting reform. While the House and Senate try to reconcile their financial-reform bills, industry lobbyists are battling on small, complicated but important pieces of the legislation. The private equity industry is fighting hard against a reform that would lead to private equity profits being taxed like normal income. Meanwhile, banks are fighting against a change that would lower the fees that their credit card divisions can collect from merchants.
BP versus Goldman. Who has it worse these days, BP or Goldman Sachs? Two Wall Street Journal writers square off on the question.
Looking for a good crystal ball. As the markets swing around wildly, traders and investors are looking at more and more obscure indicators to get some sense of where stock prices are heading.
-- Nathaniel Popper in New York