It would be a bit of a change of scene, leaving the leafy streets of Mayfair for the FSA's home at Canary Wharf, but who's to say that a few redundant hedgies might not go for it? According to Bloomberg, hedge funds might cut as many as 10,000 jobs this year as they struggle to survive. "It's bad out there," says our friend Michael Karp at the Options Group. "Generating returns is not easy at the moment and as funds look to cut costs, the best way is to let go of people."
The counterweight to hedge funds' pessimism - in enthusiasm at least - is the FSA. It may not be hiring 10,000 people, but it's certainly keen. Lord Turner of Ecchinswell (AKA the FSA chairman) is all over the press this morning saying that they've been doing regulation on the cheap. Henceforth, the FSA "will pay more than necessary to attract the correct quality of people from outside. Poachers turned gamekeepers are very attractive to hire," he told the Guardian.
Ackermann will forego his bonus for 'deserving' colleagues. (Bloomberg)
From 50m pay (per annum) to zero. (Telegraph)
Kill the bad hedge funds, heavily regulate the rest. (Hedgefund.net)
The Iceland look-alike contest. (Bloomberg)
The CDS market is signalling that Lithuania, Ukraine, Iceland, Russia, Pakistan, and more frighteningly, Italy, are all on the verge of default. (Fintag)
Banks were borrowing $437bn a day from the Fed. (Reuters)
How to bring down LIBOR. (Willem Buiter)
Those are figures against which all the Tarps in the world cannot protect the real economy. (Alphaville)
At some point the government may not be able to raise any more money in the gilt markets. (FT)
Forget the financial crisis, remember the flu pandemic. (Bloomberg)
Dress as a hedge fund manager and beg for cash. (YouTube)