Lunchtime Links: Deutsche's dastardly trading disaster

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The good news is that Deutsche Bank doesn't, so far, rank among the many institutions that may yet be forced to admit that they thought Bernie Madoff was just a regular guy who produced nice solid returns through a strategy they didn't quite understand. The bad news is that Deutsche appears to have lost lots of money anyway. According to a story which first surfaced on Bloomberg back on Friday afternoon, the German bank lost $1bn on credit trades following the collapse of Lehman. It doesn't bode well for compensation expenditure (AKA bonuses) at Deutsche's investment bank, already down 38% yoy at $4.4bn in the first three quarters.

Bernie Madoff's giant Ponzi scheme was superbly designed and executed (Clusterstock).

Mild-mannered Madoff wanted to pay bonuses (Guardian).

So what will this do to the hedge fund industry? Well it could completely kill it off. (Fintag).

Citadel halts withdrawals from two hedge funds after 50% drop (Bloomberg).

Goldman and Morgan Stanley will bleed red ink (CNN).

"You're not going to see revenue growth for three years" (Bloomberg).

Jim Rogers: Most big US banks are bankrupt (DealBook).

Deloitte hiring for restructuring boom (Financial News).

Wealth management recruitment is rising (Wall Street Journal).

Fund managers need to halve pay to avoid job cuts (Financial News).

Northern Trusts to cut 450 jobs in 2009 (DealBook).

Dick Fuld: the man who brought the world to its knees (The Times).

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