Rather ominously, the Wall Street Journal says Obama plans to anoint a ‘Special Master for Compensation’ to take a firm grip on who’s being paid what at banks receiving assistance from the US government.
The Special Master is thought likely to be Kenneth Feinberg, who sounds like a bit of pedant. He oversaw $7bn of payments to victims of September 11th, and the WSJ says he reviewed every claim personally. Feinberg’s arrival is likely to be particularly scary for Citigroup, for whom paying back TARP money imminently is about as probable as Gordon Brown winning the next British election.
The FDIC would like to get rid of Vikram. (Wall Street Journal)
Bank of America eradicates chief risk officer. (Reuters)
Ackermann: don’t think things are normal yet. (Boomberg)
UKFI hires Santander director. (Reuters)
Another hedge fund wants to do investment banking. (DealBook)
Single ply loo paper at UBS. (Dealbreaker)
Scary: Former Wall St employee forced to seek charity and become waiter. (Wall Street Journal)
What’s going on with Gordon? (IsGordonBrownstillprimeminister)