• U.S. to cut pay for bailed-out bosses
  • Wall Street Pay Cuts Stoke Debate About Washington’s Reach
  • Obama Announces Small-Business Lending Push
  • Rattner defends rescue of automakers, says some money is gone
  • Credit Suisse Posts 3Q Net Pft On Invest Banking
  • Stanford Loads Up Auction With Buyout Funds, Distressed Assets
  • Lehman client funds ruled safe
  • Temasek to Invest More than $1.8 Billion in Coming Months

U.S. to cut pay for bailed-out bosses – Washington Post

The Obama administration plans to order companies that have received exceptionally large amounts of bailout money from the government to slash compensation for their highest-paid executives by about half on average, according to people familiar with the long-awaited decision.

The cuts will affect 25 of the most highly paid executives at each of five major financial companies and two automakers, according to the sources, who spoke on the condition of anonymity because the plan has not been made public. Cash salaries will be cut by about 90 percent compared with last year, they said…..

Wall Street Pay Cuts Stoke Debate About Washington’s Reach – Bloomberg

The Obama administration slammed Wall Street by ordering pay cuts of an average of 50 percent and caps on benefits for top executives at companies owing the government billions of dollars from taxpayer-funded bailouts.

The news triggered debate about the government’s reach into private industry, whether pay reductions would spread to other companies and if a talent drain from U.S. firms would ensue. Others cheered the move……

Obama Announces Small-Business Lending Push – NY Times

After enduring months of criticism that his administration had done too little to help small businesses weather the recession, President Obama said Wednesday that “there’s still too little credit flowing to our small businesses” and unveiled initiatives he said would open the spigot.

The measures, announced by Mr. Obama at a small records storage company in Maryland, would allow smaller community banks to borrow at low rates from the Treasury Department’s Troubled Asset Relief Program. It would also raise the loan caps on several popular Small Business Administration programs…..

Rattner defends rescue of automakers, says some money is gone – Washington Post

The U.S. government’s stake in General Motors is currently worth about $25 billion, or about half the amount it poured into the ailing automaker, the former chief of the Obama administration’s task force on the auto industry said Wednesday.

But in his most extensive remarks since leaving the post in July, Steven Rattner defended the Obama administration’s decision to rescue U.S. automakers…..

Credit Suisse Posts 3Q Net Pft On Invest Banking – Wall Street Journal

Credit Suisse Group (CS) Thursday matched buoyant third-quarter results from its healthiest U.S. rivals as earnings from its investment banking business helped push it to a larger-than-expected net profit, though analysts cautioned that blowout profits may be coming to an end.

The Zurich-based bank said net profit for the three months was 2.4 billion Swiss francs ($2.38 billion) compared with a loss of CHF1.3 billion in the year-earlier period. Analysts had forecast net profit of CHF1.72 billion…..

Stanford Loads Up Auction With Buyout Funds, Distressed Assets – Bloomberg

Stanford University’s stakes in buyout funds, energy companies and distressed securities make up the largest portion of assets the school is offering in the biggest private-equity auction since stocks rallied in March.

The California university, the nation’s fourth wealthiest, set an Oct. 27 deadline for bids on its $6.2 billion of endowment investments in 304 funds, according to a transaction summary obtained by Bloomberg News from a potential investor who didn’t want to be identified. It may sell as much as $1 billion of the investments, or 8 percent of the $12.6 billion fund, depending on the offers submitted……

Lehman client funds ruled safe – Financial Times

Hedge funds that have more than $3bn tied up in the European arm of Lehman Brothers, the collapsed investment bank, have won a crucial court ruling that should secure the safe return of their money.

Lawyers said the decision, while expected, would be a welcome boost for an industry that has been hard hit by the financial crisis…..

Temasek to Invest More than $1.8 Billion in Coming Months – Wall Street Journal

Singapore’s state-owned investment fund Temasek Holdings Pte Ltd. wants to invest more than US$1.8 billion in the next few months, with a focus on China, India, Mexico and Brazil, people familiar with the situation said.

Investment teams are currently approaching Temasek with proposals on how the money might be put to work, one of those people told Dow Jones Newswires, adding that the amount to be invested could grow if a major opportunity comes along……

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