- Darling lines up assault on bonuses
- Pre-Budget Report: Darling plans windfall tax on bank bonuses
- Banks criticise plans for windfall tax on bonuses
- Estimated TARP Cost Is Cut by $200 Billion
- Citigroup in race to repay bail-out funds
- Dimon Guesses Right on Warrant Pricing
- Kuwait sells Citigroup stake for $4.1 billion
- Fresh Pay Skirmish Erupts at AIG
- Ousted Gundlach Angled for TCW’s Top Job
- Amazon says no plans to open physical stores
Pre-Budget Report: Darling plans windfall tax on bank bonuses – Daily Telegraph
Ministers are drawing up plans to use this week’s pre-Budget report for a windfall tax on the large bonuses paid to bankers, The Sunday Telegraph has learned.
Alistair Darling, the Chancellor, wants to unveil the one-off measure on Wednesday, with the money raised earmarked for schemes to get young people back into jobs.
However, last-minute wrangling may still result in the measures being blocked or watered down. Ministers are worried about the “technical difficulties” of introducing such a tax and also the reaction from the banking sector……
Darling lines up assault on bonuses – Financial Times
Alistair Darling, chancellor, is preparing a crackdown on “extraordinarily high” bankers’ bonuses when he makes his pre-Budget report on Wednesday, but is expected to reject a windfall tax on bank profits.
Mr Darling’s officials are in a race against time to draw up some form of supertax to curb what the chancellor fears will be a lavish bonus season, only months before a general election…..
Banks criticise plans for windfall tax on bonuses – BBC
British banking chiefs have reacted angrily to news the Treasury is considering a one-year windfall tax on bonuses paid to some UK-based bankers.
A scheme could be unveiled in Alistair Darling’s pre-Budget report this week.
But BBC business editor Robert Peston said taxing bankers might raise no more revenues than a “few hundred million pounds expected by the Treasury”…..
Estimated TARP Cost Is Cut by $200 Billion – Wall Street Journal
The Obama administration, buoyed by a resurgent Wall Street, plans to cut the projected long-term cost of the Troubled Asset Relief Program by more than $200 billion, in a move that could smooth the way for the introduction of a new jobs program.
The White House and leaders in Congress are debating whether to use any of the remaining TARP funds for other domestic efforts, such as a jobs bill. Congress authorized $700 billion for the program during the height of the financial crisis….
Citigroup in race to repay bail-out funds – Financial Times
Citigroup is racing against the clock to convince US authorities that it be allowed to repay $20bn of bail-out funds, with insiders and regulators arguing that unless the bank acts in the next 10 days it will have to wait for more than a month.
The short window for a decision on the repayment of funds from the troubled asset relief programme raises the stakes for Citi in its quest to free itself from the shackles of the government, which also owns a 34 per cent stake in the lender…..
Dimon Guesses Right on Warrant Pricing – NY Times
The Treasury’s debut auction successfully tested a market mechanism for selling the warrants it received as an extra possible source of return when it injected taxpayer funds into banks. But it also made earlier buybacks negotiated with Treasury look rich and suggests that Jamie Dimon, JPMorgan’s chief, did right by his shareholders by not buying his warrants back…..
Kuwait sells Citigroup stake for $4.1 billion – AP
Kuwait’s sovereign wealth fund said Sunday it booked a profit of $1.1 billion by selling the stake it took in Citigroup Inc. less than two years ago when the banking giant was strapped for cash….
Fresh Pay Skirmish Erupts at AIG – Wall Street Journal
Five high-ranking executives at American International Group Inc. said last week they were prepared to quit if their compensation is cut significantly by the insurer’s government overseers, according to people familiar with the matter.
The threat is the latest in the running fracas between AIG and the government’s compensation czar, Kenneth Feinberg, who is charged with setting pay limits for top executives at companies receiving the most federal bailout money…..
Ousted Gundlach Angled for TCW’s Top Job – Wall Street Journal
A power struggle at one of the nation’s biggest investment firms left its star manager, who oversaw more than $60 billion, out in the cold.
TCW Group ousted its chief investment officer, Jeffrey Gundlach, and announced a deal to buy a rival money manager after what the firm describes as threats by Mr. Gundlach to leave and take some key staffers with him…..
Amazon says no plans to open physical stores – Reuters
Amazon.com Inc, the world’s largest online retailer, has no plans to open stores anywhere in the world, it said on Sunday, in response to a report it was planning to open high street shops in Britain.
A spokesman for the group said it had no plans to open physical stores after the Sunday Times reported the group was looking to cash in on the rising customer demand for so-called click and collect services, where customers buy goods online and pick them up from a shop…..
Tags: AIG, Bonuses, Citigroup, Compensation, Jamie Dimon, JP Morgan, TARP, Taxes, UK
