Good morning. Hope you had a good weekend. A few items to get the week started:
American slides deeper into depression as Wall Street revels (Daily Telegraph)
Why Wall Street pay is so high (Forbes)
Bonuses are merely a function of what Wall Street’s customers are willing to pay Wall Street firms. The clients aren’t coerced–they pay large fees because they value the advice and investment-banking services that are offered to them. Simple as that…
And since most large Wall Street firms are publicly owned, they have investors who, by virtue of owning their shares, agree with and are willing to support their compensation practices. They once again do this without coercion.
Obama and Congress still love Tim Geithner (Bloomberg)
Treasury Secretary Timothy Geithner retains the confidence of President Barack Obama as he faces questions about why the Federal Reserve Bank of New York tried to withhold details of the government’s financial-industry rescue, administration officials said.
Aides to top congressional Democrats also said that Geithner has support on Capitol Hill as lawmakers prepare hearings into why the New York Fed in December 2008 asked American International Group Inc. to scale back disclosures of the government’s $182.3 billion bailout of the New York-based insurer.
Wal-Mart brings zero jobs to Chicago (Huffington Post)
The study… found that Wal-Mart’s opening in Chicago has produced a loss of 300 full-time jobs.
Researchers conclude that the probability of a local retailer going out of business during the study period was significantly higher for establishments close to Wal-Mart’s location. The loss of jobs in the trade area near Wal-Mart just about balanced out any ‘new’ jobs attributable to Wal-Mart.
Geeky graphic designers make the most awesome music video ever (YouTube) These guys rock a typeface like nobody’s business:
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