Davos Diary, Day 2: Another Day, More Bad News from the Banking Industry
The mood continues to be very muted her at the WEF here in Switzerland, with faces just as long as the coats that block out the bitter cold. While the parameters for the discussion were set yesterday, there is still no one who has set out an agenda or call to action that everyone can rally around to try and find a way out of the current economic quagmire. There are some themes starting to emerge, but everyone is still focused on the problems rather than the solutions.
President Obama Asks Wall Street to Show Restraint On Bonuses
President Obama told Wall Street today that executives should not be collecting huge bonuses while receiving taxpayer's bailout money.
"One point I want to make is that all of us are going to have responsibilities to get this economy moving again," he said. "And when I saw an article today indicating that Wall Street bankers had given themselves $20 billion worth of bonuses -- the same amount of bonuses as they gave themselves in 2004 -- at a time when most of these institutions were teetering
Davos Diary, Day 2: This Market Needs an Intervention -- and a 12-Step Plan
Wednesday morning, the message at the in Davos was a sobering one right out of the gate: Get on with it; let the TARP be the TARP, etc. Yes, we need to come up with a way to value toxic assets. If recapitalization or foreclosure mitigation is necessary, then design a mechanism to deal with it and pass it into law. We were told we are headed for 2.5% growth average over the next three years thanks to a global recession this year and anemic growth next. Other more dire predictions from
Davos Diary, Day 1: First impressions at Davos: Collaboration is the Name of the Game
This is my third time in Davos for the World Economic Forum and my overwhelming impression is that the atmosphere is 'muted'. If you walk through the Congress Hall or global village, it's as if someone has thrown cold water over the delegates, plunging the temperature to match the weather outside. There is just not the same energy and ebullience that usually defines Davos.
Davos Diary, Day 1: What This World Needs Most ... Will We Find it at Davos?
I remember January 1997. I was 25 living in an apartment in Russia opposite the Kremlin. Guns were routinely checked at the door in my local restaurant. This was before the stock market crash of 1998, before Putin, before $150 oil prices. I would stay up nights, moonlighting on my first software company and the Internet infrastructure and email client I used in Moscow was already better than what my employer provided. And I was itching to get out there and catch this wave!
Geithner's New TARP rules: How Clear Are They? (audio)
New Treasury Secretary Timothy Geithner is trying to rein in TARP with rules that limit the power of lobbyists and ensure more oversight for the billions of dollars being handed out. This MarketPlace report discusses how clear the new rules actually are.
Kaplan Compliance Solutions Unveils Client Concierge
The Concierge interacts with the relevant departments within KCS, monitoring activities related to the client, as well as ensuring the client is kept informed about regulatory changes affecting their business.
Senators Grill SEC Staff on Madoff Lapse
At a hearing yesterday, senators posed sharp questions to SEC staff about the agency's failure to detect Bernard Madoff's $50 billion Ponzi scheme. Several senators expressed incredulity at the dozens of warnings the SEC received about Madoff's firm and the fact that the SEC's investigations of the firm yielded nothing. New York Democratic senator Charles Schumer said, "It's as if there was a giant elephant standing next to the SEC in a rather small room for 25 years and the SEC never noticed th
Sun Unveils Green Data Center
New energy-efficient data center saves $1 million in energy bills, 11,000 tons of carbon dioxide and 670,000 gallons of water every year, according to Sun.
Fidessa Unveils Hosted OMS/EMS
Fidessa MAAX is a broker-neutral trading and execution solution that deploys quickly and requires minimal internal technical support, the vendor says.
Tools for the Modern IT Organization
As technology executives' mandate shifts from supporting business growth to managing technology efficiently, CIOs increasingly are pursuing IT flexibility through tools such as cloud computing, virtualization, software as a service and outsourcing.
Thain Departs Merrill As Details on His $1.2 Million Office Redesign Emerge
It's been a rough day for John Thain, former CEO of Merrill Lynch. Not only was he ousted by Merrill's acquiror, Bank of America CEO Ken Lewis, who was unhappy over Merrill's $15.45 billion fourth-quarter loss, but New York Attorney General Andrew Cuomo announced his office is investigating bonuses Merrill Lynch paid to its executives just before the sale to Bank of America and CNBC reportedly has unearthed documents that detail his $1.2 million office renovation last year. According to CNBC, hi