Extra Credit, Sunday Edition

Top Goldman Sachs Executives Will Not Receive Bonuses for 2008: A 99% pay cut for Lloyd Blankfein, but none of his $68.5 million 2007 bonus is being clawed back.

A New Bailout Low: Buy a $10 million bank, get a $3.4 billion bailout free!

Foreign Aid Goes Military! Easterly on Collier. Important.

A Pig in a Poke: How Morgan Stanley misled retail investors in Singapore, who thought they were taking Australia and Singapore credit risk but who were actually taking Kaupthing and AIG credit risk — and who have now lost pretty much all their money.

Confirmation Hearings: "I always find it amusing to hear poobahs from hedge funds or private equity nattering on about their oh-so important ‘industries.’ They always seem to omit the critical modifier ‘cottage’ in front of the word ‘industry.’ Christ, Citigroup fires more people in a week than work in hedge funds and private equity combined."

Joe the Subscription Website Operator

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