Wall Street Firms Cut Compensation, ‘Buckling’ to Washington

Goldman Sachs Group Inc., Morgan Stanley and JPMorgan Chase & Co.’s investment bank slashed their compensation in the fourth quarter, responding to political pressure that will probably persist as details of bonuses for their top executives emerge in coming weeks. The three Wall Street firms set aside $39.9 billion for pay in 2009, below the [...]

China to stay a plodding “ox” in year of the tiger

After blasting to recovery from the global financial crisis, China will enter next year wrestling with unwelcome expectations for it to shoulder a bigger role in insulating the world economy against more turmoil. China is set to overtake Japan as the world’s second-biggest economy in 2010, and calls are likely to grow for it to [...]

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