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In the aftermath of the devastating, vicious, tax-deductible DOJ settlement with JPMorgan, its stock may have responded by soaring to new all time highs (unclear if it was JPM’s prop desk – in violation of the Volcker and every other rule – doing most of the buying) but that doesn’t mean the benefits go out equally to all. According to Reuters, while JPM’s shareholders will reap the benefits of yet another year in which Jamie Dimon uses nearly $600 billion in excess reserves, aka excess deposits, to ramp product risk around the globe and corner assorted markets (until various unknown teapot tempests blow up in his face), JPM’s employees – unable to manipulate every market as much as they want to, and as much as they have in the past now that every action by JPM is scrutizined – will be stuck with total all in compensation that is unchanged from last year. Oh the humanity.

From Reuters:

“JPMorgan Chase & Co plans to keep overall compensation roughly flat this year from last year, in a sign that employees will feel at least some pain from the bank’s recent legal settlements, according to two sources familiar with the matter. Pay increases have been muted across much of the banking sector in the aftermath of the financial crisis, but JPMorgan’s decision would put the bank on the lower end of expectations for the rest of the industry.”

However, be not sad dear JPM bankers – it was only 3 years ago that the entire world was crucifying Goldman Sachs leading to a plunge in comp for the firm’s little tentacles, which forced the hedge fund that controls every central bank in the world to go deep underwater. Since then comp has recovered and many Goldman partners are bringing in more than ever before.

So while JPM may suffer the idignity of not offering its workers a good solid raise for countless alleged acts of small and large criminality (because the firm may never admit or deny guilt), how is the rest of Wall Street doing?

Earlier this month, compensation consultant Johnson Associates estimated that commercial and retail bankers overall will get bonuses that are unchanged to 5 percent higher this year. It estimated bonuses across all of Wall Street, including large asset management firms, will be up 5 to 10 percent.

 

Options Group estimated that average pay will rise 4 percent.

 

At JPMorgan, bonuses were largely locked down early this week, though payouts could change in unusual situations or if there is an unexpected change in the company’s results during the last six weeks of the year, said the sources, who spoke on the condition of anonymity.

 

About 156,000 of JPMorgan’s 255,000 employees work in retail, mortgage and credit card businesses, where pay is generally lower than in its investment bank.

…

 

“We have never blamed employees broadly for mistakes that were made away from them,” Dimon said on Tuesday in response to a question from a stock analyst about compensation expense.

… Just paid them less. And speaking of Jamie, how is his bonus looking?

It is unclear how Dimon’s bonus will be affected by the settlements. For 2012, the board cut Dimon’s total pay in half to $11.5 million, citing the $6.2 billion of “London Whale” trading losses that happened under his watch.

Assuming equal treatment for all, how can Jamie Dimon possibly subsist on just $11 million for two years in a row – just how many more bailouts and neither admitted nor denied crime sprees will it take for the charming CEO to finally stash away enough to comfortably retire?

via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/9GA9tbr8lU8/story01.htm Tyler Durden

In the aftermath of the devastating, vicious, tax-deductible DOJ settlement with JPMorgan, its stock may have responded by soaring to new all time highs (unclear if it was JPM’s prop desk – in violation of the Volcker and every other rule – doing most of the buying) but that doesn’t mean the benefits go out equally to all. According to Reuters, while JPM’s shareholders will reap the benefits of yet another year in which Jamie Dimon uses nearly $600 billion in excess reserves, aka excess deposits, to ramp product risk around the globe and corner assorted markets (until various unknown teapot tempests blow up in his face), JPM’s employees – unable to manipulate every market as much as they want to, and as much as they have in the past now that every action by JPM is scrutizined – will be stuck with total all in compensation that is unchanged from last year. Oh the humanity.

From Reuters:

“JPMorgan Chase & Co plans to keep overall compensation roughly flat this year from last year, in a sign that employees will feel at least some pain from the bank’s recent legal settlements, according to two sources familiar with the matter. Pay increases have been muted across much of the banking sector in the aftermath of the financial crisis, but JPMorgan’s decision would put the bank on the lower end of expectations for the rest of the industry.”

However, be not sad dear JPM bankers – it was only 3 years ago that the entire world was crucifying Goldman Sachs leading to a plunge in comp for the firm’s little tentacles, which forced the hedge fund that controls every central bank in the world to go deep underwater. Since then comp has recovered and many Goldman partners are bringing in more than ever before.

So while JPM may suffer the idignity of not offering its workers a good solid raise for countless alleged acts of small and large criminality (because the firm may never admit or deny guilt), how is the rest of Wall Street doing?

Earlier this month, compensation consultant Johnson Associates estimated that commercial and retail bankers overall will get bonuses that are unchanged to 5 percent higher this year. It estimated bonuses across all of Wall Street, including large asset management firms, will be up 5 to 10 percent.

 

Options Group estimated that average pay will rise 4 percent.

 

At JPMorgan, bonuses were largely locked down early this week, though payouts could change in unusual situations or if there is an unexpected change in the company’s results during the last six weeks of the year, said the sources, who spoke on the condition of anonymity.

 

About 156,000 of JPMorgan’s 255,000 employees work in retail, mortgage and credit card businesses, where pay is generally lower than in its investment bank.

…

 

“We have never blamed employees broadly for mistakes that were made away from them,” Dimon said on Tuesday in response to a question from a stock analyst about compensation expense.

… Just paid them less. And speaking of Jamie, how is his bonus looking?

It is unclear how Dimon’s bonus will be affected by the settlements. For 2012, the board cut Dimon’s total pay in half to $11.5 million, citing the $6.2 billion of “London Whale” trading losses that happened under his watch.

Assuming equal treatment for all, how can Jamie Dimon possibly subsist on just $11 million for two years in a row – just how many more bailouts and neither admitted nor denied crime sprees will it take for the charming CEO to finally stash away enough to comfortably retire?

via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/9GA9tbr8lU8/story01.htm Tyler Durden

Want to spend your #bitcoins? How about a ticket to space! Will discuss today live on @SquawkCNBC @virgingalactic

— Richard Branson (@richardbranson) November 22, 2013

via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/qUGfUJo1N1A/story01.htm Tyler Durden

Many have wondered why one of the greatest boxers of our generation, Philippines’ Manny Pacquiao, has not retired gracefully into hero-dom following his loss to Marquez late last year. For a fighter – it could be pride, ego, or, sadly, lack of funds. In Pacquiao’s case it is none of the above, we suspect as a politician, the diminutive boxer has realized the wealth effect-creating impact of his victories of the nation – which at no other time in history needs something positive to reflect on. While in the US, investors have POMO to almost guarantee an up-day in stocks, in the Philippines, stocks rise 73% of the time after a Pacquiao win (compared to 52% average) and rise a stunning 0.5% (against a 0.04% average). Pacquiao is 6-1 on to win against Brandon “Bam Bam” Rios on Saturday (86% likely to win); is there a Philippines ETF?

 

“Pacquiao’s victory in the ring creates a nationwide euphoria that things will get better — positive sentiment, positive investment,” said Jonathan Ravelas, chief market strategist at BDO Unibank. “A victory by Pacquiao will help lift the Philippine spirit at a time when it’s facing the impact of calamities. The nation definitely needs to hear something positive right now.”

 

 

Chart: Bloomberg

via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/vffZ3nVSwsA/story01.htm Tyler Durden

Someone must have had an odd sense of humor to name a conference in which the most prominent US hedge funds appear, after Robin Hood – it seems in the New Normal the prince of thieves takes from the Middle Class and gives… to himself. Snyde remarks aside, yesterday was Day 1 of the Robin Hood investor conference, with such speakers as David Einhorn and Dan Loeb putting on their best book-talking face and pitching their currently marketable ideas (which they have put on long ago and are likely selling into strength). Below is a summary of the top recommendations from Bloomberg.

• Greenlight’s Einhorn – long Micron (MU)
• Third Point’s Loeb – long Softbank (9984 JT)- owns $1b position
• Eagle’s Witmer – long Wyndham (WYN)
• Chilton’s Chilton – long WR Grace (GRA)
• Lakewood’s Bozza – short Opko Health (OPK)
• Pine River’s Kuhn – short Progressive (PGR)
• North Tide’s Laughlin – long Amedisys (AMED)
• Axel’s Nikolayevsky – long SolarCity (SCTY)
• HG Vora’s Vora – long Pinnacle (PNK)
• Maverick’s Ainslie – short Great Wall Motor (2333 HK)

But that was just an appetized for today when the big guns come out, including: Bill Ackman, Tiger’s Julian Robertson, Duquesne’s Stanley Druckenmiller, Tudor’s Paul Tudor Jones, Glenview’s Larry Robbins, JPMorgan’s Jamie Dimon and… Whitney Tilson pitching African real estate?

Those interested can watch the Bloomberg TV intervews at the following times:

• Barry Sternlicht 9:40am
• Ackman 10am
• Max Levchin 11:15am
• Druckenmiller 2pm

via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/XaDpIIdwo9M/story01.htm Tyler Durden

Someone must have had an odd sense of humor to name a conference in which the most prominent US hedge funds appear, after Robin Hood – it seems in the New Normal the prince of thieves takes from the Middle Class and gives… to himself. Snyde remarks aside, yesterday was Day 1 of the Robin Hood investor conference, with such speakers as David Einhorn and Dan Loeb putting on their best book-talking face and pitching their currently marketable ideas (which they have put on long ago and are likely selling into strength). Below is a summary of the top recommendations from Bloomberg.

• Greenlight’s Einhorn – long Micron (MU)
• Third Point’s Loeb – long Softbank (9984 JT)- owns $1b position
• Eagle’s Witmer – long Wyndham (WYN)
• Chilton’s Chilton – long WR Grace (GRA)
• Lakewood’s Bozza – short Opko Health (OPK)
• Pine River’s Kuhn – short Progressive (PGR)
• North Tide’s Laughlin – long Amedisys (AMED)
• Axel’s Nikolayevsky – long SolarCity (SCTY)
• HG Vora’s Vora – long Pinnacle (PNK)
• Maverick’s Ainslie – short Great Wall Motor (2333 HK)

But that was just an appetized for today when the big guns come out, including: Bill Ackman, Tiger’s Julian Robertson, Duquesne’s Stanley Druckenmiller, Tudor’s Paul Tudor Jones, Glenview’s Larry Robbins, JPMorgan’s Jamie Dimon and… Whitney Tilson pitching African real estate?

Those interested can watch the Bloomberg TV intervews at the following times:

• Barry Sternlicht 9:40am
• Ackman 10am
• Max Levchin 11:15am
• Druckenmiller 2pm

via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/XaDpIIdwo9M/story01.htm Tyler Durden