The government wants to see your paycheck, not just Jamie Dimon's.
The SEC has drafted a slate of rules requiring companies to disclose lower-level compensation, spreading oversight below the board-room and executive offices for the first time.
Currently, corporations only have to detail pay and bonuses of the top five earners in the firm.
The finance industry killed a similar proposal in 2006, arguing that it would give away part of the playbook to competitors.
The SEC is also flexing its muscles on Wall Street. On Tuesday, it tapped George S. Canellos, a criminal prosecutor, to head its New York office. Canellos, 44, used to litigate for the Justice Department and most recently was at Milbank, Tweed, Hadley & McCloy. Schapiro said that he will provide "rigorous oversight" of Wall Street.
: Swiss bank regulator FINMA has drafted a new set of rules intended to bind bonuses more closely to performance and preclude "inappropriate risk." Firms have until 2011 to comply, although UBS, a giant in the Swiss system, must bend by year-end. U.S. regulators will likely use the proposal as a working draft in drawing up similar rules. (WSJ)
: I-banker turned WSJ columnist Evan Newmark has some advice for M.B.A. students: hang in there baby. If you want to be in finance, go to any firm where you can get a job right now, even if the Wall Street bulge brackets pass you up. (WSJ)
EU = Europe Unemployed
: EU unemployment ticked from 8.9% to 9.2% in April, its highest rate since September 1999 and slightly ahead of the U.S. Spain is leading the pack in a labor market siesta with 18.1% of workers jobless. (Europa.eu)
: The Treasury Department has hired turnaround specialist Jim Millstein to help it figure out how to unwind some $600 billion in stakes that it used to buttress U.S. companies. Millstein, 53, made his name at Lazard Ltd., where his portfolio included Worldcom and the government of Argentina. In other words, the guy is tough as nails. (WSJ)
Goldman Goes Government
: Goldman Sachs has hired former SEC Chairman Arthur Levitt as an advisor on public policy, adding to its stable of former regulators. Most notably, the firm also employs Gerald Corrigan, former president of the New York Fed. (WSJ)
: About 150 workers at JP Morgan Chase will get new job titles in coming weeks as the firm closes a unit that bet the house money on hedge funds, real estate and leveraged buyouts. (Bloomberg)