Rate Cut in the UK, Falling Bonuses Back Home

cityfile · 11/06/08 06:13AM

♦ The Bank of England slashed its key interest rate to 3 percent. And it may go even lower. [Marketwatch]
♦ The short list for Treasury Secretary: Larry Summers, Tim Geithner, Paul Volcker, and Bob Rubin. [WSJ]
Steve Schwarzman's Blackstone Group reported a $502.5 million loss for the third quarter. [DB]
♦ More chatter about falling bonuses: One study says the drop could be 20 and 35 percent on average with a 70 percent fall-off for some top execs. [NYT]

Handicapping the Obama Cabinet, NYC Edition

cityfile · 10/29/08 08:50AM

The Observer has a round-up of some of the New York-based FOB's (or Friends of Barack) who are expected to have a major voice in Washington if the Democratic nominee wins the election next week. Who, exactly? Bob Rubin, Larry Summers, and Richard Holbrooke should all have a place at the table, assuming any of them are interested. JPMorgan CEO Jamie Dimon will almost certainly have Barack's ear, as will New Jersey Governor Jon Corzine, who is believed to be a contender for Treasury Secretary. Some of the lesser-know figures who will be on speed dial: Citi exec Michael Froman; Jamie Rubin (the son of Bob); Jeh Johnson, an attorney at Paul, Weiss; Josh Steiner, a private equity pro who works with Steve Rattner; former Lazard exec Josh Gotbaum; law professor Seth Harris, financier Orin Kramer; Robert Wolf, the CEO of UBS Americas, and Preeta Bansal, a partner at Skadden, Arps. [NYO]