"You're sexy, you're cute! Take off your riot suit!" Even though there were many weekend reports of violent protests at G20, here are some more peaceful protesters getting friendly with the Canadian police. Exercising civil rights can be fun!
• The unemployment rate jumped to 8.5 percent in March, the highest since 1983, after a total of 663,000 jobs were eliminated. [NYP, BN]
• At the G-20 summit in London. world leaders agreed to pump $1 trillion into the world economy to help bail out developing countries. [NYT]
• Bank of America chief Ken Lewis says it may take a few quarters to pay bank the $45 billion it received in bailout money. Also: He says Countrywide and Merrill "will prove to be two of the best acquisitions we've ever made" [DB]
• Related: Another top Merrill banker is ditching the firm. [WSJ]
• It appears it's the end of the line for Daniel Zwirn's hedge fund. [DB]
• Hedge fund managers are paying more attention to customers after sustaining heavy losses. So they're, like, wearing ties to work and stuff. [BN]
• A Florida accountant became the first U.S citizen to be arrested as part of the investigation into Americans who hid assets with help from UBS. [AP]
• This can't bode well: American Airlines is in talks to raise cash from its credit card partner, Citigroup, by selling frequent flyer miles. [Reuters]
• It's not as fun being on top these days: The median salaries and bonuses for the CEOs of 200 big companies fell 8.5% to $2.24 million in '08. [WSJ]
• Details on what's been discussed—and what's on the agenda—as President Obama meets other world leaders at the G-20 in London. [BN, NYT, WSJ]
• The House has approved yet another bill to restrict bonuses and compensation at financial firms that have received bailout money. [NYT]
• Former AIG CEO Hank Greenberg will give testimony in front of a congressional panel in Washington today. [WSJ, CNN]
• The number of U.S. workers filing new claims for jobless benefits surged to a nearly 26-year high last week. [Reuters]
• The Justice Department has opened about 100 criminal investigations into wealthy Americans who skirted tax laws as clients of UBS. [Dealbook]
• Real estate prices in NYC have taken a big hit thanks to Wall Street. [Reuters]
• Good news: hedge funds are back in the game, it seems. After a lousy 2008, investors are "tentatively returning to the sector," report some. [FT]
So President Obama and all the European leaders are getting together to solve global terrorism, reverse the economic disaster, and "foster world unity." Not that we don't have the utmost faith that a bunch of men in suits can perform those miracles, but it's a relief to see that the international media has its priorities straight and is focusing on the real issues. Namely: How will the various First Ladies compare in the fashion stakes, is Michelle going to bare her famous arms, and how does one behave in front of the Queen of England?
