February 5

“All you need to know to navigate today’s economic debate.”

Banks Told to Comply on Bonuses or Lose UK Banking Licences in Shock FSA Ultimatum (Telegraph)
The UK has ruled that every bank bonus must comply with regulations or risk losing legitimacy — why do the American regulators not have the same fortitude?

Cuomo Sues Bank of America, Even as It Settles With S.E.C. (NYT)
New York Attorney General Andrew Cuomo has leveled a civil suit against Bank of America, charging the financial giant with fraud.

Summers Sees Labor-Market Rebound as U.S. Economy Strengthens (Bloomberg)
Chief Economic Adviser Larry Summers offers some optimistic words on the state of unemployment and job creation in the recession.

It’s Official: Sen. Brown (R., Mass.) (WSJ)
Scott Brown has been officially sworn in as the 41st Republican Senator in Congress after his win in Massachusetts.

Senators Propose 50% Bonus Tax on Big TARP Recipients (NakedCapitalism)
On banks, Senators Boxer and Webb have proposed a one-time tax would be limited to bonuses of more than $400,000 at firms that received more than $5 billion in TARP funds.

Goldman Sachs And The Republicans (BaselineScenario)
Simon Johnson discusses his congressional testimony and the insufficiency of the “Volcker Rule.”

Obama’s Nuclear Giveaway (MotherJones)
Kate Sheppard discusses what she believes to be a major push by Obama to expand nuclear energy in this country.

Fear of E.U. Economic Woes, Rise in U.S. Jobless Claims Send Markets Plunging (WaPo)
Global stock markets dropped sharply for a second day Friday amid concern over the strength of the economic recovery and mounting government deficits in some European countries.