Headlines:

GS had changed its compensation 'provisions' preemptively, inlight of 50% tax on the walst bonuses slapped by UK govt... Now much of the executive bonus compensation would be in the form of stock, that cannot be exercised for the next 5 years.

Its long been spoken about CMBS taht it is going to be the next shoe. Todays Moody's published the delnquency rates of CMBS, and yes, nothing to cheer about. the aggregate rate of delinquencies among US CMBS loans stood at 4.47 per cent as at the end of November, an increase of 46 basis points compared with the prior month. Just to give a notion to compare - the same figure stood at 0.22% in Jul 2007. However to purport this view on CMBS, offlate, a couple of CMBS issues were over subscribed in US. In my opinion, the current price on a CMBS does reflect the elevated delinquencies.. the question is whether the banks had marked their assets to these market prices or not.