Andrew Cuomo and Barney Frank think there needs to be a change in the way Wall Street pays you, and though the New York attorney general doesn't want to "interfere with the private sector," in the words of The Wall Street Journal, the House Financial Services Committee chair says, "We plan to put laws into effect, no question." Cuomo is looking at ways to stagger compensation over several years, so companies can claw back pay if short terms risks don't work out.

Cuomo, Frank Seek to Link Executive Pay, Performance [WSJ]

And...

'Be very frightened', FSA warns bankers [Guardian]
Compliance and regulation aren't just U.S. issues

City tycoon pleads poverty in £10m divorce [Times of London]

Nomura to Move Investment Banking Head to London [Dealbook]

And the 20 Richest Men in Finance Are… [WSJ]

Oppenheimer recruiting brokers, advisers from Stanford Group [InvestmentNews]

Social Networking, Blogging More Popular Than E-Mail [eWeek]
If you don't think people are using social networks, read this.

In Hard Times, Freelancers Turn to the Web [NY Times]
Tools you can use if you're out on your own, and want to stay that way

A Besieged Bank, and Its Hometown, Look Inward [NY Times]

People

Meet UBS’s New Global co-Head of Media Investment Banking [Deal Journal]

Moelis & Company Announces Stanley W. Holtz has Joined as a Managing Director [Moelis via BW]

John Gramins Joins Oppenheimer's High-Yield Loan Sales and Trading Business [Oppenheimer via PRN]