Recession Grounds Lauer's World Tour

Nine of 17 member states post a fall

(NEWSER) - For the first time since 2009, the eurozone economy contracted last quarter. The fourth quarter of 2011 saw the GDP shrink 0.3% compared to the third quarter; the last quarterly contraction occurred during the second quarter of 2009 when the GDP dropped 0.2%. Meanwhile, the GDP grew just 0.7% compared to a year earlier, the smallest gain since the fourth quarter of 2009. Nine of the 17 member states posted a fall, and economists are forecasting more contraction to come, the Wall Street Journal reports. More»

Matt Taibbi says bankers are still overpaid

(NEWSER) - Matt Taibbi was incredulous when he read a recent New York piece in which Wall Street denizens whined that Dodd-Frank was limiting their bonuses. "I watch what I spend," one banker lamented, "but my girlfriend likes to eat good food," which adds up fast. "Quelle horreur!" Taibbi quips in Rolling Stone , before shredding the argument. Actually, bank compensation is falling because of the European debt crisis. Bankers he knows are saying things like, "If the ECB doesn't come up with a Greek bailout package, I'm going to have to sell my children for dog food." And at some banks (like Goldman Sachs), bonuses are actually up relative to earnings. More»

NBC musical dazzles critics... mostly

(NEWSER) - If you watched the Super Bowl, you just might have heard of Smash, NBC's new drama about the making of a Broadway musical. It premiered last night, and critics are (mostly) giving it a standing ovation:

• The buzz has gotten so intense that the conversation isn't even about whether it'll be good. "Good? Darling, it's great!" gushes Mary McNamara of the LA Times . The creators have "managed to capture the grand and sweeping gesture that is musical theater and inject it with the immediate intimacy of television," an impressive, unprecedented feat.

Protests spread across Ivy League campuses

(NEWSER) - Half of those surveyed in Harvard's class of 2010 went into finance or consulting; at the University of Pennsylvania, the figure was even higher—and some students are fed up with the "brain drain." Inspired in part by the Occupy movement, students have launched protests against recruiting by big banks, consulting firms, and hedge funds at top universities ranging from Princeton to Stanford, NPR reports. "You've got 20% to 30% of some of the top talent in this country going into a sector that is not necessarily contributing to economic and social productivity," says movement leader Teryn Norris. More»

Ex-Credit Suisse traders accused of bonus-boosting fraud

(NEWSER) - Looks like it's payback week: Federal prosecutors are planning to file fraud charges against four former Credit Suisse traders accused of overstating the value of mortgage securities in order to boost their bonuses, the Wall Street Journal reports. The alleged fraud happened in early 2008 as problems with complex mortgage securities threw the markets into turmoil. More»