Barron – President Obama took credit Wednesday for the recovery in the financial markets while at the same time decrying Wall Street’s profits and the big bonuses that will be paid out as a result.

In his prime-time news conference, Obama said that if shaming those on Wall Street who take home multi-billion-dollar bonuses doesn’t work, he vowed to make sure shareholders of those companies were made aware of the compensation being doled out.

In the absence of "remorse" of Wall Streeters for raking in big paychecks once again, the president said financial regulatory reform would be necessary to prevent banks from taking risks that he said caused the financial crisis necessitating government bailouts.

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Reuters – Swiss private bank Union Bancaire Privee (UBP) may pull client money out of hedge funds unless they set up independent administrators, the Financial Times said on Wednesday.

The Geneva-based bank, one of the world’s largest investors in hedge funds, declined to comment on the report, which cited an internal memo to instruct managers.

Investors have blamed the absence of independent administrators as a key factor in Bernard Madoff’s success in setting up an alleged fraudulent Ponzi or pyramid scheme. Madoff was arrested earlier this month on accusations of a $50 billion fraud.

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