• Even though their salaries have risen substantially in recent years, it would still hurt Wall Street employees' feelings if they didn't get any bonuses this year. [NYT]
• The accountants at Ernst & Young are in trouble with the state of New York for allegedly twiddling their thumbs and whistling to themselves as their client Lehman Brothers lied to investors about the security of its balance sheet. [WSJ]
• Europe is still in a world of hurt. Following Moody's Dec. 15 announcement that it may cut Spain's credit rating, Standard & Poor's is looking at downgrading Portugal, Ireland and Greece. Even France -- France! -- is vulnerable. Quel horreur. [Bloomberg]
• Kohlberg Kravis Roberts wanted to buy Australian money runner Perpetual for $1.75 billion, but could not get a deal done. [FT]
• Online holiday spending is up 12 percent this year. There are also some new names for online shipping days, like "Green Monday" and "Free Shipping Day." [Reuters]

mtaylor [at] observer.com | @mbrookstaylor