Straight talkin' James Gorman told The Financial Times that pay cuts would continue: “What the Street has historically done is when revenues went up, they kept the comp-to-revenue ratio flat. They rank comp by ratio. When revenues went down, they increased the comp-to-revenue ratio because they said, ‘We might lose all our people. We have to increase it.’” The Morgan Stnaley CEO added: “That’s a classic Wall Street case of ‘Heads I win; tails you lose.’ The current Wall Street management is a little tougher-minded about that and shareholders are certainly tougher-minded.”

Royal Bank of Scotland suspended a trader for trying to rig the Singapore dollar interest rate swap, according to Bloomberg. The trader, Chong Wen Kuang, was named in the lawsuit of Tan Chi Min, who is suing RBS for wrongful dismissal after being fired for trying to manipulate interbank lending rates.

The Department of Justice and New York State Attorney General Eric Schneiderman are among authorities investigating Credit Suisse over mortgage-backed securities, according to Reuters.

Mr. Schneiderman is said to have so-called tolling agreements with 12 banks, allowing the prosecutor to continue his investigation into mortgage-securitization practices at the firms beyond the statue of limitations.

Greek Prime Minister Antonis Samaras said his country will be out of cash by the end of November if it doesn't receive the next bailout installment from its European neighbors.

Spanish finance minister Luis de Guindos told an audience of academics that “Spain doesn’t need a bailout at all” ... and the academics laughed.

Dave & Buster's pulled its initial public offering yesterday, citing market volatility.

Junk bond issuers looking to pay interest rates with bonds instead of cash set off alarm bells, according to the Journal.

U.S. and European officials may step up sanctions against Iran after the nation's currency, the rial, fell 40 percent against the dollar over the last two weeks.

Put a $65 million bounty out for the man who can win the heart of your lesbian daughter, and all sorts of undesirables come calling. Sacha Baron Cohen, for instance ...

The currency, which has more than 20 users, was designed by some 30-something residents of this sun-seared town as a homemade response to Spain's crushing youth unemployment crisis. Users essentially start off with a revolving credit line, able to take on up to 100 pumas in debt. They earn money by selling goods or providing services to other users, tracking their balances in account booklets along the way.

Nor was the puma the only upstart:

Last month, promoters of a host of local currency projects got together to discuss the challenging environment at a conference in the town of Vilanova i la Geltru. In what seemed like some funky financial bazaar, the mostly youthful participants were flashing bills or ledgers from fledgling currencies with names like the zoquito, the gita, the minuto and the BilboDiru.

Some of the currencies were convertible to the euro, but one was pegged to the price of a cup of coffee. Some imposed penalties—a 2% loss of value—if users hung onto the currency for more than a few months. The idea is to force people to spend.

This is not a new phenomenon—hundreds of local currencies emerged during Argentina's economic crisis of the 1990s, The Journal notes. And it is perhaps less splashy than recent Bloombergian efforts to sex up the Spanish sovereign debt crisis. But it's enough to serve as our daily reminder that beyond the seemingly endless cycle of rising borrowing costs, rescue deals and austerity programs, people are struggling.

And that no intrepid reporter has yet turned up the bathtub ouzo trend piece for which we're thirsting.

Deutsche Bank is one of four European lenders being investigated by U.S. authorities for possible violations involving oil-trading and Iran, a source told Bloomberg.

Best Buy named Hubert Joly, the French-born chief executive of the Carlson hospitality chain, as the new CEO of the electronics chain. The electronics retailer is still jousting with founder Richard Schulze over the terms of a deal to allow Mr. Schulze to review company documents as he puts together a buy-out bid.

Spanish finance minister Luis de Guindos is seeking help from the European Central Bank to rein in Spain's sovereign borrowing costs.

The European troika is pressuring Ireland to close a legal loophole impeding foreclosures on loans originated prior to 2009.

JPMorgan tapped former Exxon CEO Lee Raymond to lead an inquiry into the billions of dollars in losses accrued by the bank's chief investment office and the trader known as the London Whale. The inquiry will double-check an earlier internal investigation.

An elder member of the Rothschild banking dynasty has taken a $200 million against the euro.

A Greek hedge fund manager tells Joe Weisenthal to brace for bad news out of Greece as summer holidays end.

Clifford J. White III, director of the Justice Department's U.S. Trustee Program, has presided over more active policing of Chapter 11 bankruptcy filings.

Some early investors in Groupon, including Marc Andreessen, are cashing in and walking away from the company.

Soft tactics: The Federal Reserve Bank of New York and the Bank of England talked about reforming the process by which Libor and other interbank lending rates are set, but play their hands timidly in recommending action. Lawmakers on both sides of the Atlantic are asking why.

Does anyone want this job? It's a lot easier to say who won't replace Bob Diamond as Barclays CEO than to guess who will. Deputy chairman Michael Rake and the firm's investment banking head Rich Ricci each ruled himself out over the weekend.

If at first you don't succeed...apologize again: Nasdaq announced a new plan to compensate customers for losses suffered due to technical glitches during Facebook's May initial public offering. Among the changes: Nasdaq upped the amount it would refund from $40 to $62 million, agreed to pay refunds in cash, as opposed to with credits on future trades and expanded eligibility for the funds. The expanded plan is unlikely to satisfy all investors. Knight Capital has said lost as much as $35 million on the botched IPO, while reports surfaced last month that UBS might float a much higher number.

Whither Europe: The Spanish government is paying more in borrowing costs than it has at any time since the inception of the euro, and finance minister Luis de Guindos is heading to Berlin tomorrow to talk about it.

Jumping in: Marc Lasry, Avenue Capital hedge fund manager and Democratic Party booster, has finished raising a $3 billion fund to invest in European debt. He joins alternate investment firms such as Blackstone, KKR and Apollo Global Management to seek profit in volatile European markets.

Black list: Zero Hedge reads Italian, spots this list of 10 cities that may default.

Chinese GDP...The new Libor? Investors double-check the math.

Future of futures: The National Futures Association is looking to tighten up its ship after Peregrine Financial Group founder Russell R. Wasendorf misappropriated more than $200 million on the NFA's watch.

Smaller entities slide through loopholes: The largest U.S. lenders have created more than 10,000 subsidiaries in the last two decades in an effort to reduce tax and regulatory exposure.

Ackman acolyte out: Scott Ferguson is leaving Pershing Square to start an activist hedge fund of his own, according to letter obtained by Bloomberg. Mr. Ferguson was the first analyst Mr. Ackman hired at Pershing Square.