Blackstone chief calls for flat-rate income tax

Blackstone Group LP Chief Executive Stephen Schwarzman called Wednesday for a flat tax in the United States to create an "inherent sense of fairness," according to an interview he gave on CNBC.


Bofa to maintain Merrill broker pay structure

The move seeks to dispel any concern among advisers, and speculation among outsiders, that Darnell might shift the pay of brokers to a salary and bonus format, in which compensation could be awarded based on management discretion.


Lehman shelves asset management plan

Lehman Brothers Holdings Inc will not turn its asset management unit into a long-term business after creditors of the bankrupt investment bank objected.