A new survey finds that Wall Street bonuses this year will be flat despite strong gains in the stock market.
This comes as hundreds of new rules take effect pushing the industry away from making risky bets.
In the past those risky bets led to big profits and big bonuses. But the Dodd-Frank Wall Street Reform Act introduced rules requiring banks to keep more cash on hand and curb the kinds of complicated trading that led to the financial collapse in 2008.
New Haven Democrat Martin Looney has been chosen to be the Connecticut Senate President in the new session that begins in January.
Looney is one of several leaders of the upper chamber of the state General Assembly selected by their members on Thursday.
He has served as Connecticut Senate majority leader since 2003. He is expected to be officially elected president by the full Senate in January. Looney will replace Donald Williams of Brooklyn, who did not seek re-election.
Looney said he’s honored to have been selected to lead the body .