Elevated

Palm director and former eBay executive Rajiv Dutta is joining Elevation Partners LP and will help the pri vate equity firm raise money for a second fund, a source said. Dutta, 48, is Elevation’s first new partner since its founding in 2004.

Wells bonuses

Wells Fargo established a bonus policy that allows CEO John Stumpf and top executives to receive cash or stock payments. The performance plan prohib its bonuses for a period in which the bank doesn’t earn a net income.

US Gross

Bill Gross, who runs the world’s biggest bond fund at PIMCO, increased his holdings of government-related debt to 63 percent, the highest proportion since July 2004.

Foot Locker

Standard & Poor’s lowered Foot Locker’s corporate credit rating, citing operational chal lenges due to poor same-store sales and eroding credit-protec tion measures, one notch to B+, or four steps into junk. The rat ings outlook is stable.

Petters case

Federal prosecutors wrapped up their case against Petters Group Worldwide LLC founder Thomas Petters, telling jurors he is guilty of “committing fraud on a massive, massive scale,” and urging them to con vict. Prosecutors claim Petters, 52, used one of his companies, Petters Company Inc., or PCI, to run a $3.5 billion Ponzi scheme to enrich himself and to support a money- losing business empire.