Opening Bell: 07.01.09

By Dealbreaker

No Criminal Exposure For Ruth Madoff (NYP)
Ruth will not be prosecuted due to the Feds’ lack of evidence she was “either aware or in on” the scam. They reserve the right to change their minds if new, incriminating dirt against the 68-year-old Upper East Side (though soon to be Rego Park) matron is discovered. One source tells the Post it’s unclear why the authorities would continue to pursue Lady MacMadoff, since she’s already lost so much, like friends and houses (though not $2.3 mill).
California misses budget deadline, readies “IOUs” (Reuters)
“The general obligation bonds will be paid,” State Controller John Chiang told Reuters on Tuesday. “California has never defaulted on its debt obligation and we don’t plan to do so.”
The Goldman v Rolling Stone Cat Fight (NYP)
Apparently the Masters of the Universe thought the line about the firm being “a great vampire squid wrapped around the face of humanity” was way off the mark though one official conceded that the piece was “vaguely entertaining.”

FDIC Proposing New Rules on Private-Equity Investors Acquiring Failed Lenders (WSJ)
Tricky sitch for SheBair: “On the one hand, there’s pressure that the government not be seen as giving extremely favorable deals to financial actors, especially since many of the problems it’s cleaning up have their origins in poor decisions made by the financial sector…On the other hand, both the magnitude of the capital required and the need for hands-on management suggest that private equity can and should play a role in addressing these problems.”
Freddie Picks Charles Haldeman for CEO Spot (WSJ)
Now, who wants the Citi/Bank of America/AIG gigs?
Ex-Citi chief set to lead Lloyds integration (FT)
Sir Win Bischoff tapped as next chairman of Lloyds Banking Group.
5:15 Capital Starts Hedge Fund With Nod to Who Song (Bloomberg)
5:15 Capital Management LLC, the track “5:15″ on “Quadrophenia,” will begin trading today with about $60 million, according to Morris Sachs, one of the founders, who said the fund will grow to $100 million. Joining him at the Greenwich, Connecticut-based fund are E.G. Fisher, 40, and Rob Wahl, 42. “We’re all Who fans and love that tune,” Sachs, the fund’s chief risk officer, said in a telephone interview. “What are we going to do, try to find another name for the Greek god of money?”

Comments (22)

  1. 1
    Posted by AndrewInGreenwich | July 1, 2009 at 8:02 AM

    Lisa Falcone….discuss
    http://nymag.com/daily/intel/2009/06/lisamaria_falcone.html#photo=1

  2. 2
    Posted by guest | July 1, 2009 at 8:04 AM

    @AIG we already did, but thanks for playing. http://dealbreaker.com/2009/06/lisa-falcone-explains-why-she.php

  3. 3
    Posted by guest | July 1, 2009 at 8:05 AM

    another fail for AIG.

  4. 4
    Posted by guest | July 1, 2009 at 8:12 AM

    re 5:15, in a similar move I’ll be starting up Put In Your Mouth Capital if anyone wants in.

  5. 5
    Posted by AndrewInGreenwich | July 1, 2009 at 8:13 AM

    @2/3
    See the link, it’s different…whole slide show of embarrassment and sexy.

  6. 6
    Posted by guest | July 1, 2009 at 8:16 AM

    @aig- they’re all horrible but none top the gladiator trash bag get up. although the feathered thing is up there.

  7. 7
    Posted by guest | July 1, 2009 at 8:28 AM

    re 5:15 – a great choice of name. As the song says : Out of my brain on the five fifteen – so you have been warned

  8. 8
    Posted by guest | July 1, 2009 at 8:39 AM

    I thought 5:15 was the comp scheme.

  9. 9
    Posted by guest | July 1, 2009 at 8:44 AM

    “And the fact that Goldman has dodged bullets while firms like Lehman Brothers and Bear Stearns — which modeled themselves after Goldman — have cratered, has only added to the lore of the bank as the bad guy.”
    Yes, Bear modeled itself after Goldman, if what you mean is that they tried to be the complete opposite of them.

  10. 10
    Posted by guest | July 1, 2009 at 8:54 AM

    @8 Nice!

  11. 11
    Posted by guest | July 1, 2009 at 9:05 AM

    @1
    a bit of a soup chicken but i’d still hit it – she looks eager as fuck so i guess so i guess you can have your way with her

  12. 12
    Posted by guest | July 1, 2009 at 9:07 AM

    @11 = Jim Simons

  13. 13
    Posted by trojan | July 1, 2009 at 9:19 AM

    greg i found a hot lead
    http://newyork.craigslist.org/mnh/wri/1248165589.html

  14. 14
    Posted by Anal_yst | July 1, 2009 at 9:19 AM

    California PIK-toggle?

  15. 15
    Posted by EvilBuzzard | July 1, 2009 at 9:28 AM

    Yeah, Tiabbi should have called them Calimari instead.

  16. 16
    Posted by guest | July 1, 2009 at 9:30 AM

    @13 nice
    You expecting [hoping?] for an end result of Greg floating face down in a drainage canal?

  17. 17
    Posted by guest | July 1, 2009 at 9:31 AM

    The Rolling Stone article was written by Matt Taibi, a guy whose writing I’ve followed for years. He’s very entertaining but it’s no secret that his work is as much activism as journalism. Think Michael Moore, except smarter and funnier.

  18. 18
    Posted by guest | July 1, 2009 at 9:33 AM

    Greg

  19. 19
    Posted by guest | July 1, 2009 at 9:42 AM

    I’m generally out of my brain on the 5:28 actually

  20. 20
    Posted by guest | July 1, 2009 at 9:46 AM

    Off Topic Alert!:
    Has anyone gotten a good look at Al Franken’s Wife?/Mom? Por tu vida!

  21. 21
    Posted by guest | July 1, 2009 at 10:15 AM

    20
    Franken’s wife reminds me of a certain Married With Children episode. It’s that one where Bud Bundy goes to work for the Virgin hotline as a phone operator trying to dissuade young people from doing it. Franken’s wife reminds me of the lady in charge of that hotline.

  22. 22
    Posted by guest | July 1, 2009 at 11:02 AM

    @ 5:15: We Won’t Get Fooled Again.

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