Opening Bell: 08.21.09

Posted by Dealbreaker, Aug 21, 2009, 7:57am

Benmosche Accepts AIG Job as Friend Says U.S. Turning Socialist, Being Asked 3 Times (Bloomberg)
"He said, 'How does it feel, here we are moving forward, and you guys are becoming socialists,'" Benmosche said during an Aug. 4 staff meeting, according to a recording. "I said, 'What the hell are you talking about?' I started to think about the motivation I had to doing this job."

Rise of the Super-Rich Hits a Sobering Wall (NYT)
In 2007, Mr. McAfee sold a 10,000-square-foot home in Colorado with a view of Pike's Peak. He had spent $25 million to buy the property and build the house. He received $5.7 million for it. When Lehman collapsed last fall, its bonds became virtually worthless. Mr. McAfee's stock investments cost him millions more. One day, he realized, as he said, "Whoa, my cash is gone."


Tiger Asia Engaged in Insider Dealing, Hong Kong Regulator Says (Bloomberg)
Tiger Asia was approached by a placing agent before market opening on Jan. 6 to participate in the planned Bank of America placement of Construction Bank shares, the SFC said. Tiger Asia was informed of the size and discount range of the share offering, it said.

Morgan Stanley Plans Hiring Spree (Reuters)
John Mack's got 400 jobs and 400 cannolis to pass out. Get some of that.

FDIC Seeks To Attract More Buyers Of Banks (NYT)
The second most powerful woman in the world "taking extraordinary steps to attract buyers for troubled institutions." Swimsuit calendar.

AIG Says Madoff Suit Without Merit (WSJ)
In a statement Thursday, the insurer said it will cover, under some product lines, losses that are a result of a fraud, but only if the policyholder suffered an actual net loss and has done so for claims related to the Madoff scandal. Everyone else can S a small D.

Switzerland's Profit on UBS: $1.13 Billion (WSJ)
Toberlones for everyone.

Sail Away With A Piece Of Madoff Memorabilia (Telegraph)
B-boy's boat, a "spanking white, classic gin-palace" featuring "a luscious master bedroom, a double room and a further twin room, plus all the mod-cons and the obligatory sunlounger decks" could be yours.

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Picture 5.png
"New intern challenge. We're not in for the long-haul. This one's a sprint. 4,200 calories. He has until 2:45PM (London time). Call it a farewell lunch if you will."

Update: No cash prize at stake. Apparently he's doing this "for respect."

Update II: "Done. Nearly a photo finish at the end there. He managed over 1000 calories an hour. Now to take him to the pub to celebrate."

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