Opening Bell: 11.13.09

By Dealbreaker

jamie-dimon.jpgJamie Dimon: Banks Should Be Allowed To Expand–And Fail (WaPo)
“Ending the era of “too big to fail” does not mean that we must somehow cap the size of financial-services firms. Scale can create value for shareholders; for consumers, who are beneficiaries of better products, delivered more quickly and at less cost; for the businesses that are our customers; and for the economy as a whole. Artificially limiting the size of an institution, regardless of the business implications, does not make sense. The goal should be a regulatory system that allows financial institutions to meet the needs of individual and institutional customers while ensuring that even the biggest bank can be allowed to fail in a way that does not put taxpayers or the broader economy at risk.”
Warren Buffett Says The Financial Panic Is Over (Reuters)
“The financial panic is behind us,” Buffett said at Columbia University’s business school. “Our economy was sputtering, still is sputtering some.”

Ex-Bankers Form ‘Blind Pools’ in Bid for Failed Lenders (WSJ)
“Wall Street firms such as Goldman Sachs Group Inc. and Deutsche Bank AG are racing to form investment pools that plan to fund acquisitions by the bankers, who hope to leap into the auction process for failing banks led by the Federal Insurance Deposit Corp. One trio of banking veterans who are considering such plans is former J.P. Morgan Chase & Co. Chief Executive William Harrison, former Wachovia Corp. CEO Robert Steele, and Herb Boydstun, former CEO of Hibernia Corp., a regional bank in New Orleans that was sold to Capital One Financial Corp., according to people familiar with the situation.”
Roomy Khan Tipped Several People In Galleon Case (NYT)
“I provided information to several co-conspirators who worked for various hedge funds, who also traded on the inside information for profit,” Khan said. Also, she destroyed incriminating emails. NBD.
At Boeing, Dreamliner Fix Reveals New Wrinkle (WSJ)
Bad news. Your order is being delayed yet again.

Comments (10)

  1. 1
    Posted by guest | November 13, 2009 at 8:25 AM

    free BJ’s!!
    -dennis kneale

  2. 2
    Posted by guest | November 13, 2009 at 8:27 AM

    are you not supposed to destroy incriminating emails? is that wrong?

  3. 3
    Posted by Cramernista | November 13, 2009 at 8:40 AM

    I need help. I have been getting advice @ 6:00pm everyday for an hour. Based on said advice, I was long Bear Stearns for for last 2 yrs. Having saved to get back in the game, I went heavy into CIT. Now when I urinate, sparks fly out. What can I do?

  4. 4
    Posted by JD | November 13, 2009 at 8:40 AM

    Take Citibank, for instance. Citi has tremendous potential as a test case of the kind of reform I have in mind.

  5. 5
    Posted by guest | November 13, 2009 at 9:12 AM

    Suck it biotch. I can take your ass in a street fight.
    -Vikram “I got skillz” Pandit

  6. 6
    Posted by guest | November 13, 2009 at 9:17 AM

    @4 don’t be a jerk
    -vp

  7. 7
    Posted by american bandersnatch | November 13, 2009 at 9:23 AM

    @2 – I tell you, I gotta plead ignorence on this thing, because if anyone had said anything to me at all when I first started here that that sort of thing is frowned upon… you know, cause I’ve worked in a lot of offices, and I tell you, people do that all the time.

  8. 8
    Posted by guest | November 13, 2009 at 9:27 AM

    You are all idiots.

  9. 9
    Posted by guest | November 13, 2009 at 9:35 AM

    Bring on the musquirt!!!

  10. 10
    Posted by guest | November 13, 2009 at 10:23 AM

    I like that pic Bess.
    -JD

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