US Faces ‘Severe’ AIG Losses (WSJ)
In a lengthy report, the bipartisan Congressional Oversight Panel concluded that the U.S. government, which owns nearly 80% of the insurance giant, is likely to “remain a significant shareholder in AIG through 2012″ and it is unclear if taxpayers “will ever be repaid in full.”

Goldman Sachs $2 Billion Hudson CDO Said to Be Target of Second SEC Probe (Bloomberg)
“The lawsuit is a misguided attempt by Basis, a hedge fund that was one of the world’s most experienced CDO investors, to shift its investment losses to Goldman Sachs,” Goldman Sachs said in a statement.

BP And Officials Block Some Coverage Of The Spill (NYT)
“We were questioned extensively. Who was on the aircraft? Who did they work for?” recalled Rhonda Panepinto, who owns Southern Seaplane with her husband, Lyle. “The minute we mentioned media, the answer was: ‘Not allowed.’ ”

How the United States Became a PR Disaster for Deutsche Bank (Spiegel)
Deutsche Bank’s tracks lead through the entire American real estate market. In Chicago, the bank foreclosed upon close to 600 large apartment buildings in 2009, more than any other bank in the city. In Cleveland, almost 5,000 houses foreclosed upon by Deutsche Bank were reported to authorities between 2002 and 2006. In many US cities, the complaints are beginning to pile up from homeowners who lost their properties as a result of a foreclosure action filed by Deutsche Bank. The German bank is berated on the Internet as “America’s Foreclosure King.”

Buffett Lunch Draws $700, 100 Bid as Pace Quickens (Reuters)
The auction on eBay generated 40 bids as of 4 p.m. EDT, with the highest bid rising from $200,100 on Tuesday and $51,000 on Monday. The names of bidders are being kept confidential by eBay, which began the auction on Sunday night. The auction ends on June 11 at 10:30 p.m. EDT

Bearded Women Challenge French ‘Boys Club’ Boards in Paris (Bloomberg)
“Is it really wise to allow women to define the strategy of a company, a task requiring intelligence, an ability to react and cool-headedness?” an activist of the feminist lobby La Barbe, or “The Beard,” said to the packed hall, taunting the French water utility’s board for having only one woman member out of 17. The activist didn’t want to be identified, in line with the group’s internal policies.

So This Guy’s Out There (TRB)
“I’m the guy who has spent the last 20 years of my life training inexperienced bushy-tailed day dreamers to become millionaires.” Continue reading »