• 28 Sep 2010 at 8:57 AM

Opening Bell: 09.28.10

JPMorgan Targets WaMu Funds (WSJ)
In a series of previously undisclosed letters sent to the FDIC, the nation’s second-largest bank by assets warned it could seek billions in legal protection from the FDIC receivership that liquidated the Seattle-based thrift two years ago, people familiar with the situation said. To the FDIC, the J.P. Morgan letters amount to more than $6 billion in claims, which would dwarf the $1.88 billion J.P. Morgan paid the receiver in September 2008, according to people familiar with the situation.

Ken Fisher Dubs New Normal `Idiotic,’ Sees `Great’ Decade Ahead (Bloomberg)
The next decade will be as good for investors as the 1990s, said Ken Fisher, the billionaire chief executive officer of Fisher Investments Inc., dismissing notions that developed economies face below-average growth. Fisher said the concept of a “new normal” is “idiotic,” pitting him against money managers including Mohamed El-Erian, the CEO of PIMCO. “We are chimpanzees with no memory,” Fisher said at the Forbes Global CEO Conference in Sydney. “The next 10 years are going to be just as good as the 1990s. The problems in this current environment we think are so different, and so new and so unique. It’s the same stupid old normal we’ve always had. We’ve got a great future.”

Bank Regulators Delay “Too Big To Fail” Reform (Reuters)
They just need a little more time.

Man Group Sees Pre-Tax Profit Down 55% (MarketWatch)
The UK hedge fund manager estimated that its fiscal first-half pretax profit fell 55% to $135 million due to lower management fees and higher one-off costs. The firm said funds under management at the end of September stood at $39.5 billion, compared to $38.5 billion at the end of June, as gains on investments and a boost from foreign exchange rates more than offset $600 million of net withdrawals during the period. “The last six months have seen further mixed macro signals across global economies and continued uncertainty in markets,” said CEO Peter Clarke.

Moelis Said to Plan Acquisition of Gracie Credit to Add First Hedge Fund (Bloomberg)
The $2 billion Gracie, headed by founder Daniel Nir, will operate independently of Moelis. The deal price wasn’t known.

Brazil In “International Currency War,” Says Prime Minister (FT)
“We’re in the midst of an international currency war, a general weakening of currency. This threatens us because it takes away our competitiveness,” Mr Mantega said.

Genius Gets Its Own Reward (WSJ)
A honey-bee breeder, a jellyfish scholar, a stone carver and an Emmy-winning screenwriter were among 23 people awarded $500,000 “genius” grants Tuesday by the John D. and Catherine T. MacArthur Foundation. While most aren’t well known outside their fields, this year’s crop includes David Simon, the Baltimore author and screenwriter responsible for such popular shows as the Emmy-winning HBO television series “The Corner,” as well as HBO dramas “The Wire” and “Treme.”

HSBC Picks Boxer Turned Risk-Manager Gulliver as CEO (Bloomberg)
Gulliver, named chief executive officer last week, worked his way up over 30 years from treasury department roles in London and Asia, where he learned to manage funding, liquidity and interest-rate holdings. That training in risk helped him steer HSBC’s traders through the Asian financial crisis of the 1990s and allowed the securities unit he oversees to survive the subprime bubble with smaller losses than competitors including Barclays Capital. “You should not expect a significant change,” Gulliver, 51, told reporters on a conference call last week. “It’s important to take away from this that the processes that Mike has started and Stephen has started I will continue.” Staying still may not be enough. Gulliver, a boxer at Oxford University, faces calls from investors to boost revenue from Asia, where it lags behind competitor Standard Chartered Plc.

Depression up 25 percent on Gulf after oil (AP)
Good job, BP.

Bronx art teacher Melissa Petro blabs about exploits as stripper, hooker (NYDN)
At open-mic events.

Charlie Gasparino Thinks Barney Frank Is Making Excuses (NYP)
“Rep. Barney Frank & Co. are getting set for yet another hearing this week on the future of Fannie Mae and Freddie Mac, the government-controlled mortgage lenders. Once again, they’re not after the truth — they’re looking to conceal it. The House Financial Services Committee chairman and his brethren on the left want you to believe they’re making a good-faith effort to figure out what went wrong with Fannie and Freddie — what mistakes led to their failure and takeover by the government during the 2008 financial collapse, and how to fix both institutions for the future. In fact, what they’ll deliver is more hot air from so-called “housing advocates” obscuring just how much Fannie and Freddie contributed to the housing bubble, the 2008 financial collapse and the Great Recession. It’s all meant to give lawmakers an excuse not to do what’s necessary and prudent — namely, kill Fannie and Freddie before they come back to do it all again.”

27 comments (hidden to protect delicate sensibilities)
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Comments (27)

  1. Posted by Guest | September 28, 2010 at 1:22 PM

    Mr. Fisher, try telling my grandparents that they have no memory of the depression and you’ll get punched in the mouth.

  2. Posted by Guesticulation | September 28, 2010 at 1:32 PM

    My grandparents punched me in the mouth once. Once.

  3. Posted by Wyle E. Coyote, Super Genius | September 28, 2010 at 1:40 PM

    Where’s my prize?

  4. Posted by Debralee Lorenzana | September 28, 2010 at 2:07 PM

    I am the prize. I’ll be at Minetta’s tonight if you want to hook up. Remember, tits on a stick. Touch everyone’s boobies till you find me. Kisses.

  5. Posted by NakedShort | September 28, 2010 at 2:19 PM

    Stop me if you’ve heard it a honey-bee breeder, a jellyfish scholar, a stone carver and an Emmy-winning screenwriter walk into a tavern…

  6. Posted by CMBS 4-Life | September 28, 2010 at 2:21 PM

    lane 3 was blocked for construction this morning. fucking ez-pass my ass.

  7. Posted by Guest | September 28, 2010 at 2:25 PM

    Ask and thee shall recieve.

  8. Posted by No one you know | September 28, 2010 at 2:29 PM

    Someone kill me – I find myself agreeing with the Jabroni Poni.

  9. Posted by PureRetail | September 28, 2010 at 2:35 PM

    I get letters from Ken Fisher all the time. He asks me to favor him with a reply.

  10. Posted by guest | September 28, 2010 at 2:41 PM

    Ken Fisher is probably like Bernie Madoff, he says he has $27bil in assets but has no 13f filings and does not report his results on his own website.

  11. Posted by Mr. Market | September 28, 2010 at 2:54 PM

    He doesn’t report results because they suck terribly. He does have $27bn because he uses marketers to lure grannie and grandpa into parting with their savings.

  12. Posted by Wyle E Coyote, Super Genius | September 28, 2010 at 3:10 PM

    I’m still waiting for my prize.

  13. Posted by Anon | September 28, 2010 at 3:24 PM

    nah. ponziers love to show off their fake, unbelievable returns. ken fisher is just trying to manipulate the opinions of (potential) investors. he knows that the old HF model is dead under the “new normal,” and if he can keep his absurd HF fee structure for an extra year by simply ranting a little, then so be it.

  14. Posted by Cheetah | September 28, 2010 at 3:25 PM

    Fisher is an idiot. I made a fortune wih my memory. I remember one scene where Tarzan and Jane are being visited by missionaries from Connecticut and Tarzan introduces “Jane”. One missionary asks Tarzan, “What is Jane’s whole name?” and Tarzan said, “Jane’s hole name “Pussy”!!! The cast and crew broke up and then we did a second take.

    -”Cheetah”
    El Monko Retirement Center
    San Simian, CA

  15. Posted by Bottom Bucket | September 28, 2010 at 3:44 PM

    Ken looks like Butthead sans gwar shirt plus Fordham degree

  16. Posted by TedSheckler | September 28, 2010 at 3:52 PM

    A little sodomy never hurt anybody.

  17. Posted by OptionsTrader | September 28, 2010 at 3:58 PM

    Pretty funny comment bro. Fucking douche bag.

  18. Posted by DTep | September 28, 2010 at 4:17 PM

    Ken Fisher is an idiot with a big ego.

  19. Posted by Anonymous | September 28, 2010 at 4:46 PM

    Test

  20. Posted by J.G. Wentworthless | September 28, 2010 at 3:15 PM

    It’s MY MONEY and I want it NOW!!!

  21. Posted by J.G. Wentworthless | September 28, 2010 at 3:15 PM

    It’s MY MONEY and I want it NOW!!!

  22. Posted by J.G. Wentworthless | September 28, 2010 at 3:15 PM

    It’s MY MONEY and I want it NOW!!!

  23. Posted by Anonymous | September 28, 2010 at 3:15 PM

    Fisher is quite the scholar. If you read the article, he blames an overabundance of “snarky” people for this belief in the new normal. He also tells us that we are “chimpanzees with no memory” and thus forget how hot things were in the 90s. Apparently he doesn’t think the first decade of the 2000s counts when it comes to evaluating the current state of the markets. Maybe he figures we’re getting a do-over.<

  24. Posted by Anonymous | September 28, 2010 at 3:15 PM

    Fisher is quite the scholar. If you read the article, he blames an overabundance of “snarky” people for this belief in the new normal. He also tells us that we are “chimpanzees with no memory” and thus forget how hot things were in the 90s. Apparently he doesn’t think the first decade of the 2000s counts when it comes to evaluating the current state of the markets. Maybe he figures we’re getting a do-over.<

  25. Posted by Anonymous | September 28, 2010 at 4:51 PM

    My IPhone hates Disqus, thus the test above. What I really wanted to say is OptionTrader is perhaps the world’s biggest douch but that would be cruel and unkind so I shall refrain

  26. Posted by Anonymous | September 28, 2010 at 4:51 PM

    My IPhone hates Disqus, thus the test above. What I really wanted to say is OptionTrader is perhaps the world’s biggest douch but that would be cruel and unkind so I shall refrain

  27. Posted by Anonymous | September 28, 2010 at 4:51 PM

    My IPhone hates Disqus, thus the test above. What I really wanted to say is OptionTrader is perhaps the world’s biggest douch but that would be cruel and unkind so I shall refrain