Opening Bell: 11.19.10

By

Meredith Whitney To Rival Moody’s And S&P With Own Ratings Agency (FT)
Ms Whitney said in an interview with the Financial Times that her new agency would use the same business model as established agencies, in which issuers of debt pay for ratings. She maintainted that she would be able to manage potential conflicts of interest, saying: “If you run a good business and you have compliance in place, there should not be problems…We’re in the process of applying for an NRSRO licence with the intention of being a formal competitor to S&P and Moody’s,” Ms Whitney said. She plans to rate global structured products and corporate bonds and US municipal bonds.

Bernanke Fires Back, Takes Aim At China (WSJ)
By keeping their currencies artificially weak, Mr. Bernanke argued in Frankfurt Friday, China and other emerging markets are allowing their economies to overheat, preventing trade imbalances from adjusting and worsening what he called a “two-speed” global recovery. Their “strategy of currency undervaluation” is preventing more “balanced and sustainable” global growth, he warns, echoing a view expressed by Obama Administration officials.

China to Raise Reserve Ratio by 50 Basis Points From Nov. 29 (Bloomberg)
China ordered banks to set aside larger reserves for the fifth time this year, draining cash from the financial system to limit inflation and asset-bubble risks in the world’s fastest-growing major economy. The ratio will increase 50 basis points starting Nov. 29, the central bank said on its website today. The aim is to step up liquidity management and “appropriately control” credit and loans, it said.

PIMCO Said To Seek $1 Billion To Buy Troubled Assets From Banks (Bloomberg)
The Pimco Bravo fund, short for Bank Recapitalization and Value Opportunities, will acquire commercial and residential mortgage loans and other debt, according to a prospective investor.

Lippman, Who Bet Against Subprime At Deutsche Bank, Turns Buyer At Fund (Bloomberg)
LibreMax Capital LLC’s fund gained about 1.67 percent in October as it invested 44.4 percent of its portfolio in bonds backed by subprime home loans to borrowers with the worst credit, according to a letter to investors.

SEC To Step Up Supervision Of Hedge Funds (Reuters)
The SEC meets later Friday to vote on a proposal that would require the registration of advisers to hedge funds and private equity funds with more than $150 million in assets under management.

Irish Bailout May Unleash Market Vigilantes On Portugal (Bloomberg)
“Wait a few weeks and the markets will just go for someone else, with Portugal at the front of the queue,” London-based Diebel said. “The vigilantes pushed Ireland into the same situation Greece is in. Why would you conclude they won’t do the same to Portugal?”

Harrah’s Cancels IPO (CNBC)
Harrah’s said Friday it will not pursue an initial public offering due to market conditions. The company, which planned to return to the stock market rebranded as Caesar’s Entertainment had planned to raise $470 million, selling shares between $15 and $19 each.

Wall Street Pay Day For A New GM (WSJ)
Sen. Bob Corker, a Tennessee Republican who was an outspoken critic of using Troubled Asset Relief Program funds for the bailout of GM and Chrysler Group LLC, said recently he feels “gratified” by the progress GM has made. Without the government’s help, “there is absolutely no way GM would be in the position they are in to expand and grow,” he said in the recent interview. “Much of the taxpayer money is going to come back.”

Irish Grasp At EU, IMF Lifeline (WSJ)
“It will be a large loan because the purpose…is to show Ireland has sufficient firepower to deal with any concerns of the market,” central-bank governor Patrick Honohan said.

AR Magazine Names Top Hedge Funds (AR)
Bridgewater took top honors for macro strategy and management firm of the year. Third Point, Renaissance, Paulson Advantage recognized for risk-adjusted returns.

    Sign up for the Dealbreaker newsletter

    Subscribe to our free daily email and get breaking news, financial headlines, commentary, and analysis from Dealbreaker.

    — Advertisement —

    Comments (78)

    Older Comments
    1. 1
      Posted by creditanalyst | November 19, 2010 at 2:12 PM

      LOL at meredith whitney

    2. 2
      Posted by NakedShort | November 19, 2010 at 2:15 PM

      A cow will now be rating deals structred by cows.

    3. 3
      Posted by Guest | November 19, 2010 at 2:15 PM

      Those pearls never get old.

    4. 4
      Posted by ExtraOrdinaryPopularDelusions | November 19, 2010 at 2:25 PM

      Udder failure.

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

      I realize it was cheesy.

    6. 6
      Posted by Wtw | November 19, 2010 at 2:31 PM

      What is she going to rate, weight loss programs?

    7. 7
      Posted by None | November 19, 2010 at 2:38 PM

      Frontpoint shutting down all healthcare funds

    8. 8
      Posted by Bessie | November 19, 2010 at 2:40 PM

      You really hoof to stop this now.

    9. 9
      Posted by Cramer | November 19, 2010 at 2:46 PM

      A sad day for an investing legend.

      http://www.cnbc.com/id/40264325

    10. 10
      Posted by Eleventy One | November 19, 2010 at 2:57 PM

      In other news, Meredith Whitney has announced she is legally changing her name to “Fitch” Whitney.

    11. 11
      Posted by Joseph di Jersey City | November 19, 2010 at 3:12 PM

      “If you run a good business and you have compliance in place, there should not be problems…”

      Other than that, I have not concerns.

    12. 12
      Posted by Rho2Gamma | November 19, 2010 at 3:18 PM

      So she bitch slaps banks in public, now expects them to pay her to praise them and their actions. Bravo Meridith, bravo.

    13. 13
      Posted by Rho2Gamma | November 19, 2010 at 3:20 PM

      Now she is really masticating on some cud.

    14. 14
      Posted by Guest | November 19, 2010 at 3:21 PM

      Following the Goldman business model, for sure.

    15. 15
      Posted by Guest | November 19, 2010 at 3:24 PM

      It’s a bit of a paradox, there. Compliance usually prevents you from running a good business.

    16. 16
      Posted by Anonymous | November 19, 2010 at 4:25 PM

      About time someone took on Mooody’s

    17. 17
      Posted by Anonymous | November 19, 2010 at 4:59 PM

      Good point Rho, banks (and corporations) should only get ratings from rating agencies that only praise them in public. That’s the model Moody’s and S&P followed and we saw how well that worked out.

    18. 18
      Posted by Chuck Schumer | November 20, 2010 at 6:00 PM

      I don’t get it. Isn’t that how it’s supposed to be?

    19. 19
      Posted by Guest | November 22, 2010 at 2:55 PM

      Do you want fries with that rating?

    20. 20
      Posted by Bristol Airport Hotels | April 19, 2012 at 12:46 PM

      vLE8Ky I cannot thank you enough for the article post.Much thanks again. Cool.

    21. 21
      Posted by Hip Hop Beats | April 25, 2012 at 3:20 AM

      Thanks for the blog post. Really Great.

    22. 22
      Posted by ounce of gold | April 25, 2012 at 7:57 AM

      I am so grateful for your blog article.Thanks Again. Great.

    23. 23
      Posted by restaurants in esentepe | April 26, 2012 at 2:07 PM

      Awesome article.Much thanks again. Fantastic.

    24. 24
      Posted by baby acne | April 26, 2012 at 3:21 PM

      Thanks-a-mundo for the article post.Thanks Again.

    25. 25
      Posted by owners | April 26, 2012 at 6:48 PM

      Really appreciate you sharing this post.

    26. 26
      Posted by photo gifts | April 26, 2012 at 8:30 PM

      Really informative blog post.Really thank you! Cool.

    27. 27
      Posted by Auto Title Loans Las Vegas | April 26, 2012 at 11:46 PM

      Really informative blog.Thanks Again. Want more.

    28. 28
      Posted by steroids | April 27, 2012 at 6:52 AM

      Very good article.Thanks Again. Keep writing.

    29. 29
      Posted by Hotel Prices | April 27, 2012 at 7:24 AM

      Fantastic blog article.Much thanks again. Great.

    30. 30
      Posted by Delivery | April 27, 2012 at 8:56 AM

      I cannot thank you enough for the article.Really thank you! Much obliged.

    31. 31
      Posted by programas sobre facturacion | April 27, 2012 at 6:15 PM

      Im obliged for the article post.Really thank you! Much obliged.

    32. 32
      Posted by free legal enquiry service | April 27, 2012 at 11:16 PM

      Thanks so much for the article post.Much thanks again. Want more.

    33. 33
      Posted by iPad POS | April 28, 2012 at 10:33 AM

      Really appreciate you sharing this blog article.Really thank you! Really Cool.

    34. 34
      Posted by Keliones | April 28, 2012 at 5:48 PM

      I truly appreciate this article post.Thanks Again. Want more.

    35. 35
      Posted by injection molding | April 28, 2012 at 9:07 PM

      Thanks for sharing, this is a fantastic article.Thanks Again. Want more.

    36. 36
      Posted by pest control north shore | April 28, 2012 at 11:12 PM

      Really enjoyed this article.Really looking forward to read more. Really Cool.

    37. 37
      Posted by the boller | April 29, 2012 at 1:08 AM

      I truly appreciate this article.Really looking forward to read more. Want more.

    38. 38
      Posted by Addison TX Real Estate | April 29, 2012 at 5:12 AM

      Major thanks for the post.Really looking forward to read more. Fantastic.

    39. 39
      Posted by Oma Iman | April 29, 2012 at 5:28 AM

      Great, thanks for sharing this article post.Really thank you! Keep writing.

    40. 40
      Posted by Kayak | April 29, 2012 at 6:00 PM

      Major thanks for the blog article.Much thanks again.

    41. 41
      Posted by model agency | April 29, 2012 at 6:28 PM

      I loved your blog article.Really thank you! Really Great.

    42. 42
      Posted by by owner | April 29, 2012 at 7:41 PM

      Very good article.Thanks Again. Want more.

    43. 43
      Posted by books to read | April 29, 2012 at 9:18 PM

      Muchos Gracias for your blog post.Much thanks again. Keep writing.

    44. 44
      Posted by home insurance | April 30, 2012 at 8:07 AM

      I cannot thank you enough for the blog article.Really thank you! Awesome.

    45. 45
      Posted by tutorials / hints | April 30, 2012 at 3:56 PM

      Major thanks for the blog post. Cool.

    46. 46
      Posted by Home Based Business Opportunity | April 30, 2012 at 5:24 PM

      Awesome article.Really looking forward to read more. Keep writing.

    47. 47
      Posted by naples hotels | April 30, 2012 at 6:51 PM

      Really appreciate you sharing this post.Much thanks again. Great.

    48. 48
      Posted by washington fsbo | April 30, 2012 at 6:51 PM

      Wow, great article post.Really thank you! Really Cool.

    49. 49
      Posted by augmenter votre intelligence financière | April 30, 2012 at 8:17 PM

      Awesome post.

    50. 50
      Posted by foods that burn belly fat | April 30, 2012 at 8:31 PM

      Say, you got a nice blog post.Much thanks again. Awesome.

    51. 51
      Posted by Pest Control Irwin PA | May 1, 2012 at 8:52 AM

      I really like and appreciate your article post.Really looking forward to read more. Really Cool.

    52. 52
      Posted by insurance leads | May 1, 2012 at 11:45 AM

      I loved your post.Really looking forward to read more. Awesome.

    53. 53
      Posted by jailbreak my iphone 4s | May 1, 2012 at 2:51 PM

      Enjoyed every bit of your post. Fantastic.

    54. 54
      Posted by website design | May 1, 2012 at 7:14 PM

      I value the blog post.Really thank you! Cool.

    55. 55
      Posted by online business advertising | May 1, 2012 at 11:36 PM

      Appreciate you sharing, great article.Thanks Again. Will read on…

    56. 56
      Posted by best weddings | May 2, 2012 at 6:03 AM

      Muchos Gracias for your blog.Thanks Again. Really Cool.

    57. 57
      Posted by stuttering therapy | May 2, 2012 at 11:09 AM

      Thanks a lot for the blog post. Will read on…

    58. 58
      Posted by article submission service | May 2, 2012 at 6:37 PM

      Very informative blog article.Really thank you! Keep writing.

    59. 59
      Posted by discounted concert tickets | May 4, 2012 at 4:13 PM

      Thanks for the nice post.Its long time since I read a useful post like this.I’ll bookmark it and read again.

    60. 60
      Posted by Sandals hotels | May 4, 2012 at 6:39 PM

      Wow, great article.Thanks Again. Much obliged.

    61. 61
      Posted by Ocho Rios | May 4, 2012 at 9:15 PM

      Really appreciate you sharing this article post.Really thank you! Really Great.

    62. 62
      Posted by Click here | May 5, 2012 at 1:04 AM

      Thanks-a-mundo for the blog article.Thanks Again. Fantastic.

    63. 63
      Posted by chris papa | May 5, 2012 at 1:29 AM

      GET NIKE NFL ONLINE SHOP INFORMATION PLEASE VISit http://nikenflonline.blogspot.com

    64. 64
      Posted by Snapback Wholesale | May 5, 2012 at 10:45 PM

      Really appreciate you sharing this to me.Welcome to visit my blog too! My blog is about how to buy cheap snapback hat from factory and how to find snapback wholesale factory,the most importand is how to earn $150 each day.

    65. 65
      Posted by the Fat Loss Factor review | May 6, 2012 at 9:57 AM

      Thanks for this glorious article. Also a thing is that a lot of digital cameras come equipped with the zoom lens that enables more or less of a scene being included by simply ‘zooming’ in and out. These kinds of changes in focus length usually are reflected within the viewfinder and on massive display screen on the back of the camera.

    66. 66
      Posted by uk swingers | May 7, 2012 at 10:06 AM

      Im obliged for the article.Thanks Again. Cool.

    67. 67
      Posted by growth hormone deficiency | May 7, 2012 at 2:53 PM

      I appreciate you sharing this blog post.Thanks Again. Cool.

    68. 68
      Posted by 2 | May 7, 2012 at 4:04 PM

      I think this is a real great post.Much thanks again. Cool.

    69. 69
      Posted by change your facebook background | May 8, 2012 at 1:33 AM

      Thanks so much for the blog.Thanks Again. Great.

    70. 70
      Posted by seascape canvas art | May 8, 2012 at 4:35 AM

      Thank you for your blog article.Really looking forward to read more. Really Great.

    71. 71
      Posted by Aargau | May 8, 2012 at 5:55 AM

      Thanks for the blog article.Really looking forward to read more. Really Great.

    72. 72
      Posted by glarus esx | May 8, 2012 at 6:56 AM

      I appreciate you sharing this post.Much thanks again. Want more.

    73. 73
      Posted by cheap wedding dresses | May 8, 2012 at 12:00 PM

      wow, awesome article.Thanks Again. Great.

    74. 74
      Posted by Promotional Gifts | May 8, 2012 at 6:10 PM

      Im obliged for the blog.Thanks Again. Keep writing.

    75. 75
      Posted by cheap tera gold | May 9, 2012 at 1:52 AM

      Thanks-a-mundo for the article post. Great.

    76. 76
      Posted by payday advance | May 9, 2012 at 9:39 AM

      I cannot thank you enough for the article.Much thanks again. Fantastic.

    77. 77
      Posted by coolest pens | May 9, 2012 at 12:04 PM

      This is one awesome blog article.Much thanks again. Great.

    78. 78
      Posted by isos | May 10, 2012 at 4:14 AM

      A big thank you for your blog article.Really looking forward to read more. Great.

    Older Comments

    Leave a comment

    You can log in with your account or comment as a guest below.

       or