Opening Bell

Opening Bell: 11.16.11

Purgatory For MF Global Customers (WSJ)
“My entire business has come to a halt,” said Mr. Gochberg, who can’t get to his cash. “I’m angry and I no longer have any confidence in our system.” More than two weeks after MF Global filed for Chapter 11, some 33,000 customers are stuck in a sort of purgatory, with no access to their cash until a trustee liquidating the securities firm says they can get it…A spokesman for the trustee said this week it is possible customers won’t get all their money back, due to the apparent shortfall at MF Global.

MF Global Trustee Moves To Return $520 Million In Client Cash (Reuters)
In a measure that will provide some relief to traders who have clamored to get access to their funds, James Giddens sought permission to return about $520 million to some 15,000 commodity customers even as the search continues for client money that regulators say MF Global may have misappropriated in its final days. The motion, which must still be approved by the court, came after intensifying pressure from commodity traders and the leading exchanges, who said that punishing customers who had liquidated their trading positions ahead of MF Global’s October 31 bankruptcy set a worrying precedent.

Italy’s Monti Names New Government (WSJ)
The ministers, including Mr. Monti—who will serve as prime minister and economy minister—will be formally sworn into office during a ceremony later Wednesday. Mr. Monti’s new ministers are drawn mainly from academia and the private sector. Corrado Passera, chief executive of Italian bank Intesa Sanpaolo SpA, will be industry minister. Mr. Monti said that post would be “at the center” of Italy’s efforts to revive growth.

Citigroup May Cut 3,000 Jobs As Pandit Trims Costs (Bloomberg)
The reduction, equal to about 1 percent of the staff, is an estimate and may change, according to the person, who wasn’t authorized to speak publicly about the cuts. Among the jobs eliminated may be 900 from the division that includes the bank’s trading and investment banking operations, the person said. Citigroup, ranked third by assets among U.S. lenders, employed about 267,000 people at the end of the third quarter.

JPMorgan Joins Goldman Keeping Investors in Dark on Italy Derivatives Risk (Bloomberg)
As concerns mount that those countries may not be creditworthy, investors are being kept in the dark about how much risk U.S. banks face from a default. Firms including Goldman Sachs and JPMorgan don’t provide a full picture of potential losses and gains in such a scenario, giving only net numbers or excluding some derivatives altogether. “If you don’t have to, generally people don’t see the advantage to doing it,” said Richard Lindsey, a former director of market regulation at the U.S. Securities and Exchange Commission who worked at Bear Stearns Cos. from 1999 through 2006. “On the other hand, if there were a run on Goldman Sachs tomorrow because the rumor was that they had exposure to Greece, you’d see them produce those numbers.”

Geithner Seeks A US Boost (WSJ)
Treasury Secretary Timothy Geithner said Europe’s smoldering fiscal crisis should compel Congress to pass legislation that boosts the economy, warning that continued global pressures are constraining U.S. growth. Mr. Geithner also said there were “lots of ways” the European Central Bank could “play a more effective, supportive role” in resolving the European crisis, though he didn’t specify what the ECB might do…Mr. Geithner said he constantly monitors the situation in Europe and is willing to help leaders and finance ministers navigate their political challenges. He chose an American football analogy for gauging Europe’s progress, likening it to “three yards and a cloud of dust.”

Blankfein: Growth To Snap Back (Bloomberg)
“I don’t think that we can conclude that this slowdown is secular rather than cyclical change,” Blankfein, 57, said today at an investor conference in New York hosted by Bank of America Corp. (BAC)’s Merrill Lynch unit. “The world will snap back and it will be a surprise and it will be faster than people think. I don’t know when that will be and we will gear ourselves accordingly.” Blankfein, while noting that the firm is cutting costs and adapting to changing regulation and slower economic growth, said he is wary of overreacting by assuming the world has permanently changed. He reminded investors that Goldman Sachs reported record earnings in 2009 following a quarterly loss in 2008, in part because competitors pulled away from making markets for clients.

Protestors Weigh Movement’s Future (WSJ)
Activists vowed that their protests would persist. Marches and other demonstrations were planned for Thursday, the two-month anniversary of the movement’s founding. Some thought the eviction would galvanize their movement, which had become increasingly bogged down in running the miniature society created in the park. “In a way, this movement is not bound to any central location,” said Andrew Carbone, a 26-year-old freelance media coordinator who lives in Brooklyn. “In many ways [the encampment] has made people a little too comfortable.”

Man walks into house; puts up Christmas decorations (WHIO)
A Vandalia family is in shock when a man broke into their house, made himself at home and even put up Christmas decorations. Police said the man’s strange behavior may involve bath salts. According to police, an 11-year-old child came home and found a stranger sitting on the couch. Tamara Henderson was next door when her son call her. She said, “What do you mean a man is in our house? You don’t know if he has a gun or if he has a knife?” Henderson called 911 and screamed for her neighbors. Police reports indicated that 44-year-old Terry Trent did have a pocket knife and was most likely on bath salts. They said Trent walked through a back door and made himself comfortable. “The candle was lit on the coffee table, the television was on and very loud, and the candle on the kitchen table was lit,” Henderson said. He also did some Christmas decorating, police said.

76 comments
(hidden for your protection)
Show all comments

76 Responses to “Opening Bell: 11.16.11”

  1. ETF Dude says:

    Snorting bath salt is the NKI.

  2. Cheech Marin says:

    Things are tough all over mang…

  3. J. S. C. says:

    Finally! Now that all those protesters are gone, I can recover my hidden stash under the trash can in the southwest corner of Zucotti. Turks and Caicos, here I come!

  4. EvTO says:

    Wow, Corzine fell harder than I thought…

  5. LOL Wat? says:

    Hooray! I've just come out of a 6-week coma and I can't wait to get back to trading commodities. Doc says not to stress out but a man's GOT to trade. MF Global, here I come!!

    -MF GLobal customer who has just come out of a coma

  6. Guest says:

    He looks so bad-prawnish in that pic.

  7. Charlie Day says:

    That Christmas guy stole my idea!

  8. BrotherLehman says:

    Re: "JPMorgan Joins Goldman Keeping Investors in Dark on Italy Derivatives Risk":

    Why would we publicize our derivative risk there? There is no risk whatsoever. Everyone can breathe easy because we insured the whole stack against default with AIG.

    –Lloyd & Jamie

  9. Guest says:

    "26-year-old freelance media coordinator who lives in Brooklyn"

    – guy with a cynical admiration for the concoction of words these kids create to give dignified description to their unemployment.

    • UBS HR says:

      You mean like exchange listed derivatives managing director ?

    • Guest says:

      If there's anything you learn in 16+ years of US schooling, it's that distinct combination of bullshitting with euphemism, achievement puffery, and wordcount-padding,. This kid clearly paid attention, he should kill it in consulting. As long as there's no math involved

  10. Guest says:

    Let's get some posts, nearly 11:30 and I'm still staring at the Opening Bell? Carney would never allow this…

  11. HAM05 says:

    pandit looks the same way i do every morning at 9am and then again at 2:30

    what i mean to say is, he looks like he's pooping

    • Anonymous says:

      you have to feel for the guy. i usually reserve the palm over fist kung fu salute for only the most unwieldy.

  12. Question... says:

    Can someone (Bess?) tell me what the deal is with the Most Unbalanced Comments? Who chooses them, and on what basis? I fully expect you miserable assholes to shit on me for missing the initial explanation/not automatically knowing what "most unbalanced" implies, so fuck you all in advance. Thanks!

  13. Batman says:

    Angry brown penguin!

  14. YgXMNEwXWB says:

    buy ambien online generic drug ambien cr – ambien cr in generic

  15. ugBSaLeeKw says:

    diazepam online valium 1mg – valium for sale online india

  16. kOvZIAUGpq says:

    buy diazepam online diazepam withdrawal symptoms valium – diazepam 10 mg kopen

  17. InXERorcEN says:

    diazepam 10mg buy cheap diazepam online usa – what is diazepam 10mg used for

  18. GSNRjjwNrM says:

    diazepam and dosage diazepam natural – diazepam dosage as muscle relaxant

  19. sDPuheeQZp says:

    ambien pills ambien online no prescription – what is ambien high

  20. bCWrFZHZnp says:

    buy valium cheap valium dosage sedation – valium 10mg et alcool

  21. sRkFjfYypA says:

    buy ambien ambien side effects mood – there generic ambien cr

  22. hhPVTnGtXB says:

    buy valium india what’s the valium high like – side effects valium unborn child

  23. MUjbJcbMfa says:

    order zolpidem ambien cr long term side effects – ambien rx online

  24. wYdsScvQHz says:

    buy valium valium no rx – how to buy valium online legally

  25. cxmEtpsQqM says:

    buy ambien ambien sleepwalking incidents – buy ambien 5mg

  26. JyVUeFLUqX says:

    buy alprazolam alprazolam 1mg tab mylan – alprazolam dogs 350

  27. aIUiUvWTtE says:

    buy generic valium valium dosage sleep – valium dosage dental use

  28. NkTOlfIjBt says:

    ambien for sale no prescription where to buy ambien no prescription – ambien side effects seizures

  29. NObENJfYZS says:

    buy valium roche order valium from thailand – valium dosage seizures

  30. kHqiJNnFFm says:

    ambien on line ambien generic 10 mg – ambien side effects 2012

  31. sirIjHqYUz says:

    klonopin price is .5 klonopin a high dose – is 1 mg klonopin a high dose

  32. QCsIHufYRs says:

    ambien online best price ambien online – buy ambien online canada

  33. nxVPKofvxo says:

    buy zolpidem zolpidem tartrate memory loss – what is zolpidem prescribed for

  34. dnpbUdZkJD says:

    buy ambien black market price for ambien – high off ambien

  35. XFZYMIxing says:

    buy ambien ambien and alcohol and weed – ambien side effects heart palpitations

  36. WOddMewiJa says:

    buy ambien online legally ambien cr 12.5 mg dosage – ambien and high blood pressure medication

  37. abVpPpKnam says:

    buy ambien ambien side effects if you stay awake – generic for ambien cr 12.5 mg

  38. rUmqpYXuvK says:

    klonopin online buy klonopin cheap – klonopin used recreational drug

  39. IFJNmuXriV says:

    zolpidem online ambien side effects nightmares – ambien brand name drug

  40. zFCnulWHNU says:

    zolpidem what does it look like where can i buy zolpidem tartrate – zolpidem tartrate hallucination

  41. ePjxVQscxH says:

    zolpidem drug ambience mall gurgaon stores – ambien side effects next day nausea

  42. dbyewkVVMA says:

    ambien without prescription ambien side effects vomiting – cost of generic ambien cr

  43. tvLbnNplda says:

    buy ambien ambien side effects in women – buy ambien fast shipping

  44. muupcKXAtl says:

    ambien price ambien cr 12.5 mg tab – ambien side effects and overdose

  45. hyIulmfkMs says:

    ic zolpidem tartrate zolpidem tartrate er ambien cr – zolpidem er effective ambien cr

  46. McrPwpjBUV says:

    where to buy ambien online true ambien stories – zolpidem vs ambien

  47. bghyiJWETI says:

    buy ambien online ambience mall gurgaon shops list – buy generic ambien online no prescription

  48. hBCAgbtYDz says:

    klonopin buy buy clonazepam in canada – klonopin withdrawal long does last

  49. dbDaBouQyY says:

    ambien online ambien 10 mg picture pill – long term side effects ambien cr

  50. ychtRnYjvB says:

    buy ambien online overnight ambien withdrawal cold turkey – zolpidem er generic ambien cr

  51. iJyhCkErfQ says:

    buy klonopin klonopin side effects suicidal thoughts – klonopin 2 mg street price

  52. JzBkwlpGsF says:

    zolpidem online ambien cr lunesta which is better – zolpidem 10 mg erowid

  53. nTTSoVNvmA says:

    buy ambien ambien side effects rage – generic ambien strong

  54. uogVKytOeD says:

    cheap ambien ambien cr free coupon – ambien prices pharmacies

  55. LjlUqPzHXp says:

    buy ambien ambien sleep reviews – generic ambien a116

  56. KlhgnnVfjS says:

    buy ambien buy ambien prescription – ambien drug