Opening Bell

Opening Bell: 11.29.12

Blankfein: Seems Like “Fiscal Cliff” Deal Could Be “Reachable” (CNBC)
Goldman Sachs CEO Lloyd Blankfein described President Barack Obama’s plan for Washington to reach an agreement on the “fiscal cliff” as detailed and “very credible.” However, he cautioned that marginal income tax rates may have to rise to seal a deal. In an interview with CNBC after meetings between the president and several CEOs, Blankfein said, of course, it’s hard to tell if a deal will be reached but “if I were involved in a negotiation like this, and everybody was purporting to be where they are, I would say that an agreement was reachable.” Blankfein said he thought concessions on both the revenue and entitlement sides would be necessary to reach a final deal to avert the fiscal cliff, when large spending cuts and tax increases are slated to take effect on Jan.1. “Look, at the end of the day, the most important value is to get the economy moving forward,” Blankfein said. “That’s not going to happen if our budget deficit keeps widening.” He added that the marginal income tax rate may have to rise in order to reach a deal. “I would prefer as low of a marginal rate as possible because it’s the marginal rate that provides the incentive to do incremental work by people, but I’m not dogmatic — I wouldn’t go to the end for that,” he said.

Blankfein: “We Can All Be Winners Here” (CNBC)
“The most important thing is that we increase the wealth pie of the United States and that we don’t reduce it. If we don’t sort out our economy, people will be fighting over their slice of a shrinking pie. I think we can all be winners here, even those pay a marginally higher rate, or a bigger proportion of revenue, if they are winners, as we all will be, because the economy is improving.”

Krugman: Fiscal Cliff Is No Way To Run A Country (HP)
The Nobel Prize-winning economist expressed his frustration with the government’s endless budget wrangling, especially over the so-called fiscal cliff, during a Wednesday interview with WNYC. “It’s no way to run a country,” Krugman said, referring specifically to the prospect of going over the cliff, a decision that would trigger a series of tax hikes and spending cuts next year, which would probably slow the economy. Given the options though, Krugman admits going over the cliff might be preferable to the likely alternatives. “There is nothing in there [the fiscal cliff] that is going to cause the economy to implode,” Krugman said. “Better to go a few months into this thing if necessary than to have a panicked response or to give in to blackmail, which is certainly the question that’s facing President Obama.” In Krugman’s view, the fiscal cliff “has nothing to do with the budget deficit,” he added. “This is about a dysfunctional political process. It’s about kind of a self-inflicted wound here.” Krugman’s not alone in his view that jumping over the cliff may be preferable to giving in to Congressional Republicans’ demands. Peter Orszag, a former economic adviser to President Barack Obama, and Robert Greenstein, president of the Center on Budget and Policy Priorities, have both said recently that the jumping off the cliff may end up the country’s best option.

Foreign Banks Rebuffed By Fed (WSJ)
Daniel Tarullo, who is responsible for shaping banking policy at the Federal Reserve, said in a speech Wednesday that the central bank will require foreign banks with large U.S. operations to house their U.S. arms in corporate structures that comply with requirements under the Dodd-Frank Act. Mr. Tarullo didn’t specify which foreign banks would need to adhere to the new structure. But the change would bring Germany’s Deutsche Bank and the U.K.’s Barclays back under a regulatory regime they tried to escape through corporate restructurings.

EU Clears Spanish Bank Rescue (WSJ)
European Union regulators gave the green light to €37 billion ($47.9 billion) in euro-zone funding for Spain’s stricken banking sector on Wednesday, setting in motion a long-term cleanup. In exchange, four nationalized banks agreed to make sharp cuts in their balance sheets and payrolls—a retrenchment that carries the risk of intensifying Spain’s credit crunch in the midst of a deep recession.

Argentina wins debt reprieve, default averted for now (Reuters)
Argentina has won a reprieve against having to pay $1.33 billion next month to “holdout” investors who rejected a restructuring of its defaulted debt and have waged a long legal battle to be paid in full. A U.S. appeals court granted an emergency stay order on Wednesday that gives Argentina more time to fight a debt ruling favoring the holdout creditors and eases investor fears of a new default as early as next month. Last week, U.S. District Judge Thomas Griesa ordered Argentina to deposit the $1.33 billion payment by December 15 for investors who rejected two restructurings of bonds left over from its massive 2002 default.

Drunk ‘Bohemian Rhapsody’ singer wears Viking hat to court (Canada)
The man who became a YouTube viral sensation for singing “Bohemian Rhapsody” from the back seat of an police cruiser, has been convicted of impaired driving and for refusing to take a breathalyser test. He went to court wearing a Viking hat, sunglasses and NASA T-shirt proclaiming, “I need my space.” He is being forced to pay a $1,400 fine and will be barred from driving for one year. The video footage was originally capture on the cruiser’s built-in camera. His passionate performance was used as evidence during his trial. Because his friends told him to, Robert Wilkinson, posted the video to YouTube where it gained nine million people watched it.

Fed Likely To Keep Buying Bonds (WSJ)
Three months after launching an aggressive push to restart the lumbering U.S. economy, Federal Reserve officials are nearing a decision to continue those efforts into 2013 as the U.S. faces threats from the fiscal cliff at home and fragile economies elsewhere in the world.

Groupon CEO Says He Remains Right Person To Run Company (WSJ)

World Economy in Best Shape for 18 Months, Poll Shows (Bloomberg)
So that’s nice.

Actor Tim Allen’s Car Stolen By Man Claiming To Be Son (Fox2)
To the untrained eye, actor Tim Allen’s 1996 Chevy Impala may not look like much, but with its custom engine and one of a kind interior, it’s worth a lot of money. America’s funnyman Tim Allen loved his car so much, he featured it in a YouTube commercial. The car was special, expensive, upgraded, and was also one of the superstar’s favorites. He even drove it to the People’s Choice Awards and mentioned it on stage when he won his award…So how did Allen’s prized possession make its way from his Los Angeles garage to a corner in Northeast Denver? Faustino Ibarra is facing charges for stealing it. “It’s a priceless vehicle.” Ibarra said to Fox 31 Denver’s Justin Joseph in an exclusive jailhouse interview. “I`m trying to make it simple for you to understand. I didn’t break into (Allen’s) garage. He left the door open and he left me the keys so I could get the car and take it to Denver.” Ibarra claims Allen adopted him years ago and that Allen had allowed him to take the car. “I emailed my dad the morning that I got the car in and everything is fine and I’ve got the car and it`s ready for you and we need to talk about me coming to live with you,” said the inmate. “What you say sounds a little crazy.” Joseph said. “I don`t care how it sounds, I know who I am. He knows who I am. He knows who he is,” Ibarra said. He denies that he has mental health issues and says no matter what anyone thinks, his alleged father, a superstar, will not pursue charges. “My dad loves the heck out of me. He’s ultra-proud of me and he wants to see the best for me in every way,” Ibarra told Joseph. FOX 31 Denver reached out to Allen’s publicist but did not hear back from Allen’s team. FOX 31 Denver also found no independent evidence that Ibarra was ever adopted by Allen.

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89 Responses to “Opening Bell: 11.29.12”

  1. Guest says:

    Shirt would have been funnier if it read "I need Myspace"

  2. Wilson says:

    Tim, I think it's time I give you some advice about not having your garage code be 1-2-3-4

  3. russian roulette says:

    Nothing like starting the day off reading advice from: Lloyd, Lloyd, Krugs, and Benny. To quote Tony the Tiger, today is going to be great

  4. VonSloneker says:

    I see a little silhouetto of a tard…

    – The Ghost of Freddie Mercury

  5. Guest says:

    Ogilvy & Wollensky

    • VonSloneker says:

      …and the Webby for "Banner Ad Most Resembling a Shotgun Wedding Invite Printed On Your Dot Matrix Printer" goes to

      – Darrin Stephens, VP, McMann & Tate

  6. Guest says:

    I mean, who wouldn't want Tim the Toolman Taylor as their father?

  7. Wilson says:

    Well, Tim, I'm reminded of what the Chinese philosopher Chuang Tse said.You cannot speak of the ocean to a well frog, you cannot speak of ice to a summer insect.

  8. Guest says:

    Reasons given by Mason supporting his claim: 0
    Barriers to entry in "industry": 0
    Differentiation of product: 0
    Competitors to Groupon: > 500
    = chance of him remaining CEO: 0

  9. Guest says:

    "My dad loves the heck out of me"

    Sure sounds like he was adopted

  10. Guest says:

    Lloyd forgot a comma after the word "economy".

  11. Guest says:

    Fiscal Cliff Asness is always the way to run a country.


  12. Al Borland says:

    "Bumps in the road" : Stock down 80% : : Bombing of Hiroshima/Nagasaki : Fireworks

  13. MD in Need says:

    I’m an MD at a MM IB, I recently discovered that a female Associate I have engaged in an affair with made between 10 and 20 porn videos when she was huge campus slut at a Big 10 school. Simply put, I am devastated. When I confronted her about it, she cried and told me that with this hot body and a lot of attention from student-athletes, plus the financial gain, it was hard to turn down doing them. I don’t know if I can forgive her. She has been a great coworker and her sex makes my home life with my wife and kids a lot more bearable. Yet I simply cannot get over the pain I feel. I’m just not sure what to do.

    • guest says:

      What you should do, N'08, is STFU and NCA (never comment again), jesus fucking christ. Thought we'd gotten rid of you for good. Like herpes you are.

    • guesties says:

      For the holidays, I'd like to give you the gift of honesty and say you are not, nor have you ever been funny, and these painful attempts at comedy that you no doubt spend hours crafting make people want to slit their wrists.

      Merry Xmas and Happy New Year.

      • Guest says:

        Have you idiots ever read one of N'08's posts or did you just see some vague reference to him one time and thought you could be funny by trying to mention him as well? Despite what some may call an "unpopular" portfolio of wedding stories, N'08 at least always identifies himself and this is clearly not his writing style.

        – Not N'08, indifferent to his work

        • N'08 says:

          None of these amateur workplace stories are ever me. I was going to make a comment on Monday about Thanksgiving Eve and slaying a still hot but undeniably desperate 25 yo smoke show (think 27 dresses) from my hometown but I'm sure that sort of thing happened everywhere last week. And it was cold outside, making it nearly impossible to type en route to the office with my cashmere lined Burberry gloves. Long story short I got crushed at the bar everyone back home goes to, ran into the law grad chick, we made fun of how everyone our age back home is getting ugly, I led her on and said we'd make pretty babies and then took her home to my folk's place. She was pretty into it, I was trying to hold out staring at my Notre Dame memorabilia from high school still littering the room. Afterwards she said "That…may have been top 5 orgasms ever. Why haven't we done that sooner? (Prob because you were banging the lacrosse douchebags.) She left by 5:30 a.m. At 6:30 my Mom came in my room and asked who I had over. I said nobody. She said she heard heels on her marble floors. Weird. The chick hit me up a few times over the weekend and I didn't respond. If I don't bring a filly home for Christmas maybe I'll call her again for Round 2, but marry her I will not. I'm not going to marry some dull lawyer that's my age. I intend to marry a cute doctor, you know with a brain, who is 5-7 years younger than me.

          • lacrosse douchebags says:

            STFU before we give you another wedgie.

          • N'08 says:

            You can always tell who played lacrosse back home: washed up 26 yo, yet still think they're big man on campus, but they're fat and balding and most likely working in pharm sales. Dream big, old sport.

          • Pablo Escobar says:

            Whats wrong with pharmaceutical sales, Ese?

          • Guest says:

            Everything. Traficante, ese.

          • DEA quant says:

            Comment of the day.

          • Scarsdale says:

            Lawyer chicks aren't necessarily dull, I'd say pragmatic, money hungry and obnoxious. I like going for a young MD; earning power, noble profession and looks good on paper. But there is no such thing as a cute 40-something doctor. Even a lollipop prescribing pediatrician, the profession beats you down. That cute 24-year-old M2 you wanna marry is soon to be a stressed out, weathered and bitchy MD. Further, doctors like to marry doctors, so before her looks go too south she may cheat on you with someone from work or school. Either route, lawyer or MD chick, both are likely to be functioning (and potentially pill popping) alcoholics. In other words, don't let them drive the Land Rover after a dinner party.

          • Darien says:

            Working wives??

          • PermaGuestII says:

            You do realize that such women only exist in made-for-tv movies and the sort of fiction that involves hobbits or elves or some other sort of fantasy-land shit?

            -disillusioned NYer in his mid-30s

          • Guest says:

            What such women are you referring to?

          • PermaGuestII says:

            "I intend to marry a cute doctor, you know with a brain, who is 5-7 years younger than me."

          • N'08 says:

            FALSE. To be clear, "cute" doesn't mean IMG model, because everyone knows beauty x brains = k. Think b-grade Dawson's Creek extras, dece not hot, but cute enough to marry. They exist at every med school in the country. Yes, you'll have to get them over the fixation of marrying a fellow doctor, but dudes in medical school are dorks and anyone with an average rap looks like a stud compared to these betas. Access would be the only issue. But who doesn't have fraternity brothers either in medical school or dating a med student? Take it from there.

          • no ma'am says:

            I think Perma was emphasizing the part about finding a girl "with a brain." Good luck on your search.

          • ivygate says:

            I just want an IMG Model that schedules her photo shoots around her classes in New Haven. Is that too much to ask???

          • Guest says:

            Laxbro, thoughts on this?

      • Fucking No One says:

        Thanks for taking the time to offer your analysis.

      • Puck It says:

        make people want to slit your wrists.

        —There, fixed it for you.

    • Guest1239 says:

      Guy is asking for help not critisism

    • NakedShort says:

      Dont get me started asshole.

    • Gozer says:

      why can't this actually happen to me in real life?

    • Jelly MD says:

      He gets slutty Associates from the Big 10 and I get some nasty lac carpet muncher?

    • Big 10 Dean says:

      How does the 10 to 20 range come into play? Does this mean 10 are now on xhamster with another 10 to follow pending the types of comments the first 10 get?

    • Never says:

      Why can't we all just get along

  14. Shecky Sol Estes says:

    An electricity trader for a major Wall Street firm decides to go out for a run one Saturday afternoon and tells his beautiful wife, "My buddy Bob from Goldman might come by while I'm out running. I thought he might get here around noon but I'm not going to wait for him. Would you tell him I've gone for a run?" Wife says "sure".

    Twenty minutes after hubby has left to go running, Bob knocks at the door. Wife tells Bob that hubby is out running. Because Bob is cute, wife invites him in for a beverage. After a couple of glasses of wine, Bob says, " You know….you have beautiful breasts! I'd pay $100 to see just one!" Wife is tipsy and says, What the heck…." and pulls up her Oklahoma sweatshirt and pull out her beautiful right breast. "Where's that hundred?" she giggles. Bob pays her with a crisp $100 bill. Then Bob says, "Might as well say it….I'd give another $100 to see the other one!" Wife wastes no time and heaves out the other breast. Bob slaps the second $100 bill on the table and says, "On that note I better be getting on about my other errands this afternoon..!" He leaves.

    The electricity trader soon returns from his run sweaty and out of breath. Wife says, "By the way, your friend Bob did come by…but he couldn't wait and had to leave " Trader replies, "I hope he brought that $200 he owes me!!

  15. Guest says:

    comment would have been funnier if it read "___________"

    try harder.