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Opening Bell: 5.21.08

Oil rises above $130 for first time (AP)
Call up the Guinness Book, baby. It's a brand new record for oil! $130, not so bad. Yesterday T. Boon Pickens said he sees oil at $150, which from here is jut not that much. And those superspike theories, $200, etc.? Really not that much of a move from here if you think about it.
Greenberg May Face Civil Charges (WSJ)
All this stuff about Hank Greenberg riding back to the rescue of AIG might be a little premature. Apparently the SEC still might have it out for the guy, even after all this time, and a relative amount of vindication. He was sent a "Wells" notice from the SEC last Friday, and he remains unaffected. Certainly not out of the woods yet.
2008 Democratic Presidential Nominee (Intrade)
He apparently clinched the elected delegate majority last night, but Obama is only trading at $.93 on the dollar. Given the absolute, ironclad certainty so many pundits seem to have that this will be his nomination period, we wonder why he's trading so low. Also an interesting chart: check out the one about whether the US economy will dip into a recession this year. It had been trading in the mid $.70s earlier this year, but has plummeted by over 50 percent.
Wall Street Journal Editor Named (NYT)
After the last guy resigned (ha!) Rupert Murdoch has made his temporary replacement the full-time one, announcing that Robert J. Thompson, former top editor at the Times of London, will be made editor at WSJ. Actually, our favorite report on the matter came from WSJ itself, which reads so awkwardly when it looks inward.

How (Not) To Raise Venture Capital (peHUB)
An amusing story about a particularly disastrous and ill-conceived attempt to raise venture capital money.
The Mercedes S65 is the latest contra indicator... (Footnoted)
We're really glad Footnoted exists, because otherwise too many amusing things would be lost to the dustbin of SEC archives. Honestly, have you ever seen any other outlet talk about the correlation between luxury car perks, club memberships and a declining stock price. Even if there's no correlation, and it's purely reading narrative onto the data, it's interesting. But really, stop and think, when else would you see this. Maybe in 20 years some graduate student will go back and and analyzes this, but then you'd have to be their professor to know about it.
Time Warner and Time Warner Cable Agree to Separation
This was firmly in the if, not when category as Time Warner had said before that it planned to spin off the chunk of Time Warner Cable that it did not still control. Shares of TWC have been trading separetly for awhile now.
RedLasso's Copyright Time Bomb Explodes (NewTeeVee)
Tons of bloggers have been using the service RedLasso to embed bite-sized chunks of TV shows. it's like YouTube for that, except you can scan for the exact moment you want. The company had wanted to provide a service that the TV networks could approve of. Apparently they never had a deal in place, and now they're getting blowback from the top networks. Check out more at the link.