Opening Bell: 09.08.08

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WaMu Ousts Killinger After Losses; Fishman Named CEO (Bloomberg)
Washington Mutual has finally, officially, gotten rid of chief executive/subprime enthusiast Kerry Killinger, after taking away his post as chairman of the board in June, administrative support staff in July, and swivel chair last week. You would've thought that would've been enough to get him to quit on his own terms but, apparently, not so. Desiring to not be consigned to the scrap heap of corporate history, however, the company said today that it has "reached an accord with regulators about improving operations that doesn't include raising new capital," or Mr. Killinger (who is being replaced by Alan Fishman of Meridian Capital Group). "We've been surprised that it hasn't come sooner," Patrick Becker said of the involuntary departure. "He was the architect who put this together. Clearly the foundation of it was not built to withstand the mortgage crisis.''
Lehman Announces Senior Management Changes (Reuters)
Deck chairs on the Slocum: Drawing on the bank's "deep bench strength" (Fuld's words), Lehman Brothers has named Eric Felder and Hyung Soon Lee as co-heads of fixed income, following the departure of current global head Andrew Morton. Previously, Felder was head of global credit products and municipal finance, with Lee serving as head of capital markets for Asia.
WSJ to overhaul "Heard on the Street" column (TBN)
Content will now mainly consist of unfounded rumors emanating from the 14th floor men's room at 383 Madison Avenue. Just kidding, kind of. The revamped column will begin providing "significantly expanded intraday global commentary," "intelligent analysis," and "market-moving insight." It will also be published in "first and immediately" on Newswires, and on WSJ.com shortly thereafter. Thinking about taking down a bank? We suggest you obtain the screen names of the new 15-man team, headed by recently hired Thorold Barker.
Long-Term Capital: It's a Short-Term Memory (NYT)
Sounds like someone's planning something: What we need from Washington now is not a promise of help after the next bust, but a show of wisdom before it. Requiring full, meaningful derivatives disclosure would be a good start. Investors, meanwhile, could help themselves by preparing for the next 100-year flood. Rest assured, it will arrive before then.
US Is "More Communist than China" (CNBC)

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