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Opening Bell: 03.06.09

Citadel Plans Launch Of New Funds (Reuters)
KG & the gang are back with some new marketing material. Headlining the act is a new low-fee fund that is said to concentrate in interest rates, economic trends and currencies. I don't see that lower fee funds are necessarily going to attract more participants in the segment, but there has been a call recently for lower fees by existing participants. Of course, existing participants have always wanted a lower fee structure, this isn't really groundbreaking. What's going to be more interesting (and tell-tale) than the strategy/methodology (we have faith in you KG) is whether or not he can get this thing more than three feet off the ground. If he can't, it could very well be a sign of things to come.
"The firm hopes to raise $2 billion in coming months and could raise $5 billion for its new Citadel Global Macro Fund Ltd, the paper said citing marketing documents.
Citadel is also preparing to market a fund focused on stocks and another focused on convertible bonds, the Journal said citing people familiar with the matter."
GM Cops To Being Cool With Bankruptcy (WSJ)
There seems to be a sense of calm surrounding this, which is exactly how it should have been addressed in the first place: bankruptcy doesn't have to be a thorough burning of the structure. What will come out of this, however, is a more operationally sound (dare I say potentially functional) environment.
For those of you that were honestly looking for the burn it to the ground answer: that's not going to happen. American cars are going to exist as long as there are cars and further I'm convinced GM will exist as long as there are American cars.
Merrill To Become Scapegoat (NYT)
In an ancient religious ceremony the evils of the tribe were cast upon a goat, and that goat in turn cast off into the wilderness - a cleansing process - a scapegoat. I'm not entirely unsure that's what's going to become of Merrill's legacy. Thus far we've seen Cuomo pounce on the bonuses, that they've tricked poor little BAC (and their spirit points), we have the extravagant spending of the head on his office, and now we're seeing rumblings of rogue traders that destroyed hundreds of millions in some attempt at profit turned bad and hidden.
Winkelried Can't Sell Stock (FT)
Long story short: Buffet bought a bunch of Goldman with the provision that execs couldn't unload more than 10% of their holdings until 2011, thus Winkelried can't offload his holdings.
Former Orcs Turned HF Managers Move To London (Bloomberg)
36 South, which returned 236% last year, is moving to London in for access to larger pools of capital. While Haworth told Bloomberg the move will afford them the access to "a really concentrated pool of potential investors" I think they'll be disappointed to find Europe is largely on fire right now. I'm not saying it can't be done: the move up from $40MM shouldn't be a hard one, but they certainly shouldn't expect billions to show up looking for a place to hide.
Sptizer Makes Move To D.C. (WSJ)
Clearly Spitz had been feeling kinda of like a black sheep since the Ash Dupe thing, and has been asking himself: "Where can I go where everyone is just like me?" The answer, DC, where they're a bit more open-minded about his particular brand of transgression.
"This is the first major deal for the Spitzers in years, and represents as much Mr. Spitzer's first act after his fall from grace as a passing of the torch. Mr. Spitzer falls short of saying he's picking up the reins."

Employment Situation Report Hits Today (Bloomberg)
Jobs numbers come out today, consensus has the number at down 648,000 on a range from down 500 to down 800. I'll toss my hat in the ring at down 570 (just for fun, we need a little optimism.)
In related news, CNBC has a piece titled "Why a Lousy Jobs Report Could Actually Help Stocks".