Opening Bell: 04.08.09

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Government To Include Insurers In Bailout (WSJ)
You have to wonder how many of these companies will actually be willing to participate at this point, and what the incentive for the government to suddenly open its doors to the insurance companies is. Aside from those two points, this makes sense.
"The life-insurance industry is an important piece of the U.S. financial system. Millions of Americans have entrusted their families' financial safety to these companies, so keeping them on solid footing is crucial to maintaining confidence. If massive numbers of customers sought to redeem their policies, it could cause a cash crunch for some companies. And because insurers invest the premiums they receive from customers into bonds, real estate and other investments, they are major holders of securities. If they needed to sell off holdings to raise cash, it could cause markets to tumble."
Taiwanese Based Firm Sues Apple (NYT)
They're claiming apple infringed on two patents across several lines (including mac books and iPods) and they're seeking damages, though no one knows how much yet.
"Elan said it won a preliminary court injunction against U.S.-based rival Synaptics in a dispute over one of the patents mentioned in the Apple lawsuit, after a then-subsidiary unit filed suit in 2006. Synaptics counter-sued."
Attorney Possibly Next BAC CEO (WSJ)
"Mr. Lewis on Dec. 9 told Bank of America's 16 board members, including several former Fleet directors who are close to Mr. Moynihan, that the executive might leave the company. Instead, the next day he was promoted to general counsel, a job he held for 43 days before taking over Merrill."
Taleb Speaks Out: 10 Rules of Life (FT)
Discuss.
Down To $135B (Reuters)
So, given the Bailout bucks are down to $135B, there's a solid chance that the President is going to have to go back to Congress to seek further funds, which I don't see as "likely to happen" (I think the pink shirted ladies have thoroughly infiltrated Congress, and have every expectation that Maxine Waters will start showing up at her own hearings wearing the shirts and demanding the robbers return the money). Any thoughts? If the stress tests go south can the President pry enough capital from the hands of the Hill to keep the banks propped up?
Congressional Panel Suggests Firing Bank Heads, Liquidating Banks (Bloomberg)
I'm totally with them on this. Banks are so 1980's, what we need here and now is a way to distribute money such that it does the most good for the greatest number of people. That's what makes sense.
"A congressional panel overseeing the U.S. financial rescue suggested that getting rid of top executives and liquidating problem banks may be a better way to solve the economic crisis.
The Congressional Oversight Panel, in a report released yesterday, also said the Treasury may be relying on too rosy an economic scenario to guide its $700 billion bailout, and declared that the success of the program after six months is "mixed." Three of the group's members disagreed with at least some of the findings."

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