Opening Bell: 05.13.09

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AIG Trustees Promise Swift Changes To Company's Board, Looking To Replace Liddy (WSJ)
"At least five executives have been offered board seats, and candidates' decisions are expected this week, people familiar with the matter said. They include Robert S. "Steve" Miller, Delphi Corp.'s executive chairman and former CEO; Douglas Steenland, former CEO of Northwest Airlines Corp.; Christopher Lynch, a retired KPMG partner; Harvey Golub, a former head of American Express Co.; and Arthur Martinez, who ran Sears, Roebuck & Co., now Sears Holdings Corp."
Treasury To Announce Managers For PPIP (WSJ)
"The Treasury Department is expected to notify a group of asset managers Wednesday that they have been culled from the 104 that applied to oversee the first wave of Public-Private Investment Program funds.
The selected firms, widely expected to include megamanagers BlackRock Inc. and Allianz SE's Pacific Investment Management Co., will then negotiate with the Treasury over the structure of their proposed funds before they are formally identified as qualified under PPIP. That announcement is expected in early June, according to a Treasury official."
Ten Best Executive Perks (Non-Inclusive Of Illegal Shit) (MarketWatch)
"If Nabors Industries Chief Executive Eugene Isenberg died, became disabled or was terminated without cause at the end of 2007, the oil-services company would have paid more than $260 million in cash severance, according to its proxy filed in April 2008.
If Isenberg was let go because there was a change in control of the company, Nabors /quotes/comstock/13*!nbr/quotes/nls/nbr (NBR 17.53, +0.06, +0.34%) would have covered the tax on the severance and other payments for total gross-ups of more than $114 million, the proxy explained."

Citi Looks To Dump Primerica's Sales Arm (Bloomberg)
"Executives at Citigroup Inc.'s Primerica Financial Services unit have approached private-equity firms, including J.C. Flowers & Co., Blackstone Group LP and TPG Inc., to gauge their interest in buying the division's 100,000- person sales arm, said four people with knowledge of the matter.
Executives started the discussions after Citigroup failed to find a buyer for the entire life insurance company during the past year, said the people, declining to be identified as the talks aren't public. Citigroup, the recipient of a $52 billion government bailout, hasn't endorsed the plan, the people said."
ING Posts Deeper Than Expected First Quarter Loss (CNBC)
"Dutch banking and insurance group ING reported on Wednesday a much bigger than expected first-quarter net loss of 793 million euros ($1.1 billion), or 39 cents per share, hurt by a sharply weaker insurance business."
European Commission Fines Intel $1.45B On Antitrust (NYT)
"The European Commission on Wednesday fined Intel a record of about $1.45 billion (€1.06 billion) for abusing its dominance in the market for computer chips to exclude Advanced Micro Devices, which is Intel's only serious rival.
[...]
The E.U. competition commissioner, Neelie Kroes, said the penalty against Intel, the world's largest chip maker, was justified because the company had skewed competition and robbed consumers of choice."

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