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Opening Bell: 06.19.09

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Stanford Is Indicted In Fraud, Surrenders (WSJ)
As expected, Allen Stanford was charged yesterday with possibly running a Ponzi scheme. He was arrested outside his girlfriend's home in Virginia, which is somewhat disappointing, compared to the scene that could've gone down had the authorities cuffed him at the gym.

Ex-Merrill Trio Discussed Buying Back Bank
Dan Tully, former Merrill chief executive; Launny Steffens, former head of Merrill's private client business; and Winthrop Smith Jr, son of one of Merrill's co-founders showed up on Ken Lewis's doorstep earlier this year asking or all or some of the bank back. Obviously they got shot down and obviously Ken Lewis is kicking himself and shout "Stupid, Lewis, stupid" circa now.

Switzerland Looks At Cutting Size Of Banks
In order to stem risks posed by the inevitable failures of UBS and Credit Suisse.
SEC Weighs Hedge Fund Registration (WSJ)
"It's something still being talked about," Mary Schapiro said in an interview.
Citigroup's CEO Deserves More Patience (NYT)
He's made some mistakes, but Vikram Pandit didn't get Citi in the hole it currently resides in, and more importantly, he's not as bad as Ken Lewis, who you'll note still has a job.