Opening Bell: 06.26.09
Pang Took $83 Million From Firm, Filing Says (WSJ)
The court-appointed temporary receiver over Mr. Pang's former company, Private Equity Management Group Inc., also revised his estimate of potential losses by investors, saying they could range from $287 million to $654 million. The latter figure would represent a loss of nearly 80% of the $823 million still owed to investors. And here's a new pic of DP, leaving federal court:
Administrative Actions against Citibank Japan Ltd. (FSA)
All sales operations in retail banking suspended for one month starting July 15, due to lax oversight of money laundering controls. The Big C is sorry and swears it won't happen again.
UBS Expects Second Quarter Loss (WSJ)
Don't shed tears for the Swiss just yet, though, because they're entirely okay with this, as the figure, while not good, is better than previous quarters, and represents "a sequential improvement."
Death spurs Michael Jackson album sales (Reuters)
Jacko occupied the top 15 slots on Amazon's best-selling albums within hours. "Thriller" at number one, "Off the Wall" at two, "Bad" at three.
Judge Says Stanford May Be Freed On Bond (AP)
And why not? He totally does not seem like the type that would make a run for it. Oh wait, that's exactly what he seems like. (Re: GPS monitoring system, Big Al would find away around it.)
Volcker Gets Less Than He Wants in Curbing Excesses (Bloomberg)
"After the inauguration and Geithner's confirmation, Volcker was elbowed aside, White House insiders say. His economic recovery board took weeks to get off the ground -- a delay people close to Volcker say he blames on Larry Summers...The biggest obstacle to Volcker's reform agenda is Summers, Volcker's friends say."
Jack (And Suzy) Welch Says Bernanke Deserves A Second Term (Bloomberg)
J Dubs also added that the Fed Chair deserves some sort of teaching gig at Jack Welch's Online School Of Business, either as a full-time or adjunct professor.
Not So Green Shoots, By Maria Bartiromo (CNBC)
And it continues: From my vantage point, I have trouble buying into the whole idea of green shoots. I know the market itself has bounced, but people I talk with everywhere I go are still feeling squeezed financially.