Opening Bell: 06.30.09
Dimon Still Polishing JPMorgan Pay Packages (NYP)
1. Nothing to write home about here-- same raising of base pay everyone else is doing. 2. Bless the headline writers at the Post. Someone came to work today.
10 more could be charged in Madoff scam (AP)
No names specified but surely you can come up with some.
UBS Selling Park Avenue Stake (NYP)
"This could be the one that pries open the market again. After the peanuts paid for 1540 Broadway and the fact that Deutsche Bank doesn't seem able or willing to unload Worldwide Plaza, a decent number for a big piece of 299 Park would help restore a sense of value."
AIG Discloses New Risk on Derivatives Sold to European Banks (Bloomberg)
An FYI out of the insurer yesterday "that valuation declines on credit-default swaps sold to European banks could have a "material adverse effect" on the company's results."
Putin Urges Russian Banks To Boost Lending (Globe And Mail)
And suggested no vacations for Russkie CEOs 'til it gets done.
Swiss Bank Shuns Americans As US Compels Disclosure (Bloomberg)
UBS, Credit Suisse, etc have told American clients to move their money into "specially created units registered in the U.S., or lose their accounts," hopefully just 'til this whole IRS situation blows over.
Ivy League Endowments Finally 'Dumb' (WSJ)
"A lesson from this crisis is that following what the larger guys have done is not necessarily road map to success," says Daniel Jick, head of HighVista Strategies, a Boston-based firm that manages endowment money for small schools. Harvard, Yale, Stanford, Princeton, and MIT all getting ready for declines of 25% to 30% for the fiscal year.
A Little Recognition For The Buse's Big Day (MelissaCNBC)
If Kudlow were on Twitter he'd do the same.