Opening Bell: 07.01.09
No Criminal Exposure For Ruth Madoff (NYP)
Ruth will not be prosecuted due to the Feds' lack of evidence she was "either aware or in on" the scam. They reserve the right to change their minds if new, incriminating dirt against the 68-year-old Upper East Side (though soon to be Rego Park) matron is discovered. One source tells the Post it's unclear why the authorities would continue to pursue Lady MacMadoff, since she's already lost so much, like friends and houses (though not $2.3 mill).
California misses budget deadline, readies "IOUs" (Reuters)
"The general obligation bonds will be paid," State Controller John Chiang told Reuters on Tuesday. "California has never defaulted on its debt obligation and we don't plan to do so."
The Goldman v Rolling Stone Cat Fight (NYP)
Apparently the Masters of the Universe thought the line about the firm being "a great vampire squid wrapped around the face of humanity" was way off the mark though one official conceded that the piece was "vaguely entertaining."
FDIC Proposing New Rules on Private-Equity Investors Acquiring Failed Lenders (WSJ)
Tricky sitch for SheBair: "On the one hand, there's pressure that the government not be seen as giving extremely favorable deals to financial actors, especially since many of the problems it's cleaning up have their origins in poor decisions made by the financial sector...On the other hand, both the magnitude of the capital required and the need for hands-on management suggest that private equity can and should play a role in addressing these problems."
Freddie Picks Charles Haldeman for CEO Spot (WSJ)
Now, who wants the Citi/Bank of America/AIG gigs?
Ex-Citi chief set to lead Lloyds integration (FT)
Sir Win Bischoff tapped as next chairman of Lloyds Banking Group.
5:15 Capital Starts Hedge Fund With Nod to Who Song (Bloomberg)
5:15 Capital Management LLC, the track "5:15" on "Quadrophenia," will begin trading today with about $60 million, according to Morris Sachs, one of the founders, who said the fund will grow to $100 million. Joining him at the Greenwich, Connecticut-based fund are E.G. Fisher, 40, and Rob Wahl, 42. "We're all Who fans and love that tune," Sachs, the fund's chief risk officer, said in a telephone interview. "What are we going to do, try to find another name for the Greek god of money?"