Opening Bell: 07.13.09
For Goldman, A Swift And Lofty Return To Profits (NYT)
And that makes some people angry! Like this guy: "They exist, and others don't, and taxpayers made it possible," said one industry consultant, who, like many people interviewed for this article, declined to be named for fear of jeopardizing business relationships.
Berkshire Hathaway Tones Down Risky Business (WSJ)
The reinsurance business has pulled back on catastrophic property damage. Unprotected sex with prostitutes still on the table, if the situation presents itself. You can't WB to give everything up.
Bank of America Said to Balk at Paying Fee to U.S. for Backstop (Bloomberg)
"Regulators contend Bank of America owes at least part of a $4 billion fee it agreed to pay in January -- even without a completed legal document -- because the company benefited from implied U.S. backing on about $118 billion of Merrill Lynch assets, such as mortgage-backed bonds, people familiar with the matter said. The Charlotte, North Carolina-based bank says it owes the Treasury nothing." Would BAC be this brazen if Paulson were still running the show? Don't get us wrong, we like this no shit/prisoners attitude but we're not sure they'd pull it in the face of the Hammer.
UBS, US Talk On Tax Case (WSJ)
Heads up to anyone who the Swiss helped not pay taxes:names may be named
Mayor Tightens Belt, Too, Amid Losses In Market (NYT)
Bloomberg's just like the rest of us. He lost at least ten million on investments over the last year and now sacrifices have to be made. The Florida vacation house is getting rented out and he's cut back on housekeepers.
Wells Fargo Sues Itself (FBN)
"You can't sue yourself," McKillop said. "It's just so ridiculous. .. It's a waste of paper. It's a bastardization of the legal process."
Goldman Upped To 'Buy' By Meredith Whitney (MarketWatch)
The Dollar Dom thinks it's "a bull stock for a bear market."