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Opening Bell: 07.17.09

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Bank of America's Q2 Income Falls 5.5 Percent To $3.22 billion (BAC)
"Having positive net income in an extremely challenging environment speaks to the diversity and strength of our business model as well as the extraordinary effort put forth by all of our associates," said Ken Lewis. "Our goals during this difficult time have been to enhance the strength of our balance sheet and capital position and to continue to improve our earning power while dealing with the credit issues facing our industry due to the recession."
Citigroup Reports Second Quarter Net Income of $4.3 Billion (C)
"For many quarters we have been consistently and successfully executing our plan to build financial strength and return Citi to sustained profitability and growth. We have made significant progress in recent quarters as evidenced in the significant decline in expenses, headcount, assets, including Citi's riskiest assets, as well as our 12.7% Tier 1 capital ratio," said Vikram Pandit.
Two Giants Emerge From The Wall Street Ruins (NYT)
And they are: Citi and BofA. No, come on. "One theme here is that Goldman Sachs and JPMorgan really have emerged as the winners, as the last of the survivors," said Robert Reich.
AIG Bank Swaps May Take Years to Expire, Leaving A 'Toxic Pool' (Bloomberg)
Last month, AIG said in a regulatory filing that it may be at risk for losses for "significantly longer than anticipated" if the banks don't terminate their swaps. Ballpark: an eternity.
New Fund-Raising Reality for New Jersey Governor (NYT)
Not all Goldman alums are doing as well as Maxine would like to think: JSC needs your cash, asap.

Geithner Sees Evidence of a Financial Recovery
Still hasn't been able to sell his house, but the Treasury Secretary feels pretty good about the way things are going.
The Dept. Of The Treasury Seeks Contractor To Provide Humor in the Workplace (ZH)
Cramer: The Worst Is Over (CNBC)