Opening Bell: 07.20.09

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Bondholders Plan CIT Rescue (WSJ)
An agreement was reached last night to secure $3 billion in 11th hour financing that will keep the lender out of bankruptcy court, Jamie Dimon and Lloyd Blankfein having apparently backed out after the vino wore off.
In Washington, One Bank Chief Still Holds Sway (NYT)
Jamie Dimon hosting a JPM board meeting in the District today with a special guest appearance by Rahm Emanuel, who JD reportedly "phones or e-mails at whim" to shoot the shit, mostly.
Cuomo Says Schwab Faces Fraud Suit (WSJ)
The Attorney General sent a note to Chuck on Friday putting it out there that his office has big plans to sue the online brokerage over sales of auction-rate securities due to a couple of emails among Schwab brokers indicating they had no idea what they were selling and then perhaps deliberately neglected to notify clients that the market was driving off a cliff and bursting into flames.
Charles Schwab Denies Cuomo's Fraud Allegations (Reuters)
"The Attorney General's allegations are without merit," Schwab said in a statement on its website. "They unfairly lay blame on our company for an illiquid market and improper behavior by the large Wall Street firms that created and then, despite their obligations, stopped supporting Auction Rate Securities." Ball back in Andy-boy's court.

Delta Air Courts NYC Fliers 'Nobody Owns' With Yankees, Mojitos
(Bloomberg)
In an attempt to dominate the JFK, LaGuardia, Newark Liberty scene Delta is trying to lure in drunks and A-Rod lovers.
Swiss Minister To Meet With Clinton Ahead of US Deadline (NYT)
Who has the upper hand here? Hil has a weakness, and can be seduced by, those jumbo-sized Toblerones, a case of which could be available, should the US drop this pesky tax business, but the Swiss are pussies and (probably) quaking in their boots thinking about coming face to face with the Big C.
RBS Loses 700 Top Traders (CNBC)
You'd think the honor of working for, with the possibility of a chance to meet, the Queen would be enough to make up for zero-ish dollar bonuses but apparently the firm's top investment bankers are easily lured by other shops' offer of a year's salary in cash as a signing bonus.

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