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Opening Bell: 07.21.09

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The Fed's Exit Strategy, By Ben Bernanke (WSJ)
Various Journal readers can't decide if the Beard is a train conductor or a circus master on a tiger's back.
Deutsche Bank Fires Two In Spying Probe (WSJ)
Apparently keeping up with the whereabouts of your shareholders is frowned upon when they find out about it.

Swiss Banks Freeze Out US Clients
It's not that they don't want your business they're just a little gun-shy about coming in contact with the IRS and its narrow-minded views of doing business again.
CIT $3 Billion Bondholder Rescue May Not Prove Permanent Cure for Lender (Bloomberg)
"The company has indicated they have significant upcoming maturities," said Renee Dailey, a partner in the financial restructuring group at law firm Bracewell & Giuliani LLP in Hartford, Connecticut. "It's unlikely that $3 billion will solve their problems." Jeff Peek is said to be planning on doing this democratically and just running through the contacts in his phone alphabetically so make sure to send that one to voicemail when you get the call.
Dreier's Luxe Lifestyle Revealed as $10 Million New York Condo Auctioned (Bloomberg)
Thought he went to all that work impersonating executives and staging fake conference calls for nothing? Think again. He did it all for the Christian Liaigre furnishings and Ermenegildo Zegna shoes, size 8 because he is a little man, among other things.
Citigroup Seizes Resort Where AIG Held Retreat (AP)
You know the one. The one where the insurer spent almost half a million on manicures, pedicures and facials (the St. Regis Monarch Beach in Dana Point), the fall-out from which apparently caused the owners to default on a $70 million loan. Sad for AIG but nice for Vikram, who will be working there 3 days a week.
Pickens Said to Seek Investors for Hedge Funds (Bloomberg)
TBP wants your money for Energy Equity Fund II, which invests in stocks and futures, and Energy Fund II, which trades futures. The funds gained 14 percent and 79 percent so far in 2009.