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Opening Bell: 07.22.09

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Morgan Stanley reports a loss of $159 million, or $1.37 a share for the second quarter (MS)
"Net revenues for the quarter were $5.4 billion, compared with $6.1 billion in last year's second quarter. Non-interest expenses were $6.0 billion, compared with $5.2 billion a year ago. Compensation expenses were $3.9 billion, compared with $3.1 billion a year ago. Non-compensation expenses increased slightly from a year ago. Comparisons of current quarter results to prior periods are impacted by the results of the Morgan Stanley Smith Barney joint venture (MSSB), which closed on May 31, 2009."

Credit Worries Shadow Wells Fargo as Earnings Jump
Pay no attention to that loan stuff, we are up 81%!
Bernanke Is Ranked World's Best at Handling Financial Crisis, Survey Shows (Bloomberg)
"He's the best, maybe around the world," said Wallace Lin, an investment manager with Euro Asset Management in Hong Kong, who participated in the poll. Investors ranked Bernanke higher than his counterparts at other major central banks, including European Central Bank President Jean-Claude Trichet.
JPMorgan's Dimon Makes $2.29 Million From Options (Reuters)
Nothing huge, but it could make the next boys night with Rahmbone one for the books.
Endowment Losses From Harvard to Yale Leave Universities Poorer (Bloomberg)
A $24 billion endowment has Harvard wondering if food stamps couldn't be too far around the corner.
Lagarde hits out at bankers' bonuses (FT)
FYI frogs, she sounds pretty mad: "I think it is an absolute disgrace that guaranteed bonuses of several years could still be paid, or that some people are thinking of reinstating the old ways of compensating with insufficient relationship between compensation and lasting performance and risk management," France's finance minister said.
Judge Approves Liquidation of Madoff Feeder Funds (NYT)
Ripped off by Walter Noel ('s Fairfield Greenwich)? Now you can do something about it!
CIT A 'Wake-Up Call' For Small Businesses (WSJ)
Fail to have back-up plans in place for borrowing and it could be you at the Italian restaurant telling Lloyd, "Okay once in the bathroom and once in the cab and you'll give me the money? Swear? And nobody finds out?"
Shave A Trader (STD)
A serious question: WTF? Even if it's an ad-- WTF?