Opening Bell: 07.23.09

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Obama: Banks Will Act Recklessly Without Reform (CBS)
"With respect to compensation, I'd like to think that people would feel a little remorse and feel embarrassed and would not get million-dollar or multimillion-dollar bonuses," the President said.
Ford Posts $2.3 Billion Profit (WSJ)
Slowing of the cash burn! "The auto maker reported a net income of $2.3 billion or 69 cents a share, compared with a loss of $8.67 billion, or $3.89 a share for the same period a year earlier. The company burned through about $1 billion in cash during the quarter as it controlled incentive spending around the world while increasing output in its North American plants."
Ice Cream Market Hot For Dairy Queen (Shanghai Daily)
The Oracle of Omaha is spreading the love: 500 more DQ's in China over the next 5 years.
US Files Indictment Against Danny Pang (WSJ)
Basically just a restating of previous charges which were that the PEMGroup, as Pang once told a colleague, is a scam. A spokesman for Mr. Pang, however, said the businessman "believes these charges are false and he looks forward to being vindicated at trial."
Howard Marks: Stem Those Fees (NYP)
The Oaktree Capital Management founder has a problem with huge incentive fees. Only the best (like Oaktree) should be getting them. "Incentive fees on the order of what we've seen are a big deal and they should only go to extraordinary portfolio managers," said Marks.
Credit Suisse Reports $1.5 Billion Profit (NYT)
Up 29 percent from year-on-year but down from the first quarter profit of 2 billion francs. Brady Dougan is confident the team can keep this up, and that the other Swiss bank in town will blow Toblerone bars when it reports on August 4.
Fannie & Freddie: The most expensive bailout (CNN Money)
"We're assuming they each will cross the $100 billion mark fairly soon. They could be hitting the $200 billion barrier by the end of next year," said Bose George, mortgage analyst at Keefe, Bruyette & Woods, an investment bank specializing in financial services firms.
Hamptons Luxury Market Stalls With Four-Year Inventory Pileup (Bloomberg)
Only 37 homes above $2.37 million sold last quarter. Will no one step it up? How about this baby, any interest here? "The asking price for a 13,500-square-foot oceanfront home in Southampton Village with nine bedrooms, 11 bathrooms and a tennis court was reduced 25 percent in April to $60 million after sitting on the market for a year, and still hasn't sold."

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