Opening Bell: 07.28.09

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Congress Debates Onus For Goldman Bonus (NYP)
A bunch of Representatives wrote a letter to the Federal Reserve yesterday wondering why Goldman's been allowed to take on more risk over the past few quarters. "The company and its employees have taken full advantage of its new government subsidies, and the retained ability to bet big," Alan Grayson, Walter Jones, Ron Paul and Maxine Waters, who kept it cool for the most for the most part but got her freak on in the footnotes, asked.
Michael Lewis Dispels Several False And Insidious Rumors About Goldman (Bloomberg)
You don't have to be bald to make it to the c-suite, they just prefer it that way.
Traders Blamed For Oil Spike (WSJ)
CFTC to issue a report next month pinning not one but several iotas of blame on speculators for wild swings in prices.
High-Frequency Traders Say Speed Works to Everyone's Advantage (Bloomberg)
Ya hear that Chuck Schumer?
US Issues New Rules On Short-Selling (WSJ)
Also, Mary Schapiro is looking fantabulous in her new headcut, which takes about 15-20 years off the girl.
Kerviel Lawyer Says Societe Generale Managers Knew About Trading Positions (Bloomberg)
'member this guy? Jerome's lawyer said today that he can count at least 300 people who knew exactly what his client was up to. "In 2007, he was making money and they let him go on," Olivier Metzner said. "In 2008, it all went bad, the machine was exposed, they unwound the positions in a panic and they created losses."
What Citigroup Should Say To Us, Its New Shareholders (BV)
Contrary to popular belief, Vikram Pandit does not have to ask Tim Geithner for permission every time he wants to take a leak. I don't know where you got that from but it's just not true.
BofA Plans To Cut 10% Of Branches (WSJ)
Ken Lewis discussed the plans during a meeting with investors last Thursday. Liam McGee, president of Bank of America's consumer and small-business bank, also said branch closures are in the works but refused offer any specifics.
Diamond company LifeGem turning lock of Michael Jackson's hair into jewels (NYDN)
Yes: "Founder Dean VandenBiesen said his company will extract carbon from the King of Pop's hair and turn it into crystals, which can be refined into diamonds."

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