Opening Bell: 08.04.2009

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BAC Hit By Fine Over Merrill (WSJ)
BAC's having to shell out $33MM after settling a civil suit brought against the company (neither admitted nor denied) tied to the Merrill bonus pool. Impressively, the complaint had just been filed Monday, and was focused on proxy documents sent to shareholders of both companies for the vote on takeover.
UBS Loss Widens To $1.32B (WSJ)
The Zurich based firm best known for its strict measures to safeguard client data has widened its loss in the second quarter due to, as it claims, restructuring efforts.
Google's Schmidt Quits Apple Board (FT)
"Mr Schmidt's departure comes three months after the US Federal Trade Commission started an investigation into multiple directorships, and days after the US Federal Communications Commission launched a review of its own into why Apple had blocked a Google application from working on its iPhone."
AIG Finds CEO Replacement (FT)
The embattled and embittered company has filled the CEO role with none other than MetLife's Benmosche. We wish Mr. Benmosche all the best in his role, and can only hope the US Government shows him the respect they allowed Mr. Liddy.
Goldman's Blankfein Tells Employees To Reel It In (NY Post)
The idea being the company is facing a bit of a PR crunch, Blankfein is asking the 'ites to refrain from blowing their wad on useless high profile shit. Needless to say, there's going to be that one guy who, post heist, buys the Lamborghini and leads the Feds right back to the hideout. Or given the address, a dozen midget hookers and a kilo of ibogaine. Your Call.
Clinton Hits North Korea In Rescue Mission (Bloomberg)
Former President Bill Clinton is in N. Korea to aid in the release of the two journalists captured infiltrating the motherland. If successful, it's a long trip home. Good luck ladies.
Kaupthing Leak Exposes Loans (Telegraph)
It appears that just before the bank lost its ass and relegated an entire country to indentured serfdom it paid out billions in loans to its largest shareholders.

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