Opening Bell: 08.11.2009

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Judge Questions Merrill Bonuses (NYT)
"A week after the Securities and Exchange Commission announced that it had settled the matter, Judge Jed S. Rakoff questioned whether the $33 million agreement with Bank of America was adequate. He refused to approve the deal, saying too many questions remained unanswered, including who knew what and when about the controversial payouts."
Distressed Debt Deals On The Rise (Reuters)
At $84.4B, distressed-debt deals are on pace to double last year's numbers.
Stanford Can't Get Money To Mount Legal Defense (NYPost)
There stands a decent chance the government has the money tied up to the point that Stanford will effectively be getting a team of public defenders.
Despite Negative Revenue, UBS Making High Profile Hires (Bloomberg)
The marginally less client friendly Swiss bank is building out its teams in the downtime, having picked up more than 20 bankers from the competition. No mention of comp plans.
Toxic Assets May Need More Help (Reuters)
The Congressional Oversight Panel is looking for stress tests on the smaller banks/institutions to assure they're not functionally inept, and wants capital support much in the same way it was available to the larger institutions.
Asia Showing Slow Climb Out Of Recession (NYT)
China released its economic numbers today, showing industrial output raising 10.8% and retail sales up 15%.
New York Fed In Hiring Spree (FT)
"The Federal Reserve Bank of New York is aggressively hiring traders as it seeks to manage its burgeoning securities holdings, making the central bank one of Wall Street's most active recruiters of financial talent."

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