Opening Bell: 08.27.09

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Feinberg to Formally Approve AIG CEO Pay Next Week (Reuters)
Benmosche (still on vacation?) will likely get the green light for his $7 million a year salary. Meanwhile, the Compensation Cop has not yet been convinced that Andy Hall, pouting in his German castle, "really wants this."
Hedgie Paulson Mad About Citi (NYP)
JP has allegedly acquired a two percent stake in Vikram's funhouse.
US Court Rejects TurboTax Defense (Bloomberg)
Good enough for Tim Geithner apparently does not fly for a couple of bros in Ohio: "Petitioners were not permitted to bury their heads in the sand and ignore their obligation to ensure that their tax return accurately reflected their income," the court said in an opinion issued yesterday. "In the end, reliance on tax return preparation software does not excuse petitioners' failure to review their 2006 tax return."
Treasury warns regulator off financial tax talk (Reuters)
The Treasury warned the chief financial regulator on Thursday to stay out of taxation policy after he said he would support higher taxes on the financial services industry.
A Treasury spokesman said taxation was "a matter for the Chancellor (finance minister)" after Adair Turner, chairman of the Financial Services Authority, said he would back "special taxes" on banks to rein in their activity.
Economic Crisis Strikes Irish Heartland (WSJ)
The Gaelic Athletic Association needs warm bodies.
Stanford's Private-Equity Stakes to Be Sold (Bloomberg)
And Sir Stan is not happy about it, though really the only recourse he has is to bitch and moan like an impotent prick via his lawyer.
Blackstone Gem (NYP)
Steve Schwarzman's unit grew 25 percent to $25 billion through the first half of the year, beating HSBC and Man Investments, whose assets dropped 52 and 46 percent, respectively. Crab Hands for everyone.
James Paulsen Sees A Sweet Spot At The 5 Minute Mark (CNBC)

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Opening Bell: 1.11.18

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Opening Bell: 01.03.13

Fresh Budget Fights Brewing (WSJ) If Congress doesn't do more in the coming months, Moody's warned, the company could follow Standard & Poor's in downgrading U.S. debt. "Further measures that bring about a downward debt trajectory over the medium term are likely to be needed to support the AAA rating," Moody's said Wednesday. But the battles on how to do that are far from over. Republicans say any further deficit reduction or legislation to avoid across-the-board spending cuts should come from reducing spending. President Obama and many Democrats advocate a combination of tax increases and spending cuts. The most serious skirmish will arrive toward the end of February, when the U.S. Treasury is expected to be unable to pay all the government's bills unless Congress boosts the federal borrowing limit. Then on March 1, the across-the-board spending cuts of the fiscal cliff, deferred in this week's deal, are scheduled to begin slicing into military and domestic programs. And on March 27, a government shutdown looms unless Congress approves funding for government operations for the remainder of the fiscal year, which ends Sept. 30. CEOs Pan Fiscal Cliff Deal, Vow to Continue Debt Fight (Reuters) "I think this deal's a disaster," said Peter Huntsman, chief executive of chemical producer Huntsman Corp. "We're just living in a fantasy land. We're borrowing more and more money. This did absolutely nothing to address the fundamental issue of the debt cliff." Former Wells Fargo CEO Dick Kovacevich said the agreement confirms that Washington and both parties are totally out of control. "I think it's a joke," Kovacevich said of the deal. "It's stunning to me that after working on this for months and supposedly really getting to work in the last 30 days that this is what you come up with." Obama’s Warning to Boehner Started Road to Budget Plan (Bloomberg) President Barack Obama had a warning for John Boehner at a Dec. 13 White House meeting: Stop opposing higher tax rates for top earners, or the president would dedicate his second term to blaming Republicans for a global recession. The next day, the House speaker called the president and said he was open to a tax-rate increase on annual income of more than $1 million...While the budget deal Obama and Boehner were negotiating fell apart, the speaker’s concession on tax rates ultimately allowed Vice President Joe Biden and Senate Minority Leader Mitch McConnell, a Kentucky Republican, to craft the last-minute plan Congress passed Jan. 1. Nouriel Roubini: US Will Soon 'Get Messy' Again (CNBC) "It won't be long before there is another crisis. Two months, in fact." Pershing to Take 'Passive Shareholder' Role in General Growth (WSJ) Pershing Square Capital Management LP agreed to sell $271.9 million in General Growth Properties warrants to Brookfield Asset Management Inc., as part of a deal between the mall owner's two biggest shareholders that would resolve their recent disputes and see Pershing become a passive shareholder. Brookfield, in turn, offered to sell the warrants, which represent the right to acquire 18.4 million shares of General Growth stock, back to General Growth for the same purchase price. Pershing also agreed to limit its ownership stake in General Growth to no more than 9.9% and intends to become a passive shareholder. Brookfield agreed to limit its ownership in General Growth to 45%. Bank Of Canada won’t discuss melting plastic bills, says national security behind silence (NP) Disclosing details of behind-the-scenes discussions about tales of melting banknotes could endanger national security or international relations, says Canada’s central bank. In response to a formal request from The Canadian Press, the Bank Of Canada released 134 pages of internal records — almost completely blanked out — concerning allegations its new polymer bills melted in the scorching summer sun. The bank began issuing $100 polymer banknotes in late 2011, saying they were harder to counterfeit than paper notes and would last much longer. Unconfirmed reports of cooked currency emerged in July when a Kelowna, B.C., bank teller said she had heard of cases in which several bills had melted together inside a car. Soon after, Mona Billard of Cambridge, Ont., reported that she had returned eight plastic bills in January, after her son stashed his $800 Christmas bonus in a tin can and hid it near a baseboard heater. When he retrieved them the next day to make a deposit, the $100 banknotes had shriveled and melted. Ms. Billard exchanged clean bills for the shrunken, unusable ones. “The leather couch is up against the baseboard heater, it doesn’t melt,” she said. “The kids’ toys are back there, they don’t melt.” The Bank of Canada will reimburse damaged notes, but only if they clear an examination by an Ottawa laboratory. Paulson&Co Added To Abacus Suit Against Goldman (Bloomberg) Paulson & Co. was named as a defendant in a proposed revised lawsuit by ACA Financial Guaranty Corp. against Goldman Sachs over a collateralized debt obligation called Abacus. Paulson conspired with Goldman Sachs to deceive ACA Financial, which provided financial guaranty insurance for the deal, ACA Financial said in papers filed yesterday in Manhattan. Private Sector Added 215,000 Jobs Last Month (WSJ) Economists surveyed by Dow Jones Newswires expected ADP to report a gain of 150,000 private jobs. Preet Bharara and other financial heavyweights opposing Paul Singer's attempt to get Argentina to pay debt (NYP) US Attorney Preet Bharara and BlackRock CEO Larry Fink are among the latest bold-faced names to oppose Singer’s attempt to get Argentina to pay him and others $1.3 billion on defaulted debt. Singer, the hedge fund billionaire who runs Elliott Management, is among the 8 percent of Argentina debtholders who refused to accept a 70 percent haircut following a 2001 default by the embattled South American country. Singer inched closer to winning the epic legal showdown in November when a federal judge ruled Argentina could not pay Fink’s BlackRock or other holders of the reorganized debt without putting money in escrow for Singer’s band of investors. An appeals court slowed Singer’s victory parade but refused to set aside the judge’s order. Now, Bharara, Fink’s $3.67 trillion bond firm and others are urging the appeals court to throw the case out. Basel Becomes Babel as Conflicting Rules Undermine Safety (Bloomberg) While higher capital requirements, curbs on banks trading with their own money and other rules have reduced risk, they have magnified the complexity of supervision, according to two dozen regulators, bankers and analysts interviewed by Bloomberg News. Even if the new regulations can be enforced, they don’t go far enough to ensure safety, said Robert Jenkins, a member of the Bank of England’s financial policy committee. Cops: Woman, 50, Battered Boyfriend, 32, Because Six Came Before Nine (TSG) Jennie Scott, 50, was booked into the Manatee County lockup on a misdemeanor charge stemming from the 11 PM encounter in the Palmetto bedroom of Jilberto Deleon, 32. Scott has dated Deleon “for the last 5 years on and off,” according to a sheriff’s report. Deputies were summoned to Deleon’s home by a witness who heard the couple arguing and saw Scott atop Deleon “punching and scratching him.” She also allegedly struck Deleon with a stick and threatened to hit him with a wrench before the tool was taken from her hand by the witness. When questioned by a cop, Scott explained that she and Deleon “were giving each other oral pleasure in the bedroom” when Deleon “finished first and stopped pleasuring her.” Scott added that she “became upset and they began arguing.” A deputy noted that Scott said that she was also mad at Deleon because she had “heard [him] having sex with another woman over the phone earlier in the day.” Scott struggled with deputies before being placed in a police cruiser, where she kicked a window until being warned that she would be maced unless she stopped.

Opening Bell: 06.06.12

Greece Warns of Going Broke as Tax Proceeds Dry Up (NYT) Government coffers could be empty as soon as July, shortly after this month’s pivotal elections. In the worst case, Athens might have to temporarily stop paying for salaries and pensions, along with imports of fuel, food and pharmaceuticals. Officials, scrambling for solutions, have considered dipping into funds that are supposed to be for Greece’s troubled banks. Some are even suggesting doling out i.o.u.’s. Spain Warns It Needs Help (WSJ) Oh, hey, in case it was unclear: "Spain made its most explicit suggestion yet that it would seek help from Europe for its struggling banks, as the country's budget minister said high interest rates on Spanish bonds were a signal the government risks losing access to financial markets." Nobel Winner Stiglitz Sees More Recession Odds In Romney (Bloomberg) History shows that the adoption of fiscal austerity when an economy is weak can have disastrous consequences, as happened in the U.S. in 1929 on the eve of the Great Depression, Stiglitz told Bloomberg editors and reporters in New York Monday. “The Romney plan is going to slow down the economy, worsen the jobs deficit and significantly increase the likelihood of a recession,” said Stiglitz. US Already in 'Recession,' Extend Tax Cuts: Bill Clinton (CNBC) In a taped interview aired with CNBC, the 42nd president called the current economic conditions a "recession" and said overzealous Republican plans to cut the deficit threaten to plunge the country further into the debt abyss. Blanked Bankers Double As Bonuses Disappear, Survey Shows (Bloomberg) The proportion of investment bankers who got no bonuses last year more than doubled to about 14 percent, a poll by executive-search firm Options Group shows. The percentage of employees who weren’t given an annual award rose from 6 percent in 2010, a report yesterday from the New York-based company said. Getting no bonus, or being “blanked” by your employer, isn’t the smear it once was because base salaries increased afterthe 2008 financial crisis, said Michael Karp, managing partner of Options Group. The pizza has ‘sex’tra toppings (NYP) An Italian eatery just steps from Yankee Stadium is charging customers for slices of pizza — and sex with their wait staff, a new lawsuit claims. Yankee fans heading to Stadium Pizza after ball games are treated to a smorgasbord of waitresses and bartenders moonlighting as prostitutes, according to a lawyer for former employee Olga Contreras, who is suing the restaurant’s owners for sexual harassment, said her lawyers, Matthew Blit and Amanda Gudis. Contreras says she has spotted one worker frequently giving oral sex, and customers disappearing into the restroom with the staff. Morgan Stanley May Sell Piece of Commodities Unit (CNBC) Worried about the potential impact of new regulations, Morgan Stanley is considering selling a minority stake in its commodities business, say people familiar with the matter, and has held preliminary conversations with potential suitors in recent months about how a deal could look. Geithner Said To Seek U.S. Bankers’ Dodd-Frank Objections (Bloomberg) Treasury Secretary Timothy F. Geithner has challenged bankers to give him specifics on their longstanding complaint that the Dodd-Frank Act is imposing costly, confusing and burdensome regulations on them, according to four people familiar with the matter...Geithner offered to use his ability to reach across agencies to better coordinate and streamline rules if he found the report convincing, according to the people, who asked not to be identified because they weren’t authorized to discuss the study. The complaints include the handling of so-called stress tests of banks’ ability to weather a crisis, capital requirements and restrictions on mortgage servicing. Feds probing Nasdaq’s $10.7M FB profit (NYP) ...some of the issues the agency is believed to be looking at is whether the exchange made its trades ahead of clients and other participants, sources said. The regulators also is looking into whether the trading systems at other Nasdaq member firms made matters worse. Italy To Push 'Pink Quotas' (WSJ) A new law requires Italian listed and state-owned companies to ensure that one-third of their board members are women by 2015. Currently, only around 6% of the total number of corporate board members in Italy are women—one of the lowest levels in Europe and a number that reflects how few women work here. Gold Bugs Defy Bear-Market Threat With Soros Buying (Bloomberg) Bank of America was joined by Goldman Sachs Group Inc., Morgan Stanley and Barclays Plc in urging investors to buy in December and January. Now, after gold fell 10 percent in a four-month slide through May, they say prices will rebound this year or next as the Federal Reserve shores up the world’s biggest economy by easing monetary policy and devaluing the dollar. Billionaire George Soros bought more in the first quarter and hedge-fund manager John Paulson held on to the biggest stake in the SPDR Gold Trust, the largest exchange-traded product backed by bullion, Securities and Exchange Commission filings show. Some investors are refusing to capitulate even after failed elections in Greece drove the euro to a two-year low against the dollar and gold slumped as much as 21 percent in December from the record $1,923.70 set in September. Oregon woman wins $900K after contracting herpes from sex partner (NYDN) “He was 69, my client was a very attractive 49. My argument to the jury was he just wanted to sink his hooks into her,” the plaintiff’s attorney said. The jury found that the man was 75% at fault, while the woman was 25% responsible. The jurors also decided that by exposing her to the STD, the man committed battery and made her suffer greatly.