Opening Bell: 08.31.09
Lehman Claims Could Reach $100 Billion (Reuters)
The majority coming from Joe Gregory. Kidding (kind of) but seriously: PWC says it's gonna be huge.
Cerberus to Raise New Distressed Funds (Bloomberg)
According to chief operating officer Mark Neporent, the requests to pull $4.77 billion came from other managers who needed to provide liquidity to their investors, meaning it had nothing to do with Cerberus and wasn't one of those "lack of confidence" situations. Therefore: you should not hesitate to fork over cash for the new funds.
Barney Frank Said To Back Broader Fed Audits (WSJ)
According to Ron Paul. "Barney told me, 'It's going to come. You're going to get what you want,' " Mr. Paul said.
Swiss Banks Expect To Avoid Witch-Hunt (FT)
They haven't been promised anything but are hopeful, the alternative involving latex gloves. Boris Collardi, chief executive of Julius Baer, said: "I don't want to say we're relaxed but we're prepared. There may be some requests for information [from tax authorities] but I don't think we face the risk of another John Doe summons. It's like we've been driving in a 60kph zone and after you've passed it, someone tells you it was 30. The interpretation of the rules has changed. It's a very unpleasant position to be in, but the most important thing is that we won't compromise on fishing expeditions or banking secrecy."
Preaching The Gospel Of Momentum (Barron's)
Barron's: You employ about 200 people. But none of them do fundamental research and follow companies like General Electric or Nestlé, right?
Asness: It's actually just me and David [Kabilllar] and one really big computer.
As Disposals Slow at AIG, ILFC Chief Makes Pitch (WSJ)
Steven Udvar-Hazy to possibly step up to the plate and buy about $2 billion of the company's aircraft portfolio (and start a rival business).
Scavengers scan beaches seeking valuable trinkets (NYDN)
Your new revenue stream?
Woman Hires Hitman For Just $200 (CBS12 via BI)
$100 up front, $100 after the job got done.
The Flash-Trading Thorn In NYSE's Side (WSJ)
Goes by the name William O'Brien.