Opening Bell: 09.08.09
Closely Watched Buffett Recalculating His Bets (NYT)
"It has been an incredibly interesting period in the last year and a half. Just the drama," Mr. Buffett said. "Watching the movie has been fun, and occasionally participating has been fun too, though not in what it has done to people's lives." Basically, if you like starring in snuff films, you probably had one helluva year.
Harvard Signs On For A New Line Of Upscale Clothing (NYT)
Everyone knows Harvard needs cash but the question this morning is, was lending its name to a clothing line that seeks to "combine the power of Harvard with the power of a plaid shirt" the step just before the school starts S'ing D for money or after? (Please note how defensive those contacted for the story seem to get as though they know they have something to be ashamed of.) And would you wear the button down and blazer modeled by the fellow at left? What if you had a gun held to your head?
Swiss Deal With IRS May Hide Some Tax Cheats (NYT)
Stay strong: "They understandably trying to spook people into coming forward," Mr. Rosenbloom said. "I doubt that strategy works for large account holders, particularly in a world where they will receive notice from UBS in advance of a disclosure. They will, of course, wait to see whether that notice arrives. And I suspect some will escape the filters."
What It Takes To Buy Madoff's Beach House (Fortune)
A stomach for hideous design and a heart of gold. "Whoever buys this home will help reap benefits for the victims," insists Corcoran broker Joan Hegner.
Greenspan: US Banks Need To Have Higher Capital (Reuters)
"I think even in non-euphoria, non-crisis times, we need to have a larger buffer than we currently have," Big Al told a Mumbai conference yesterday via satellite, meaning if you panned down you'd see that McG was in the tub.
SIPC Says Stanford Victims Are Outta Luck (NYP)
This is making some people very angry , though it's unclear what they're going to do about it. I think we all know what the big man would do about it, which starts with a 'p' and ends with a 'unch you in the mouth.'
Bonus Fever Continues Among UK Bankers (WSJ)
Many chippies expect their bonuses to be larger in 2009 than in 2008 (without a change in pay structure), with 27% of those keeping their fingers crossed anticipating an increase of more than 51%. This is all based on a poll of wishful thinking, and may or may not actually mean anything.