Opening Bell: 09.09.09

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NY Nears Charges On Merrill Deal (WSJ)
Cuomo's headcut is way too generous in the forehead department. Also: "The Merrill bonuses are one of four examples cited by Mr. Cuomo's office as wrongdoing by BofA "and its senior officers," according to the letter. In addition, BofA didn't disclose before a December shareholder vote either ballooning losses at Merrill or a goodwill charge related to a subprime lender owned by Merrill, Mr. Cuomo's office alleged Tuesday. An internal forecast circulated inside the bank two days before the vote and reviewed by The Wall Street Journal assumed "no goodwill write-off" at the subprime unit."
UBS May Not Attract Net New Money Until 2011, Citigroup Says (Bloomberg)
That's gotta be hard to hear, especially considering the source (which is now throwing out words like "envisaged").

Bankers In Europe Criticize Crackdown On Bonuses
(NYT)
"We've had approaches from Citi offering ludicrous amounts of money," for some senior traders, said a banker in London for an international securities firm, who was not permitted by his employer to speak publicly. "The governments are scared of franchise meltdown and just want to recoup the taxpayer money as soon as possible."

Madoff's Belgian Shoes Stashed As US Begins Sale
(Bloomberg)
Size 6.
Market crisis 'will happen again' (BBC)
So says Alan Greenspan.
Hedge Fund Investor Goal: An Exit Plan (WSJ)
Please make sure to locate the life-vest under your seat in the likely event this sucker goes down.

Once-broke Harlem Man In the Money
(NYP)
"I was down and out, had just defaulted on my Capital One credit card debt, and I didn't have a dime in my pocket. I asked for a lottery ticket, in 26 installment payments. And the next day, I won $166 million. Then the lottery people called me back and told me it was [actually] $168 million."

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