Opening Bell: 09.11.09

Publish date:

For Gorman, A Test Of His Leadership (WSJ)
Mackettes, your new Aussi overlord wants you to get up in his face and mix it up: "He is very straight with people, and you always know where you stand," said Gregory Fleming. During a speech at Merrill, Mr. Gorman told a group of investment bankers not to be shy about approaching CEOs. "They will always have time for you if you have a good idea," Mr. Fleming recalls him saying.
The Fall Of Mack (NYP)
Noted mean girl Dick Bové had this to say of the Knife stepping down: "[Mack] zigzagged so many times and he increased the instability in a company that was already reeling from instability." She also doesn't know why Phil Purcell wasn't seriously considered as a successor.
Prosecutors Are Poised To Impanel AIG Grand Jury (WSJ)
Joe Cassano is focus of probe as authorities try and find a distinction between 'criminal' and 'idiot.'
Wells Fargo exec used Malibu Colony home lost by Madoff-duped couple (LATimes)
So this happened, in an admittedly pretty sweet house: Neighbors said the family of [Cheronda Guyton, a Wells Fargo senior vice president who is responsible for foreclosed commercial properties] spent long weekends at the home and had guests over, including a large party the last weekend of August that featured a waterborne arrival. "A yacht pulled up offshore, with one of those inflatable dinghies to take people back and forth to the shore," said Roman's wife, Elaine Johnson. "About 20 people got taken over in the dinghy."

SEC Vows To Reorganize Unit To Head Off Fraud
You already knew the regulator was deadly serious about getting things right this time, what with the founding of Fraud College, and now Robert Khuzami, the head of the S.E.C.'s enforcement division had this to say: "We intend to learn every lesson we can," he said. "There are no sacred cows."

Lehman Monday Morning Lesson Lost With Obama Regulator-in-Chief (Bloomberg)
Not sure if you know this, but Tim Geithner did not in fact take the advice imparted on his ass a day after becoming Treasury Secretary to break up Citi and Bank of America.
New Charges In Stanford Case (Reuters)
Thomas Raffanello, a security director for Stanford Financial apparently destroyed some important documents, not knowing that sort of thing was frowned upon.
France Sees Chance For Bonus Restriction (NYT)
French Finance Minister Christine Lagarde is "confident" people will accept things like clawbacks and other good stuff.