Opening Bell: 10.09.09
Review Of Citi Draws Wary FDIC Response (WSJ)
FDIC officials are wondering just how rigorous the outside review of Citi and its management was, considering the report claimed everyone, including Vikram, was doing a bang-up job (Bair and Co were expecting to be told to burn the place to the ground and start over).
Occidental Petroleum Announces Acquisition of Phibro (Oxy)
The oil producer is getting the commodities unit (and Andrew Hall + his team) for $250 million.
Morgan Stanley Back In Black, But Goldman Dominates (Reuters)
Why can't Lloyd Blankfein just let Mack have this one quarter? Oh, and never forget: "Goldman has to walk this fine line between paying their people too much and sending the wrong signal to government and taxpayers," said Michael Hecht, an analyst with JMP Securities.
Zoe Cruz To Head New Hedge Fund (WSJ)
Voras Capital Management is expected to launch with at least $200 million and invest in a variety of distressed assets. The Cruz Missile has apparently been "talking to some former colleagues at Morgan Stanley and other people about joining her firm," though it's unclear if she's offered John Mack or Vikram Pandit gigs at this time.
Larry Summers Rejects 'New Normal' of Slow U.S. Growth (Bloomberg)
"I would be very reluctant to accept the idea that the American economy no longer has the potential to grow rapidly," Summers told a forum in New York yesterday.
In Surprise, Obama Wins Nobel Peace Prize For Diplomacy (NYT)
So that's nice for him.
Carl Icahn: The Market Is Acting Schizophrenic (CNBC)
"If you get a double-dip recession and they start coming down, it's going to be a bit of a bloodbath," Icahn said.