Opening Bell: 10.16.09

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Bank of America Announces Third-Quarter Net Loss of $1.0 Billion (BofA)
Ken Lewis not defeated: "The company's core performance was impacted by a number of non-core items," said Lewis. "The market's improved view of Bank of America's credit cost the company due to non-cash marks on liabilities. "Excluding those items, our revenue continued to hold up well," the Bank of America CEO said. "Obviously, credit costs remain high, and that is our major financial challenge going forward. However, we are heartened by early positive signs, such as the leveling of delinquencies among our credit card customers."
Bruce Wasserstein's Death Payout (WSJ)
$188 million from 4.4 million restricted stock units accumulated since 2005.
Soros Says U.S. Economy Will Be Drag on World Growth (Reuters)
Current "currency arrangements" are "fraught with danger," the globalization of financial markets was built on a "false pretense," and we need a global regulator.
Lloyds to Sell Halifax Estate Agency (Reuters)
For a grand total of: one pound.
Bonuses Put Goldman in Public Relations Bind (NYT)
Hey did you hear? Some people are not happy that Goldman is probably going to pay its employees some huge ass bonuses.
SEC Said to Hire Goldman's Adam Storch to Be Chief Operating Officer (Bloomberg)
The 29 year-old COO, who started Oct. 13, has "a great deal of background" in technology and managing processes and the pace of work, Robert Khuzami, head of enforcement, said yesterday in Washington. Storch, who worked since 2004 in a unit at Goldman Sachs that reviewed contracts and transactions for signs of fraud, will be charged with making the unit more efficient.

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