Opening Bell: 11.02.09
Goldman Looks To Buy Fannie Tax Credits (WSJ)
Not so fast says Fannie's keeper: "A sale would bring some needed financial respite to Fannie Mae. But the administration is leery about approving a deal that would help Goldman reduce its tax bill, given the animus held by many lawmakers toward big Wall Street firms in general and Goldman in particular. The Obama administration is looking at the deal with a critical eye and could block it. Goldman, meanwhile, is hopeful it could win approval this week."
Pandit 'Near Death' Cash Hoard Signals Lower U.S. Bank Profits (Bloomberg)
Citigroup has almost doubled its cash to $244.2 billion in the year since Lehman Brothers Holdings Inc. filed for bankruptcy, the biggest such stockpile of any U.S. bank.
Delaware Beats Switzerland As Most Secretive Financial Center (Reuters)
"While the U.S. has been jumping up and down and saying 'Aha, bad, wicked Swiss banks,' the U.S. is doing exactly the same things as far as non-resident bank account holders," said Sarah Lewis, executive director of Tax Justice Network, based in the U.K.
Can Citigroup Carry Its Own Weight? (NYT)
Vikram Pandit says yes. And more of this talk: "Our distinctiveness is we connect the world better than anyone else," he said, noting Citigroup's global reach. "We have a great capability of building a business around that. And we are in the process of building a culture around that."
Tyrus Fund Raises More Than $800 Million (FT)
Former Deephaven manager Tony Chedraoui's shop launches today with more initial money raised than the expected $500 million (and is predicted to pick up another $300 million this month, ending the year with $1.4bn under management).
Former Fund Exec Charged With Insider Trades (DB)
Ronald Yee, who had been ValueAct Capital's chief financial officer until June 2008, was named in a civil suit filed by the Securities and Exchange Commission, against seven people charged with trading on inside information in Acxiom.
RBS To Consider Further Asset Sales (FT)
Anything to get the Queen off their ass.