Opening Bell: 11.03.09
UBS Swings To A Loss On Charges (WSJ)
Net loss of 564 million Swiss francs ($552.9 million), compared with a net profit of 283 million francs a year earlier. But the tax evaders are not defeated: Chief Executive Oswald Gruebel was cautiously optimistic about the bank's prospects next year. "Having stabilized the bank's financial condition and resized the business, I expect to see further progress in future quarters, particularly in 2010," he said.
Berkshire Hathaway Inc. to Acquire Burlington Northern Santa Fe Corporation for $100 Per Share in Cash and Stock (BusinessWire)
It's not just about having a well-maintained rail system and women with huge cans operating it: "Most important of all, however, it's an all-in wager on the economic future of the United States," said Mr. Buffett. "I love these bets."
Bank of America's Next Chief Executive May Be Based In New York (Bloomberg)
Now that they've taken "living in Charlotte" out of the job requirement, will someone take this gig?
Fed Tells Bank To Adopt Pay Rules Early (FT)
The Beard suggests everyone get in line NOW: "The Federal Reserve told big US banks on Monday that draft pay guidelines aimed at curbing excessive risk-taking will have to be followed in this year's round of bonus payments, even though the rules do not officially come into force until 2010. In meetings at the regional offices of the Fed, regulators told chief executives of the nation's 28 top banks that they had until February 1 to prepare a written analysis of how their compensation practices meet the guidelines, according to some of the attendees."
Julian Robertson, Emil Henry Announce Formation of Infrastructure Private Equity Firm (Reuters)
Henry explained, "There are many small and medium-sized infrastructure businesses that are outside the focus of larger infrastructure investors and strategic buyers. With the credit market dislocation and diminished role of debt capital providers, we believe many of these businesses` growth prospects are constrained by their capital needs. We seek to fill that gap."
RBS, Lloyds Get $51 Billion In Second Bailout (Bloomberg)
BREAKING NEWS: "There is now a very fine line between RBS being nationalized," said Danny Gabay, director of Fathom Consulting in London and a former Bank of England economist.