Opening Bell: 11.10.09
SAC Said To Tell Investors A Review Found No Suspicious Trading (Bloomberg)
Despite what this Choo Beng Lee character may claim, it is all good at 72 Cummings Point Road. SAC has conducted its own investigation of the situation and cleared itself of any wrongdoing: "SAC Capital reviewed its buying and selling of stocks cited in the Galleon Group LLC insider-trading cases and found nothing suspicious, according to one of its investors. "
Barclays Remarkable Bargain (NYT)
According to creditors, Barclays bought Lehman for $5 billion less than it was worth.
Spherix Sought Money, 'Edge' From Silicon Valley Executives (Bloomberg)
Which makes sense, since the founder of the tech fund, Choo Beng Lee, has admitted to insider trading.
Lazard Eying New Leadership Structure (NYP)
The firm may split the chairman and CEO role, the former going to interim CEO Steve Golub, the latter Ken Jacobs. Gary Parr might have some responsibilities thrown his way, as well.
Loan Star Cuts Fees To Seed Up New Funds (WSJ)
Distressing news of the morning: John Grayken, the head of Lone Star Funds, wants to raise $20 billion to buy pools of troubled mortgages and other kinds of distressed debt. To get the money, Mr. Grayken is doing what once would have seemed outlandish for a brand-name deal maker like Lone Star: He is cutting some of his fees by more than 50%.