Opening Bell: 11.23.09
Why Did Lloyd Blankfein Apologize? (NYT)
Goldman explains: "Lloyd has expressed regret...that the financial services industry collectively neglected to raise enough questions about whether some of the trends and practices that became commonplace really served the public's long-term interests. In particular, the industry let the growth and complexity in some new instruments outstrip their economic and social utility as well as the operational capacity to manage them."
Jamie Dimon Seen As Good Fit For Treasury (NYP)
According to unnamed sources, JD's name has continued to come up among policymakers as a replacement for Tim Geithner. And guess who else would support this move? "It is critical to the standing of the United States in the global financial economy to have a Treasury secretary who has the full support of the president and Congress; a person who has earned respect on their own as a result of hard-won battles in finance to represent this nation," said Dick Bove, who this week will publish a report on Dimon. "That is not Timothy Geithner. It is Jamie Dimon."
BofA May Name Stopgap Chief If Board Needs More Time for Search (Bloomberg)
Surprise! The Bank of America board it still yet to find someone willing to take this dream gig. They're now giving themselves through 2010 to find a replacement.
Show Me The Money (NYM)
Whether he stays or leaves, Benmosche understood that he had lost control. "It's Feinberg's company. That's what he learned," one director in the board meeting later told me. "We all thought there was an ability to run this company. We were wrong."
Goldman Sachs's Non-Apology (NYT)
So, here's a thought: "Goldman should make a multibillion-dollar gift to the federal Bureau of the Public Debt, which accepts tax-deductible donations to reduce the national debt. The donation can come from the bonuses; that way, it would not harm shareholders, because they only get their cut after the bonuses are paid. Goldman's tax savings from the donation could help finance the small-business initiative."