Opening Bell: 02.25.10
Obama Defends His Policies to C.E.O.'s (NYT)
"Most Americans, including myself, do not begrudge reasonable rewards for a job well done," he said. "What's outraged people are the outsized bonuses at firms that so recently required massive public assistance. Once that money is fully repaid, I don't believe it's appropriate for the government to be in the business of setting compensation levels."
Royal Bank of Scotland Net Loss Beats Estimates; Pay, Bonuses Increase 44% (Bloomberg)
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SEC Reins In Short Sellers With New Restrictions (Reuters)
The SEC's action drew a quick rebuke from famed short seller James Chanos, who said the restrictions would harm investors' interests by driving up transaction costs. Phillip Goldstein, a hedge fund manager known for a landmark lawsuit that rolled back the SEC's rights to supervise hedge funds, said, "This is a sign that the commissioners who voted for the new rule don't really believe in the free market."
Hedge Fund Manager Pleads Guilty to Securities Fraud (AP)
Arthur Nadel is sorry.
Lehman Brothers Settles Collateral Claims with JPMorgan (Reuters)
As part of the settlement, JPMorgan will reduce its remaining claims from about $7.68 billion to about $557 million after adjusting for Lehman's cash collateral. Lehman will have to make a one-time cash payment of about $557 million to JPMorgan.
Bonus Blowback Bypasses Brokers (WSJ)
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