Opening Bell: 03.17.10
CIT Posts $1 Billion Quarterly Loss (NYT)
The U.S. company said in a regulatory filing that it would not return to profitability in 2010 under regular accounting rules. But it added that new, post-bankruptcy accounting measures would bring it back into the black this year.
Nomura Revamps Group Structure (WSJ)
Nomura Holdings Inc. has admitted a foreigner to its top decision-making committee in a bid to globalize the Japanese firm and retain former Lehman Brothers bankers, people familiar with the matter said. Nomura has restored former Lehman Brothers executive Jasjit "Jesse" Bhattal to a position of power and revamped the structure of its organization to help stem a wave of defections in recent weeks.
Deutsche Bank, JPMorgan, UBS Are Charged With Derivatives Fraud (Bloomberg)
Prosecutor Alfredo Robledo alleges the London units of the four banks misled Milan on the economic advantage of a financing package that included the swaps and earned 101 million euros in hidden fees.
Major Dutch fund ABP sues BofA over Merrill (Reuters)
"Prior to the merger date, BofA appear to have had knowledge of record quarterly losses Merrill was facing. The losses were expected to exceed $15 billion," ABP's assets manager APG said in a statement on Wednesday.
Jim Rogers Sizes Up Two Global Bubbles (CNBC)
"The euro will probably break up in the next 15 to 20 years," Rogers said in an interview. "Don't get me wrong, I own the euro. We've had currency unions in history, they didn't survive, this one won't survive either," he explained.
Rachel Maddow Questions Geithner About Role At New York Fed: 'Where Were You?' (HuffPo)
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