Buffett Praises Blankfein, Backs Goldman Sachs on CDO Trade Probed by SEC (Bloomberg)
“He’s done a great job running that firm,” Buffett said in Omaha. “My choice would be to have Lloyd running it this year, next year and 10 years from now.”
Goldman Sachs Reportedly 'Tightening' Practices (MarketWatch)
Monday morning laughs: "One practice being considered would see Goldman Sachs employees required to confirm that clients understand risks associated with a given security and how these dealings might change their total risk exposure. Another proposal, the report said, would have Goldman Sachs take extra steps to ensure that complicated securities, including structured debt products, are marketed only to those who understand them."
Greece Bailout Plan Includes Support Fund for Country's Banks (BW)
Greece’s international bailout plan will include a 10 billion-euro ($13.3 billion) support fund for the nation’s banks, which may face rising bad loans as the economy shrinks. “The objective of the fund will be to ensure that the Greek banks are well capitalized at all times,” Servaas Deroose, deputy director general of the European Commission’s economic and financial affairs department, said in Athens yesterday. “Injections will, as always, be subject to tough conditions.”
Conan O'Brien '60 Minutes' Interview: Coco Makes First TV Appearance Since Leaving NBC (HuffPo)
"That first day that I woke up and was no longer the host of the Tonight Show, I remember the first thought I had is 'I am not shaving.' And that was my small victory, you know. Okay, so I lost the Tonight Show, but I’ll show them-- I’ll stop shaving."
UBS Q1 Net Profit Seen Topping Forecasts (Reuters)
The Swiss bank looks set to top analysts' expectations next week by posting a first-quarter net profit of between 2.2 billion Swiss francs and 2.5 billion Swiss francs ($2.0 billion to $2.3 billion), a Swiss newspaper reported without citing sources. UBS, which said last month its pretax profit would be at least 2.5 billion Swiss francs, is seen swinging to a first-quarter net profit of 2.02 billion francs, according to the average estimate in a Reuters poll.
BP Chief Vows To Pay Oil Spill Clean Up Costs (Fox)
Well that's nice.
Obama's WHCD Speech: "These jokes are brought to you by Goldman Sachs. They make money whether your laugh or not." (YouTube)
HSBC Says Dubai World Plan Fair, Resolution In Weeks (Reuters)
"The proposal is very fair and a good way forward for the United Arab Emirates," Simon Cooper, head of HSBC's Middle East operations, said in remarks confirmed by a spokesman. "I see no reason why the signing won't be in a few weeks."
Luxembourg's bid for the alternatives (FT)
Grand Duchy v. Dublin
Goldman Probe Shows Magnification (WSJ)
In one case, a $38 million subprime-mortgage bond created in June 2006 ended up in more than 30 debt pools and ultimately caused roughly $280 million in losses to investors by the time the bond's principal was wiped out in 2008, according to data reviewed by The Wall Street Journal.