Goldman Leads Race To Save Chicago Bank (WSJ)
Bill Brandt, chairman of the Illinois Finance Authority, a state economic development entity, says Goldman agreed to join the consortium within the past few days. "I'm told that Mr. Blankfein … has used his good offices to try and further this deal. … I'm told this was just within the last few days," Mr. Brandt said. "I know that Mr. Blankfein and his marvelous organization have been much in the news of late, and I can sympathize with their desire to change the narrative."
The Charmed Life Of Hedge Funds (BW)
"Unlike almost all the other actors on the stage of financial regulation in Washington, we were the pure capitalists," says James Chanos, president of Kynikos Associates, a short-selling hedge fund in New York. "If we made bad decisions, we lost money and suffered the consequences."
Ackermann Has Doubts About Greece (WSJ)
Joe said on a German television talk show late Thursday that he was unsure that Greece could overcome severe budget deficits and be able to repay all its debt. "I consider it doubtful whether Greece over time will really be in a position to achieve this," Mr. Ackermann said on Germany's ZDF television.
Volcker Sees Euro ‘Disintegration’ Risk From Greece (Bloomberg)
“You have the great problem of a potential disintegration of the euro,” Volcker, 82, said in a speech in London yesterday. “The essential element of discipline in economic policy and in fiscal policy that was hoped for” has “so far not been rewarded in some countries.”
'85 Plot To Sic Thugs On Keith (NYP)
Bernie Carbo said he tried to hire goons to find Hernandez and "break his arms" after the former All-Star first baseman outed Carbo in federal court as the man who introduced him to cocaine. "I knew some people, and I had $2,000, and I asked them to break his arms," Carbo told ESPN's "Outside the Lines," in an interview airing Sunday.
UK Suffers Hedge Fund Blow (FT)
Nicolas Sarkozy, French president, and Angela Merkel, German chancellor, are determined to settle a new regulatory framework on hedge funds and the private equity sector, which they claim were partly to blame for the financial crash.
Former Lehman Executives Launch Distressed Structured Credit Hedge Fund (Reuters)
Oracle Investment Fund, targeting assets of $50 million over the next few months, had received backing from a U.S. institutional investor, said Fredric Teng, one of the founders of the company. "The fundraising environment is difficult. Anyone can start a fund with their own money, the challenge is in getting institutional backing," said Teng.
Senate Votes To Curb Ratings Agencies (WSJ)
Under the new provision, the Securities and Exchange Commission would instead establish and oversee a powerful credit-rating board that would act as a middleman between issuers seeking ratings and the rating agencies. The board would select which agency provides the "initial rating" for certain securities known as structured bonds.