Opening Bell: 05.18.10

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Goldman Sachs Seeks Bigger Share Of US Retirement Savings (Bloomberg)
The bank is promoting alternative asset funds and designing target-date funds that provide guaranteed income to grab a bigger piece of the $2.7 trillion 401(k) market, said Bill McDermott, a managing director at Goldman Sachs Asset Management and head of its defined-contribution business. “We understand risk and we understand asset allocation,” said McDermott, who joined the firm in February to strengthen its retirement-plan products and marketing. “We’re looking to leverage that for the 401(k) market.”

Steve Jobs Was Robbed (MarketWatch)
That's gonna leave a mark: "Jobs held 15 million options at an exercise price of $9.15, which meant they started to gain value only if Apple stock exceeded that price, and 40 million options at an exercise price of $21.80. Apple at the time was little more than $7 a share. (These prices have been adjusted to reflect the subsequent stock split.) Total value: $12.8 billion. In other words, Steve Jobs missed out on $10.3 billion in extra profits."

ShoreBank Gets Shot At Survival (WSJ)
Give it up for Lloyd: As of late Monday, people familiar with the situation said Goldman was committing to at least $20 million and as much as $25 million; Citigroup was in for $20 million; J.P. Morgan was in for at least $15 million; Bank of America had increased its commitment to $15 million from $5 million; and Morgan Stanley had increased its commitment to $10 million from $3 million to $4 million.

Mapley Urges Action Against Goldman Sachs (The Australian)
David Mapley, a former non-executive director of the local Basis Yield Alpha Fund, said the Australian Securities & Investments Commission should closely examine the role of the investment bank's local arm, Goldman Sachs JBWere, in marketing a mortgage-related investment product that ultimately led to the fund's demise in August 2007. "I don't know if the regulator in Australia is looking at this trade but they certainly should," the British-born fund manager told The Australian from his base in Switzerland yesterday.

Feds eye David Lerner for 'excessive' bond pricing (NYP)
Long Island brokerage firm David Lerner Associates -- famous for radio ads that tell investors to "take a tip from Poppy" -- has been tagged by the Financial Industry Regulatory Authority, which accused the firm and its head trader, William Mason, of charging customers "excessive" markups on normally safe municipal bonds and high-grade mortgage-backed securities.

Canada To Voice International Bank Tax Opposition
(AP)
Prime Minister Harper said Canadian banks were required to maintain higher capital ratios and invest more prudently because of government regulation. ''They were not able to exploit some of the opportunities that got so many of these other western banks into trouble,'' Harper said. ''That's why we think it would obviously be unfair to come in and now say Canadian banks and other banks, who weren't part of the problem, now have to further limit their opportunities by paying tax.''

Seeking Less Scrutiny, Hedge Funds Flock To Asia (Reuters)
Pack your bags, ladies.

England To Win World Cup, Says JPM Quant Model (FT Alphaville)
"Ultimately our Model indicates Brazil as being the strongest team taking part in the tournament. However, due to the fixture schedule our Model predicts the following final outcome: 3rd: Netherlands, 2nd: Spain, World Cup Winners: England."

Doubling Bonus Taxes in U.K. Sends British Bankers to Accountants, Lawyers (Bloomberg)
“Increasing the rate of capital gains cuts across that policy initiative to encourage people to receive bonuses in share form,” said Neal Todd, a tax partner at London-based law firm Berwin Leighton Paisner. “Many people who are sitting on large potential gains will be seeing if they can offload those shares rather quickly to trigger their gain.”

Calpers Votes For Splitting Chairman And CEO Roles At JPMorgan (Reuters)
Take this crap to Goldman Sachs. Jamie isn't interested.

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