Blankfein: Clients Back Goldman (WSJ)
Blankfein assured the firm's retired partners at a meeting Tuesday that clients are standing behind the company, adding that the two month's since the Securities and Exchange Commission accused Goldman of fraud have been "very difficult." About 110 retired Goldman partners attended the meeting, which began at 5 p.m. and lasted about 45 minutes. Some partners, who described the meeting as supportive of Mr. Blankfein, stayed afterward for cocktails.
BP Isn't Expected to Undermine Financial Viability (Bloomberg)
The administration official, who spoke on condition of anonymity, said the White House expects “tangible progress” in talks on an escrow fund to cover cleanup costs and claims stemming from the Gulf of Mexico oil spill.
House-Senate Talks Drop New Credit-Rating Rules (NYT)
Mr. Dodd said the conflict of interest seemed obvious and yet figuring out a solution was not as clear-cut. “How is it that you get to pick your own rating agency, where you don’t do any due diligence and just rely on the data and information given to you by the very company that has hired you to give them a rating?” Mr. Dodd asked. “I mean, just saying it alone, it screams out for a resolution.” “Senator Franken raised a very interesting idea on how to do this,” he added. “My concern is I don’t know how you work it. It’s complicated.”
SEC Revolving Door Under Review (WSJ)
In a letter sent Monday, Sen. Charles Grassley (R., Iowa), the ranking minority member on the Senate Finance Committee, asked David Kotz, the inspector general, to review the recent departure of a top official in the SEC's Division of Trading and Markets who took a job with a prominent high-frequency trading firm. "We need to ensure that SEC officials are more focused on regulation and enforcement than on getting their next job in the industry they are supposed to oversee," Mr. Grassley said in a statement.
Latest Assault on Goldman Sachs: Bed Bugs (ABC)
Employees who work in Goldman's Jersey City, N.J., office tower have been moved from certain floors and ordered out of the building at times because exterminators have been in checking and spraying for bed bugs, said two separate sources at the firm. Neither source was comfortable being quoted by name, citing company policy.
Lawmakers Vote For Private Equity Rules (Reuters)
Lawmakers tasked with merging House and Senate versions of the financial-regulation bill agreed to require private equity fund advisers to register with the Securities and Exchange Commission. The provision also would require hedge fund advisers to register with the SEC in order to give federal regulators a window into their activities. It also would require more oversight for hedge funds and private equity funds that have more than $150 million in assets. Venture capital funds would continue to be exempt.
Fannie and Freddie Announce Delisting From NYSE (CNBC)
It's been real.
Implants Firm: Britons Lose 109 Million Bad Teeth (CNBC)
Just an FYI: On average, Britons lose two teeth during their lifetime, with some 20 percent of the population missing five or more, according to research from Implantium Network, a company specialized in dental implants.