Opening Bell: 06.18.10

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Citi Looking Past Volcker May Seek $3 Billion For Funds (Bloomberg)
Citi Capital Advisors, which oversees about $14 billion, may seek $1.5 billion for private equity this year and $750 million for hedge funds, said the people, who declined to be identified because the plans aren’t public. An additional $1 billion is targeted next year for hedge funds, the people said. “Citi must be comfortable enough that whatever happens, even in the extreme version, they’ll be able to move ahead with these businesses,” said Steven Kaplan.

Trading Floor TVs, Atrium Games Help Prevent Soccer Sick Notes (Bloomberg)
Credit Suisse Group AG’s office in London has a small auditorium available to allow its employees to watch certain games of the World Cup and has screens in the background across dealing rooms. Nomura has made arrangements for employees throughout Europe to watch the World Cup matches either via the Internet at their desks or on large screens in separate rooms.

The US Debt And Greece Analogy (WSJ)
Alan Greenspan: "Despite the surge in federal debt to the public during the past 18 months—to $8.6 trillion from $5.5 trillion—inflation and long-term interest rates, the typical symptoms of fiscal excess, have remained remarkably subdued. This is regrettable, because it is fostering a sense of complacency that can have dire consequences."

Hedge funds leave Monaco conference in bleak mood (Reuters)
"The hedge fund industry is going to be the subject of some really rash and nasty and intense regulation," said Rick Sopher, chairman of fund of funds LCH Investments. "There are going to be some really difficult moments for our managers."

That 30's Feeling (NYT)
Krugman: "Many economists, myself included, regard this turn to austerity as a huge mistake. It raises memories of 1937, when F.D.R.’s premature attempt to balance the budget helped plunge a recovering economy back into severe recession. And here in Germany, a few scholars see parallels to the policies of Heinrich Brüning, the chancellor from 1930 to 1932, whose devotion to financial orthodoxy ended up sealing the doom of the Weimar Republic."

UBS Customers May Have `Mere Hours' to Report to IRS (Bloomberg)
“For UBS account holders, they have mere hours to run to the IRS and hope they can disclose the account before the Swiss hand the data over,” said Asher Rubinstein, a partner at Rubinstein & Rubinstein LLP in New York who said he’s been “getting panicked calls all week.”

The Assistant Who Says 'No' To Jack Welch
Ms. Badowski tells Mr. Welch her opinion, even when she knows he's not going to agree. And she will defy his orders on occasion. "I'm not going to do something inefficiently just because he's told me to," she says. "It's for his own good."

Marc Faber: Government 'Expanded Like A Cancer' (CNBC)
"I think that governments have become like a cancer, they have expanded in the financial system," Faber said. "I think the biggest problem is too much intervention. Whatever the government touches is usually done worse than in the private sector," he said.

Fed Emerging Intact From Challenge To Its Power (WSJ)
Rep. Ron Paul (R., Texas), who championed wider audits, described the compromise that has been worked out as a partial victory for Fed critics like himself. "We will hopefully get more information than we were able to get before," he said in a telephone interview. But "the fact that the Fed is allowing this to get through means there could be some roadblocks for us ... there is no way the Fed is going to allow us to know exactly what they do."

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