Opening Bell: 09.22.10
Summers' Stature Means Obama Faces Tough Task Replacing Him (Bloomberg)
First off, Big Lar is irreplaceable. Having said that: among those whose names have been discussed is Anne Mulcahy, the former chief executive officer of Xerox Corp., two people familiar with administration discussions said. Other potential candidates include David Cote, CEO of Honeywell International Inc., and Richard Parsons, chairman of Citigroup Inc., according to one of the people.
UBS Americas Backs Infrastructure Bank Funded By U.S. (Reuters)
"Creating a national infrastructure bank is an idea whose time has come," Robert Wolf, chief executive of UBS Americas, told at a Senate Banking Committee hearing called to explore alternatives for financing infrastructure projects. Wolf said Congress should establish a national grant and lending institution that would leverage private investment to finance transportation and other big-ticket projects like rail, road, water, broadband or airport upgrades. But, he said, it should not have private shareholders. Rather, Wolf said, it should be capitalized through the U.S. Treasury Department to avoid the problems experienced by hybrids Fannie Mae and Freddie Mac that were held by private shareholders but benefited from government sponsorship.
Head Of Basel Defends Proposed Bank Rules (NYT)
The new rules are “extremely demanding” and “radically transform the regulatory capital framework,” Nout Wellink, chairman of the Basel Committee on Banking Supervision and president of the Bank of the Netherlands, said at a meeting in Singapore of officials who regulate the financial industry. “If, prior to the crisis, banks had the levels of capital we are asking for, we likely would not have experienced such a deep crisis,” Mr. Wellink said, according to the text of his speech.
Phibro's Hedge Fund Has A Tough Start (MarketWatch)
The Astenbeck Offshore Commodities Fund II lost 2.74% in August, leaving it down 11.94% so far this year, two hedge fund investors said on condition of anonymity.
Deconstructing the emotive language being used to justify a new tax on bonuses (eF)
They say "ludicrously high" and "unjustified" like those are bad things.
Waaaah Street (NYO)
"We've been ostracized. I went to jury duty about a year ago, and when I said I'm in investment banking, the people in the jury room were making ugh sounds, and I'm like, fuck you. I'm proud of what I do. And I think this firm did a lot to get the recovery going. Somewhere ranked below a pimp and well operator is not right."
Los Angeles Mayor: We Will Not Go Bankrupt (CNBC)
FYI.
HSBC Chief Threatens To Quit (FT)
Michael Geoghegan, chief executive of HSBC, has threatened to resign from his job if he is not elevated to the chairman’s role, according to two people familiar with the bank’s succession planning. At a meeting last week Mr Geoghegan reacted badly to the suggestion that he might be passed over, one of the people said. “He was told the board was not ready to give him the chairmanship and he was not happy.”
Guys Crash Road Races For Women (WSJ)
Jonathan Mederos set a personal record in Disney's Princess Half Marathon last year, winning first place with a time of 1:16:17. The reception he got was far from his personal best, though. "When I crossed the finish line, the announcers were silent, and I got downcast looks from the crowd," says Mr. Mederos, a 25-year-old high-school philosophy teacher in Miami.Other men see a target-rich environment. "If you want to meet fit young women, it's hard to beat," says Maj. Christopher Sopko, a 31-year-old pilot in the Ohio Air National Guard.
