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Opening Bell: 09.24.10

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Clinton Bemoans Scant Hedge Fund Support For His Global Initiative (Bloomberg)
Clinton said he knew of only two hedge-fund firms represented at the Clinton Global Initiative annual meeting this year, which President Barack Obama will address today. He didn’t name the firms. “There should be more,” Clinton said in an interview on Bloomberg Television’s “Political Capital With Al Hunt.”

Macro Forces Stump Stock Pickers (WSJ)
More and more investors aren't bothering to pore through corporate reports searching for gems and duds, but are trading big buckets of stocks, bonds and commodities based mainly on macro concerns. As a result, all kinds of stocks—good as well as bad—are moving more in lock step. "It's unbelievably frustrating," says Mr. Pedowitz, who helps manage $4.5 billion for wealthy clients and has 25 years of investing experience. "It's enough to make you crazy."

Cash Cameos: Wall Street Pays (NYP)
Jim Chanos, who plays himself in the movie and got a "Special Thanks" in the credits, told The Post he's spending the standard acting fee he earned from the flick on "acting lessons, obviously." When asked what he earned from his appearance he told The Post he received $1.24. Maria Bartiromo, who refused to disclose what she earned from her stint, isn't blowing her appearance fee on champagne and caviar -- or even a pepperoni pizza from Spumoni Gardens in her native Brooklyn. Bartiromo told The Post she's sockin' away the cash instead. "I'm a big believer in savings so when I receive the check it will just go in my savings account," she said.

Congress Delays Tax Cut Battle Until After November Elections (Bloomberg)
“The reality is we’re not going to pass” the tax cuts before the election, Illinois Senator Richard Durbin, the chamber’s No. 2 Democrat, said yesterday. Blaming politics, he said, “We are so tightly wound up in this campaign” that Democrats and Republicans won’t be able to reach an agreement.

Blackstone Forecasts Return Of $10 Billion LBO (Reuters)
"We've had a recovery in the credit markets which has frankly been a bit surprising," Vikrant Sawhney, senior managing director, told investors.

Volcker Spares No One In Broad Critique (WSJ)
“The financial system is broken. We can use that term in late 2008, and I think it’s fair to still use the term unfortunately. We know that parts of it are absolutely broken, like the mortgage market which only happens to be the most important part of our capital markets [and has] become a subsidiary of the U.S. government.”

Credit Suisse Commodities Unit Bolts (WSJ)
A senior global commodities trader at Credit Suisse Group AG is leading an eight-person team out of the bank to start a hedge fund backed by Blackstone Group LP, people familiar with the matter say. The planned spinout involves one of the biggest trading groups to leave Wall Street. The team is one of the first Blackstone has selected for startup funding since U.S. lawmakers in July passed sweeping legislation to curb so-called proprietary trading, or trading using banks' capital rather than clients' funds.

HSBC Chief To Exit In Shake-Up (WSJ)
Mr. Geoghegan will leave after an intense campaign to succeed departing Stephen Green as the London-based bank's chairman, said people familiar with the matter. Instead, HSBC Chief Financial Officer Douglas Flint will become chairman and HSBC investment-banking head Stuart Gulliver will be CEO, these people said.

BlockBuster Chief Says He Will Evaluate 'Every Single Store' (Bloomberg)

Wall Street Insiders Open Up For Money Never Sleeps (LATimes)
"When my name was invoked, sometimes it would strike fear into the hearts of the bankers," Stone said. "Certainly Goldman Sachs and [JPMorgan] Chase were not in the market to talk to us."