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Opening Bell: 10.22.10

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Big Win For Big Bear (WSJ)
Bridgewater Associates has scored a return of about 38% at its flagship fund, driven in part by a multifaceted wager that the U.S. economy would be in worse shape than many expected and the Federal Reserve would keep interest rates low, say people familiar with the matter...unlike other investors who have made a fortune trading on a single asset type, such as bonds backed by subprime mortgages or securities of big banks, Bridgewater essentially places bets on the entire world.

Evolution At KKR: Goldman's Genetics (WSJ)
Led by 39-year-old Bob Howard, the team from Goldman hasn't scored outsize gains in the past; people who have seen the group's returns say their gains as of this summer were less than 5% this year. But the trading team's ability to generate steady profits without any huge losses is expected to be enough for KKR to raise substantial cash, say private-equity executives. Many could be attracted to the cachet of the Goldman name, said one executive.

AIG Raises $17.8 Billion In Unit's Stock Sale (NYT)
A.I.A., said Friday that it priced its shares at 19.68 Hong Kong dollars, or $2.53 — at the top of a previously-announced range — making the listing the largest initial public offering ever seen in Hong Kong and in the insurance sector as a whole.

Nomura, Goldman Move Investment Bankers to Asia to Tap Growth (Bloomberg)
A surge in fundraising by banks and insurers, along with competition for talent from smaller equity underwriters like Barclays Plc and Daiwa Securities Group Inc., has led to a shortage of financial institutions bankers in Asia. The region is home to the world’s five biggest initial public offerings by financial companies in the past 12 months, according to data compiled by Bloomberg. “These individuals are highly sought after and banks have been competing against each other in the war for talent to bring them in,” said James Carss, executive general manager of recruitment firm Hudson’s Hong Kong office.

Aircraft crashes after crocodile on board escapes and sparks panic (Telegraph)
The plane crashed into a house just a few hundred feet from its destination. The occupants of the property were outside at the time. According to the inquiry report and the testimony of the only survivor, the crash happened because of a panic sparked by the escape of a crocodile hidden in a sports bag. One of the passengers had hidden the animal, which he planned to sell, in a big sports bag, from which the reptile escaped as the plane began its descent into Bandundu. A report of the incident said: "The terrified air hostess hurried towards the cockpit, followed by the passengers." The plane was then sent off-balance "despite the desperate efforts of the pilot", said the report.

Mini-Madoff Nadel Gets 14 Years (Reuters)
"Arthur, you are an evil person," said one of his victims, businessman Michael Sullivan, in court. "I assume you are a narcissistic psychopath" and "just a weak child seething with anger and loathing" who had "little success in life until you founded your fraudulent funds."

NY Candidate Blames Cuomo For Housing Bubble (Reuters)
"The housing bubble occurred because of one man — that was Andrew Cuomo," Paladino told Reuters in an interview Thursday.

The State Of Jay-Z's Empire (WSJ)
In the early days of his entrepreneurship, there were awkward exchanges with white-collar guys trying to relate. "In the beginning it was ' 'Sup, man!' " he says in his soft speaking voice. "But at this point, it's pretty much accepted that I walk both worlds naturally." And yet, he chafes at the lack of respect for a genre that some people still dismiss wholesale because of ugly words and violent imagery. W hen he shares strawberry malts with Warren Buffett, confers with the president, or even vacations in St. Tropez, he does so on behalf of "the culture," he says, by which he means hip-hop.