Opening Bell: 10.25.10

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BofA Finds Foreclosure Document Errors (WSJ)
They just found these. Just now...: "BofA discovered errors in 10 to 25 out of the first several hundred foreclosure cases it examined starting last Monday, acknowledging for the first time finding some mistakes in foreclosure files as it begins to resubmit documents in 102,000 cases. The problems included improper paperwork, lack of signatures and missing files, said people familiar with the results. In certain cases, information about the property and payment history didn't match."

Treasury Shields Citigroup As Deletions (Bloomberg)
The late Bloomberg News reporter Mark Pittman asked the Treasury in January 2009 to identify $301 billion of securities owned by Citigroup Inc. that the government had agreed to guarantee. He made the request on the grounds that taxpayers ought to know how their money was being used. More than 20 months later, after saying at least five times that a response was imminent, Treasury officials responded with 560 pages of printed-out e-mails -- none of which Pittman requested. They were so heavily redacted that most of what’s left are everyday messages such as “Did you just try to call me?” and “Monday will be a busy day!” None of the documents answers Pittman’s request for “records sufficient to show the names of the relevant securities” or the dates and terms of the guarantees.

Deutsche Bank Jobs Cuts In The Works (NYP, DB)
Deutsche Bank is expected to kick off a round of layoffs that could see 5-to-10 percent of its workforce get axed, according to sources familiar with the bank's thinking.

Cuban Offers To Hire Lawyers For SEC To Review Documents (Bloomberg)
An attorney for Cuban, Stephen Best, told U.S. District Judge Reggie Walton in Washington that he was seeking a creative solution to moving the case along, noting the federal government often hired contractors. “I have never heard about the government becoming indignant about accepting” assistance, Best told Walton at a hearing today.

Owners Seek To Sell At Loss As Banks Push Foreclosure (NYT)
In half a dozen more cases examined by The New York Times, Bank of America rejected short sale offers, foreclosed and auctioned off houses at lower prices.

UBS Nears Wealth Management Turnaround As Outflows Taper Off (Bloomberg)
And they might may post a profit (net income of 1.16 billion Swiss francs ($1.2 billion) for the third quarter, compared with a loss of 564 million francs a year earlier, according to the median estimate of 16 analysts)!

Tiger Woods' mistress discusses sex with golfer in new book (NYP)
"As a love and sexual partner he is largely endowed and safe sex with him was definitely champion status," she wrote. "When I was having my relationship with Tiger. I was like on the seventh cloud especially from a sexual perspective," she raves, apparently confusing Cloud 9 with seventh heaven.

Bees Are Quicker Than Computers At Math (Independent)
You're looking at RenTec's next hire.

Korea To Launch Woori Stake Sale (WSJ)
A successful sale of the stake, valued at about $6.02 billion based on market value of Woori shares in early trade, would mark the privatization of the last major lender that received bailout money from the government in the wake of the 1997-1998 Asian financial crisis.

Journalist Arrested For Dressing Up As Wonder Woman (Metro via Heidi Moore)
‘I wanted to make the interviews a bit more interesting,’ said the reporter, who works for TV channel Nova Televizia. Police had moved Ilich away from Paranov, at which point she had pretended to faint - an act which allegedly led to her arrest. As she lacked sufficient documentation, she was held at a precinct pending her identification and was later released...Ilich claims that the documents were in her car, away from her at the time, as she was wearing her customary superhero outfit.

Advisers Try to Tame Investors' Appetite for Gold (WSJ)
"I am not a gold bug, but I have a couple of clients that have just insisted," said Jim Heitman, a financial planner in Alta Loma, Calif. "Even as they objectively recognize the threat of a bubble, they just don't seem to care."

A Legal Setback for Ex-A.I.G. Chief Greenberg (Reuters)
In his ruling, Justice Ramos concluded that the evidence “establishes that defendants’ stated objective in effectuating the Capco transaction was not to improve A.I.G.’s assets, but to conceal from investors underwriting losses.”

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