Sunday, May 23, 2010

Financials; $GS – this hit late in trading on Fri; $AIG

· GS – this hit late in trading on Fri – contrary to market speculation Fri morning, the SEC and GS aren’t close to reaching a settlement over the civil charges brought against the company.  WSJ 
· AIG – current and former AIG execs won’t face criminal charges for their role in the downfall of the company and the overall credit crisis according to the WSJ; a few weeks ago press reports talked about how prosecutors were leaning against not bringing charges; the SEC hasn’t ruled out bringing a civil fraud lawsuit for securities violationsWSJ     
· AIG – the co may be impacted by the unfolding European debt crisis – the company has $109B notional worth of exposure to European institutions – NYT   
· GE – GE Capital sidesteps harshest measures of the financial regulatory reform legislation – GE Cap will likely remain under the GE umbrella w/o the whole company being subject to heightened regulations from the Fed; GE Cap itself may still face tighter capital rules and tougher regulation – WSJ     
· LM – this hit during trading on Fri – the co named Sam Peters as Bill Miller’s successor; Peters will become a co-PM this fall – WSJ 
· LAZ – the co won the assignment from the US Treasury to advise on the IPO of GM; LAZ beat out other banks, inc. GHL; GM is under pressure to come public before the end of the year although some company execs would like to secure captive auto financing first – WSJ    
· KFN – bullish comments from Cramer during Fri’s Mad Money – CNBC*blog*&par=RSS
· Rating agencies – neg. NYT article on the space – the article doesn’t really contain any new information but focuses on the twin assaults facing the industry, from lawsuits and Washington.  NYT   
· HSBC – Stephen Green to step down as chairman of the company later this year; he will be replaced by John Thornton, who was once Hank Paulson’s heir-apparent at Goldman – London Telegraph 

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