• Obama to Reappoint Fed Chairman Ben Bernanke
  • Regulators to Examine Goldman’s Trade Tips
  • Ex-Merrill executive sues BofA over departure
  • McCann files lawsuit against BofA
  • Giuliani, Seeing Opening, Mulls a Governor Bid
  • BofA Denies Misleading Its Investors on Bonuses
  • Appellate court keeps Stanford behind bars
  • Sarkozy Will Urge BNP, SocGen to Curb Bonus Payouts for Bankers
  • FDIC to Ease Entry for Private-Equity Firms Buying Failed Banks
  • Citadel Files Lehman Claim to Recover $470.5 Million
  • California mortgage delinquencies expected to rise through 2009
  • Woman Is Charged in a Ponzi Scheme Involving Professional Football Players
  • Volcker Says Money-Market Funds Weaken U.S. Financial System
  • Jobs, Back at Apple, Focuses on New Tablet
  • Yahoo Is Committed to Investing in Its Search Engine

Obama to Reappoint Fed Chairman Ben Bernanke – Wall Street Journal

President Barack Obama will announce Tuesday that he is nominating Ben Bernanke for a second four-year term as chairman of the Federal Reserve, White House Chief of Staff Rahm Emanuel said.

Mr. Emanuel said Mr. Obama will make the announcement from Martha’s Vineyard Tuesday. He said the president credits Mr. Bernanke for “pulling the economy back from the brink of depression.”….

Regulators to Examine Goldman’s Trade Tips – Wall Street Journal

Securities regulators are examining weekly meetings at Goldman Sachs Group Inc. in which research analysts give tips to traders and then to big clients, as the Wall Street giant considers disclosing these so-called trading huddles to all its clients.

The Wall Street Journal reported Monday that analysts at Goldman sometimes shared with traders and key clients short-term trading tips that sometimes differed from the firm’s long-term research.

Examiners at the Financial Industry Regulatory Authority, the industry self-regulatory body known as Finra, and the Securities and Exchange Commission intend to ask Goldman for more information on these weekly get-togethers, people familiar with the matter said…..

Ex-Merrill executive sues BofA over departure – Reuters

Robert McCann, who led the wealth management business at Merrill Lynch & Co until early this year, sued Bank of America Corp to force the largest U.S. bank to let him take a job at a rival.

In a lawsuit filed in New York state court, the 26-year Merrill veteran said he resigned from Bank of America with “good reason” in early January, just after the bank bought Merrill, entitling him to join another firm after six months of paid leave. He said his role was substantially diminished and his bonus reduced after the merger…..

McCann files lawsuit against BofA – Financial Times

Bob McCann, former leader of Merrill Lynch’s “thundering herd” of wealth management advisers, filed a suit yesterday against Bank of America over the terms of his departure so that he can take a “once-in-a-lifetime” job somewhere else.

The suit does not identify Mr McCann’s future employer, but the Financial Times has reported that Mr McCann is the leading candidate to take over wealth management operations in the Americas for UBS.

Giuliani, Seeing Opening, Mulls a Governor Bid - NY Times

Nineteen months after ending his disastrous run for the presidency, Rudolph W. Giuliani is clearing a path for a possible race for governor in 2010, believing public anger at an ineffectual Albany and unease over the economy could create ideal conditions for a Republican to reclaim the governor’s mansion…..

BofA Denies Misleading Its Investors on Bonuses – Wall Street Journal

Bank of America Corp. said it didn’t mislead shareholders about its approval of Merrill Lynch & Co. bonuses prior to a merger of the two firms, and it was “widely understood” that billions of dollars would be awarded for 2008 performance…..

Appellate court keeps Stanford behind bars – Houston Chronicle

Fallen billionaire R. Allen Stanford will have to remain in jail until his trial, a federal appellate court ruled today.

The 5th U.S. Circuit Court of Appeals ruled that Senior U.S. District Judge David Hittner did not abuse his discretion when he refused to let Stanford go free on bail….

Sarkozy Will Urge BNP, SocGen to Curb Bonus Payouts for Bankers – Bloomberg

President Nicolas Sarkozy will urge French bankers to restrict bonuses today in an effort to prod the Group of 20 nations into tightening rules governing pay.

Top executives from BNP Paribas SA and Societe Generale SA will meet with Sarkozy in Paris later today to discuss the matter. G-20 leaders meet next month in the U.S….

FDIC to Ease Entry for Private-Equity Firms Buying Failed Banks – Bloomberg

The Federal Deposit Insurance Corp., is poised to make it easier for private-equity firms to buy banks after the fastest pace of bank closings in 17 years cost the agency’s insurance fund more than $21 billion.

The FDIC board meets tomorrow in Washington and probably will lower the requirements for private investors to buy failed lenders after a proposal made in July sparked opposition from the industry. The agency needs new bidders as bankers avoid buying failed lenders, forcing the FDIC to share losses or take other steps that deplete its insurance fund…..

Citadel Files Lehman Claim to Recover $470.5 Million – Wall Street Journal

Citadel Investment Group LLC filed a claim seeking to recover as much as $470.5 million that the hedge fund believes it is owed from derivatives contracts tied to Lehman Brothers Holdings before its collapse, according to a court filing.

The amount being sought represents the value of the derivatives contracts, and also factors in costs Citadel incurred to replace the trades that were terminated when Lehman Brothers failed. It wasn’t known how much the derivatives alone were worth…..

California mortgage delinquencies expected to rise through 2009 - LA Times

Mortgage delinquencies will continue to rise and set records the rest of this year in California, according to projections to be released today by TransUnion, one of the three big U.S. credit-reporting companies.

The good news from TransUnion’s number-crunching is that, even in the tarnished Golden State, the trend may finally reverse itself by the middle of next year…..

Woman Is Charged in a Ponzi Scheme Involving Professional Football Players – NY Times

Federal prosecutors have charged a woman who once advised Michael Vick and several other football players with stealing $3 million from eight victims in a Ponzi scheme.

Prosecutors say the woman, Mary Wong, worked out of her Omaha home and purported to sell investments in luxury properties in Arizona, Tennessee and Michigan along with private jets and other investments….

Volcker Says Money-Market Funds Weaken U.S. Financial System – Bloomberg

Paul Volcker, the former Federal Reserve chairman who is an adviser to President Barack Obama, said money-market mutual funds undermine the strength of the U.S. financial system and should be regulated more like banks.

“Banks remain the functioning heart of the financial system, and they are protected and regulated,” Volcker said in a telephone interview last week from his New York office. “To the extent they have competitors that have different ground rules, kind of free-riders in my view, weakens the financial system.”….

Jobs, Back at Apple, Focuses on New Tablet – Wall Street Journal

Just a few months after Steve Jobs had a liver transplant, the Apple Inc. chief executive is once again managing even the smallest details of his company’s products, this time focused on a new tablet device…..

Those working on the project are under intense scrutiny from Mr. Jobs, particularly with regard to the product’s advertising and marketing strategy, said one of these people. The people familiar with the matter declined to give details on the tablet or disclose when the device would come out……

Yahoo Is Committed to Investing in Its Search Engine – Bloomberg

Yahoo! Inc., which agreed to join forces with Microsoft Corp. last month to challenge Google Inc., said it is committed to investing in its own Internet-search service.

The company is testing a new search-results page and will release it this year, Larry Cornett, vice president of search products and design, said today in a press conference at the company’s headquarters in Sunnyvale, California. The results will be tailored to each user, based on prior queries, he said…

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