Review Comments | 08.27.09

• U.S. Rep. Frank sees finance reform by year-end – Weekend pool parties with friends will remain fluid until the end of summer [Reuters]
• Loans Shrink as Fear Lingers – “The total amount of loans held by 15 large U.S. banks shrank by 2.8% in the second quarter, and more than half of the loan volume in April and May came from refinancing mortgages and renewing credit to businesses, not new loans, an analysis by The Wall Street Journal shows.” [WSJ]
• N.F.L. Grants Vick an Opening – Unfortunately for Vick, he’ll remain completely unmarketable for endorsement purposes [NYT]
• U.S. Economy: New-Home Sales Up 11%, Most Since 2000 [Bloomberg]
• SEC to Limit ‘Naked’ Short-Selling – “The Securities and Exchange Commission issued new rules to govern short selling, promising investors new information about the volume and velocity of negative bets placed against companies but dropping a requirement that hedge funds disclose details of short positions to regulators.” [WSJ]
&bull U.S. Said to Focus on UBS Banker Visits to Clients [DealBook]

• Unfounded Rumor Of The Afternoon: Dick Fuld Staging Dress Rehearsal For Comeback? – If Fill made his way over to 345 Park to get his 9 box review and you didn’t inform us, we don’t even want to begin to tell you about the wrath that will ensue. [DB]
• White House Raises Long-Term Deficit Forecast – “The Obama administration shaved $262 billion from its estimated 2009 federal budget deficit but said the U.S. will run a $9 trillion deficit over the next 10 years — $2 trillion more than it forecast earlier this year.” Can we all agree that the government needs to quit releasing stats? Great, thanks. [WSJ]
• Brewers Planning to Raise Beer Prices – If you didn’t have an excuse to revolt before, you’ve got one now. [WSJ]
• Bernie Madoff mistress Sheryl Weinstein to send copy of book to scammer in prison – The class on this gal continues to impress. [NYDN]

• Brett Favre Returns to NFL, Signs With Minnesota – Look, we don’t like to talk much sports here but would someone do something about this FOR THE LOVE OF GOD? [Bloomberg]
• Backdating Likely More Widespread – “The study identified 141 companies with such advantageous options-granting practices that the researchers concluded they were highly likely to have been involved in backdating. Ninety-two of those companies never were publicly linked to investigations or announced earnings restatements related to backdating.” [WSJ]
• UBS’s American Clients Face U.S. Criminal Probes – “U.S. tax authorities are expected to obtain the identities of potentially thousands of other American UBS clients soon as part of a legal settlement finalized last week between the bank and the U.S. and Swiss governments.” [WSJ]
• Regulators urged Citi to replace CFO – In case you were short on the government meddling in private business affairs news. [FT.com]
• Bernie Madoff’s Greatest Scam Of All – Size matters? Whose size? [Dealbreaker]