Scoping - 6.29.09

Madoff victims arrive at NY court - Vengeance will be served today and then victims will continue outraged and bitter or outraged and satisfied. Either result is warranted. Victims can always stalk Ruth on the F if they need additional venting time. [FT.com]

GE,GE Capital: Parting Company? - "The administration's proposals pose two main concerns for GE, of which much the greatest is the implication that GE Capital, the firm's vast finance arm, would be considered a "Tier 1" bank, meaning one that is so big and systemically important that it should be subjected to especially thorough scrutiny and tight controls. Restrictions on the industrial activities of such banks might force it and the rest of GE to part company." [CFO.com]

Bank of New York Mellon Faces More Write-Downs -“'Yes, we will book further write-downs, but we will be able to handle them. The securitized mortgages on our books amount to $3 to $4 billion, which corresponds to only 2 percent of our balance sheet,' the bank’s chief executive, Robert Kelly, told Switzerland’s Finanz und Wirtschaft." Of course we can handle it. [DealBook/NYT] Sphere: Related Content