Morning Newz

John Mack Proposes Single Global Regulator (Bloomberg)
“A better system would be one uber-regulator,” Mack said in an interview in New York with Bloomberg TV. “We do need an overall systemic-risk management that everyone buys into. It’s not a U.S. systemic boundary — it’s a global systemic risk manager.”

CIT Said To Weigh Financing From Citigroup, Barclays (Bloomberg)
Diamond and Pandit to Liz Peek’s rescue?

CIT In Last Ditch Rescue Bid (WSJ)
Dick Fuld always wins: “If CIT does file, it would be the fifth-largest bankruptcy filing, by assets, in U.S. history, trailing only Lehman Brothers Holdings Inc., Washington Mutual Inc., WorldCom Inc. and General Motors Corp.”

FDIC Fund To Be In The Red For Years (WSJ)
At least ‘til 2012.

Ex-Moody’s Employee Warned SEC About Muni Issues (AP)
Scott McCleskey, who was a senior vice president for compliance at Moody’s until he left a year ago, wrote a letter to an official at the SEC alleging a ”lack of meaningful surveillance of municipal securities, contrary to statements by Moody’s to the public and to Congress,” but no one thought much of it.

Hedge Funds Find Sweet Spot (NYP)
Sugar. They’re lovin’ it.

Microsoft CEO Takes Paycut After Rough Year (Reuters)
Steve Ballmer, CEO since 2000 earned a total of $1,276,627 for fiscal year 2009, which ended June 30, according to a filing with securities regulators on Tuesday, down 5.5 percent from the previous fiscal year’s total of $1,350,834. Say what you want about executive pay anything that puts less of this in our lives is not a good thing.

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