Scoping | 07.02.09

Waiting for Madoff, Angry Crowd Is Disappointed – Apparently, everyone was hoping for a lynching in Union Square. 150 years is so unsatisfying. [New York Times]

Madoff Faces Harsher Imprisonment Than Corporate Predecessors [Bloomberg]

Deficit forces California to issue IOUs – Still as good as cash, right? [FT.com]

UBS Selling Park Ave. Stake [New York Post]

• Young ‘depressed’ about money – Has everyone forgotten that spending makes us happy?!? C’mon people! Go out there and get pre-approved on something! [BBC]
• Judge won’t drop charge vs ex-Bear Stearns exec – “A U.S. judge refused on Tuesday to dismiss an insider-trading charge against former Bear Stearns hedge fund manager Ralph Cioffi, court documents showed.” [Reuters]
• Franklin drops out of group eyeing AIG unit: source – “AIG’s asset management business had drawn interest from both private equity and strategic buyers, sources told Reuters previously. Initial bids for the unit had come in around $500 million but it has taken the company several months to work out a deal.” [Reuters]

At Least Seven Killed in Red Line Crash – “One Metro train slammed into the back of another on the Red Line at the height of the evening rush yesterday, killing at least seven people and injuring more than 70 others in the deadliest accident in Metrorail’s 33-year-history.” [Washington Post]

Conspiracy surrounds $134bn ‘bond’ find – If the blogosphere is good for anything, it’s a conspiracy [BBC]

Experts: Apple Disclosure ‘Falls Short’ – [Business Week]