DealB%K P.M. Edition: Wall Street's CrackBerry Withdrawal

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Wall Street's CrackBerry Withdrawal
Wall Street's CrackBerry Withdrawal Research in Motion's BlackBerry outage spread to the United States late Tuesday, leaving Wall Street bankers without their usual e-mail and messaging fix.
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DEALBOOK HIGHLIGHTS
The Trade: Between the Lines, Morgan Stanley Faces Deficit of Trust Morgan Stanley is a safe and solid investment bank by almost any measure, but diminished trust in the financial system has sent its shares down 42 percent this year.
Michael Kimelman and his wife leaving court on Wednesday.
Caught in a Wide Web, a Trader Faces Prison Michael Kimelman could have avoided prison by accepting a plea deal, but was convicted as part of Raj Rajaratnam's insider-trading circle and sentenced to two and a half years.
S.E.C. Advances Volcker Rule The S.E.C. also proposed new rules outlining the process for banks and other firms that trade derivatives to register with the agency.
Liz Claiborne Sells Portfolio of Brands
Liz Claiborne Sells Portfolio of Brands The women's apparel maker will sell off its Liz Claiborne, Monet and Kensie brands to help pay down debt.
U.S. Tax Evasion Case Touches Julius Baer
U.S. Tax Evasion Case Touches Julius Baer A tax evasion investigation in the United States has ensnared Julius Baer, a spokesman for the Swiss lender confirmed.
BUZZ TRACKER
Wall Street, With Calm, Not Hysteria The new film "Margin Call," which recounts 24 hours in the life (and near death) of an unnamed firm facing a Lehman-like crisis, may be one of the quietest films about Wall Street ever made. The New York Times's Michael M. Grynbaum compares the film to other cinematic takes on the financial crisis.
Could Goldman and Morgan Stanley Shed Bank Status? David Hilder, an analyst with Susquehanna Financial, says that Goldman Sachs and Morgan Stanley may considering changing their status as bank holding companies because of the Volcker Rule, Bloomberg News reports. The rule, Mr. Hilder wrote, represents "a massive new compliance burden on banks to prove that their market-making activities are just that, and not proprietary trading in disguise." Other analysts are skeptical either bank would try.
Goldman's Tax Holiday British authorities gave Goldman Sachs a nice present, writing off $16 million that the investment bank owed in back taxes. U.K. tax officials, the Guardian reported, said the deal with Goldman was a "cock-up," or mistake.
LOOKING AHEAD
Economic Reports Thursday's data will include weekly jobless claims.
Corporate Earnings Companies reporting results on Thursday include JPMorgan and Constellation Brands.
In the U.S. Retailers will report their same-store sales for September on Thursday. A House financial services subcommittee will conduct a hearing about the Obama administration's response to the housing crisis, and Treasury Secretary Timothy F. Geithner will testify before the Senate Banking Committee about the Financial Stability Oversight Council's annual report.
In Europe The European Central Bank and the Bank of England will issue decisions on interest rates on Thursday.

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