Wall Street Hubbub 7/16: John Paulson Feeling the Pain, Is Blankfein In Goldman's Next Phase, BP's Bounce Done

Rumors and gossip dominates Wall Street daily, below is a list of items being discussed on Wall Street today:

• There is a nasty rumor going around that hedge fund titan John Paulson could be liquidating some of his gold and bank positions. The largest position in the fund is SPDR Gold Shares (NYSE: GLD), down 1.6 percent today. He also owns big stakes in golds stocks AngloGold Ashanti Ltd. (NYSE: AU) (-2.2%), Kinross Gold (NYSE: KGC) -2.7%, NovaGold (NYSE: NG) -3.4%, Barrick Gold (NYSE: ABX) -3.1%, among others. In bank-land, he owns 167.8 million shares of Bank of America (NYSE: BAC) and 506.7 million shares of Citigroup, Inc. (NYSE:C), among others. BAC is down 7.5% today and C is down 4%.
  
• Following Goldman Sachs' (NYSE: GS) 'slap on the wrist' $550 million settlement with the SEC yesterday, there are plenty of rumors about the fate of Lloyd Blankfein. Some claim he will be gone soon, while other said he will leave gracefully after a long transition period. Still others say he has many years left in him and the support of the board and the rank and file.
  
• Also on Goldman; Fabrice Tourre, the only employee to be charged, is not close to settling his own case with the SEC, the Wall Street Journal reported. Tourre is expected to file a response to the SEC's charges on Monday.
  
• Now that BP (NYSE: BP) has capped the leaking Gulf well the bounce in the stock may be over, according to some. The stock has now bounced 40 percent from the lows and now that pencil can be put to paper about the potential liabilities the risk/reward of owning the stock is not compelling.
  
• Apple (Nasdaq: AAPL) will not likely announce a recall of the iPhone 4, but will likely give away free phone bumpers, free in-store fixes and/or credits.

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