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January 25, 2013
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News on the capital markets, securities and financial industry

  Morning Bell 
 
  • Sommers resigns abruptly from CFTC
    Jill Sommers, a Republican member of the Commodity Futures Trading Commission, says she will resign at the end of this quarter. Sommers, a commissioner since 2007, led the CFTC's investigation of MF Global Holdings. "I think for me personally it is the right time to leave," she wrote in an e-mail. The Wall Street Journal (1/24), Bloomberg (1/25) LinkedInFacebookTwitterEmail this Story
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  Industry News 
 
  • Calif. county rejects eminent domain
    San Bernardino County in California decided not to use eminent domain to stabilize the housing market by seizing homes underwater on their mortgages. The proposal by Mortgage Resolution Partners was opposed by the real estate and mortgage industries as well as the community at large. Therefore, the Joint Powers Authority formed by the county and the cities of Fontana and Ontario rejected the plan. "We are encouraged" by the rejection, Timothy Cameron, managing director and head of asset management at SIFMA, said in a statement. "The unprecedented, potential use of eminent domain would cause severe damage to struggling housing markets and is likely unconstitutional on its face." Read the full SIFMA statement. Los Angeles Times (tiered subscription model) (1/24), San Bernardino County Sun (Calif.) (1/24), Housing Wire (1/24) LinkedInFacebookTwitterEmail this Story
  • Bond buying boosts Fed's balance sheet to record $3T
    The size of the Federal Reserve's balance sheet has reached an all-time high of $3.055 trillion, boosted by purchases of Treasurys and mortgage-backed securities. The latest Fed data put liabilities, made up mostly of its lending to the U.S. financial system, at $2.994 trillion. CNBC/Reuters (1/24) LinkedInFacebookTwitterEmail this Story
  • More money likely will flow into investments, says BofA's Moynihan
      
    Bank of America CEO Brian Moynihan sees a bright future for the financial markets now that the "fiscal cliff" has been successfully averted. "Fundamentally, there is a lot of money to invest and as time goes on, the market will be more aggressive," he said. Activity is already picking up in mergers and acquisitions, buyouts and equity offerings, Moynihan said. CNBC (1/24) LinkedInFacebookTwitterEmail this Story

  • Gorman: The big regulatory challenges have been "dealt with"
      
    The regulatory demands faced by financial institutions in the U.S. have been fairly "onerous" but the banks have already adapted to them and are operating with much higher liquidity than in the past, said James Gorman, president and CEO of Morgan Stanley. "So the big stuff has been dealt with. Now we're working through the various parts of Dodd-Frank," he said. CNBC (1/23) LinkedInFacebookTwitterEmail this Story

  • JPMorgan seeks to prevent break-up vote by shareholders
    JPMorgan Chase petitioned the Securities and Exchange Commission to exclude a proposal from the AFL-CIO's Reserve Fund, which holds shares in the bank, from being brought to a vote at a shareholders' meeting in the spring. JPMorgan says the proxy filing need not include the proposal because it pertains to ordinary business. Reuters (1/24) LinkedInFacebookTwitterEmail this Story
  • Analysis: Nothing reassuring about JPMorgan "Whale" reports
    Two recent JPMorgan Chase reports addressing the "London Whale" suggest that the bank has learned nothing from the financial crisis that nearly brought down the U.S. financial system four years ago, writes Ben Heineman Jr., a senior fellow at Harvard's Law and Kennedy schools. Heineman suggests that greater attention to risk management may not be enough to prevent similar major losses in the future. Harvard Business Review online/HBR Blog Network (1/24) LinkedInFacebookTwitterEmail this Story
  • Other News
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  Washington Roundup 
  • Editorial: New regulators have political agendas
    According to the Wall Street Journal editorial board, President Barack Obama's nominees to run the Securities and Exchange Commission and the Consumer Financial Protection Bureau indicate that he plans "to achieve by fiat what he can't get through a Republican House of Representatives." The nominees, Mary Jo White and Richard Cordray, likely will extend Obama's aims of going after the financial industry. The Wall Street Journal (1/24) LinkedInFacebookTwitterEmail this Story
  • Lew's time at Citi will get scrutiny in confirmation hearings
    Jack Lew, President Barack Obama's nominee to be U.S. Treasury secretary, is expected to face tough questioning about his work for Citigroup during his upcoming Senate confirmation hearings. He was the chief operating officer of one of the bank's most troubled units, Citigroup Alternative Investments, during the financial crisis. The Washington Post (1/24) LinkedInFacebookTwitterEmail this Story
  Asset/Wealth Management Report 
  SIFMA News 
  • SIFMA 40th Annual Operations Conference & Exhibit to Feature Fox Business Network's Gasparino
    SIFMA's 40th Annual Operations Conference + Exhibit in Boca Raton, Fla., from April 28 to May 1, offers senior professionals the opportunity to hear industry speakers along with Fox Business Network Senior Correspondent Charles Gasparino. Take advantage of early-bird rates so you can engage expert thought leaders to examine the most critical operational, risk management and regulatory issues affecting your firm. In addition, you will gain unique insights and actionable solutions from service providers. LinkedInFacebookTwitterEmail this Story
  • SIFMA Tech 2013 -- June 18-19 -- New York City
    As the financial services industry's technology evolves, so does SIFMA's Tech Conference. SIFMA is taking this 30-year tradition to new levels in 2013. SIFMA Tech 2013 will again be a focal point for industry leaders, regulators, and solution providers, but in a new and dynamic forum. Save the date! Better yet, take advantage of early-bird rates to learn how you can harness cutting-edge technology to achieve a technological infrastructure that keeps your firm at peak efficiency and keeps your clients better served. LinkedInFacebookTwitterEmail this Story
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SIFMA.org  |  Advocacy  |  Educational Programs/Conferences  |  Newsroom

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  SmartQuote 
In youth we learn; in age we understand."
--Marie von Ebner-Eschenbach,
Austrian writer


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