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September 12, 2012
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Daily newsletter from NYSSA for investment professionals

  Top Story 
  • IRS hands record-high reward to whistle-blower in UBS tax case
    The Internal Revenue Service awarded a record $104 million to whistle-blower Bradley Birkenfeld for reporting a massive scheme by UBS that helped Americans evade taxes. After paying federal taxes and legal expenses, Birkenfeld will receive $44 million. Reuters (9/11) LinkedInFacebookTwitterEmail this Story
  Industry Update 
 
  • Knight Capital glitch may spur regulatory review
    Because of Securities and Exchange Commission rules, NYSE Euronext could not stop the trading glitch that drained $440 million from Knight Capital Group on Aug. 1, said Knight CEO Tom Joyce. As a result, U.S. regulators may take another look at how electronic-trading gone awry is handled and how effective volume circuit breakers are, he said. Reuters (9/11) LinkedInFacebookTwitterEmail this Story
  • BBA chief acknowledged difficulties with Libor in 2008
    Angela Knight, then CEO of the British Bankers' Association, suggested four years before issues arose with the London Interbank Offered Rate that Libor had grown too big for the association to manage. Knight's remarks in a meeting with officials of the Bank of England apparently led to no action. The Wall Street Journal (9/11) LinkedInFacebookTwitterEmail this Story
 
  New York Focus 
  • Wall Street doubts Pandit's new plan will fix Citigroup
    Citigroup CEO Vikram Pandit says international deals, mobile payments and growth in emerging markets mean his company is headed into a bright future. A poll by Barclays banking analyst Jason Goldberg found investors are more interested in hearing what Pandit plans to do about legacy losses at CitiHoldings, an entity holding "noncore assets" that Citigroup has been trying to get off its books since the financial crisis. Minyanville.com (9/11) LinkedInFacebookTwitterEmail this Story
  • Report: N.J.'s revenues less than forecast this year
    Revenues collected by New Jersey in the 2012 budget year have come up $254 million short of the government projections, the legislature's nonpartisan budget analyst reported. Gov. Chris Christie dismissed the information out-of-hand. "All of this stuff is blatantly political," Christie said. CBS News (9/11) LinkedInFacebookTwitterEmail this Story
  Career Development 
  • 5 leadership lessons from the NFL's top teams
    NFL teams are billion-dollar businesses with a double bottom line, making life tough for bosses who are expected to ensure both sporting and financial success, say executives from the league's top teams. Leaders need to strike a balance between managing their athletes and giving their coaching team room to do their jobs, all while living with constant scrutiny. "We're supposed to be a private company. But in reality, we're a public company and we issue a report every week," says Baltimore Ravens President Dick Cass. The Wall Street Journal (9/4) LinkedInFacebookTwitterEmail this Story
  On The Economy 
  Financial Products 
  • AdvisorShares aims to launch income-oriented ETF
    AdvisorShares filed a registration statement for an actively managed exchange-traded fund focused on generating income for shareholders. The Newfleet Multi-Sector Income ETF would buy a wide range of fixed-income securities that subadviser Newfleet Asset Management thinks are undervalued. Zacks (9/11) LinkedInFacebookTwitterEmail this Story
  Featured Content 
 

  NYSSA News 
  • CFA® Level I 6-Week Saturday Condensed Review
    We know you’re busy. That’s why we created the 6-Week Condensed Review for those whose weeknight schedules are already full. You’ll receive the same benefits as in the Weekly Review. LinkedInFacebookTwitterEmail this Story
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  SmartQuote 
Many of life's failures are people who did not realize how close they were to success when they gave up."
--Thomas Edison,
American inventor


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