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December 7, 2012
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  Top Story 
  • Big Lots CEO faces inquiry over stock sale
    Federal prosecutors are conducting a criminal investigation into Big Lots CEO Steven Fishman's sale of $10 million of stock before a company announcement that led to a drop in the share price. Big Lots said in a filing with the Securities and Exchange Commission that a grand-jury subpoena was issued by the U.S. Attorney's Office in Manhattan for records relating to the sale. The Wall Street Journal (12/6) LinkedInFacebookTwitterEmail this Story
  Industry Update 
  • SEC study: Debt issuers would be fine under money-fund revamp
    Cities, states and businesses that issue short-term debt would not be harmed by proposed money-fund rules, according to a study by the Securities and Exchange Commission. The study contradicts claims by the mutual fund industry that the rules would disrupt markets for short-term debt and hurt the economy. Bloomberg (12/6) LinkedInFacebookTwitterEmail this Story
  • Major fund managers cut exposure to investment-grade debt
    Some of the biggest fund managers are scaling back exposure to investment-grade bonds amid concerns that yields on high-quality U.S. corporate debt are so low that there's no room for gains. Some fear that even a small increase in interest rates could trigger major losses, so they're shifting funds to European debt and the highest-yielding bonds. The Wall Street Journal (12/6) LinkedInFacebookTwitterEmail this Story
  • SEC lets actively managed ETFs use derivatives
    Norm Champ, director of the Securities and Exchange Commission's investment-management division, says the regulator will drop a blanket prohibition on use of a significant amount of derivatives by actively managed exchange-traded funds. Instead, the SEC will bar derivatives use to increase returns or deliver the inverse performance of an index, he said. Bloomberg (12/7) LinkedInFacebookTwitterEmail this Story
  • Congress must act on cyberattacks
    The U.S. is unprepared to defend its critical computers and digital networks from cyberattacks by its enemies, according to Sen. Joseph Lieberman, I-Conn., and Sen. Susan Collins, R-Maine, the chairman and senior Republican on the Senate Committee on Homeland Security and Governmental Affairs. "The new Congress must take up this issue and pass comprehensive legislation to defend our nation against this gathering cyberthreat," they wrote in The New York Times. The New York Times (tiered subscription model) (12/6) LinkedInFacebookTwitterEmail this Story
 
  New York Focus 
  • Christie blocks state-run health care exchange
    New Jersey Gov. Chris Christie vetoed a bill passed by the state legislature to create a health care exchange that would be run by the state. He stopped short of flatly ruling out a state-run exchange in the future. "We will comply with the Affordable Care Act but only in the most efficient and cost effective way for New Jersey taxpayers," Christie said. The Wall Street Journal (12/6) LinkedInFacebookTwitterEmail this Story
  People & Personalities 
  • Sen. DeMint steps down to lead Heritage Foundation
    Sen. Jim DeMint, R-S.C., will leave Congress next month to become president of the Heritage Foundation, a think tank in Washington, D.C. DeMint, who replaces Ed Feulner, says he sees the job as a means to push conservative ideas in a way that connects with the public. "This really gets my blood going again, thinking about the possibilities. This is the time to elevate the conservative cause," he said. The Wall Street Journal (12/6) LinkedInFacebookTwitterEmail this Story
  On The Economy 
  Financial Products 
  SmartQuote 
You will never find time for anything. If you want time you must make it."
--Charles Buxton,
British brewer, philanthropist, writer and legislator


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