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November 30, 2012
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  Top Story 
  • Volcker rule already prompting changes, namesake says
    Although the so-called Volcker rule has yet to take final form, it's already making its impending presence felt on Wall Street, former Federal Reserve Chairman Paul Volcker said. “Banks have stopped their straightforward proprietary trading operation, and they’ve largely cut back on their hedge funds and equity funds. And as the managements and the directors finally understand that, ‘Yes, this is a law that has to be followed,’ they’ll be able to manage their trading desks in what I think is an effective way,” Volcker said. CNBC (11/29) LinkedInFacebookTwitterEmail this Story
  • Reps. Bachus and Hensarling request Volcker rule delay
    Reps. Spencer Bachus and Jeb Hensarling are asking regulators to postpone the Volcker rule, which prohibits proprietary trading at major banks. The leading Republicans asked to delay the effective date by two years after the final version is released. "Given the time that it will take for you to agree on one version of the Volcker Rule as well as the tremendous uncertainty that market participants face in trying to anticipate what the final rule will look like, we respectfully suggest that the Federal Reserve Board delay the Volcker Rule's effective date," Bachus and Hensarling wrote in a letter to regulators. Bloomberg Businessweek (11/29), AmericanBanker.com (subscription required) (11/29), The Wall Street Journal/Deal Journal blog (11/29) LinkedInFacebookTwitterEmail this Story
  Industry Update 
  • Bill to merge SEC and CFTC is introduced by Frank and Capuano
    Reps. Barney Frank and Michael Capuano have introduced legislation that would combine the Commodity Futures Trading Commission with the Securities and Exchange Commission. Republican House members recently suggested such a move would help prevent regulatory lapses, but the proposal faces significant obstacles. "The existence of a separate SEC and CFTC is the single largest structural defect in our regulatory system. Unfortunately, this is deeply rooted in major cultural, economic and political factors in America," said Frank, who is retiring from Congress. Reuters (11/29), The Hill/On The Money blog (11/29), AdvisorOne (11/29) LinkedInFacebookTwitterEmail this Story
  • Basel III under fire from lawmakers and bankers
    A variety of financial industry executives, regulators and lawmakers are raising concerns about the Basel III rules and how they might affect the industry as well as the broader economy. Some lawmakers and state regulators are urging federal authorities to reconsider the proposed rules. "The one-size-fits-all approach to regulatory capital in the proposed rules does not take into consideration the diversity of our nation's financial system and the unique challenges faced by different-sized institutions," said Rep. Shelley Moore Capito, R-W.Va. Reuters (11/29), The Wall Street Journal/Real Time Economics blog (11/29) LinkedInFacebookTwitterEmail this Story
  • Experts discuss possible ways to overhaul Libor
    The American Enterprise Institute asked a group of experts to discuss proposals for resolving issues plaguing the London Interbank Offered Rate and other benchmarks. Alex Pollock of AEI offered a bit of history of how Libor came to be and how it has emerged as probably the world's most important index. The experts differed on many points but expect adjustments will be made to Libor's administration. However, deals might be drafted to rely on alternative benchmarks, they said. NewsMax.com/Moneynews (11/29) LinkedInFacebookTwitterEmail this Story
  New York Focus 
  • Mayor Bloomberg proposes 2 tax breaks for Sandy's victims
    New York Mayor Michael Bloomberg is calling for two tax breaks to help the victims of Superstorm Sandy. If the City Council approves, owners of heavily damaged houses could get interest-free extensions on their tax bills through until April 1. In a separate measure that requires the state legislature's approval, about 900 property owners will be reimbursed some of the property taxes they paid this year. The Wall Street Journal (11/29) LinkedInFacebookTwitterEmail this Story
  • Booker is the front-runner for 2014 N.J. senate race, poll finds
    Among the Democrats considered likely candidates for the U.S. Senate seat from New Jersey in 2014, Newark Mayor Cory Booker is the favorite of voters, according to a poll by Public Policy Polling. Fifty-nine percent of likely Democratic primary voters selected Booker, compared to 22% for incumbent Sen. Frank Lautenberg. New Jersey Online (11/29) LinkedInFacebookTwitterEmail this Story
  Career Development 
  • The secrets of effective communicators
    Effective communicators tend to share certain traits, writes Susan Tardanico, CEO of The Authentic Leadership Alliance. These traits include distilling complex thoughts into simple terms, using language that is distinctly your own and communicating face to face instead of hiding behind electronic channels. Finally, effective communicators remember that communication is a two-way street, Tardanico writes. "It's easy to be so focused on getting your message out — or persuading others — that you don’t tune in to what you see and hear." Forbes (11/29) LinkedInFacebookTwitterEmail this Story
  On The Economy 
  • U.S. economy grew faster in Q3 than first thought
    The U.S. economy expanded 2.7% in the third quarter, not 2%, as initially estimated, according to the Commerce Department. Most of the growth came from government spending, mainly for military items, and companies stockpiling inventory, the department says. Consumer spending and business investment in equipment and software were less than originally thought. Los Angeles Times (tiered subscription model) (11/30) LinkedInFacebookTwitterEmail this Story
 
  Financial Products 
  • ProShares plans high-yield-debt ETF with hedging
    ProShares aims to launch an exchange-traded fund investing in high-yield corporate debt that would have built-in protection against rapidly rising interest rates. If approved by the Securities and Exchange Commission, the ProShares High Yield-Interest Rate Hedged ETF will take short positions on U.S. Treasurys to hedge against higher interest rates diminishing the value of its bonds. Zacks (11/28), IndexUniverse.com (11/27) LinkedInFacebookTwitterEmail this Story
  SmartQuote 
The robbed that smiles, steals something from the thief."
--William Shakespeare,
British playwright


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