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January 2, 2013
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  Top Story 
  • Strategists anticipate brief Wall Street rally after budget deal
    The fleeting rally on Wall Street likely to follow the budget deal in Congress that headed off the "fiscal cliff" will be measured in hours, rather than days or weeks, market strategists said. "No doubt the market will use early month, New Year and the fact we avoided 'an even worse' event to take the market higher, but I doubt it will last more than 24/48 hours," said Steen Jakobsen, Saxo Bank's chief economist. MarketWatch/The Tell blog (1/2) LinkedInFacebookTwitterEmail this Story
  Industry Update 
  • IPO market appears headed into slump
    Fewer initial prospectuses filed with the Securities and Exchange Commission in the second half of 2012 suggest a slowdown in initial public offerings this year. Financial markets have become less receptive to emerging companies, market observers say. CNBC (12/31) LinkedInFacebookTwitterEmail this Story
  • Questions remain about bid-rigging enforcement actions
    Market participants are wondering whether U.S. authorities will be targeting more firms and individuals this year after wrapping up most of their 2012 cases of bid-rigging of bond-related investment and derivatives contracts. "There is a lot of mystery to this process in the eyes of the industry. Have these individuals and firms worked out a cooperative agreement, or are the wheels of justice grinding exceedingly slowly? [Or] have there been decisions to pursue certain cases and not others, for reasons we don't know?" said Peter Shapiro, managing director of Swap Financial Group. The Bond Buyer (free content) (12/31) LinkedInFacebookTwitterEmail this Story
  • Structured note sales fall on "fiscal cliff" worries
    A dip in the sales of structured notes in the five days ended Dec. 28 was attributed to uncertainty surrounding the "fiscal cliff." The sales of those investment vehicles were off 78% at $213.6 million, compared with $968.7 million a year earlier, according to Bloomberg. "Some people are definitely holding off," said Deryk Rhodes of Incapital, in Boca Raton, Fla. "I've had a few clients say, 'Hey, I'm interested. I'm just going to pull the trigger next week.' " Bloomberg (12/31) LinkedInFacebookTwitterEmail this Story
  • Commentary: More white-collar crime is likely
    The proliferation of opportunities in the financial system means it's only a matter of time before another white-collar scandal captures public attention, writes Peter Henning, a professor at Wayne State University Law School. "As the new year comes, white-collar cases will continue to serve up new object lessons of the perils and the pitfalls of the financial system," Henning writes. "Some will come as a result of creative maneuverings by financiers, and some may call into question whether regulators are effectively overseeing the markets." The New York Times (tiered subscription model)/DealBook blog (12/31) LinkedInFacebookTwitterEmail this Story
  New York Focus 
  • House puts off vote on Sandy aid bill
    A bill providing $60 billion to help the northeastern U.S., including New York and New Jersey, recover from the devastation of Superstorm Sandy never made it to the floor of the House of Representatives. Shortly after the House passed a bill averting the "fiscal cliff," the Republican leadership announced that the 112th Congress was over. The matter now will be in the hands of the 113th Congress, which will be sworn in Thursday. The Wall Street Journal (1/2), The Record (Hackensack, N.J.) (1/2) LinkedInFacebookTwitterEmail this Story
  On The Economy 
  • Analysis: Reasons to worry in slow U.S. recovery
    Despite consistent growth during the past several years, the U.S. economy is recovering slowly, causing concern. The 2% growth of the past several years might indicate that the economy had lost growth potential even before the recession or that government policy is lengthening the recovery instead of hastening it. The Wall Street Journal (1/1) LinkedInFacebookTwitterEmail this Story
Birds sing after a storm; why shouldn't people feel as free to delight in whatever remains to them."
--Rose Kennedy,
American philanthropist

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