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March 23, 2012
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Daily newsletter from NYSSA for investment professionals

  Top Story 
  Industry Update 
  • Fed plans to examine foreign banks' efforts to avoid rules
    Federal Reserve Governor Daniel Tarullo told lawmakers that the central bank will review changes made by foreign banks to U.S. subsidiaries to avoid tougher capital requirements. Deutsche Bank recently restructured its U.S. unit to sidestep the Dodd-Frank Act. "As I think about the appropriate modes of regulation and supervision of foreign bank organizations in the U.S., the development to which you have alluded has certainly affected my thinking about how we do structured regulation of foreign bank organizations, and I think we will need to respond to that," Tarullo said, responding to a question about the German bank's move. MarketWatch (3/22), Financial Times (tiered subscription model) (3/23) LinkedInFacebookTwitterEmail this Story
  • FINRA targets wholesalers' roles in financial products sales
    The Financial Industry Regulatory Authority is taking an interest in wholesalers' role in the sales of financial products that are often not fully understood. "In cases we've looked at, sometimes these products are so easy to sell because they promise more return with less risk," J. Bradley Bennett, FINRA's executive vice president of enforcement, said at a recent SIFMA conference. "They're easy to sell, and they take over the [broker-dealer's] platform, and the firm doesn't truly understand them at a base level. You'll see investors holding [these products] in a way that is inconsistent with how the product was designed." InvestmentNews (free registration) (3/21) LinkedInFacebookTwitterEmail this Story
  • Other News
  New York Focus 
  • Manhattan office leasing drops as Wall Street downsizes
    After years of Wall Street cutting its payrolls, office leasing in Manhattan has fallen to its lowest level since 2009. Leases this year have been signed for 5.7 million square feet, the smallest three-month total since 4.5 million square feet were leased in the second quarter of 2009 after Lehman Brothers went into bankruptcy. Bloomberg (3/23) LinkedInFacebookTwitterEmail this Story
  • Christie's Supreme Court nominee rejected by Senate committee
    By a 7-6 vote the Judiciary Committee of the New Jersey Senate rejected Gov. Chris Christie's nomination of Phillip Kwon to the state's Supreme Court. "Today was political payback for pension and benefit reform. ... Phil Kwon was sacrificed at the altar as payback," Christie said after the vote was announced. New Jersey Online (3/22) LinkedInFacebookTwitterEmail this Story
  Career Development 
  • Is your team truly collaborative?
    There are three common responses when teams encounter a shared challenge, Ron Ashkenas writes. The first two, compliance and cooperation, are less effective than true collaboration because they emphasize individual duties. True collaboration is rarer because it "requires subordinating individual goals to collective achievement" and "working in new ways that may not be comfortable or easy," Ashkenas writes. Forbes (3/21) LinkedInFacebookTwitterEmail this Story
  People & Personalities 
  • Governments should start rating agency, Moody's CEO says
    Moody's posted a paper by CEO Ray McDaniel on its website that says governments should create a credit rating agency. "Public institutions that have both the expertise and credibility among market participants should provide credit views on sovereigns," McDaniel wrote in "A Solution for the Credit Rating Agency Debate." Moody's Investors Service and other rating agencies have been blamed for contributing to recent financial crises. Bloomberg Businessweek (3/22) LinkedInFacebookTwitterEmail this Story
  On The Economy 
  • Bernanke: Fed didn't cause housing bubble
    Federal Reserve Board Chairman Ben Bernanke says the Fed's policies can't be blamed for the housing bubble, but he said it did make mistakes in supervision and regulation. "In our supervision of bank and bank-holding companies we didn't push hard enough on this issue of measuring your risks," Bernanke said in his second lecture to George Washington University students. "Another area where the Fed performed poorly was I think in consumer protection." Bloomberg (3/22) LinkedInFacebookTwitterEmail this Story
  Financial Products 
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Example is the school of mankind, and they will learn at no other."
--Edmund Burke,
Irish statesman, writer, orator and philosopher

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