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November 21, 2012
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Daily newsletter from NYSSA for investment professionals

  Top Story 
  Industry Update 
  • SEC wins against companies, less so against individuals
    Last week represented how the Securities and Exchange Commission is more successful in bringing corporations to justice stemming from the financial crisis than individuals. On Friday, it secured fines and disgorgements from JPMorgan Chase ($296.9 million) and Credit Suisse ($120 million). But on Monday, it couldn't get key convictions for Bruce Bent Sr. and his son, Bruce Bent II, for their roles in the collapse of the Reserve Primary Fund. The New York Times (tiered subscription model)/DealBook blog (11/19) LinkedInFacebookTwitterEmail this Story
  • Treasury undersecretary said to be in line to run SEC
    The Treasury Department's undersecretary for domestic finance, Mary John Miller, is rumored to be a leading candidate to replace Mary Schapiro as chairman of the Securities and Exchange Commission. Miller had a significant role in resolving the debt-ceiling debate and worked at T. Rowe Price Group for 26 years before joining the Treasury. Schapiro is expected to resign after four years of leading the regulator. The Wall Street Journal/Washington Wire blog (11/20) LinkedInFacebookTwitterEmail this Story
  • Libor manipulation evolved into common practice
    By steps and stages, manipulation of the London Interbank Offered Rate to profit on derivatives had become standard practice by the mid-2000s, industry experts say. However, the tale of how the practice grew began in the 1990s, when CME Group's popular Eurodollar contract provided a forum for betting on interest rates. Reuters (11/20) LinkedInFacebookTwitterEmail this Story
  New York Focus 
  • Wall Street is leery of Microsoft's management team
    Microsoft's management team doesn't have many fans on Wall Street and a number of stock analysts believe it doesn't even deserve to be considered a technology company. Microsoft's latest earning figures haven't done anything to change their opinions. Forbes (11/20) LinkedInFacebookTwitterEmail this Story
  On The Economy 
  • Bernanke: Prosperity is possible if "fiscal cliff" is averted
    Federal Reserve Chairman Ben Bernanke warned Tuesday that a recession would ensue in 2013 if the Obama administration and Congress do not forge a deal to avert spending cuts and tax increases. Conversely, he said, hitting upon a solution for the fiscal crisis could make next year "a very good one for the American economy. ... A stronger economy will, in turn, reduce the deficit and contribute to achieving long-term fiscal sustainability." Boston Herald/The Associated Press (11/21) LinkedInFacebookTwitterEmail this Story
  • U.S. deficit is decreasing at record speed
    During the past three years, the U.S. government's deficit measured as a percentage of gross domestic product has declined at the fastest rate since World War II, according to the Office of Management and Budget. The Center on Budget and Policy Priorities calculates that, not counting budget cuts scheduled to take effect Jan. 1, nondefense discretionary spending is on track to reach 2.7% of GDP, well below a 30-year average of 3.9%. Investor's Business Daily/Capital Hill blog (11/20) LinkedInFacebookTwitterEmail this Story
  Financial Products 
  • Guardian adds investment options for retirement platforms
    Guardian Insurance & Annuity added investment options to two qualified retirement plans. The Guardian Choice fund platform gives investors 33 additional options, and participants in the Guardian Advantage fund have 27 more choices. All of the options were screened by SWBC Investment Advisory Services. (11/19) LinkedInFacebookTwitterEmail this Story
  Editor's Note 
  • SmartBrief will not publish Thursday and Friday
    In observance of Thanksgiving in the U.S., SmartBrief will not be published Thursday and Friday, Nov. 22 and 23. Enjoy the holiday! LinkedInFacebookTwitterEmail this Story
If the only prayer you said in your whole life was 'thank you,' that would suffice."
--Meister Eckhart,
German theologian and philosopher

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