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December 13, 2012
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  Top Story 
  • SEC had concerns before JPMorgan experienced large loss
    The Securities and Exchange Commission says it expressed concern about JPMorgan Chase's proprietary trading before the bank lost $6.2 billion on a derivatives bet. The agency says that from June 2011 to February, it sent letters to the bank seeking information. Sen. Carl Levin, D-Mich., called the situation a "textbook" case for a need to tighten the Volcker rule, which curbs proprietary trading by banks. Bloomberg (12/11) LinkedInFacebookTwitterEmail this Story
  Industry Update 
 
  New York Focus 
  • Sandy aid runs into resistance from House Republicans
    Two senior Republican aides said the House isn't prepared to introduce emergency legislation providing anywhere near as much aid to the victims of superstorm Sandy as the $60 billion President Barack Obama requested. The Obama administration hasn't provided information to justify spending that much money to rebuild the area devastated by the storm, they said. The Wall Street Journal (12/12) LinkedInFacebookTwitterEmail this Story
  Career Development 
  • Competitors are just distractions, Google CEO says
    Smart bosses don't make strategic decisions or seek to rally employees by focusing on their competitors, says Google CEO Larry Page. True progress only comes when you do things nobody else has thought of yet, and you can't generate that kind of innovation by watching your rivals, Page explains. "[I]f you're looking at somebody else, you're looking at what they do now, and that's not how again you stay two or three steps ahead," he says. CNNMoney/Fortune (12/11) LinkedInFacebookTwitterEmail this Story
  People & Personalities 
  • Sen.-elect Warren's Banking Committee assignment approved
    The Democratic Steering Committee approved Sen.-elect Elizabeth Warren's assignment to the Senate Banking Committee. "She'll need some time to get in the swing of things, understand protocol, and work on an agenda of her own," said Harvey Pitt, former chairman of the Securities and Exchange Commission. "Ultimately, she'll be an active member of the committee, but it seems silly to expect her to assume a major role right out of the box, so to speak." Reuters (12/12), The Hill/Ballot Box blog (12/12) LinkedInFacebookTwitterEmail this Story
  On The Economy 
  Financial Products 
  • FlexShares plans 6 dividend ETFs with self-indexing
    FlexShares filed with the Securities and Exchange Commission to launch six dividend-focused exchange-traded funds that would track indexes managed by parent Northern Trust. The International Quality Dividend Index Fund, the International Quality Dividend Dynamic Index Fund, the International Quality Dividend Defensive Index Fund, the Quality Dividend Index Fund, the Quality Dividend Dynamic Index Fund and the Quality Dividend Defensive Index Fund would trade on NYSE Arca. IndexUniverse.com (12/12) LinkedInFacebookTwitterEmail this Story
  SmartQuote 
No problem can withstand the assault of sustained thinking."
--Voltaire,
French writer, historian and philosopher


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