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- MF Global's unregistered executives trip up regulators
Regulators will be blocked from charging most of MF Global's officers and managers with failure to provide adequate supervision of their employees because former Chairman and CEO Jon Corzine was the only senior executive to register with the Commodity Futures Trading Commission. That means others involved in running the bankrupt trading firm can't be charged with failure to provide supervision. The Wall Street Journal
(6/11)      
| Industry Update | | |
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- SEC could hit JPMorgan for nondisclosure on risk change
JPMorgan Chase's earnings release in April omitted the news that the company had increased the riskiness of one of its trading portfolios. By not disclosing the change in a timely manner, JPMorgan might have opened itself up to an enforcement action by the Securities and Exchange Commission, Sarah Lynch and David Henry write. Reuters
(6/12)
- Money funds remain vulnerable to redemption, Fed says
Staff members at the Federal Reserve said in a blog post that the threat of heavy redemption during tumultuous times continues to plague U.S. money market mutual funds. Investors are concerned that the eurozone debt crisis will spark another global meltdown. Regulators have implemented tougher rules to ensure money market mutual funds do not break the buck, as the Reserve Primary Fund did in 2008, but weakness remains, according to the blog. Reuters
(6/11)
- Bill for financial advisers' SRO goes on back burner
Financial advisers celebrated a decision by the House Financial Services Committee to delay action on a bill shifting supervision of advisers from the Securities and Exchange Commission to one or more self-regulatory organizations. "Any delay at this point is good news," said David Tittsworth, executive director of the Investment Adviser Association. InvestmentNews/Washington INsider blog (free registration)
(6/11)
- Bankers urge Fed to reduce stress-test confusion
Differences between the stress test the Federal Reserve uses and those banks use internally are creating uncertainty and confusion, bankers who advise the central bank said last month in a meeting, according to a memo just released. The bankers urged the Fed to reduce that confusion, the minutes show. "Those disparities place bank boards in a highly vulnerable position," the memo said. "Board members are literally compelled to 'fly blind,' in effect guessing about high-stakes capital distribution decisions." Bloomberg
(6/11), Fox Business/Dow Jones Newswires
(6/11)
| New York Focus | | |
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- Court bars Christie from abolishing affordable housing council
The New Jersey Supreme Court issued a ruling that has the effect of barring Gov. Chris Christie from shutting down the Council on Affordable Housing. The state's highest court declined to delay enforcement of an appellate court order reinstating the council, after Christie tried to abolish it by executive order. New Jersey Online
(6/11)
| Career Development | | |
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- Leadership isn't a popularity contest
Great leaders are often highly popular, but that doesn't mean the pursuit of popularity will make you a great leader, Kevin Eikenberry writes. Leaders become popular by striving for higher goals and inspiring others to do the same, not by making their own popularity a priority. "A level of popularity can be helpful to us, but we cannot make it our goal if we want to become remarkable leaders," Eikenberry writes. KevinEikenberry.com
(6/11)
| On The Economy | | |
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- State revenue collections outstrip projections, deficits narrow
Many states' budget deficits are shrinking as revenues collected exceed the amounts forecast when their budgets were adopted. Funds collected topped estimates in 31 states during the fiscal year that ends this month in most states, the National Governors Association said in a report. Bloomberg
(6/12)
- Congress quietly works on pulling back from "fiscal cliff"
There isn't anything close to bipartisan consensus, but influential members of Congress are starting to seriously discuss ways to avoid sending the economy off a "fiscal cliff" of increasing taxes and spending cuts that is set to take effect at year-end. Senate Finance Committee Chairman Max Baucus, D-Mont., suggested using the post-election lame duck session to find a way out. TheFiscalTimes.com
(6/12)
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