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January 25, 2013
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  Top Story 
  Industry Update 
  • Bond buying boosts Fed's balance sheet to record $3T
    The size of the Federal Reserve's balance sheet has reached an all-time high of $3.055 trillion, boosted by purchases of Treasurys and mortgage-backed securities. The latest Fed data put liabilities, made up mostly of its lending to the U.S. financial system, at $2.994 trillion. CNBC/Reuters (1/24) LinkedInFacebookTwitterEmail this Story
  • JPMorgan moves to prevent break-up vote by shareholders
    JPMorgan Chase petitioned the Securities and Exchange Commission to exclude a proposal from the AFL-CIO's Reserve Fund, who are shareholders in the bank, from being brought to a vote in the spring at the shareholders meeting. JPMorgan claims that the proxy filing need not include the proposal because it pertains to ordinary business. Reuters (1/24) LinkedInFacebookTwitterEmail this Story
  • Lew's time at Citi will get scrutiny in confirmation hearings
    Jack Lew, President Barack Obama's nominee to be U.S. Treasury secretary, is expected to face tough questioning about his work for Citigroup during his upcoming Senate confirmation hearings. He was the chief operating officer of one of the bank's most troubled units, Citigroup Alternative Investments, during the financial crisis. The Washington Post (1/24) LinkedInFacebookTwitterEmail this Story
  • Sommers resigns abruptly from CFTC
    Jill Sommers, a Republican member of the Commodity Futures Trading Commission, says she will resign at the end of this quarter. Sommers, a commissioner since 2007, led the CFTC's investigation of MF Global Holdings. "I think for me personally it is the right time to leave," she wrote in an e-mail. The Wall Street Journal (1/24), Bloomberg (1/25) LinkedInFacebookTwitterEmail this Story
  New York Focus 
  • Medicaid cuts give New York state huge budget shortfall
    Negotiations are under way to cut between $800 million and $1.1 billion out of federal aid to New York state's Medicaid program, as the U.S. Department of Health and Human Services tries to reduce what it pays to provide care for some of the state's most severely disabled people. The loss of the money could create a huge shortfall in the budget that Gov. Andrew Cuomo made public on Tuesday. The Wall Street Journal (1/24) LinkedInFacebookTwitterEmail this Story
  Career Development 
  • Do IPOs kill innovation?
    Going public can stifle innovation, with startups losing both their innovative culture and their top individual inventors after initial public offerings, according to Stanford Graduate School of Business research. Post-IPO firms tend to manage innovation by acquiring other companies and technologies, researchers found. Bloomberg Businessweek/Very Near Future blog (1/17) LinkedInFacebookTwitterEmail this Story
  People & Personalities 
  • Gorman: The big regulatory challenges have been "dealt with"
      
    The regulatory demands faced by financial institutions in the U.S. have been fairly "onerous" but the banks have already adapted to them and are operating with much higher liquidity than in the past, said James Gorman, president and CEO of Morgan Stanley. "So the big stuff has been dealt with. Now we're working through the various parts of Dodd-Frank," he said. CNBC (1/23) LinkedInFacebookTwitterEmail this Story

  On The Economy 
  • More money likely will flow into investments, says BofA's Moynihan
      
    Bank of America CEO Brian Moynihan sees a bright future for the financial markets now that the "fiscal cliff" has been successfully averted. "Fundamentally, there is a lot of money to invest and as time goes on, the market will be more aggressive," he said. Activity is already picking up in mergers and acquisitions, buyouts and equity offerings, Moynihan said. CNBC (1/24) LinkedInFacebookTwitterEmail this Story

  Financial Products 
  • First Trust aims to launch actively managed low-beta ETF
    First Trust has filed with the Securities and Exchange Commission to introduce an actively managed exchange-traded fund that would invest in low-beta equities. The First Trust Enhanced Low Beta Income ETF would invest in U.S. stocks and international securities that trade as American and global depositary receipts on U.S. exchanges. IndexUniverse.com (1/24) LinkedInFacebookTwitterEmail this Story
  SmartQuote 
In youth we learn; in age we understand."
--Marie von Ebner-Eschenbach,
Austrian writer


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