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December 6, 2012
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News on the capital markets, securities and financial industry

  Morning Bell 
 
  • Investors applaud Corbat's quick cost-cutting at Citi: A clear indication of how happy investors are, Citigroup's shares jumped more than 6% Wednesday after CEO Michael Corbat announced plans to downsize the business, cut 11,000 jobs and reduce expenses by about $1 billion a year. But there's more work to be done. Even after its recent sharp advance, Citi's shares are still trading at 70% of tangible book value. The Wall Street Journal (12/5) LinkedInFacebookTwitterEmail this Story

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  Industry News 
  • Some companies borrow to pay for sought-after dividends
    Shareholders are pushing companies to issue dividends, or even special dividends, before 2012 closes because of concern that Washington will increase taxes on dividends to avert the "fiscal cliff." And some companies -- Costco Wholesale and HCA Holdings -- are even taking on debt to make the payments. For some, it's worth it since interest rates are low and investors are desperate for more securities. MarketWatch (12/5) LinkedInFacebookTwitterEmail this Story
  Sponsored Poll 
 
  • Do you think tax rates on capital gains and dividends should stay at a preferred rate?
Yes
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  • When do you expect regulators to issue a final version of the Volcker rule?
December 2012
January 2013
The first quarter of 2013
The second quarter of 2013

  Washington Roundup 
  • Geithner is "absolutely" prepared to go over "fiscal cliff"
      
    Source: CNBC
    If Republicans won't go along with higher tax rates for America's wealthiest 2%, the Obama administration is ready to let the "fiscal cliff" automatically take effect at year-end, Treasury Secretary Timothy Geithner said. "There's very broad support out there for not just extending these tax cuts for 98% of Americans, but for an agreement that has rates going up with tax reforms that limit deductions alongside a set of substantial long-term savings on the spending side," he said. CNBC (12/5) LinkedInFacebookTwitterEmail this Story

  • Analysis: Deficit is much bigger than U.S. admits
    The government's shortcomings in how it accounts for loan guarantees and direct loans understate by trillions of dollars the true cost to taxpayers, according to the Financial Economists Roundtable. The U.S. budget deficit would be bigger than officially reported if the government properly accounted for $5 trillion of mortgages guaranteed by Fannie Mae and Freddie Mac and $2.5 trillion of credit programs, including student loans, the economists said. Knowledge@Wharton (12/5) LinkedInFacebookTwitterEmail this Story
  • SEC to lose 3 more top officials
    Three more top officials of the Securities and Exchange Commission have announced plans to leave the agency. Robert Cook, head of the trading and markets division, and Meredith Cross, director of the corporate finance division, said they plan to return to the private sector at the end of the year. The regulator's general counsel, Mark Cahn, will leave after an undefined "transitional period." AdvisorOne (12/5), The Washington Post (12/5) LinkedInFacebookTwitterEmail this Story
  • Opinion: Muni bonds' tax-exempt status needed for infrastructure investment
    Comprehensive tax reform should leave in place the tax-exempt interest paid on municipal bonds, writes Timothy Firestine, chief administrative officer of Montgomery County, Md., in this op-ed signed with several other associations. Municipal bonds are financing some of the rebuilding after superstorm Sandy. "Repealing, replacing or limiting the tax-exemption on municipal bond interest would cause governments -- and taxpayers -- to pay more for their infrastructure needs," he writes. Politico (Washington, D.C.) (12/5) LinkedInFacebookTwitterEmail this Story
  Asset/Wealth Management Report 
  • Young financial advisers not interested in buying into their firm
    Few young financial advisers have any interest in buying out their bosses or even acquiring an equity stake in the advisory firm that employs them. An InvestmentNews survey of young people planning to become financial advisers found that only 36% considered a path to ownership or a chance to own stock in their employer's company a high priority. Workforce online (12/4) LinkedInFacebookTwitterEmail this Story
  SIFMA News 
  • SIFMA Member Call: Regulation of Foreign Banking Organizations Thursday, Dec. 6, at noon EST
    In a recent speech, Federal Reserve Governor Daniel Tarullo previewed a potential proposal that would require foreign banks with large U.S. operations to create a separately capitalized, top-tier U.S. intermediate holding company that would sit on top of all U.S. bank and nonbank subsidiaries and that would have to independently meet U.S. capital, liquidity and other Dodd-Frank prudential standards. Large U.S. banks will need to also focus this proposal, since it would be another step on the road to subsidiarization and, if implemented, could well lead to a further push by major foreign regulators to impose similar requirements for U.S.-headquartered banks.

    SIFMA will hold a Member briefing on Thursday, Dec. 6, at 12 p.m. EST to discuss the implications for both foreign banks and U.S.-headquartered banks. Pre-registration for this call is required. Participants can register by visiting this pre-registration link. The Conference ID Number is 10022036. A dial-in number will be provided upon completion of the pre-registration process. This call is closed to the press and non-members. To check your firm's membership status check the following membership directories: SIFMA Full Members, SIFMA Associate Members, or contact SIFMA's Office of Member Engagement at 212-313-1152 or inquiry@sifma.org. LinkedInFacebookTwitterEmail this Story
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  SmartQuote 
To change one's life: Start immediately. Do it flamboyantly. No exceptions."
--William James,
American psychologist and philosopher


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