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December 17, 2012
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Daily newsletter from NYSSA for investment professionals

  Top Story 
  Industry Update 
  • SEC has looked into BofA's mortgage repurchases
    According to documents filed in an ongoing lawsuit, the Securities and Exchange Commission has examined Bank of America's Countrywide unit. It is unclear whether the agency, which was looking at the bank's representations and warranties process, is still investigating. Reuters (12/14) LinkedInFacebookTwitterEmail this Story
  • Banks' fixed-income business is difficult to evaluate
    Banks have a lot of ways to make money, but the way they account for their activities doesn't give investors much help in figuring out how well they're doing or what consequences might be brought by new regulation. An area particularly lacking in transparency is fixed income, currencies and commodities activities, or FICC. The Wall Street Journal (12/16) LinkedInFacebookTwitterEmail this Story
  • How JPMorgan unwound the "London whale" trade
    JPMorgan Chase lost a bundle on the trades placed by the "London whale," but few people know how the bank eventually unwound the trade. JPMorgan turned to hedge fund BlueMountain Capital Management, which was co-founded by Andrew Feldstein, a former JPMorgan banker and credit derivatives expert. BlueMountain unwound the trade over several weeks by buying protection on CDX IG 9, the index at the center of the bank's precarious position, thus offsetting JPMorgan's existing bets and then selling them on to the bank. Financial News Online (U.K.) (subscription required) (12/17) LinkedInFacebookTwitterEmail this Story
  • Other News
  New York Focus 
  • Obama should lead fight for gun control, Mayor Bloomberg says
    New York Mayor Michael Bloomberg said President Barack Obama should make gun control legislation his top priority in the wake of a mass shooting at a Connecticut school. "It’s time for the president, I think, to stand up and lead and tell this country what we should do — not go to Congress and say, 'What do you guys want to do?'" Bloomberg said on NBC’s "Meet The Press." "This should be his No. 1 agenda." The Washington Post/The Fix blog (12/16) LinkedInFacebookTwitterEmail this Story
  Career Development 
  • 12 steps to help leaders keep stress in check
    Too many CEOs are overloaded with stress, writes Carole Spiers, a stress-management consultant. To avoid burning out, it's important to stay focused, to make time for yourself and to learn to switch off whenever you get the chance, she writes. "Remaining disciplined by managing both time and productivity well, is the key to good stress management," Spiers writes. Management-Issues (U.K.) (12/13) LinkedInFacebookTwitterEmail this Story
  People & Personalities 
  • Warren touts transparency for Senate Banking Committee
    "Tickled pink" is how Sen.-elect Elizabeth Warren, D-Mass., describes her Senate committee assignments, including one to the banking panel. "No one doubts where I stand. I believe in transparency and accountability and I hope we're going to see more of both," she says. "There are a lot of different tools in the toolbox for the Banking Committee. I want to learn the most effective ways to help use each of them." Portland Press Herald (Maine)/The Associated Press (12/16) LinkedInFacebookTwitterEmail this Story
  On The Economy 
  SmartQuote 
Action is the antidote to despair."
--Joan Baez,
American singer


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