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November 29, 2012
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Daily newsletter from NYSSA for investment professionals

  Top Story 
  • Judge keeps FHFA lawsuits against lenders alive
    U.S. District Judge Denise Cote ruled the Federal Housing Finance Agency can proceed with its lawsuits against Credit Suisse Group, Bank of America and other banking giants. The lawsuits allege the banks misled Fannie Mae and Freddie Mac into buying mortgage-backed securities that led to huge losses for the housing finance giants. The banks have refuted the allegations. Reuters (11/28) LinkedInFacebookTwitterEmail this Story
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  Industry Update 
  • CFTC finalizes clearing rule for swaps dealers
    The Commodity Futures Trading Commission unanimously approved a rule that will require Goldman Sachs Group, JPMorgan Chase and other swaps dealers to guarantee certain swaps at clearinghouses beginning in March. The rule outlines which interest-rate and credit default swaps must be processed through a clearinghouse. "Central clearing lowers the risk of the highly interconnected financial system," CFTC Chairman Gary Gensler said in statement. "It also democratizes the market by eliminating the need for market participants to individually determine counterparty credit risk, as now clearinghouses stand between buyers and sellers." Bloomberg (11/29), (11/28), International Financing Review (free content)/Reuters (11/29) LinkedInFacebookTwitterEmail this Story
  • FSOC will meet 11 days before Schapiro's departure
    The Financial Stability Oversight Council is scheduled to meet Monday in a closed session. At a Nov. 13 meeting, the council drafted three proposals for how the Securities and Exchange Commission could overhaul money market mutual funds. The Treasury Department didn't release an agenda for Monday's meeting, which will come 11 days before council member Mary Schapiro steps down as the SEC's chairwoman. Bloomberg Businessweek (11/28) LinkedInFacebookTwitterEmail this Story
  • Volcker rule finalization is unlikely before next year
    Regulators are not expected to meet a Dec. 31 deadline for issuing the final draft of the Volcker rule. Previous drafts have been several hundred pages long, and the rule requires approval by five agencies, including the Federal Reserve and the Federal Deposit Insurance Corp. CNBC (11/28) LinkedInFacebookTwitterEmail this Story
  New York Focus 
  • Sen. Sweeney considers run for N.J. governor's job
    New Jersey Senate President Stephen Sweeney, D-Gloucester, is telling potential supporters in the Democratic Party that he will run for governor in the next election if Newark Mayor Cory Booker doesn't enter the race, the Newark Star-Ledger reported. Sweeney's spokesman wouldn't comment on the report. The Star-Ledger (Newark, N.J.) (11/28) LinkedInFacebookTwitterEmail this Story
  Career Development 
  • How leaders can overcome their fears
    Many bosses have fears that hold them back, writes Mary Jo Asmus. Overcoming them requires having a clear moral compass and using that conviction to work past jitters. "If you are a leader who has a solid value system in place ... fear becomes a non-issue," Asmus writes. (11/26) LinkedInFacebookTwitterEmail this Story
  On The Economy 
  Financial Products 
We acquire the strength we have overcome."
--Ralph Waldo Emerson,
American writer

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