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December 20, 2012
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Daily newsletter from NYSSA for investment professionals

  Top Story 
  Industry Update 
  • Memo: Libor fraud might have cost Fannie and Freddie $3B
    U.S.-controlled mortgage-finance companies Fannie Mae and Freddie Mac might have lost as much as $3 billion through manipulation of the London Interbank Offered Rate, according to a memo by the inspector general for the Federal Housing Finance Agency. The memo recommends that the agency consider taking banks involved in Libor manipulation to court. The Washington Post (12/19), Reuters (12/19) LinkedInFacebookTwitterEmail this Story
  • JPMorgan is back on top in investment banking revenue
    JPMorgan Chase captured the investment banking crown for 2012, securing for 7.6% of the market on $4.8 billion of revenue, according to Dealogic. That is likely enough for the bank to reign supreme for the fourth year in a row, even though this year's mark is down from last year's 8.1% market share. Bank of America's Merrill Lynch ($4.1 billion) was second, followed by Goldman Sachs ($3.7 billion) and Morgan Stanley ($3.5 billion). The Wall Street Journal/Deal Journal blog (12/19) LinkedInFacebookTwitterEmail this Story
  New York Focus 
  • MTA chairman confirms intention to leave authority
    Metropolitan Transportation Authority Chairman Joseph Lhota confirmed news media reports that he will leave the MTA post while he considers whether to seek the Republican Party's nomination for mayor of New York City. Lohta said his resignation, to be submitted to Gov. Andrew Cuomo, who appointed him, will take effect at the end of the year. The Wall Street Journal/Metropolis blog (12/19) LinkedInFacebookTwitterEmail this Story
  Career Development 
  • 12 steps to help leaders to 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
  On The Economy 
  • Fed will give up collective opinion on economic forecast
    The Federal Reserve said it will no longer try to forge a consensus opinion about a forecast of the U.S. economy. Federal Reserve Bank of Dallas President Richard Fisher suggested that Fed Chairman Ben Bernanke's news conferences can still be relied on to show the way. Reuters (12/19) LinkedInFacebookTwitterEmail this Story
  Financial Products 
No man for any considerable period can wear one face to himself and another to the multitude, without finally getting bewildered as to which may be the true."
--Nathaniel Hawthorne,
American author

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