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November 28, 2012
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  Top Story 
  • Obama will rally support for plan to avert "fiscal cliff"
    President Barack Obama will go on the road this week to lead a series of campaign-style rallies aimed at building support for his proposals to avert the "fiscal cliff," administration officials said. The public relations campaign is intended to put pressure on Congress to reach agreement on legislation to prevent tax increases and spending cuts from automatically taking effect Jan. 1, they said. The Washington Post (11/27), CNN (11/28), USA Today/The Oval blog (11/27) LinkedInFacebookTwitterEmail this Story
  Industry Update 
  • Incoming SEC chief will face many challenges
    Elisse Walter, the designated successor to Mary Schapiro as head of the Securities and Exchange Commission, will immediately face a number of issues, such as the back-and-forth over regulation of money market mutual funds and Dodd-Frank rules not yet finalized. Also, unless President Barack Obama renominates her and the Senate approves, her term would end in one year. Reuters (11/27) LinkedInFacebookTwitterEmail this Story
  • Regulator demands safeguards for money market funds
    The Financial Stability Oversight Council, the new U.S. systemic-risk watchdog, is steadfast in demanding safeguards that would prevent runs on money market funds from triggering another financial crisis, according to The Economist. If the Securities and Exchange Commission doesn't act, the council could do the job itself. "One option that's clearly off the table is another Treasury guarantee like that in 2008: Congress has since outlawed it," the magazine notes. The Economist (11/24) LinkedInFacebookTwitterEmail this Story
  • Banks move to increase corporate-bond inventories
    In the five weeks ended Nov. 14, the biggest banks increased holdings of corporate debt by $13 billion, to $57.8 billion, according to Federal Reserve data. Holdings peaked at $235 billion in 2007, but banks have since reduced their inventories. Still, 2012 has been a record year for bond sales, and Wall Street banks are back in the thick of things as market makers. Bloomberg (11/27) LinkedInFacebookTwitterEmail this Story
  • Execs profit from trades ahead of announcements, review shows
    Executives who trade their company's stock in the week before an important announcement are almost twice as likely to post a profit than a loss, according to a review of trades since 2004 by The Wall Street Journal. Insiders who dip irregularly in and out of their company's stock make a quicker profit than those whose trading follows a predictable annual pattern, the newspaper found. The Wall Street Journal (11/27) LinkedInFacebookTwitterEmail this Story
  • Financial advisers need high tech to attract young clients
    If financial advisers want to bring in young, wealthy clients, they're going to have to use a high-tech approach to prospecting, according to a study by SEI, Scorpio Partnership, and Standard Chartered Private Bank. The "futurewealthy," younger investors with significant wealth and a good chance of accumulating more, spend three hours a day of personal time and three hours a day at work online, the study found. (11/27) LinkedInFacebookTwitterEmail this Story
  New York Focus 
  • Questions raised about Cuomo's statistics on Sandy
    In his effort to get billions of dollars in federal aid, New York Gov. Andrew Cuomo has relied on statistics that seem to suggest Superstorm Sandy inflicted more damage on New York than Hurricanes Katrina and Rita caused in Louisiana. Some questions are being raised about the governor's comparisons. The Wall Street Journal (11/27) LinkedInFacebookTwitterEmail this Story
  People & Personalities 
  On The Economy 
  Financial Products 
  • 3 precious-metal ETFs are introduced by ETF Securities
    ETF Securities launched exchange-traded funds investing in gold, silver and platinum on the Hong Kong stock exchange. The ETFs hold metal in physical form in vaults managed by custodian HSBC Holdings. They also invest in other funds. ETF Securities says bullion complies with "good delivery" standards established by the London Bullion Market Association or the London Platinum and Palladium Market. (11/27), (China) (11/27) LinkedInFacebookTwitterEmail this Story
The foolish man seeks happiness in the distance; the wise grows it under his feet."
--James Oppenheim,
American poet, novelist and editor

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