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

  Morning Bell 
  • Judge approves mortgage settlement with 5 top U.S. banks
    U.S. District Judge Rosemary Collyer approved a $25 billion settlement with Ally Financial, Bank of America, Citigroup, JPMorgan Chase and Wells Fargo. The banks agreed to pay about $5 billion in cash to federal and state governments to settle allegations of misconduct in servicing mortgages and foreclosure abuse. They will also restructure troubled loans and trim mortgage debt. Reuters (4/5), The Wall Street Journal (4/5) LinkedInFacebookTwitterEmail this Story
  Industry News 
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  Washington Roundup 
  • JOBS Act might put investors in the dark about faulty accounting
    The U.S. Jumpstart Our Business Startups Act, which President Barack Obama signed Thursday, exempts small, new companies from mandatory outside audit of internal financial controls, a change that might deprive investors of information about problems that could become serious over time. The provision is one of many measures in the law that relax securities regulations in an effort to cut costs for small businesses and help them raise capital. The Wall Street Journal (4/5) LinkedInFacebookTwitterEmail this Story
  • Dealers raise concerns about CFTC's new block-trade proposals
    The Commodity Futures Trading Commission reproposed block-trading rules after receiving intense industry opposition. However, dealers are raising concerns that the newly proposed rules are intended to produce the same result. Gary Gensler, chairman of the CFTC, rejected that theory. Risk.net (subscription required) (4/5) LinkedInFacebookTwitterEmail this Story
  • Official discusses Basel III implementation
    The Basel Committee on Banking Supervision's standards-implementation group, led by Ryozo Himino, is focusing on nations' progress on Basel III rules. In an interview, Himino discussed the implementation, including timelines, an investigation into calculations of risk-weighted assets and consistency with Basel minimums. Risk.net (subscription required) (4/5) LinkedInFacebookTwitterEmail this Story
  Asset/Wealth Management Report 
  • Survey: Clients favor financial advisers with military service
    Investors think skills learned in the military can be useful in civilian life, and they like the idea of working with a financial adviser who is a veteran, according to a survey by ORC International. About 75% of respondents said they would like a financial adviser with military experience. Learn more about the steps SIFMA and the industry are taking to help U.S. veterans. AdvisorOne (4/5) LinkedInFacebookTwitterEmail this Story
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  SIFMA News 
  • Connect with SIFMA on YouTube
    See educational and informative videos about issues facing our industry on SIFMA's YouTube channel, SIFMAtv. Don't forget -- you can also connect with SIFMA on Twitter by following @SIFMA for breaking legislative and regulatory developments affecting our industry. Also, be sure to connect with colleagues by joining SIFMA's groups on LinkedIn. Join in the conversation today. LinkedInFacebookTwitterEmail this Story
  • SIFMA's 3rd Private Client Conference for Wealth Managers -- April 18 in Boston
    The program is out and we have an all-star line-up that will demonstrate why SIFMA's Private Client Conference 2012: A Conference for Wealth Management Professionals is North America's premier conference for private client groups at all levels. The confirmed featured speakers represent the leadership of firms from across the financial services industry, including: Wells Fargo's Kent Christian, LPL Financial's Bill Dwyer, Raymond James Financial's Chet Helck, Fidelity Investments' Kathy Murphy, and Merrill Lynch's John W. Thiel. This conference is designed for senior managers in private client groups at global, regional, independent contractor, and small broker-dealers, including national sales managers, regional directors, branch managers, wealth management specialists, marketing specialists, and individual financial advisers and investment consultants. Register today. LinkedInFacebookTwitterEmail this Story
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  SmartQuote 
Faced with the choice between changing one's mind and proving that there is no need to do so, almost everyone gets busy on the proof."
--John Kenneth Galbraith,
Canadian-American economist


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