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April 11, 2012
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  Top Story 
  • N.Y. AG objects to BofA's proposed mortgage-bond settlement
    Eric Schneiderman, New York's attorney general, objected to Bank of America's proposed mortgage-bond settlement. Schneiderman, who requested permission to intervene from a New York State Supreme Court justice, said the $8.5 billion deal appears unfair to investors. Reuters (4/10) LinkedInFacebookTwitterEmail this Story
  Industry Update 
  • MF Global trustee addresses concerns about distributions
    James Giddens, the trustee for the MF Global brokerage, says the plan to distribute another $685 million to customers will not hinder their ability to make claims against third parties, other than those specifically noted in the agreement. The distribution deal also will not hold the customers to other undefined conditions, according to the trustee. Giddens also rejected allegations by MF Global Holdings' creditors that he has failed to help with an analysis of books and records. Bloomberg (4/10) LinkedInFacebookTwitterEmail this Story
  • Judge allows MF Global execs to tap insurance money for defense
    U.S. Bankruptcy Judge Martin Glenn has ruled that former executives at MF Global Holdings, including CEO Jon Corzine, will be allowed to use up to $30 million of insurance money to defend themselves against lawsuits over the collapse of the company. "Without underestimating that hardships that many of [MF Global's] commodity customers have faced, the individual insureds would suffer significant hardships if the policies were disabled," Glenn wrote in the decision. Reuters (4/11) LinkedInFacebookTwitterEmail this Story
  • U.S. regulators appear to zero in on nonbank systemic firms
    Under the Dodd-Frank Act, regulators must determine which nonbank financial firms warrant increased supervision because they are so big and interconnected that their failure could affect the broader system. In a recently approved regulation, officials suggested that they are close to determining which firms are systemically important: "Based on data currently available to the [Financial Stability Oversight] Council through existing public and regulatory sources, the Council has estimated that fewer than 50 nonbank financial companies meet the Stage 1 thresholds." The Wall Street Journal/Real Time Economics blog (4/10) LinkedInFacebookTwitterEmail this Story
  • SEC sifts through hedge fund data to identify risk
    The Securities and Exchange Commission received disclosure from hundreds of hedge funds and other private money managers detailing their investors, funds, brokers and other information. The SEC is looking through the data in search of risky behavior. "Pick your fraud of the day, and the question is, 'Can we extract information from this data system together with the other databases we have access to and home in on problems before they do damage?' " said Robert Plaze, the SEC's deputy director of investment management. The Wall Street Journal (4/10) LinkedInFacebookTwitterEmail this Story
  • Other News
  New York Focus 
  • Investigation questions Christie's cancellation of tunnel project
    A yearlong Government Accountability Office investigation raises doubts about New Jersey Gov. Chris Christie's claim that he killed a project to build a rail tunnel under the Hudson River because of spiraling cost estimates. The nonpartisan arm of Congress said the cost estimates in 2010 when Christie announced his opposition to the project were no different than those discussed in 2008 before Christie became governor, the GAO said. New Jersey Online (4/10) LinkedInFacebookTwitterEmail this Story
  Career Development 
  • How to convince talented workers to stay put
    Recruiting and retaining highly skilled local workers is the key to expanding into developing markets, says Abdulkarim Julfar, CEO of the Middle East telecom company Etisalat. Companies need to think creatively to keep developing-world professionals happy since many would prefer to be based in Europe or the U.S. "It is a constant challenge to attract those with the necessary skills -- who are often recruited elsewhere -- to stay in the country," Julfar says. Strategy+Business online (free registration) (4/9) LinkedInFacebookTwitterEmail this Story
  People & Personalities 
  • "London whale" stops derivatives trades, but waves continue
    JPMorgan Chase trader Bruno Iksil has stopped making massive credit-derivatives bets that earned him the nickname "London whale," but hedge funds and other investors remain involved in strategies against him. Investors who bet against Iksil suffered large paper losses as he drove down a credit index. The situation made Iksil a target, sources said. "I view the entire market as a chess match playing against this guy," one trader said. The Wall Street Journal (4/10) LinkedInFacebookTwitterEmail this Story
  On The Economy 
  • Big banks need better capital planning, Tarullo says
    While Federal Reserve stress tests results released in March showed a significant improvement in the largest U.S. banks' capital levels since the financial crisis, Fed Governor Daniel Tarullo says most banks still need to improve their capital planning. "[T]here appears to be room for improvement at virtually every firm, and at some firms the amount of work needed is still significant," Tarullo said. "This will remain a major focus of supervisory efforts." Bloomberg Businessweek (4/10), Financial Times (tiered subscription model) (4/10) LinkedInFacebookTwitterEmail this Story
  Financial Products 
  Featured Content 

You're never as good as everyone tells you when you win, and you're never as bad as they say when you lose."
--Lou Holtz,
American football coach, sportscaster, author and speaker

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