Most Clicked SIFMA SmartBrief Stories
1. Treasury to tap as many as 9 managers for troubled-asset program
SIFMA SmartBrief | Jul 02, 2009
The Treasury could make an announcement as early as today on the investment managers it chose to manage funds to buy banks' troubled assets, sources said. The government is expected to name as many as nine firms, more than initially expected, although the size of the program appears to be shrinking. Wall Street Journal, The (07/02)
2. Securities firms go back to basics for positive quarter
SIFMA SmartBrief | Jun 30, 2009
Wall Street securities firms returned to the basics to post their most profitable quarter since the beginning of the credit crisis. JPMorgan Chase, Morgan Stanley, Goldman Sachs, Bank of America and other companies are leaning on strong trading and underwriting performances rather than risk and leverage. "The banks are making money the old-fashioned way, by making markets," said Douglas Sipkin, an analyst at Pali Capital. Wall Street Journal, The (06/30)
3. DTCC gears up for battle brewing over clearing
SIFMA SmartBrief | Jul 01, 2009
The Depository Trust & Clearing Corp., which settled $1.88 quadrillion in transactions last year, is a major player in the area of clearing and settling trades. The Obama administration's plan for overhauling regulation of the financial system has raised uncertainties about clearing. The stage is being set for debate between clearers, exchanges, lawmakers, investors and others about where control of trading and settlement flows should lie. Financial Times (tiered subscription model) (06/30)
4. Proposal gives consumer-protection agency broad powers
SIFMA SmartBrief | Jul 01, 2009
The Treasury unveiled draft legislation that would create the Consumer Financial Protection Agency, which would have broad powers to write and enforce rules related to a range of financial products, including mortgages and credit cards. "This agency will have only one mission: to protect consumers," said Treasury Secretary Timothy Geithner. The financial-services industry is expected to oppose the measure as stifling to innovation. Wall Street Journal, The (07/01) Washington Post, The (07/01) New York Times, The (06/30)
5. Treasury offers insight into TARP warrant repurchases
SIFMA SmartBrief | Jun 29, 2009
Several large banks have started repaying funds they received through the government's Troubled Asset Relief Program, prompting the Treasury to explain its process for negotiating the banks' warrant repurchases. The Treasury said it established "a robust set of procedures" aimed at protecting taxpayers. Banks interested in repurchasing the warrants need to submit a fair-market value determination within 15 days of repaying TARP funds. Wall Street Journal, The (06/26) Reuters (06/26)
6. Financial industry's objections to regulatory overhaul increase
SIFMA SmartBrief | Jun 29, 2009
In general, the financial industry supports making changes to the regulatory framework because the economic crisis has taken its toll. But now that the Obama administration has unveiled details about the changes, specific objections are increasing. BusinessWeek (06/26)
7. Goldman "well positioned to capitalize" on new world
SIFMA SmartBrief | Jul 02, 2009
Goldman Sachs appears to be in an odd yet enviable position. The firm, of which shares have nearly doubled since March, will collect its biggest profit if the economic recovery drags on and federal rescue programs stumble. Because many economists forecast those scenarios, Goldman is "well positioned to capitalize on this new world," said David J. Winters, manager of the Wintergreen fund. BusinessWeek (06/25)
8. Public-Private Investment Program loses momentum
SIFMA SmartBrief | Jun 29, 2009
Markets welcomed the government's plan to rid banks of their troubled assets when it was announced in March. The Public-Private Investment Program has since lost momentum as participants become increasingly concerned that the government might change the rules. Also, large banks fear they would have to sell assets at fire-sale prices. An analysis of PPIP shows the challenges present in trying to rid banks of their bad debt. Wall Street Journal, The (06/29)
9. Treasury to offer details about PPIP, participants
SIFMA SmartBrief | Jun 30, 2009
The Public-Private Investment Program is expected to include as many as nine participants, including Wilbur Ross' distressed real estate and debt fund and an Angelo Gordon-GE Capital joint venture. Pimco and BlackRock also are expected to participate in the government program, which has been in the works for months. CNBC (06/30)
10. Analysis: Rule changes for money-market funds not drastic enough
SIFMA SmartBrief | Jun 29, 2009
After the Reserve Primary Fund become the first money fund in years to "break the buck," the government stepped in to guarantee the industry's assets. The Securities and Exchange Commission proposed changes to rules for the industry, but they do not go far enough, according to this Economist commentary. Economist, The (06/25)
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Companies in the news
- Advent International
- Aozora Bank Ltd.
- Bank of Japan
- CME Group
- Goldman Sachs Group Inc.
- Legg Mason Inc
- Lloyds Banking Group PLC
- NYSE Euronext
- Northern Rock
- PwC
- Robert W. Baird & Co.
- Shenzhen Development Bank
- Shinsei Bank Ltd.
- T. Rowe Price
- UBS AG