Most Clicked SIFMA SmartBrief Stories
1. BofA executives threatened to abandon Merrill takeover
SIFMA SmartBrief | Nov 17, 2009
The government increased its aid package by $20 billion in order to complete the merger between Bank of America and Merrill Lynch. Executives at BofA had wanted to walk away from the deal, but the bank's lawyers said it would be difficult to withdraw from the takeover. House lawmakers are poised today to question Brian Moynihan and other BofA executives over communications between the bank and its outside counsel. Wall Street Journal, The (11/17)
2. As Wall Street bounces back, hiring begins
SIFMA SmartBrief | Nov 18, 2009
New York City's securities industry lost roughly 32,000 jobs between January 2008 and August 2009. But the tide has turned, and Wall Street added 3,600 jobs in September, according to a New York State Comptroller report. "Wall Street is recovering more quickly than first anticipated," Comptroller Thomas DiNapoli said. "Job losses probably will not be as severe as we first projected." Wall Street Journal, The (11/18)
3. Wall Street execs say recruitment is difficult
SIFMA SmartBrief | Nov 20, 2009
Although Wall Street firms have lots of people to choose from as they begin to hire again, executives said top talent remains difficult to find. The situation is predicted to change after employees receive their bonuses. CNBC (11/19)
4. House panel approves audits of Fed, postpones vote on systemic risk
SIFMA SmartBrief | Nov 20, 2009
The House Financial Services Committee approved a measure that would expand the Government Accountability Office's audits of the Federal Reserve to cover interest rate decisions and information on loans made to individual banks. However, the panel postponed a vote on a sweeping systemic-risk bill because of concerns from the Congressional Black Caucus. Wall Street Journal, The (11/20) Wall Street Journal, The (11/20) Reuters (11/19)
5. Developers Diversified's CMBS issue reopens market
SIFMA SmartBrief | Nov 17, 2009
Demand was strong for Developers Diversified Realty's commercial-mortgage bonds, the first such deal made via the Federal Reserve's Term Asset-Backed Securities Loan Facility. "The DDR transaction represents a partial crossing of a very long bridge leading toward a healthier commercial real estate market," said Joseph Baksic, a senior analyst at Moody's Investors Service. Analysts and investors warned that problems remain with many mortgages. Reuters (11/16) Financial Times (tiered subscription model) (11/16)
6. House vote on financial reform pushed to December
SIFMA SmartBrief | Nov 18, 2009
House Financial Services Committee Chairman Barney Frank, D-Mass., said the full House will not vote on financial-overhaul legislation until the second week of December at the earliest. Frank originally wanted the House to vote on the bill when it reconvenes after the Thanksgiving recess. The legislation is expected to focus on regulating systemic risk, winding down failing financial firms and creating a federal insurance office. Hill, The (11/17)
7. Geithner faces pressure from lawmakers
SIFMA SmartBrief | Nov 20, 2009
Treasury Secretary Timothy Geithner faced calls for his resignation at a meeting of the Joint Economic Committee. The demands came as lawmakers from both parties expressed frustration at continuing bad news about unemployment and the economy. Washington Post, The (11/20) Bloomberg (11/20) CNBC (11/19)
8. Lehman sues Barclays to get back asset "windfall"
SIFMA SmartBrief | Nov 17, 2009
The estate of Lehman Brothers and a trustee for the bank's brokerage filed a lawsuit against Barclays in an attempt to claw back as much as $10 billion. The U.S. bank claims the U.K. bank received billions of dollars in assets after the collapse of Lehman. "The sale transaction was secretly structured from the outset to give Barclays an immediate and enormous windfall profit," lawyers for Lehman said. Financial Times (tiered subscription model) (11/17) Bloomberg (11/17)
9. JPMorgan in negotiations to take over Cazenove, source says
SIFMA SmartBrief | Nov 16, 2009
Bloomberg (11/16)
10. Analysis: Support for transaction tax is low
SIFMA SmartBrief | Nov 19, 2009
Lawmakers are considering a House proposal that would impose a tax on stock trades and over-the-counter derivatives transactions. Key lawmakers, however, are not lending their support to such a tax, and many market participants are opposed. "Imposing a tax on financial transactions is the wrong idea at the wrong time," said Ken Bentsen, executive vice president of public policy and advocacy at SIFMA. "It would directly and detrimentally affect millions of Americans by imposing a tax on their savings such as mutual funds, just as they are seeing their investment assets regain value." Read SIFMA's news release. Bond Buyer (free content), The (11/19) Bloomberg (11/19) Reuters (11/19)
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Companies in the news
- Alliance & Leicester plc
- Benchmark Capital
- Blackstone Group LP
- China Minsheng Bank
- Citic Pacific Ltd.
- Fortress Investment Group
- GIMV
- Goldman Sachs Group Inc.
- ICICI Bank
- Intuit Inc
- Lloyds Banking Group PLC
- Mitsubishi UFJ Financial Group
- Morgan Stanley
- Permira
- Royal Bank of Scotland