Friday, September 26, 2008

SEC Ends Voluntary Regulation Program

SEC Ends Voluntary Regulation Program for Inv Bks
After Bailout Deal, the Focus Will Shift to Regulation

Housing collapse often cited as having caused the crisis, but for AIG which first waded into derivatives it sold interest rate swaps and this was the beginning of its end. Then, JPM Derivatives specialists proposed that AIG should try writing insurance on packages Collateralized Debt Obligations aka CDOs."

Director Operations - Risk and Control needed for a large Broker-Dealer.

Wednesday, September 24, 2008

Rescue Plan Stirs Calls for Deeper Regulation

"regulatory hole that must be immediately addressed" WSJ article says, the spate of bailouts and takeovers is pushing Washington into unfamiliar turf.

Monday, September 22, 2008

Wall St. Era Ends; Death of I-Banks

The Death of the Investment Bank
Scraping Wall Street Model - WSJ
Wall St. Era Ends Fed, GS, MS press releases
Both banks may have to shed some assets to come into compliance with the rules that govern bank holding companies. For instance, they may have to sell commodity production facilities like power plants that they have owned in the past. But they will have up to five years to dispose of the assets and may be able to keep them in private equity subsidiaries.

How?Why? Merrill Was Saved and Lehman Lost

Friday, September 19, 2008

SEC Halts Shorting Financials and is Bashed

'Mind Blowing Stupidity' Update: Whither the Uptick Rule? Journalist Gary Weiss usually gets the right perspective as he probes the underside of the Street. "What makes the SEC action mind-blowingly stupid is that this: if there was abusive shorting of the financials--and there's no evidence of any, not that it matters--it was because the SEC allowed it, by revoking the uptick rule." More at The idiocy of the US Fed, the SEC and the rest of them
9/23 NYPost: HFs considering legal challenge.

In concert with U.K. FSA SEC took temporary action to prohibit shorting to 'protect the integrity and quality of the market and strengthen investor confidence.' Applies to 799 financials effective immediately. SEC bashed over short-selling ban Managed Funds Association seeking exemptions and a rewrite of the shorting ban. Hasn't ruled out legal action.

Thursday, September 18, 2008

Asia Rethinks / Fed: Investor of Last Resort / Morgan Stanley Weighs Deal

Tremors leading many to question the wisdom of investing in the US to
the tune of trillions of dollars: Asian investors were starting to show
hesitation even before last week. Now...

Even Morgan Stanley and Goldman, the two left standing no
longer immune. MS considering possibility of merger with Wachovia
or another. Links to CNBC and the rest

New Role for the Fed: Investor of Last Resort
Federal Reserve is being stretched to its limits, both in the range of
problems it is being asked to fix and in its financial firepower. The
central bank has also transformed itself almost overnight into the Fed
Inc. by essentially taking over AIG

Saturday, September 6, 2008

Job Security: Bulge Bracket, Largest Hedgies, Insurance and PE players

Mack Retools Morgan Stanley CEO in an office near research analysts is a sign of the many places the Street is looking to make money with times so tough.

Long-Term Capital shocked and could've been replete with lessons, but these were ignored. NYT Essay for more

Lehman: Blackstone & KKR Looking To Buy Assets If needed you should just keep a list of who isn't buying Lehman Click here for All LEH News All The Time KKR IPO:What Does Henry Kravis Want?

AIG's Greenberg Faces Fine Maurice R. "Hank" could be fined at least $100 million.

Tracing the Misfortunes of Citadel’s Russell Do you have job security? Citadel Investment Group executive, who helped lead the $2.55 billion investment in E*Trade, has given notice at the firm. The 37 % drop in E*Trade shares since November may be a factor: E*Trade play is one of many attempts at what Wall Street calls “catching a falling knife,” or the act of investing in a troubled company in the hopes that its bad luck has stopped. Many foreign and PE firms that have invested in US financials ranging from Citi to WAMU, for example, have been wounded.

Friday, September 5, 2008

Regulators lock horns w/ MFs re: Credit Ratings

SEC plan is to scrap requirements that money market funds hold investment-grade securities.

Tuesday, September 2, 2008


Information Memos 8-40 and 41 are about NYSE approval of cell phones on the floor for off-floor communications.

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