Sifma : News on the capital markets, securities and financial industry
12/15/2011 SIFMA- Other News
At least 38 partners have
left Goldman Sachs this year
Bloomberg (12/14)
Crédit Agricole to cut 2,350
jobs as it reports loss
Bloomberg (12/15)
Views differ on "high
frequency trading" definition
Financial Times (tiered subscription model)
(12/14)
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Chamber of Commerce seeks changes as
it scrutinizes SEC
The U.S. Chamber of Commerce released a critique of
the Securities and Exchange Commission that suggests significant
changes to the regulatory agency. For example, the chamber calls
the SEC an "equity-centric" regulator, and says it should focus
more on fixed-income markets, such as the municipal bond market.
The report also suggests that the SEC have seven commissioners
rather than five. The Wall Street Journal(12/14), The Bond Buyer (free content)(12/14)
Authorities look into MF Global's use
of client funds
Authorities investigating the collapse of MF Global
Holdings are looking into whether the brokerage intentionally used
customer money to cover its own margin payments on European
sovereign-debt trades. Bloomberg(12/13)
House Republicans want SEC changes
before budget increase
Republican lawmakers say the Securities and Exchange
Commission needs to change its rule-making processes and operations
before they approve a significantly larger budget for the agency.
Republicans say the SEC will receive an adequate budget for fiscal
2012. InvestmentNews (free registration)(12/14)
SEC's newest member questions quick
action on money-market rules
Daniel Gallagher, the newest member of the Securities
and Exchange Commission, said the agency should not move too
quickly to change rules for money-market funds. "Any rule-making in
this space could be premature and possibly unnecessary," Gallagher
said. "The option of doing nothing ... ought to be given serious
consideration." InvestmentNews (free registration)(12/14),
Reuters(12/14)
Bernanke says Fed is not planning to
help European banks
Federal Reserve Chairman Ben Bernanke said the
central bank does not intend to rescue European banks. However,
Bernanke warned that Europe's troubles could affect the U.S. "To
say that we’re not affected by Europe, I think, would be a
mistake," Sen. Lindsey Graham, R-S.C., said after a meeting with
Bernanke. "But to say that we’re going to somehow use taxpayer
dollars to prop up a European problem is just not right
either." Bloomberg(12/14), MarketWatch(12/14), Politico (Washington, D.C.)(12/14)
Analysis: SEC's failure to take big
banks to trial hurts its own position
The Securities and Exchange Commission's failure to
prosecute big Wall Street banks and their executives for financial
misconduct is encouraging America's financial sector to engage in
even more profitable illicit behavior, writes Jesse Eisinger. "When
it complains, even legitimately, about its budget or how costly and
difficult trials are, the SEC is inadvertently showing its belly to
Wall Street in a sign of submission," he writes. "It's whimpering
that it will shy away from a trial, afraid of draining its
coffers." ProPublica(12/14)