| News on the capital markets, securities and financial industry |  |
- Paulson outlines plan for subprime fix
U.S. Treasury Secretary Henry Paulson announced Monday that his department would help in the development of borrower categories eligible for mortgage modifications and refinancings. He did not announce a freeze as expected. Paulson said all parties would seek to streamline refinance and modification standards in the best interest of borrowers and mortgage investors. To achieve this goal, the Treasury Department will work with the American Securitization Forum, an affiliate of SIFMA, and the HOPE NOW alliance. Los Angeles Times
(12/3), CNNMoney.com/Thomson Financial
(12/3)       
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Paulson puts onus on Congress to stem home foreclosures: Treasury Secretary Henry Paulson asked Congress to support the Bush administration's proposal to refinance subprime mortgages through the use of tax-exempt bonds. Paulson also urged lawmakers to pass housing legislation that has stalled. "The administration and the private sector are taking action," he said. "Congress now needs to also act." The Wall Street Journal (free content)
(12/4), The Washington Post
(12/4)
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- Florida unlikely to unfreeze battered municipal fund
Florida officials are unlikely to reopen a fund that saw withdrawals of almost half its assets by schools and municipalities when they meet to discuss the issue today. "If we reopen the window without limitations on Tuesday, and we see behavior like we've seen up to now, there's simply no way to meet that demand without having a fire sale on assets," said James Francis, senior policy officer for the State Board of Administration, manager of the Local Government Investment Pool.  ClipSyndicate
(12/4), Bloomberg
(12/3), The Wall Street Journal (tiered subscription model)
(12/4)
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Florida's pension fund owns $1 billion of "suspect" debt: The $138 billion Florida Retirement System owns more than $1 billion of the same debt that officials have frozen withdrawals on after it was downgraded. "These were highly inappropriate investments for taxpayers' money," said Joseph Mason, a finance professor at Drexel University. "This is the tip of the iceberg for pension funds. We know the paper is sitting there. There are substantial subprime-related losses that haven't shown up yet." Bloomberg
(12/4)
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| Industry News |  | |
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- NYSE Euronext CFO Chai moves to Merrill Lynch
Less than a month after recruiting NYSE Chief Executive Officer John Thain, Merrill Lynch & Co. has tapped NYSE Euronext Chief Financial Officer Nelson Chai as its chief financial officer. The move is the latest in a series of management changes after the subprime-mortgage mess. NYTimes.com/Reuters
(12/3)
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NYSE Euronext names acting CFO: With current NYSE Euronext Chief Financial Officer Nelson Chai heading to Merrill Lynch, the exchange has named Joost van der Does de Willebois acting chief financial officer. He is now the deputy chief financial officer and is in charge of the exchange's Amsterdam market. Forbes/AFX News Limited/Thomson Financial
(12/3)
- U.S. share of global stock falls to 35% in September
Fast-growing, overseas exchanges have pushed the U.S. share of global stock market capitalization to a 17-year low. U.S. exchanges held 35% of worldwide equities in September, down from 52% in 2001. "On a scale of one to 10, with 10 where we need to be, I think we're at two right now," said Hal Scott, a professor at Harvard Law School. Bloomberg
(12/4)
- Battle over hedge fund manager's estate shows fast living
The "unfolding drama" over the estate of hedge fund manager Seth Tobias is giving a glimpse into the fast living of some of the industry's highly compensated managers. Tobias, 44, died of a heart attack in September. In civil suits over the $25 million estate, the manager's four brothers have gone as far as accuse his wife of murder. NYTimes.com
(12/4)
| Regulatory Roundup | | |
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- Two Fed presidents see tough times for growth
Two Federal Reserve presidents predicted meager fourth-quarter growth and ongoing housing problems. The comments by Janet L. Yellen, president of the Federal Reserve Bank of San Francisco, and Boston Fed President Eric S. Rosengren hinted at a rate cut when the central bank meets next week, but still prompted uncertainty in stock markets. "I think what we've got is a market that's trying to sort out whether we're seeing a big shift in the economic and investment fundamentals here or whether we're just going to continue to slog along," said Lincoln Anderson, investment chief at LPL Financial Services. Los Angeles Times
(12/4), Bloomberg
(12/3)
- FINRA's drive to educate investors raises sensitive issues
Registered representatives question whether the Financial Industry Regulatory Authority is snubbing brokerages with its endeavor to educate consumers about retirement. Some also say FINRA's information about mutual funds contains some bias despite claims otherwise. InvestmentNews (free registration)
(12/3)
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| Legislative Update | | |
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- Michigan repeals controversial 6% service tax
The Michigan Legislature repealed a controversial 6% tax on investment advice in a late-night session over the weekend, according to published reports. The tax had been introduced in October and was expected to raise $750 million annually in additional revenue. InvestmentNews (free registration)
(12/3)
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