From our sister site Advisorone.com comes news of the 10 richest execs on Wall Street, story by Marlene Y. Satter:
According to a study released Thursday by Wealth-X, which collects and analyzes information on high-net-worth (HNW) individuals, the top 10 executives on Wall Street average $210 million each in net worth, and are worth a combined $2.1 billion. more
The Financial Times reported today that AIG is set to complete a restructuring plan that would eventually lead to the government liquidating ownership in the firm.
In typical form this would be more complex, involving the U.S. Treasury increasing its ownership stake to 90% from 80% before unwinding completely. According to the FT the Treasury would convert $49 billion in preferred shares to common shares — that is what would up its total — before selling those common shares over a period of time.
The 31st Burgenstock Meeting has kicked off in the resort village of Interlaken, and the halls this year are full of new faces representing new exchanges – much as they were in the 1990s, when exchanges were proliferating across Europe.
That proliferation eventually gave way to deal-making and consolidation, resulting in Euronext, Eurex, and NASDAQ OMX, with a smattering of outliers.
The proliferation now is in Asia – apropos, since we’ll be featuring Asia in our November edition, which I’m working on now – and comes as the once-separate emerging-markets program integrates more and more into the main body of talks. (more…)
Our sister publication, Treasury & Risk, selected the top 100 people in finance in its June issue. As this list never gets old, we thought they wouldn’t mind us sharing the results. Also in that issue is an interview with Rep. Barney Frank (D-Mass.), which is a decidedly different take on TARP than Futures’ interview with former FDIC Chairman Bill Isaac in the July issue.
The investigation of the May 6 “flash crash” is centering on the concept of stub quotes. This is a relatively new practice that allows designated market makers (specialists) to technically meet their obligation to provide two-sided markets without actually doing it.
We noted on this page earlier that markets makers had appeared to disappear during the extreme move on May 6.
Sherron Watkins is famous for her memo about Enron’s questionable accounting. Her whistleblower status in helping call out the Enron bad boys is part of the legendary fall of the firm. This morning she spoke on a corporate governance panel at InsideCounsel’s Super Conference being held in Chicago. After her panel - in which she ended her remarks stating that if your CEO doesn’t love the company product, workers, business or industry, leave the firm - we sat down to discuss some thoughts on Enron, the markets and why she brings a healthy skepticism to the business. (more…)
On the heels of putting up the new Futuresmag.com Poll Question, which asks who will win the Goldman Sachs/SEC smack down , I received results from a survey done by the Argyle Executive Forum, a firm that holds leadership conferences for senior executives, asking a similar question to their clients. I found Argyle’s survey results, especially with its clientele, a bit surprising. The question was:
Treasury & Risk Management’s April issue focused on what corporate treasurers are doing to hold off regulation of OTC products they use. Click here for story.
Yesterday, we spoke with CFTC and Congress about how new regulation coming out of Washington would affect traders. We also sat down with former CFTC Chair Sharon Brown-Hruska, now a vice president in NERA’s securities and finance practice. Brown-Hruska says that while it’s justified for the CFTC to crack down on illegal forex operations, the agency’s current proposal to limit leverage in OTC forex to 10:1 “overshoots the mark.”
Today I saw the following two headlines: “Bank Sees Economic Link Between Commodity Prices” and “Speculation and Speculators don’t cause oil price swings.”
Oddly enough both stories were citing the same study produced by analysts with JP Morgan.
