In an increasingly frantic effort to derail new protections for retirement savers, SIFMA, the self-described "voice of the U.S. securities industry," has purchased yet another study that purports to show why a pending Department of Labor (DOL) proposal to require all financial advisors to put their customers first is unnecessary and inappropriate.
On March 12 Securities and Exchange Commission Chair Mary Jo White publicly returned fire for the first time on the charge from outsiders and two of her fellow commissioners that her agency is soft on Wall Street. Cut through her rhetoric, however, and what she seems to be implying is: "The SEC trusts Wall Street."
The reasons for private equity's newfound interest in marketing to retail investors are not hard to find. Public sector workers and their pension funds are under attack and unlikely to be an expanding source of capital for the private equity industry going forward.
If a contest for the most Orwellian bill title were held, Rep. Ann Wagner's newly reintroduced "Retail Investor Protection Act" would be a serious contender. Despite its title, this legislation has nothing to do with protecting retail investors.
In addition to shedding crocodile tears over the potential harm to middle-income savers if brokers have to start acting in their customers' best interests, financial services firms and their lobbyists have increasingly voiced their outrage that the Department of Labor believes it has a role to play in regulating retirement advice.
Ever wonder what the fuss about a fiduciary standard is all about? Last week's Reuters article revealing how the Puerto Rico arm of UBS drove reluctant brokers to sell high-risk bond funds to their customers offers a perfect illustration.
Former Texas Republican Governor Rick Perry has joined the board of directors at Energy Transfer Partners, a natural gas and propane company headquartered in Dallas, Texas that has proposed to build a controversial Bakken crude oil pipeline across Iowa.
Though the LatAm capital markets are fighting to ward off further downward movement due to stumbling oil prices and weakening currencies, one long-term strategy that will continue to bring more liquidity to these markets is better corporate governance practices.
With nowadays technology which keeps simplifying revenue management while making crowdfunding platforms as commodities, I believe royalty based crowdfunding is set to be one of the most popular models in the next two-three years.
Until the adoption of SEC rules to implement the crowdfunding exemption, operators of crowdfunding platforms should tread with extreme caution to ensure compliance with U.S. securities laws. Eureeca discovered this the hard way.
Delaware courts often set standards for what corporations are permitted to do. In May, the Delaware Supreme Court ruled that a corporation's board of directors can unilaterally amend the company's bylaws to include a "loser pays" provision that shifts all litigation expenses to a plaintiff who sues the company for intra-corporate wrongdoing.
"Every one of my books had killed me a little more," - this profound and highly personal quote by American author Norman Mailer has become one of my f...
Remarkably, Goldman Sachs, one of the richest, most powerful, politically connected (aka Government Sachs) too-big-to-fail Wall Street banks, has demonstrated a Teflon-like ability to bounce back from egregious misdeeds, if not outright illegal conduct, and horrible publicity.
The indications we've been given -- although no one is willing to state definitively what the final rule is likely to include -- suggest that we shouldn't get our hopes up that our chief concerns will be comprehensively or even meaningfully addressed. We hope we are reading those indications wrong.
The real value of the book is that its detailed description of this particular scam provides a universal blueprint of the way all such scams work on Wall Street, throughout the financial industry.
As the revolving door spins faster than ever between jobs in government and corporate America, information and who you know are the currency that gets you through the tollgate, information that paying clients then use for ever greater profits and a competitive edge.