the finance industry / wall street

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the crowdsourcing of linkbait

iatee, Monday, 6 May 2013 15:00 (ten years ago) link

http://blogs.forbes.com/help/how-do-i-become-a-contributor/

ilx should start a forbes blog

iatee, Monday, 6 May 2013 15:01 (ten years ago) link

Assuming 4.5% inflation, a 20-year-old starting to save for retirement today will need a $9.97 million portfolio value at age 65 to have a lifestyle of $60,000 in today’s dollars.

We haven't had inflation of 4.5% or close to it since the early 1990s.

huun huurt 2 (Hurting 2), Monday, 6 May 2013 15:01 (ten years ago) link

the bigger point though is that Obama's proposal is not a cap on how much you can save for retirement, which is what the article makes it sound like

huun huurt 2 (Hurting 2), Monday, 6 May 2013 15:02 (ten years ago) link

this is like finding fault w/ a comment for a yahoo news article

iatee, Monday, 6 May 2013 15:02 (ten years ago) link

Is it really? The guy has written dozens of pieces for Forbes and has his own wealth management firm

huun huurt 2 (Hurting 2), Monday, 6 May 2013 15:06 (ten years ago) link

yes...in charlottesville virginia

iatee, Monday, 6 May 2013 15:06 (ten years ago) link

with 66 twitter followers
https://twitter.com/MarottaOnMoney

iatee, Monday, 6 May 2013 15:06 (ten years ago) link

What I also don't get about the cap proposal -- traditional IRAs already have a tax-free contribution limit per year, so what would the cap change?

huun huurt 2 (Hurting 2), Monday, 6 May 2013 15:06 (ten years ago) link

again he has not written '66 pieces for forbes', forbes allows basically anyone to start a forbes blog

iatee, Monday, 6 May 2013 15:07 (ten years ago) link

the seeking alpha of money magazines

huun huurt 2 (Hurting 2), Monday, 6 May 2013 15:09 (ten years ago) link

Don't care about a Forbes blog, or the W, Post editorial re a Forbes blog, here's the USA Today(!):

The president's proposed budget would cap IRAs and other retirement plans at $3 million, but it could fall below that in future years.

It's not easy to get more than $3 million in a retirement account, which includes IRAs, 401(k) and 403(b) plans. Currently, the cap would affect just 0.03% of retirement accounts, says the Employee Benefit Research Institute.

But despite the above:

Capping IRA could deter savings without helping reduce the deficit, Ronald O'Hanley, president of Asset Management and Corporate Services at Fidelity Investments, argued at a speech to the U.S. Chamber of Commerce Wednesday. Most retirement programs are tax deferrals, not tax breaks, he argues: Savers pay taxes when they withdraw. "Not only will such a proposal further challenge retirement savings, it will not generate additional revenue," he says.

http://www.usatoday.com/story/money/personalfinance/2013/04/10/presidents-budget-plan-iras-cap/2071529/

Sure buddy.

curmudgeon, Monday, 6 May 2013 15:30 (ten years ago) link

New rules to regulate derivatives, adopted last week by the Commodity Futures Trading Commission, are a victory for Wall Street

That's from the New York Times

http://truth-out.org/video/item/16500-banks-win-big-as-regulators-refuse-to-rein-in-700-trillion-derivatives-market

A discussion of it from elsewhere

curmudgeon, Wednesday, 22 May 2013 15:06 (ten years ago) link

Upthread there are comments from Hurting 2 and others about how you can't charge Wall Street folks for actions that are not crimes.

This won't help:

May 24 New York Times

DEALBOOK
Banks' Lobbyists Help in Drafting Financial Bills
By ERIC LIPTON and BEN PROTESS
In a sign of Wall Street's resurgent influence in Washington, bank lobbyists are aiding lawmakers in drafting legislation that softens financial regulations

curmudgeon, Friday, 24 May 2013 14:02 (ten years ago) link

'lobbyists help draft bills' is not a news story

iatee, Friday, 24 May 2013 14:06 (ten years ago) link

It's news to the extent that the details go counter to the Obama and Democratic party PR meme re enforcement of Dodd-Frank (yep I know its only been pr and never really true). I was gonna add that myself, but it's worth mentioning how its still going on, business as usual, although that's no surprise either.

curmudgeon, Friday, 24 May 2013 14:16 (ten years ago) link

http://dealbook.nytimes.com/2013/05/23/banks-lobbyists-help-in-drafting-financial-bills/

One bill that sailed through the House Financial Services Committee this month — over the objections of the Treasury Department — was essentially Citigroup’s, according to e-mails reviewed by The New York Times. The bill would exempt broad swathes of trades from new regulation.

iatee, Friday, 24 May 2013 14:19 (ten years ago) link

do you know what that means

iatee, Friday, 24 May 2013 14:19 (ten years ago) link

it means absolutely nothing because the bill will not be passed

iatee, Friday, 24 May 2013 14:19 (ten years ago) link

Representative Maxine Waters, the ranking Democrat on the Financial Services Committee, was among the few Democrats opposing the change, echoing the concerns of consumer groups.

curmudgeon, Friday, 24 May 2013 14:28 (ten years ago) link

A watered-down compromise version that will satisfy Wall Street may pass though

curmudgeon, Friday, 24 May 2013 14:29 (ten years ago) link

Grassley said in a statement late Wednesday he had not heard from the White House about Comey's nomination but said Comey possessed a lot of important experience on national security issues.

"But, if he's nominated, he would have to answer questions about his recent work in the hedge fund industry," Grassley said. "The administration's efforts to criminally prosecute Wall Street for its part in the economic downturn have been abysmal, and his agency would have to help build the case against some of his colleagues."

Senator Grassley, man of the people

curmudgeon, Thursday, 30 May 2013 13:47 (ten years ago) link

http://www.washingtonpost.com/blogs/wonkblog/wp/2013/05/31/join-wall-street-save-the-world/?hpid=z1

Hedge fund types who give large chunks of their salary to fighting malaria and other charities

curmudgeon, Friday, 31 May 2013 19:06 (ten years ago) link

http://www.washingtonmonthly.com/political-animal-a/2013_06/dim_prospects_for_brownvitter045192.php

Bipartisan tougher regulation for big banks not likely to go anywhere

curmudgeon, Monday, 10 June 2013 18:33 (ten years ago) link

http://www.washingtonpost.com/opinions/alexis-goldstein-the-intimidate-the-ctfc-act/2013/06/12/18451f48-d374-11e2-a73e-826d299ff459_story.html?hpid=z2

So derivatives experts, is this Occupy guy's guest editorial regarding a derivatives bill wrong?

curmudgeon, Wednesday, 12 June 2013 18:14 (ten years ago) link

Occupy person

curmudgeon, Wednesday, 12 June 2013 18:15 (ten years ago) link

that basically makes sense. iirc lots of components of bank operations are in london instead of e.g. ny because of different regulations. including, especially, the ability to take something you've gotten as a swap from someone else, and in turn engage in a swap with it, etc. so that big pools of capital can be generated from just swapping the same things back and forth.

stefon taylor swiftboat (s.clover), Thursday, 13 June 2013 12:01 (ten years ago) link

We're doomed

curmudgeon, Thursday, 13 June 2013 14:46 (ten years ago) link

here's the paper i was thinking of on this stuff. singh has done lots of follow-on research too. gotta love the term 'rehypothication'!

http://www.imf.org/external/pubs/cat/longres.cfm?sk=24075.0

stefon taylor swiftboat (s.clover), Thursday, 13 June 2013 19:42 (ten years ago) link

http://www.motherjones.com/mojo/2013/06/swap-jurisdiction-certainty-act-house-cross-border

More on House efforts to weaken financial oversight

curmudgeon, Friday, 14 June 2013 14:38 (ten years ago) link

man wall street today is just like "STIMULUS NOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOO!!!!!!!!!"

i don't even have an internet (Hurting 2), Thursday, 20 June 2013 19:21 (ten years ago) link

Hedge fund types who give large chunks of their salary to fighting malaria and other charities

one of my cousins is a hedge fund manager of a rather influential euro fund.

so much so, that the bonus he received a few years back was worthy of press attention ..

so, a few inquiries within the family boundaries revealed that he hated the crap he was involved in and that he wanted to pack it all in and do good with his ill gotten gained fortune.

well, 5 years later.

he's still f*cking us all over and picking up his bonuses ..

mark e, Thursday, 20 June 2013 19:27 (ten years ago) link

the only people who walk away from hedge fund bonuses is no one

now is not the time for motorboating (dandydonweiner), Thursday, 20 June 2013 19:31 (ten years ago) link

imo hedge fund managers "fuck us all over" less than big banks.

i don't even have an internet (Hurting 2), Thursday, 20 June 2013 19:33 (ten years ago) link

the ones I know aren't intent on fucking anyone over, unless you count the way that they validate their management fees.

The ones I know usually say things like, "Yes, the compensation in our industry is borderline embarrassing. Everyone is overpaid."

Aww shucks.

now is not the time for motorboating (dandydonweiner), Thursday, 20 June 2013 19:35 (ten years ago) link

if anything, they fuck over their own rich clients

i don't even have an internet (Hurting 2), Thursday, 20 June 2013 19:37 (ten years ago) link

the guys I know would probably agree, but only in the context of "we make them shitloads of money and they fully agree to our terms"

now is not the time for motorboating (dandydonweiner), Thursday, 20 June 2013 19:43 (ten years ago) link

or, as like to call that, blame it on the client for being stupid

now is not the time for motorboating (dandydonweiner), Thursday, 20 June 2013 19:44 (ten years ago) link

thing is my cousin is genuinely a good man.
he has a big heart and is not the oliver stone cliche.
and given my insight, he clearly is at war with his inner world.
but he has a certain financial demand now (wife, staff, kids, private schools etc in that order), and so has to maintain a certain level of lifestyle.
so, while his world may look special from the outside, give me the stress free lifestyle that i have built up instead anyday.
despite the stupid bonus, poor f*cker has it tuff.
seriously.
i like being 'normal'

mark e, Thursday, 20 June 2013 19:45 (ten years ago) link

all the demands you speak of were choices. if he has it tough, it was not imposed on him and his staying with his previous choices is still largely elective. (not the kids, tho)

Aimless, Thursday, 20 June 2013 19:59 (ten years ago) link

@aimless : totally ..

for all the blood connection i have to him, i have little sympathy for the path he has chosen ..

mark e, Thursday, 20 June 2013 20:53 (ten years ago) link

sometimes a person builds his own prison and then loses the key -- not the most sympathetic case when the prison has jacuzzi hot tubs and 5,000 square foot loft-style cells, but still, a person can get himself on a path and have trouble getting off

i don't even have an internet (Hurting 2), Thursday, 20 June 2013 21:17 (ten years ago) link

two weeks pass...

NY Dems and others tring to weaken the law again

Recently, Mr. Schumer, Ms. Gillibrand and four other Democratic senators wrote to the Treasury secretary, Jacob Lew, seeking his help in shelving crucial “cross-border” guidelines on derivatives from the Commodity Futures Trading Commission. The guidance makes it clear that numerous new derivatives rules under the Dodd-Frank law apply to foreign affiliates of American banks and to foreign banks operating in the United States.

Without strong cross-border rules, derivatives regulation will be meaningless because big American banks that dominate the global market in derivatives will simply engage in risky trades and rank speculation abroad. When those risks and wagers go wrong, American institutions and American taxpayers will be on the hook — again.
...
Mr. Schumer, Ms. Gillibrand and their four colleagues are not only going against lawmakers in their own party, most of whom have resisted attempts to delay the cross-border rules. They are also going against the cause of reform, lobbying for delays that would derail the law.

curmudgeon, Friday, 5 July 2013 14:44 (ten years ago) link

trying.

curmudgeon, Friday, 5 July 2013 14:45 (ten years ago) link

constituent service is not dead

Aimless, Friday, 5 July 2013 17:51 (ten years ago) link

Exactly; and some constituents get better service than others.

curmudgeon, Friday, 5 July 2013 18:32 (ten years ago) link

Oh, those quotes above are from a NY Times piece btw

curmudgeon, Friday, 5 July 2013 18:33 (ten years ago) link

http://www.washingtonpost.com/politics/dodd-frank-executive-pay-rule-still-in-limbo-amid-pushback-from-corporate-america/2013/07/06/94a8c9e0-d793-11e2-a9f2-42ee3912ae0e_singlePage.html

The provision required companies to disclose how much more their chief executives made than other employees. All the agency had to do was write a rule telling firms how to comply.

The provision required companies to disclose how much more their chief executives made than other employees. All the agency had to do was write a rule telling firms how to comply.

curmudgeon, Monday, 8 July 2013 15:23 (ten years ago) link

that would be a massively meaningless and ineffectual rule anyway

i don't even have an internet (Hurting 2), Monday, 8 July 2013 16:28 (ten years ago) link


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