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Obama taps Chicagoans to help tackle financial literacy
Crain's Chicago Business
President Barack Obama has pulled in three Chicago financial entrepreneurs for his Council on Financial Capability for Young Americans. The organization was formed last year with the goal of promoting financial literacy among youth.
Among the 15 nominees to the council are John Rogers Jr., the CEO of Chicago-based Ariel Investments who is a longtime friend and financial supporter of the president's. He previously chaired the president's Advisory Council on Financial Capability from 2010 to 2013. Mr. Rogers served as a co-chair for the Obama-Biden Presidential Inaugural Committee in 2009.
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Mesirow Financial is in good hands
CFA Chicago
Diane Swonk, Chief Economist at Mesirow Financial, is one of the most respected economists in the world and among the most quoted in the financial press. In addition, as advisor to the Federal Reserve Board and regional Reserve Banks, she is a Fed insider who can offer valuable insights on FOMC decisions, as well as economic trends. Join CFA on March 26 at 12 p.m. at The Chicago Club for the Distinguished Speaker Series featuring Diane Swonk.
Does your LinkedIn profile reflect your success?
CFA Chicago
Meet with representatives from Chicago's top investment firms at one of our most popular career development events of the year. Representatives from Kaplan Schweser will also be present to provide candidates with information on their CFA review courses and services. Join CFA Chicago on March 21 at 11 a.m. at The Standard Club for endless networking opportunities, speed resume critiques, speed LinkedIn profile critiques and for more information on the CFA Chicago eMentor program.
Pearls of wisdom from David Rosenberg
CFA Chicago
Join CFA Chicago on Tuesday, April 29 from 12 - 1 p.m. for the Distinguished Speaker Series featuring David Rosenberg, Chief Economist and Strategist for Gluskin Sheff and Associates. Fees for members are $45 dollars, the student-members fee is $10, and non-members are welcome to join for $55. This series also qualifies for credit under the guidelines for the CFA Institute Professional Development Program.
Exploring cross-sectional effects of inflation
CFA Institute's Enterprising Investor
The U.S. generally accepted accounting principles (GAAP) do not require adjustments for inflation, so financial statements are reported in nominal terms. This struck Yaniv Konchitchki as problematic. In his article “Accounting and the Macroeconomy: The Case of Aggregate Price-Level Effects on Individual Stocks,” published in the November/December 2013 issue of the Financial Analysts Journal, Konchitchki examines stock-valuation effects of aggregate price-level changes on individual companies. He shares his thoughts about his work in the latest installment of our FAJ.
A record profit for Berkshire
DealBook
Berkshire Hathaway, run by Warren E. Buffett, recently released its annual report, disclosing a record profit in 2013 of $19.5 billion, a 32 percent increase from $14.8 billion in 2012. Berkshire’s book value per share — the measure Mr. Buffett uses to assess the company’s performance — rose 18.2 percent in 2013, much less than the 32.4 percent rise in the Standard & Poor’s 500-stock index. But even as Berkshire posts handsome results, it remains to be seen whether it can continue to make large acquisitions that will help it sustain its reputation as the nation’s savviest investor, Peter Eavis and Rachel Abrams write.
Chicago has problems, but it's no Detroit, S&P says
The Wall Street Journal
The Windy City has problems, but they’re far from those of Motown. That’s the gist of a recent report out from Standard & Poor’s concluding the finances of Chicago and Detroit have “more differences than similarities.”
After Detroit filed for bankruptcy last year, the fiscal woes of Chicago drew more attention, particularly since its pension system is one of the most underfunded among U.S. cities and a big jump in payments looms. One local TV station posed the question: Is Chicago on the same financial path as Detroit?
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Is there value in financial advisers who get it wrong?
Chicago Tribune
This could be the moment when you discover that the emperor has been without clothes.
Certainly, that was the image of the Federal Reserve as transcripts of its meetings in the early days of the 2008 financial crisis were released recently and unveiled the naked truth: Despite the popular belief that the Fed governors can see all when it comes to the economy, those transcripts showed that even economists of the world's most powerful economy didn't have a clue.
S&P's rise underpinned by borrowed money
CNBC
U.S. stocks are being propelled to fresh highs by investors borrowing a record amount of money in a high stakes gamble that is raising concerns over the potential for a sharp correction in the five-year bull run. Peaks in the use of borrowed money have in the past been a precursor to big bear markets and viewed as a warning sign. Though margin debt has been hitting record highs in recent months, it now stands at $451 billion on the NYSE, a rise of more than 20 percent over the past year and above 2007's peak of $381 billion. Five years ago it hit a low of $173 billion.
The Fed and financial stability: 3 questions
The Wall Street Journal
Not so long ago, the Federal Reserve focused on moving short-term interest rates up and down in its quest to keep prices stable and, sometimes, to keep unemployment low. It supervised banks, but mainly to make sure individual banks weren’t reckless. A lasting consequence of the global financial crisis is the expansion of the Fed’s mandate: It is now one of the chief guardians of financial stability.
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Obama taps Chicagoans to help tackle financial literacy
Crain's Chicago Business
President Barack Obama has pulled in three Chicago financial entrepreneurs for his Council on Financial Capability for Young Americans. The organization was formed last year with the goal of promoting financial literacy among youth.
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CBOE to shut stock-trading venue
The Wall Street Journal
Exchange operator CBOE Holdings Inc. said it will shutter its stock-trading venue because the small exchange no longer fits into its strategic business plan.
CBOE, the largest options-exchange operator by market share, will cease to operate its CBOE Stock Exchange at a date to be determined, according an exchange spokeswoman.
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How millennials are investing after the financial crisis
The Street
Although millennials have often been portrayed as spoiled and entitled, recent studies have contradicted those stereotypes. In fact, the younger generation of investors in their 20s and 30s are very concerned about their financial future.
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Co-founder of defunct Chicago escrow company indicted on federal fraud charges
Chicago Tribune
The co-founder of a defunct Chicago escrow company was indicted on federal fraud charges for allegedly engaging in a Ponzi-like scheme and using more than $500,000 of customer funds for personal expenses and to operate other businesses.
Derek Lurie, was charged with five counts of mail fraud. Each count carries a maximum penalty of 20 years in prison and a $250,000 fine.
Lurie’s company, American Escrow, which had offices on West Randolph and North May streets, went out of business in 2009. The company didn’t issue refunds and left some of its customers with delinquent tax and insurance bills.
Yellen tames bond traders with volatility to pre-taper lever
Bloomberg via Traders
When it comes to monetary policy, Federal Reserve Chair Janet Yellen is doing all she can to ensure there’s little difference between herself and Ben S. Bernanke. The bond market is taking notice.
Measures of volatility based on interest-rate swaps have plunged this year and are now approaching levels not seen since before the Fed first signaled in May its intention to reduce the unprecedented bond buying that’s supported the U.S. economy, according to data compiled by Bloomberg.
The relative calm underscores the strides Fed officials have made in reassuring investors that its pullback won’t automatically lead to higher interest rates.
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