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US seeks $864 million from Bank of America after fraud verdict
Reuters via Chicago Tribune
The U.S. government urged that Bank of America Corp pay $863.6 million in damages after a federal jury found it liable for fraud over defective mortgages sold by its Countrywide unit. In a filing late Nov. 8 in the U.S. District Court in Manhattan, the government also asked for penalties against Rebecca Mairone, a former midlevel executive at the bank's Countrywide unit who the jury also found liable, "commensurate with her ability to pay." The government said the penalties were necessary to punish the bank and Mairone "and to send a clear and unambiguous message that mortgage fraud for profit will not be tolerated."
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Let your company's investment identity speak for itself
CFA Chicago
A company's investment identity is central to its success and critical to how investors value it. It needs to be shaped and maintained in order to maximize investor interest and value. Miles D. White can speak to the success of his own company's investment identity — White serves as Chairman and CEO of Abbott, whose 2013 performance has received much "applause" from investors.
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J.B. Pritzker — A life-long commitment to excellence
CFA Chicago
J.B. Pritzker is an entrepreneur, investor and philanthropist. He is managing partner and co-founder of The Pritzker Group and the founder of New World Ventures. Through these firms, he owns and operates companies that have market leadership potential and management teams focused on excellence that value his family's commitment to integrity, honesty and loyalty.
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New regulations may affect your approach to the commodities futures market
CFA Chicago
Commodities investing has typically served as a protector of institutional and retail investor portfolios — Investors employed several different methods to gain diversified exposure. Things have changed though, and a new breed of passive commodity investors have stepped onto the scene. Jodie Gunzberg, S&P Dow Jones Indices, explores the pros and cons to the multiple differing approaches in commodities investing.
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Economic outlook through the eyes of Richard Fisher
CFA Chicago
Richard W. Fisher assumed the office of president and CEO of the Federal Reserve Bank of Dallas on April 4, 2005. In this role, Fisher serves as a member of the Federal Open Market Committee, the Federal Reserve's principal monetary policy making group. Join CFA Chicago on Dec. 9 for the Richard W. Fisher Distinguished Speaker Series. Fisher will discuss an array of topics, including: the global and U.S. economic outlook; how the Federal Reserve policymaking committee (the Federal Open Market Committee) deliberates and comes to its conclusions (likely clearing up some misconceived stereotypes); and his perspective of current U.S. monetary policy.
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Supervisory responsibilities: 'See no evil, hear no evil' won't fly
CFA Institute's Enterprising Investor
It’s a big week for art collectors, including as Steven A. Cohen, hedge fund advisor and owner of SAC Capital Advisors, who is disposing of about $80 million worth of art at auctions at Sotheby's and Christie's. As The New York Times reported, the sales come just as Cohen's fund "has agreed to plead guilty to insider trading violations and pay a record $1.2 billion penalty, becoming the first large Wall Street firm in a generation to confess to criminal conduct.'"
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SunTrust expands corporate banking in Chicago
Chicago Business Journal
SunTrust Robinson Humphrey is establishing a corporate banking office in Chicago aimed at middle-market businesses and corporate clients in the region. STRH is the trade name for the corporate and investment banking services at Atlanta-based SunTrust Banks. SunTrust's new Midwest corporate banking team based in Chicago is being led by Ted Heldring, who has joined STRH after 12 years at J.P. Morgan, where he most recently served as head of the Chicago office for debt capital markets.
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Fed really, really wants to end too big to fail
Bloomberg
Quite a few people are discussing the recent speech given by Federal Reserve Chairman Ben Bernanke, titled The Crisis as a Classic Financial Panic. But while everyone is looking at the big dog, the rest of the pack has been out making very interesting noises. Indeed, if you pay attention to Federal Reserve speeches, you might notice a pattern: Specific themes seem to run throughout the commentary of different Federal Open Market Committee members. This is not an accident; there is broad institutional agreement at the Fed about specific ideas.
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Study: Chicago worse off financially than other big cities
WMAQ-TV
Compared to other big cities like Houston, Los Angles, Philadelphia or New York, Chicago fares worse financially in a series of key measures, according to a new report by the Civic Federation. The study examined Chicago’s relative performance from fiscal years 2007 to 2011 in four areas of financial condition, including cash solvency, budgetary solvency, long-run solvency and service-level solvency, to see where it ranked relative to 12 other major U.S. cities.
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TRENDING ARTICLES
Missed last week's issue? See which articles your colleagues read most.

    AlphaMetrix stops trading, will liquidate investment funds (Chicago Business)
Traditional resumes are expected, LinkedIn resumes just as critical (CFA Chicago)
Diversification, inflation protection or return enhancement — What role do your commodities take on? (CFA Chicago)
Different sizes, similar strengths: Common traits of successful investment practices (CFA Institute's Enterprising Investor)
Best stock market since 1997 seen with S&P 500 momentum (Bloomberg)

Don't be left behind. Click here to see what else you missed.


House passes pension fix for park district
Chicago-Sun Times
State lawmakers wound up voting to enact pension reform after all, but the plan that burst out of the Illinois House wasn';t the long sought solution to Illinois'100 billion pension morass. By an 87-26 vote, with two members voting "present," the House approved and sent to the state Senate legislation designed to fix the Chicago Park District’s $971 million pension shortfall that threatens 6,100 existing park employees or retirees.
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Rosenberg: 'In a market that knows no fear, I'm reminded of Bob Farrell's investing rules
Business Insider
"In a market that knows no fear," Gluskin Sheff's David Rosenberg writes that he's thinking of a few rules of investing from former legendary Merrill Lynch strategist Bob Farrell. Rosenberg breaks down five of Farrell's critical rules that could seriously impact your next approach to an investment.
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Channel IQ raises $12 million in venture funding
Chicago Tribune
Chicago technology startup Channel IQ, which helps companies manage their e-commerce operations, has raised $12 million in venture capital funding from a new firm looking to back Midwestern entrepreneurs. Channel IQ was launched in 2009 and initially focused on helping manufacturers and retailers monitor prices. Since then, the company has expanded into providing additional online applications for managing and monitoring e-commerce activity, particularly communication tools.
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FEATURED ARTICLE
TRENDING ARTICLE
AlphaMetrix stops trading, will liquidate investment funds
Chicago Business
Chicago-based AlphaMetrix LCC, the troubled commodity asset manager, said it is entering into “an orderly liquidation” of its customer funds and ceased all trading Oct. 31. The firm said in a short statement that it will return 90 percent of “proceeds” next month to investors that haven't already redeemed their investments and the remainder once it has completed a “final audit.

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Fed really, really wants to end too big to fail
Bloomberg
Quite a few people are discussing the recent speech given by Federal Reserve Chairman Ben Bernanke, titled The Crisis as a Classic Financial Panic. But while everyone is looking at the big dog, the rest of the pack has been out making very interesting noises. Indeed, if you pay attention to Federal Reserve speeches, you might notice a pattern.

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Traditional resumes are expected, LinkedIn resumes just as critical
CFA Chicago
There's more to a LinkedIn profile than career titles and endorsements: With LinkedIn's new features, it's critical to utilize everything to make sure your online story is current and attractive. Of course, shaping your presence doesn't always come easy, but that's where career strategist Kathy Graham steps in; When it comes to managing social media practices within the financial services industry, Graham is the expert.

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Twitter surges in trading debut
Crain's New York Business
Twitter Inc. surged 85 percent in its trading debut, as investors paid a premium for its promises of fast growth. The shares rose as high as $48.15 and were trading at $47.10 as of 10:53 a.m. in New York. The company sold 70 million shares at $26 in its initial public offering yesterday, raising $1.82 billion. The microblogging service picked a price that values it higher than rival Facebook Inc. and still drew more interest than anticipated. The San Francisco-based company, which is unprofitable and has one-fifth as many users as Facebook, is benefiting from investors’ thirst for companies that will grow quickly in expanding markets like mobile advertising.
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CME spends $30 million a year on open-outcry trading
Bloomberg
CME spends about $30 million a year to maintain traditional open-outcry floor trading at the Chicago Board of Trade building, the company’s chief operating officer testified. “It’s a part of our history,” Bryan T. Durkin said when asked why CME, the owner of the world’s largest futures market, would spend that money as electronic trading makes its pit markets illiquid. Durkin testified on the fourth and final day of an Illinois state court hearing in Chicago in a case brought by 20 CBOT traders and brokers protesting a change in trade-settlement pricing methods that they say is putting them out of business.
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CFA Society Chicago NewsBrief

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