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Emanuel's treasurer appointment launches Summers into prominence
Chicago Tribune
When Mayor Rahm Emanuel picked Kurt Summers Jr. as city treasurer, he catapulted the little-known, 35-year-old, Harvard-educated investment banker into a prominent city post that could set him on a trajectory to one day run for higher office.
It was hardly happenstance. Despite some childhood challenges, Summers was raised by an extended family that kept him focused. His grandfather was close to Harold Washington, the city's first black mayor. And Summers has worked in high-level government jobs for influential Chicago politicians and key posts at investment firms.
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Bullard: Headline inflation and quantitative easing
CFA Chicago
James Bullard, as president and chief executive officer of the Federal Reserve Bank of St. Louis, participates in the Federal Open Market Committee (FOMC) and directs the activities of the Bank's head office in St. Louis and of its branches in Little Rock, Ark., Louisville, Kentucky, and Memphis, Tennessee.
An economist, Dr. Bullard joined the Bank in 1990. His research has appeared in numerous professional journals, including the American Economic Review, the Journal of Monetary Economics, Macroeconomic Dynamics and the Journal of Money, Credit and Banking. A peer reviewer for many periodicals, he currently serves as co-editor of the Journal of Economic Dynamics and Control. Join CFA on Jan. 16 at 12 p.m. for the Distinguished Speaker Series featuring James Bullard
The Investment Exchange Forum: Bring actionable ideas
CFA Chicago
Foreign exchange: Many companies now receive the majority of their profits in a different form of currency than they use for their cost of operations. Join us as we discuss companies that benefit from (or are harmed by) currency movements.
The Investment Exchange Forum is a stock-picking meeting of 10-15 CFA Chicago members.
Attendees are strongly encouraged to bring actionable ideas to the forum for presentation.
Attendance will be limited to 15 members: First-come, first-served. Please remember to bring your own lunch.
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What steps do you or your organization take to identify your own behavioral issues?
CFA Institute's Enterprising Investor
Several years ago, we asked CFA Institute Financial NewsBrief readers about incorporating behavioral finance and its precepts into the investment process. Then, as now, the results showed that not many firms were formalizing behavioral finance.
In the current poll, only 12 percent of respondents replied that their firm has a formal process for dealing with behavioral biases. The remaining 88 percent believe they can produce objective analysis without explicitly implementing a behavioral process.
Insider trading cases just got harder to prove
Bloomberg via Crain's Chicago Business
Insider trading cases just got harder to make after a key federal court raised the bar on what prosecutors must prove. It's a ruling that also imperils a handful of victories for the Justice Department in a multi-year probe.
Traders must know their tip came from someone who not only knew it was secret, but got something for leaking it, the U.S. Court of Appeals in New York said. In doing so, it threw out convictions of hedge fund managers central to Manhattan U.S. Attorney Preet Bharara's investigation of illicit trading.
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T. Rowe Price offers a range of funds that provide yield or the opportunity for capital appreciation - along with the confidence that comes from partnering with a global investment leader.
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To find out how to feature your company in the CFA Society Chicago NewsBrief and other advertising opportunities, Contact Geoffrey Forneret at 469-420-2629.
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15 Chicago startups to watch in 2015
Chicago Inno
It's been a big year for Chicago tech companies. From IPOs, to successful exits, to a record number of VC investments, Chicago is proving itself as one of the up-and-coming tech hubs in the U.S.
But if Chicago is going to build on the momentum it has generated over the last few years, the city's younger startups are going to need to continue to grow and contribute to the ecosystem. So we've rounded up 15 startups that we're keeping our eye on in 2015.
Fed to big banks: Boost your capital cushions
The Associated Press via Crain's Chicago Business
Federal regulators are proposing that the eight biggest U.S. banks be required to further increase the amount of capital they set aside to protect against unexpected losses.
The proposed requirements are aimed at lessening the chances of future taxpayer bailouts of troubled banks, while also encouraging the behemoths to shrink so they pose less of a risk to the financial system.
JPMorgan did right by investors with disclosures on CEO's health
Crain's Chicago Business
JPMorgan Chase deserves kudos for its handling of one of the touchiest and most important disclosure issues a publicly traded company can face — the health of its CEO. The New York bank recently disclosed that CEO Jamie Dimon, who ran Chicago-based Bank One before its 2004 merger with JPMorgan, has a clean bill of health after undergoing eight weeks of chemotherapy and radiation treatment for throat cancer.
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SEC takes aim at funds fighting too-big-to-fail label
Chicago Tribune
The Securities and Exchange Commission is preparing a sweeping set of rules to target mutual funds whose rapid growth and migration into more complex strategies could pose risks to the financial system, the agency's chairman said.
The measures outlined by SEC Chair Mary Jo White in New York are the fullest description yet of how the agency plans to address concerns that regulations haven't kept pace with the evolution of the $30-trillion industry. Among the rules being developed is a plan to limit funds' investments in harder-to- sell assets and derivatives, she said.
Swaps 'pushout' repeal survives House vote
American Banker
The House narrowly passed a massive $1.1 trillion spending plan on Dec. 11, moving the bill to the Senate, where the fight over a Dodd-Frank Act derivatives measure is likely to continue. The vote was a win for the big banks, House Republicans and the White House — a rare combination of supporters. Obama administration officials reportedly worked late into the evening lobbying Democrats to support the so-called "cromnibus" bill that would fund most of the government until Sept. 30, arguing it's a better deal than they will get next year when the GOP controls both chambers of Congress. The measure ultimately passed 219-206, with 57 Democrats on board.
Stocks that could benefit from a GOP-led Congress
Chicago Sun-Times
Lower taxes for medical device makers. Lighter regulations for coal. If the new Republican-led Congress manages to push through these policy changes it could lift stocks in the health and energy industries, market strategists say.
To be sure, President Obama still has two years left in the White House and can use his veto power to stop legislation. A Republican Congress can’t repeal the entire Affordable Care Act. Any big tax or immigration reform ideas will have to be reached through compromise.
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