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22 февраля, 19:56

America’s Monopolies Are Holding Back the Economy

Consolidated corporate power is keeping many products’ prices high and quality low. Why aren’t more politicians opposing it?

19 февраля, 18:34

Repealing Dodd-Frank and Basel III

One of the responses to the financial turmoil of 2008 was new legislation and regulation intended to prevent such a disaster from recurring. These measures include the Dodd-Frank Act of 2010 and the third international accord from the Basel Committee on Banking Supervision of 2010-11. But today there are powerful voices seeking to amend or […]

13 февраля, 23:30

Let's Make America More Equal Again!

As defeated Democrats mull over what slogan can equal or overcome President Trump's "Make America Great Again", I have a suggestion, one that might even enthuse populist Republicans. Let's make American more equal again, just as it was in the 1960s and 70s, when we had a thriving middle class in which its children could hope to exceed their parents' station in life. After all, it was our thriving middle class that kept the more extreme elements of both political parties and persuasions at bay, so that Republicans and Democrats actually talked to each other. And a middle class will only thrive where there is less income inequality, something that most well-meaning Americans support. But that was then and we live in now, when most children of the baby boomers retiring do not hope to do better than their parents. Household incomes have stagnated since the 1970s, and the top income earners since the Great Recession now have garnered almost all of the increase. Graph: Gallup poll It's why two out of three Americans are dissatisfied with the way income and wealth are currently distributed in the U.S. This includes three-fourths of Democrats and 54 percent of Republicans, according to a recent Gallup poll. The Great Recession was brought on by Wall Street's excesses, and the deregulation boom of the Clinton and GW Bush presidential reigns. So why not create programs that Make America More Equal Again? Graph: Saez-Piketty Overall, the share of Americans living in middle-class households has declined from 61 percent in 1971 to 50 percent, reports a recent Pew Research study. The hollowing out of the middle class has been a source of consternation among many economists, politicians and the public at large, says those surveyed. They say as Americans move toward the economic extremes it is harder to find common ground, and a common sense of what it means to be an American. Much of that inequality is in the Midwestern rust belt states that lost those blue collar manufacturing jobs during the globalization and multi-nationalization of US corporations that President Trump promised to bring back again. So President Trump was no dummy in recognizing this fact. Then how could Democrats be so blasé and oblivious to this fact among their former supporters? Everyone saw it coming; the disenfranchisement of whole segments of working class voters that had descended into depression and drug use in those formerly blue and Democrat-voting states. There have been many suggestions of how to bring back higher-paying jobs, but candidate Trump seems to have fastened on just three--building more infrastructure, destroying multi-lateral trade agreements like the TPP and NAFTA, as well as limiting immigration inflows to make more jobs available to those suffering American workers. The first suggestion has been backed by both Democrats and Republicans, and now that President Trump wants it Republicans will stop opposing infrastructure spending, even if it busts the federal budget. However, building more immigration and trade barriers won't create greater equality, nor will opposition to minimum wage laws, such as advocated by the Trump pick for new Labor Secretary--CEO of fast food chains Andrew Puzder. Because most immigrant jobs are low-paying, jobs that Americans don't want anyway. And higher trade barriers for the purpose of bringing jobs home will raise the prices of imported goods, cancelling out much of the income boost from higher-paying jobs. What won't work either is the blatant voter and collective bargaining-suppression laws enacted, or about to be enacted in the 25 all-red states with absolute Republican majorities. Such a blatant suppression of minority voters and the wages of working class Americans will further suppress their wages, hardly the road to greater equality. And any attempts to destroy Obama's Affordable Care Act that have boosted the buying power of at least 20 million working class voters by reducing overall medical costs, won't work either, as well as Dodd-Frank regulations that have suppressed some of the excessive profit-taking of Wall Street at the expense of State Street. The same poll updated a long-time Gallup trend, finding that 54 percent of Americans are satisfied, and 45 percent dissatisfied, with the opportunity for an American "to get ahead by working hard." This measure has remained roughly constant over the past three years, but Americans are much less optimistic about economic opportunity now than before the recession and financial crisis of 2008 unfolded. Prior to that, at least two in three Americans were satisfied, including a high of 77 percent in 2002. So there are many reasons for Democrats and even truly populist Republicans to support programs that increase income equality. But they can't be about building more walls. A robust and more politically temperate American middle class can only include Americans of all nationalities and ethnicities. Harlan Green © 2017 Follow Harlan Green on Twitter: https://twitter.com/HarlanGreen -- This feed and its contents are the property of The Huffington Post, and use is subject to our terms. It may be used for personal consumption, but may not be distributed on a website.

10 февраля, 01:49

No More Fear of Surging Dollar in Gold ETF Investing

SPDR has brought about a new gold ETF that combines a long position in physical gold as well as a long position in the dollar.

09 февраля, 08:49

Депозитарные банки - "серые кардиналы" мира финансов

В вышедшем в прошлом году фильме "Игра на понижение" (The Big Short) героиня актрисы Марго Робби пытается объяснить нюансы работы депозитарных банков на примере ипотечных ценных бумаг.

09 февраля, 08:49

Депозитарные банки - серые кардиналы мира финансов

В вышедшем в прошлом году фильме "Игра на понижение" (The Big Short) героиня актрисы Марго Робби пытается объяснить нюансы работы депозитарных банков на примере ипотечных ценных бумаг.

Выбор редакции
07 февраля, 22:34

Industrials Sector 1Q17: Best and Worst

The Industrials sector ranks second out of the ten sectors as detailed in our 1Q17 Sector Ratings for ETFs and Mutual Funds report. Last quarter, the Industrials sector ranked fourth.

07 февраля, 14:00

Wall Street Diversifies Itself

Exchange-traded funds are challenging the status quo in investment management—including who’s in charge.

03 февраля, 15:06

LEAKED DOC: GOP’s 2017 deadlines -- EXEC ORDER WATCH: Dodd-Frank rollback -- THIEL looking for an asst. -- 1ST IN PLAYBOOK: LOPACH to Subject Matter, UELAND back to budget

Listen to Playbook in 90 Seconds http://bit.ly/2koyvQz … Subscribe on iTunes http://apple.co/2eX6Eay … Visit the online home of Playbook http://politi.co/2f51JnfBULLETIN -- BREAKING EARLY THIS MORNING -- AP/PARIS: “French soldier shoots man who attacked them outside Louvre”: “A French soldier shot and seriously wounded a man in a shopping mall beneath the Louvre Museum on Friday after he tried to attack them and shouted ‘Allahu akbar,’ officials said. The man was carrying two backpacks, and he had two machetes, and when soldiers and police officers on patrol told the man that he could not come in with his bags, he attacked, said Yves Lefebvre, a police union official. ‘That's when he got the knife out and that’s when he tried to stab the soldier,’ he said. A soldier opened fire and the man was struck five times, once in the stomach, Paris police chief Michel Cadot said. The backpacks didn’t contain any explosives, he said. One of the soldiers was slightly wounded on the scalp.” http://apne.ws/2l3Q3Ao ... AND HERE'S WHAT TRUMP IS TWEETING -- @realDonaldTrump at 6:24 a.m.: "Yes, Arnold Schwarzenegger did a really bad job as Governor of California and even worse on the Apprentice...but at least he tried hard!" ... at 6:28 a.m.: "Iran is playing with fire - they don't appreciate how 'kind' President Obama was to them. Not me!" ... at 6:34 a.m. "Thank you to Prime Minister of Australia for telling the truth about our very civil conversation that FAKE NEWS media lied about. Very nice!"WHAT TRUMP IS WAKING UP TO -- NYT -- four of 5 A1 stories are Trump related -- http://nyti.ms/2kwlaYM … WaPo takes the same tack as the Times on A1 http://bit.ly/2k8F1MA … N.Y. POST -- “THE PREZINATOR: Trump vs. Arnold, Berkeley, Iran, Australia…” http://nyp.st/2kzMDZp HAPPENING TODAY -- “Donald Trump Plans to Undo Dodd-Frank Law, Fiduciary Rule: White House adviser Gary Cohn says banks burdened by rules added after financial crisis,” by WSJ’s Michael Bender and Damian Paletta: “President Donald Trump on Friday plans to sign an executive action to scale back the 2010 Dodd-Frank financial-overhaul law, in a sweeping plan to dismantle much of the regulatory system put in place after the financial crisis. Mr. Trump also plans another executive action aimed at rolling back a controversial regulation scheduled to take effect in April that critics have said would upend the retirement-account advisory business.“‘Americans are going to have better choices and Americans are going to have better products because we’re not going to burden the banks with literally hundreds of billions of dollars of regulatory costs every year,’ White House National Economic Council Director Gary Cohn said in an interview with The Wall Street Journal. ‘The banks are going to be able to price product more efficiently and more effectively to consumers.’ Mr. Trump will use a memorandum to ask the labor secretary to consider rescinding a rule set to go into effect in April that orders retirement advisers, overseeing about $3 trillion in assets, to act in the best interest of their clients, Mr. Cohn said in the White House interview. He said the rule limits consumer choice. Mr. Trump also will sign an executive order that directs the Treasury secretary and financial regulators to come up with a plan to revise rules the Dodd-Frank law put in place.” http://on.wsj.com/2l2d3Rs -- JUST SOME NOTES: This is WAY beyond what Republicans said they were comfortable with when it comes to executive orders. And the guy who spoke on the record here to discuss easing financial regulations is Gary Cohn, the former president of Goldman Sachs, which is tricky optically for Trump.FIRST IN PLAYBOOK -- LEAKED DOCUMENT -- INSIDE THE GOP’S 2017 PLANS -- House Republicans are beginning to get specific on what they need to do -- and by when -- in this new Congress. Here is a detailed cheat sheet -- distributed by House GOP leadership in a closed-door session Thursday morning -- about the 14 key deadlines in 2017. The document provides a skeleton for what needs to happen over the next year. Read the memo: http://bit.ly/2kxtHKG -- ACCORDING TO SOURCES who were in the Republican meeting, there has been no clear guidance from the White House about an infrastructure package, which is why it’s left out for now. We expect late-year action on that. HEALTH CARE AND TAX ARE TIED TOGETHER, IN A SENSE. Republicans can’t start tax reform until health care is done. On health care, there is a “three-bucket strategy.” Once Rep. Tom Price (R-Ga.) is confirmed as HHS secretary, he plans to begin to unravel Obamacare administratively. The second plan focuses on a repeal and replace strategy -- under reconciliation. And a third bill would be a health care package with various other elements.IMPORTANT STORY -- “Trump warns Israel that new settlements ‘may not help’ achieve Middle East peace,” by WaPo’s Abby Phillips and Karen DeYoung: “The White House on Thursday gently warned Israel that new or expanded settlements in the West Bank ‘may not be helpful’ in achieving a Middle East peace, while insisting it has no ‘official position on settlement activity.’ A statement issued by press secretary Sean Spicer said that although the administration does not believe settlements are ‘an impediment to peace, the construction of new settlements or the expansion of existing settlements beyond their current borders may not be helpful in achieving that goal.’“‘The American desire for peace between the Israelis and the Palestinians has remained unchanged for 50 years,’ Spicer’s statement said, a reference to President Trump’s insistence that a return to the Middle East negotiating table is a goal he hopes to achieve. While the statement carefully parsed it words, it marked a step away from what some Trump officials -- and the president’s designated new ambassador to Israel -- have said in favor of settlements. Trump’s first foreign call as president was to Israeli Prime Minister Benjamin Netanyahu, and he has been sharply critical of former president Barack Obama, whom he characterized as weak on Israel.” http://wapo.st/2jKt0tr -- A NOTE: Since taking office, the Trump White House has been noncommittal on moving the U.S. embassy from Tel Aviv to Jerusalem, as they said they would during the campaign. And now they appear that they’re trying to get Israel to pump the breaks on settlement building and expansion. Sounds not all too different from Barack Obama’s policies. GREAT DETAILS – “Distrust in Trump’s White House spurs leaks, confusion: ‘Trying to nail down who the leakers are is like trying to count the cockroaches under the couch,’ one longtime Trump adviser says,” by Josh Dawsey, Tara Palmeri, Eli Stokols and Shane Goldmacher: “Anthony Scaramucci, a Trump fundraiser who was expected to join the White House but now is unlikely to do so, has aligned himself with Bannon. ... While he was in New York, Omarosa Manigault, another Trump aide, sought to take his office with a better view of the Washington Monument, according to people familiar with her move. Manigault now may get the office, since Scaramucci is now not expected to join the administration.” http://politi.co/2l3PxCE WHAT LANGLEY IS READING -- NYT A10, “New C.I.A. Deputy Director Had Leading Role in Torture of Detainees,” by Matt Rosenberg: “As a clandestine officer at the Central Intelligence Agency in 2002, Gina Haspel oversaw the torture of two terrorism suspects and later took part in an order to destroy videotapes documenting their brutal interrogations at a secret prison in Thailand. On Thursday, Ms. Haspel was named the deputy director of the C.I.A. The elevation of Ms. Haspel, a veteran widely respected among her colleagues, to the No. 2 job at the C.I.A. was a rare public signal of how, under the Trump administration, the agency is being led by officials who appear to take a far kinder view of one of its darker chapters than their immediate predecessors.” http://nyti.ms/2kzqquwPOLL DU JOUR – CBS News poll off-embargo at 7 a.m.: Its new poll finds more Americans disapprove than approve (51 percent to 45 percent) of Trump’s executive order temporarily banning foreigners from seven majority Muslim countries. 85 percent of Republicans support the action while an identical 85 percent of Democrats oppose it. The poll also found Trump’s approval rating at 40 percent, the weakest number for any president right after his first inauguration since the Gallup Poll started tracking these numbers in 1953 – 48 percent disapprove of Trump’s performance.THE JUICE … -- HOT JOB: ASST. TO PETER THIEL -- “Thiel Capital is looking for versatile, energetic, and proactive Personal Assistant to support its President, Peter Thiel. If you’re organized, enjoy juggling many different responsibilities at once, and thrive in a fast-paced and entrepreneurial environment, this is the role for you. The role requires a proactive, positive, can-do attitude with a special focus on internal customer service. Attention to detail, the ability to multitask without letting anything slip, a willingness to travel, and a focus on personal tasks are essential. You must exhibit a demonstrated ability to perform duties with a polished level of professionalism, tact, discretion, and judgement. While we expect a high level of accuracy, professionalism, and integrity, we also embrace light-heartedness, humor, and fun in our employees.” Some of the responsibilities: “Available 24/7 by cell phone and email … Available for extensive and last minute travel with our President … Organizing, stocking and managing our president’s closet and personal-care supplies … Handling medical logistical responsibilities … Tracking and reminding executive of family obligations … Packing, unpacking, and acting as a valet for President when he is traveling”. Apply on LinkedIn http://bit.ly/2k8Hp60 -- FIRST IN PLAYBOOK -- TOM LOPACH IS JOINING SUBJECT MATTER. The Democratic Senatorial Campaign Committee executive director and veteran Capitol Hill aide will work primarily with the firm’s government relations team. The former chief of staff to Montana Democratic Sen. Jon Tester has also worked as senior vice president of congressional affairs for the Export-Import Bank and as an aide to then-Sen. Ted Kennedy (D-Mass.). http://politi.co/2k2R8bE-- ERIC UELAND RETURNS -- The veteran Capitol Hill staffer, who most recently has been working on the Trump transition effort and helped prep Trump’s cabinet picks, is resuming his position as Republican staff director on the Budget Committee.-- SCOOP: HOUSE MAJORITY LEADER KEVIN MCCARTHY named JOHN LEGANSKI as his next floor director. He’s replacing Ben Howard, who is doing legislative outreach to the Hill for the White House. Leganski went to Stanford and is from Chicago. -- SCOOP: DIANNE FEINSTEIN, the top Democrat on the Senate Judiciary Committee, is slated to meet with SCOTUS nominee Neil Gorsuch on Monday at 4 p.m. The meeting will be key for Gorsuch and could help determine how aggressively the California Democrat takes on Trump’s pick in the upcoming hearings.-- THE JUDICIAL CRISIS NETWORK is launching a pro-Gorsuch ad in Missouri, Indiana, North Dakota, Colorado and D.C. The ad is part of an initial $2 million ad buy that kicked off Tuesday. Here’s the ad http://bit.ly/2k2ON0zSCOOP -- LAST NIGHT IN KALORAMA -- “Ivanka Trump’s dinner party diplomacy,” by Annie Karni: “On Thursday night, President Donald Trump’s eldest daughter hosted a dinner party with a group of CEOs at her new Kalorama home -- the stated purpose ... was for Ivanka Trump to solicit ideas on how to promote women in the workforce and fight for issues like paid maternity leave. ... Thursday night’s dinner marked Ivanka Trump’s first foray into politics on her own, since moving to Washington, D.C. Attending the Thursday night dinner was Walmart CEO Doug McMillon; General Motors CEO Mary Barra; Ernst & Young CEO Mark Weinberger; Johnson & Johnson CEO Alex Gorsky; investment banker Adebayo Ogunlesi; JP Morgan CEO Jamie Dimon; Trump’s head of the National Economic Council, Gary Cohn; and Dina Powell, the former Goldman Sachs partner who recently joined the administration to advise Ivanka Trump and Kushner.” http://politi.co/2jEOA7J SHOT -- “Trump’s Ex-Campaign Manager Said to Aid Lockheed in F-35 Dispute,” by Bloomberg’s Kevin Cirilli: “Lockheed Martin Corp. turned to Donald Trump’s former campaign manager, Corey Lewandowski, and his lobbying firm to help them navigate a dispute with the new president over the cost of its F-35 fighter plane ... Trump criticized the company for ‘out-of-control’ costs for the stealth fighter in a series of tweets in December, startling top executives at the firm. The company’s shares fell, and an initial meeting on Dec. 21 between Trump and Lockheed’s chief executive officer, Marillyn Hewson, to discuss the matter did not go well … Lockheed engaged Lewandowski and his firm, Avenue Strategies, after Hewson’s first meeting with Trump at his Mar-a-Lago resort in Florida.” http://bloom.bg/2kweDgYCHASER -- FROM POLITICO’S MORNING DEFENSE’s Gregory Hellman and Jeremy Herb: “‘We did not hire Lewandowski or his firm,’ Lockheed spokesman Bill Phelps said. Lockheed declined, however, to answer follow-up questions about whether the contractor had any interactions with Lewandowski.”BY THE NUMBERS -- “Trump’s Mar-a-Lago getaway could cost taxpayers more than $3 million,” by Matt Nussbaum: “President Donald Trump’s trip to his luxury resort in Mar-a-Lago this weekend could saddle taxpayers with a bill upwards of $3 million and is already drawing the type of scrutiny Trump and other Republicans regularly heaped upon former President Barack Obama.” http://politi.co/2l3Ox19TRUMP'S DAY -- Trump has a strategy meeting with CEOs, will sign executive orders, meet with Michael Flynn and then will leave for Palm Beach.HAPPENING TOMORROW -- “Sources: Donald and Melania Trump will be at Red Cross Ball,” by Palm Beach Daily News’ Shannon Donnelly: “The first couple will be joined by 700 others, some of whom paid as much as $50,000 for premium placement. Six ambassadors will be at the ball, representing Switzerland, Italy, Colombia, Afghanistan, Peru, and Jordan. Mexico is not sending an ambassador. Neither is Australia.” http://bit.ly/2jEL3Gh-- HOT TICKET – “Diamond Centennial -- Vienna to Versailles -- International Red Cross Ball” at Mar-A-Lago: “7:00 p.m. Cocktails ... 8:00 p.m. Fireworks ... 9:00 p.m. Dinner and Dancing ... White Tie and Decorations Preferred”. See the invite http://politi.co/2kwnoHA-- AWKWARD -- “The American Red Cross, when requested by local authorities, will provide basic support to stranded travelers affected by the recent executive order on immigration, including providing food and water at ports of entry; blankets, toiletries and other aid; and health, mental health and spiritual care services. Our ‘Restoring Family Links’ services are also available to help detainees and stranded travelers who have been separated internationally to reconnect with their loved ones.” http://rdcrss.org/2l48TY6JOHN HARRIS AND DANIEL LIPPMAN in POLITICO Magazine on “Trump’s Enemies Within: The president has awakened the slumbering beast that felled presidents before him: the federal bureaucracy”: “How on earth is all this stuff getting in the newspapers? Bob Haldeman told Richard Nixon that he had uncovered the culprit: Mark Felt, a top official at the FBI. ‘Now why the hell would he do that?’ asked Nixon, who was secretly recording the exchange. Cracking down on Felt directly was out of the question, the two men agreed. … Donald Trump, a self-professed Nixon admirer, is learning this history lesson about the presidency in real time: His most dangerous enemies are people who ostensibly work for him. Modern presidents always feel hectored by the news media and harried by opposition legislators. But mortal threats to their power typically come from hostile forces inside the executive branch. The phenomenon has rarely been on more vivid display, with Trump buffeted by an unprecedented barrage of leaks about his decision-making and direct challenges to the decisions themselves—a new example coming almost daily—from within the permanent bureaucracy of government.” With cameos by Leon Panetta, Jack Quinn, Roger Stone, David Gergen and Bart Gellman http://politi.co/2knjVsGPOLITICO MAGAZINE FRIDAY COVER -- ERIC SCHNEIDERMAN PROFILE -- “Will This Man Take Down Donald Trump?” by David Freedlander: New York Attorney General Eric “Schneiderman has emerged as perhaps the lefty media’s favorite lawyer, tangling with mortgage bankers, ExxonMobil, and national retailers like Abercrombie & Fitch, J Crew and The Gap. And on November 9, he was handed what might become his largest target when Donald Trump, his longtime nemesis, was elected president. … If Governor Eliot Spitzer became known as the ‘sheriff of Wall Street,’ and Gov. Andrew Cuomo vowed to clean up Albany and become the ‘sheriff of State Street,’ Schneiderman could very much become the next sheriff of Pennsylvania Avenue.” http://politi.co/2k2KfHATOP-ED -- “Trump wants health ‘insurance for everybody.’ Here’s how the GOP can make it happen,” by Lanhee Chen and Tevi Troy in WaPo. http://wapo.st/2l2p498 TRUMP’S WORLD -- NYT A13, “For Europe, There’s a New Threat in Town: The U.S.,” by Steven Erlanger: “Like much of the world, the European Union is struggling to decipher a President Trump who seems every day to be picking a new fight with a new nation, whether friend or foe. Hopes among European leaders that Mr. Trump’s bombastic tone as a candidate would somehow smooth into a more temperate one as commander in chief are dissipating, replaced by a mounting sense of anxiety and puzzlement over how to proceed.” http://nyti.ms/2jELlwN NOW YOU KNOW – “The Anonymous Pro-Trump ‘Decius’ Now Works Inside The White House,” by The Weekly Standard’s Michael Warren: “The writer is a senior national-security official in the Trump White House, nearly a decade after serving in a similar role for George W. Bush. ... The enigmatic writer’s real name is Michael Anton, and he’s a fast-talking 47-year-old intellectual who, unlike most of his colleagues, can readily quote Roman histories and Renaissance thinkers. But readers knew him throughout 2016 as Publius Decius Mus, first at a now-defunct website called the Journal of American Greatness and later in the online pages of the Claremont Review of Books.” http://tws.io/2kYKk37 #THISTOWN – “New Yorker and Vanity Fair Pull Out of Correspondents Dinner Parties,” by NYT’s Mike Grynbaum and Katie Rogers: “The New Yorker is canceling the kickoff party that it usually holds at the W Hotel ... Vanity Fair is pulling out of co-sponsoring the dinner’s most exclusive after-party, a celebrity-studded affair most recently hosted at the French ambassador’s residence that is considered the capital’s hottest ticket of the year. Vanity Fair’s co-sponsor, Bloomberg L.P., is proceeding with its plans for the party, but no final decision has been made on the event ... Mr. Carter, who has feuded with Mr. Trump for decades, was asked whether he had a particular reason for canceling this year’s festivities. ‘Trump,’ Mr. Carter replied, ‘and the fish.’” With cameos by Jeff Mason, Kate Nocera and Ed Chen http://nyti.ms/2kwp5VG K STREET WATCH -- “Vitter heads to K Street,” by new Politico Influence author Theo Meyer: “Former Sen. David Vitter is joining one of Washington’s largest lobbying firms. The Louisiana Republican, who spent six years in the House and 12 in the Senate, this week joined Mercury LLC, whose clients range from corporate titans like Visa and NBCUniversal to the governments of Nigeria and Qatar. Vitter, whose title will be co-chairman, gives the firm a veteran lawmaker with deep relationships with top members of the Trump administration, including Attorney General-designate Jeff Sessions, Vitter’s longtime Senate colleague. … The firm is also adding Al Simpson, who spent the past six years as chief of staff for Rep. Mick Mulvaney (R-S.C.), whom Trump tapped to be his Office of Management and Budget director. Simpson expects to engage Mulvaney on infrastructure, tax and defense issues. Mercury has also added Brent Thompson, the former head of government affairs for Expedia, as a managing director.” http://politi.co/2k8q2Cr … Subscribe to PI http://politi.co/1Oianoy-- "Ryan starts 2017 with fundraising bang," by Rachael Bade. http://politi.co/2l46Fbs WEST COAST WATCH -- “California lawmakers can’t figure out what to do with Airbnb. Here’s why,” by LA Times’ Liam Dillon: “The lack of action is in sharp contrast to the scores of regulations passed in cities and states across the country, but also to the way California legislators have responded with fervor in tackling other issues surrounding the so-called sharing economy, including Uber and Lyft and the booming ride-hailing industry. … Short-term rental legislation has failed in Sacramento for multiple reasons, those on all sides of the issue said, including cities’ reluctance to let the state involve itself in local tax collection and the relative political strengths of both Airbnb and labor unions, which are typically the industry’s most powerful adversaries.” http://lat.ms/2k2P97nHOT ON THE LEFT -- Princeton President Chris Eisgruber and 47 other American college and university presidents have sent a letter to President Trump, urging him to “rectify or rescind the recent executive order closing our country’s borders to immigrants and others from seven majority-Muslim countries and to refugees from throughout the world. ... If left in place, the order threatens both American higher education and the defining principles of our country … The order specifically prevents talented, law-abiding students and scholars from the affected regions from reaching our campuses.” Full letter http://bit.ly/2jK1BIk -- FROM LUFTHANSA: “Due to a decision (Temporary Restraint Order) by the District Court in Massachusetts, the [immigration executive order] is suspended on flights to [Boston Logan Airport] for the time being until February 5th, 2017. All passengers with valid travel documents are eligible to board on LH-flights to BOS.” OBAMA ALUMNI -- GENE SPERLING’s Atlantic debut -- Sperling has started as a contributing editor for The Atlantic. His first piece looks at the question of whether we will be able to trust economic data coming out of this administration. “On the eve of the release of the first jobs report during Trump's presidency, this leads to a pressing question: Will he revive the Nixonian tradition of interfering with federal economic agencies if they announce numbers that do not please him?” http://theatln.tc/2kokguV HAPPENING TODAY – The American Enterprise Institute is hosting a panel discussion from 2:30 p.m. to 4 p.m. called “Lost In Translation: The Unsung War Heroes Of Iraq And Afghanistan” with former Gen. David Petraeus and Paul Wolfowitz. Retired Army Captain Matt Zeller of the group No One Left Behind and two former translators will also join and share their experiences from the front lines. Livestream http://bit.ly/2kwq2xjIVANKA/JARED WATCH -- Ivanka went to the Chinese embassy’s New Year’s party – pic http://bit.ly/2jH1ehF ... The big panda cake at the party: http://bit.ly/2kX8BmX SPOTTED: Jason Miller at the bar at Capital Grille … former Rep. Henry Waxman and colleagues from his firm, Waxman Strategies at Corduroy for dinner ... Wolf Blitzer at the newest Penn Quarter hotspot, The Smith, after the Wizards/Lakers game. ... former VP Joe Biden, wearing his standard aviators, at the Chevy Chase Brooks Brothers yesterday “several customers and staff greeted him and he was friendly and generous with his time” ... Kellyanne Conway dining with Ari Fleischer on Wednesday night at DBGB.WELCOME TO THE WORLD -- Travis Hall, comms director at the Republican Study Committee, and Gretchen Hall, reentry advocate at Disability Rights DC at University Legal Services, welcomed Thomas Michael Hall last Friday at 1:14 a.m. “Thomas couldn’t wait another month and joined the world in his 36th week. Mom is doing well. Thomas’s condition continues to improve, and he is on target to be a reliable reliever for the Nats.” Pic http://bit.ly/2l2atum SUNDAY SO FAR -- NBC’s “Meet the Press”: Vice President Mike Pence, House Speaker Paul Ryan (R-Wis.) and House Minority Leader Nancy Pelosi (D-Calif.)--“Fox News Sunday,” live from NRG Stadium in Houston -- home to Super Bowl LI: Vice President Mike Pence, Sen. Diane Feinstein (D-Calif.), Robert Kraft. FOX NFL Sunday Panel: Terry Bradshaw, Howie Long, Michael Strahan, Jimmy Johnson--CBS’ “Face the Nation”: Vice President Mike Pence, N.J. Gov. Chris Christie ... Demaurice Smith of the National Football League Players Association ... James Brown. Panel: Amy Walter, Ramesh Ponnuru, Ruth Marcus, Michael Duffy.--CNN’s “State of the Union”: Sen. Mitch McConnell (R-Ky.), Sen. Bernie Sanders (I-Vt.). Panel: Bakari Sellers, Neera Tanden, Sarah Isgur Flores, Rep. Jason Lewis (R-Minn.).-- ABC’s “This Week”: Vice President Mike Pence, Rep. Andre Carson (D-Ind.), Rep. Tom Cole (R-Okla.), Matthew Dowd, Sara Fagen, Jen Palmieri.--CNN’s “Inside Politics,” hosted by John King: Julie Pace, Ed O’Keefe, Ashley Parker, Manu RajuTRANSITIONS -- Lambda Legal has hired Sharon McGowan, a top attorney in the civil rights division of the Department of Justice, as the group’s new director of strategy. http://politi.co/2kwpRBO BUSH ALUMNI – PETE SEAT has been named the Indiana Republican Party’s executive director of strategic comms and talent development. “Seat most recently was communications director for Eric Holcomb for Indiana ... senior project manager at Hathaway Strategies ... and served in the George W. Bush White House." http://bit.ly/2kZ1PjU BIRTHWEEK (was yesterday): Robin GilchristBIRTHDAY OF THE DAY: Jose Antonio Vargas, founder/CEO of Define American and a WaPo alum, is 36 -- he’s celebrating by taking some friends and co-workers to watch “I Am Not Your Negro,” the Oscar-nominated documentary on James Baldwin -- read his Playbook Plus Q&A: http://politi.co/2jEXsKp BIRTHDAYS: J-E-T-S fan Matt Rhoades, founder of Definers Public Affairs and chairman of America Rising, is 42, celebrating by “chilling” (hat tip: Arkansas Lt. Gov. Tim Griffin, whose nickname for Matt is “Rhodesia”) ... Arthur Levitt, the longest-serving SEC Chairman, is a sprightly 86 (h/t Chris Ullman) ... Seth Lavin ... Virginia Boney, former appropriations director to Sen. Lindsey Graham, now in the White House Office of Legislative Affairs (h/t Tommy) … Douglas Holtz-Eakin, president of the American Action Forum, an OMB alum and Twizzlers fan, is 59 (h/t Anne Schroeder) ... Josh Lipsky, the pride of Greenbelt, Md., former policy adviser and speechwriter to Rick Stengel at State, is 31 (h/t Herbie Ziskend) ... former Sen. Paul Sarbanes (D-Md.) is 84 ... Kathryn Lyons, managing editor at FamousDC (h/t Amos Snead) ... Fred Hochberg, former chairman and president of the Export-Import Bank, who celebrated with an NYT op-ed calling for Trump to renew the Ex-Im charter: http://nyti.ms/2jKgvxY (h/ts Hilary Rosen and Matt Bevens) … Amy Chapman … Mark Webster ... Billy Shore, founder and CEO of Share Our Strength, is 62 ... Anne Muscarella, director of comms at OZY ... Marianna Delafield ... Alabama Gov. Robert Bentley is 74 ... Adriana Brizuela, MBA candidate at Georgetown McDonough, celebrating her 29th in NY with friends (h/t fiancee Gindy) ... Amy Chapman (h/t Sean Johnson) ... John Hendren, an LAT, NPR and ABC alum ... Mike Ryan, former senior advisor to Steve Israel and superfan of the Packers …SKDK’s Justine Turner (h/t Philippa Martinez-Berrier) ... Romen Borsellino, former special assistant to the Secretary of the Interior and Obama 2008/2012 campaign alum, is 27 ... Kyle Tharp of NGP VAN (h/t his fave ex-work wife Dawn Le) ...… James Holm, executive producer of MSNBC’s “AM Joy,” is 45 ... ABC’s MaryAlice Parks (h/t Arlette Saenz) ... Rep. Rob Wittman (R-Va.) is 58 ... Rep. Tom Graves (R-Ga.) is 47 ... Columbia 2L Janet Kanzawa, a Simpson Thacher & Bartlett alum (h/t Colby Bermel) ... RALLY principal/office volleyball captain Latia Curry and senior account executive and Mayor Villaraigosa alum Lys Mendez (h/ts Sam Garrett-Pate) ... Fox News contributor and fellow country music fan Lisa Marie Boothe, also president of High Noon Strategies (h/t Kurt Bardella) ... Rebecca Mark, a Cathy McMorris-Rodgers alum who just started as head of gov’t relations for Cruise Automation … Dana Thomas, former WaPo, Newsweek, and WSJ reporter, who recently made a state visit and was spotted at Cafe Milano (h/t Ben Chang) … Neal Carruth, GM of podcasting at NPR, is 41 ... Politico’s Lisa Francis (h/t Rachel Schindler) ... Jonathan Lachman, former associate director for national security programs at OMB and a DOD alum ... CAP alum Tara Kutz, now a production coordinator at C41 Media Corp … Virginia Boney … Chris DeRose ... Al Shofe … Lawrence Kluttz, comms. director for Rep. David Price ... Dennis Cariello, shareholder and education group co-chairman at Hogan, Marren, Babbo & Rose and a DLA Piper alum ... Alex Boian, VP of gov’t affairs at the Outdoor Industry Association ... Ruth Axton, daughter of Jeanne Cummings ... Diana Hartstein Beinart, deputy commissioner and general counsel of NYC’s Dept. of Finance and an Obama WH alum ... Marianne Delafield ... Kim Sneed, assignment manager at NBC Universal ... Al Shofe ... Zaida Hill Ricker ... Clay Hollis, senior LA for Rep. Tom Rooney ... Jessica Ann Levandowski, digital director for House OGR ... Bradley Solyan, LA for Rep. Lois Frankel (h/ts Legistorm) ... Playbooker Morgan Fairchild is 67 … Blythe Danner is 74 ... human rights activist Amal Alamuddin Clooney is 39 (h/ts AP)

03 февраля, 13:08

Will This Man Take Down Donald Trump?

They’ve been squaring off for years. Now New York’s attorney general is emerging as the leader of the Trump resistance.

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31 января, 23:30

Уравнение для акционеров

Группа крупных инвесторов хочет добиться запрета на акции двух классов, чтобы больше контролировать корпоративное управление. Эта кампания должна затронуть многие компании в США на фоне роста активности акционеров. Всего в коалицию Investor Stewardship Group входит 16 членов, под управлением которых находятся активы более чем на $17 трлн. Среди них управляющие компании BlackRock, Vanguard Group, State Street Global Advisors и крупные государственные пенсионные фонды из штатов Калифорния, Флорида и Вашингтон.

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31 января, 10:00

Иена дорожает к доллару

Курс иены к доллару во вторник утром продолжил свой рост из-за увеличения спроса на «безопасные» активы с низкими рыночными рисками - рынки отыгрывают указ президента США Дональда Трампа, приостанавливающий въезд в страну лиц из семи государств Ближнего Востока и Африки.

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28 января, 19:16

Big asset managers bulk up governance staff

BlackRock, Vanguard and State Street expand policing of companies they invest in

28 января, 00:30

What Lies Ahead for Biotech ETFs in Trump Era?

Despite political risks, there are many factors supporting growth in the biotech sector.

27 января, 19:39

Have You Thought About Your Successor?

Have you thought about who will take your job? Before I go any further, I need to point out it's not "your" job. Chances are that someone had it before you and someone will have it after you have stewarded the role for some period of time. As a responsible steward, you should look to the future, understand how the role might evolve and ensure that someone else will be ready to take it on when your time is up. Facilitating a seamless transition for your eventual replacement is important for all involved - your employer, your successor and yourself. I recently announced my decision to step down as head of Human Resources and Corporate Citizenship for State Street, the company I've been fortunate to be a part of for 15 years. While I love this job and have tremendous respect for the people I work with and great confidence in our company's future, I've decided it's time to write a new chapter of my career and life. My decision to leave was difficult, but it would have been a much tougher call if a strong and capable successor wasn't ready to step into my role. Over the years, as I've worked to develop my team, I've made it a practice to consider potential successors for my role and provide development opportunities to help prepare them for that possibility. A succession plan is a roadmap for future leadership, including development paths for internal talent. Paying attention to succession planning is not only the right thing to do for your people and your organization, it's also a smart way to position yourself to step into a new role. After all, you're much more likely to be considered for a promotion if your boss is confident that someone is ready and able to assume your responsibilities. "Without a well-groomed candidate waiting in the wings, a change in leadership can have an adverse effect on a business, especially if the departure is sudden," notes Brenda Bouw in The Secret to Succession Planning. Consider the possibility that, starting today, your role stands empty. How ready is your organization to fill it? What can you do to make sure the succession is as seamless as possible? Here are six steps to consider when developing an effective succession plan: Start early to identify potential successors and groom them to step into your role. Involve your colleagues and, your boss and, in brainstorming about the critical skills, core competencies, essential knowledge and relevant experience your successor will need, keeping in mind that these criteria may be different than what you brought to the role. Look ahead to the day you'll move on from your current position. Rate yourself on how well you're doing at passing along to your staff the skills and knowledge that have been most important to you. Identify key challenges you've faced in your role - and what approaches worked well to resolve them. What advice and training did you receive during your tenure that served you well? What development opportunities will help prepare potential successors to acquire the skills and experience required to lead? Imagine a conversation with your successor. What questions would you expect her to ask, and what would you want to tell her? If you had to choose one thing you'd do differently, what would it be? Think back to when you assumed your current role. Can you recall those first days, weeks or months when you were getting settled in your new position? What do you wish your predecessor had done to prepare for your arrival? Think about the legacy you want to leave behind. Take time to assess the contributions you've made and successes you've achieved in your current role - and think about what more you want to accomplish. What will you bequeath to your successor? With millions of baby boomers retiring every year, organizations will continue to struggle to find qualified candidates to fill the void. Demonstrating accountability for succession planning for your role is a great way to distinguish yourself as a forward-thinking, action-oriented leader. And remember, you don't "own" your job, but you do "own" your career. -- This feed and its contents are the property of The Huffington Post, and use is subject to our terms. It may be used for personal consumption, but may not be distributed on a website.

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25 января, 19:41

JPMorgan wins $1tn custody mandate from BlackRock

Wall Street group to overtake State Street as world’s No 2 custodian bank

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25 января, 19:41

JPMorgan wins $1tn custody mandate from BlackRock

Wall Street group to overtake State Street as world’s No 2 custodian bank

03 декабря 2015, 09:40

S&P снизило рейтинг восьми крупнейших банков США

Американское рейтинговое агентство Standard & Poor's объявило о понижении кредитного рейтинга восьми крупнейших банков США, среди которых JPMorgan Chase & Co., Bank of America Corp. и Citigroup Inc., сообщает Bloomberg.

29 июля 2015, 07:06

Кто владеет Apple? Скрытые хозяева мира

"Инвестор и основной акционер компании Apple Карл Айкан оценил стоимость одной акции этой компании в $216, что на $91 выше их текущей стоимости. По мнению Айкана, капитализация Apple должна составлять около $1,3 трлн" (РБК) Оставим вопрос о справедливости такой фантастической стоимости акций, и  примем за факт, что Apple - крупнейшая мировая компания. Зададим простой, но щекотливый вопрос, кто владеет этой компанией, по стоимости равной бюджетам нескольких европейских стран вместе взятых? Казалось бы, в цитате от РБК четко и ясно указано , что основной акционер некий Карл Айкан, эксцентричный милииардер, циничная акула бизнеса, известный рейдер и вымогатель, скандалист и многое другое. Собственно, именно он чаще всего и упоминается в СМИ как главный акционер и ньюсмейкер. Есть ещё Тим Кук - генеральный директор Apple (тот, что официальный гей), но он фигура назначаемая акционерами, то есть владельцем не является никак.  Однако, внимательно изучив ситуацию, мы обнаруживаем удивительный факт - миллиардер Карл Айкан владеет всего 1(одним) процентом акций Apple. Конечно, стоимость даже одного процента - сумма огромная, но это же всего одна сотая часть! Где остальное? Вопрос не то, чтобы скрытый, но на примере того же РБК  не только замалчиваемый, но и открыто фальсифицируемый в СМИ.

13 мая 2015, 04:23

По конспироложествуем об очередных кандидатах в члены мирового правительства?

Банки правят миром. А кто правит банками? Сегодня уже не надо доказывать, что пресловутая гегемония США зиждется на монополии печатного станка Федеральной резервной системы (ФРС). Более или менее понятно также, что акционерами ФРС выступают банки мирового калибра. В их число входят не только банки США (банки Уолл-стрит), но и европейские банки Европы (банки Лондонского Сити и некоторых стран континентальной Европы). В период мирового финансового кризиса 2007-2009 гг. ФРС, действуя без огласки, раздала разным банкам кредитов (почти беспроцентных) на сумму свыше 16 трлн. долл. Хозяева денег раздавали кредиты самим себе, то есть тем банкам, которые и являются главными акционерами Федерального резерва. В начале текущего десятилетия под сильным нажимом Конгресса США был проведен частичный аудит ФРС, и летом 2011 года его результаты были обнародованы. Список получателей кредитов и есть список главных акционеров ФРС. Вот они (в скобках указаны суммы полученных кредитов ФРС в миллиардах долларов): Citigroup (2500); Morgan Staley (2004); Merril Lynch (1949); Bank of America (1344); Barclays PLC (868); Bear Sterns (853); Goldman Sachs (814); Royal Bank of Scotland (541); JP Morgan (391); Deutsche Bank (354); Credit Swiss (262); UBS (287); Leman Brothers (183); Bank of Scotland (181); BNP Paribas (175). Примечательно, что целый ряд получателей кредитов ФРС - не американские, а иностранные банки: английские (Barclays PLC, Royal Bank of Scotland, Bank of Scotland); швейцарские (Credit Swiss, UBS); немецкий Deutsche Bank; французский BNP Paribas. Указанные банки получили от Федерального резерва около 2,5 триллиона долларов. Не ошибёмся, если предположим, что это – иностранные акционеры ФРС. Однако если состав главных акционеров Федрезерва более или менее понятен, то этого не скажешь в отношении акционеров тех банков, которые, собственно, и владеют печатным станком ФРС. Кто же является акционерами акционеров Федерального резерва? Прежде всего, рассмотрим ведущие банки США. На сегодняшний день ядро банковской системы США представлено шестью банками. «Большая шестерка» включает Bank of America, JP Morgan Chase, Morgan Stanley, Goldman Sachs, Wells Fargo, Citigroup. Они занимают первые строчки американских банковских рейтингов по таким показателям, как величина капитала, контролируемых активов, привлеченных депозитов, капитализация, прибыль. Если ранжировать банки по показателю активов, то на первом месте оказывается JP Morgan Chase (2.075 млрд. долл. в конце 2014 г.). По показателю капитализации первое место занимает Wells Fargo (261,7 млрд. долл. осенью 2014 года). Кстати, по этому показателю Wells Fargo вышел на первое место не только в Америке, но и в мире (хотя по активам в США он занимает лишь четвертое место, а в мире даже не входит в первую двадцатку). На официальных сайтах этих банков имеется кое-какая информация об акционерах. Основная часть капитала «большой шёстерки» американских банков находится в руках так называемых институциональных акционеров – разного рода финансовых компаний. Среди них есть и банки, то есть имеет место перекрестное участие в капитале. Количество институциональных инвесторов на начало 2015 года в отдельных банках было следующим: Bank of America – 1410; JP Morgan Chase – 1795; Morgan Stanley – 826; Goldman Sachs – 1018; Wells Fargo – 1729; Citigroup – 1247. В каждом из названных банков достаточно четко выделяется группа крупных инвесторов (акционеров). Это те инвесторы (акционеры), которые имеют более 1 процента капитала каждый. Таких акционеров насчитывается, как правило, от 10 до 20. Бросается в глаза, что во всех банках в группе крупных инвесторов фигурируют одни и те же компании и организации. В табл. 1 приведем список таких крупнейших институциональных инвесторов (акционеров). Табл. 1. Источник: http://finance.yahoo.com/q/mh?s=GS+Major+Holders   Кроме обозначенных в таблице институциональных инвесторов в списках акционеров ведущих американских банков присутствуют следующие организации: Capital World Investors, Massachusetts Financial Services, Price (T. Rowe) Associates Inc., Mitsubishi UFJ Financial Group, Inc., Berkshire Hathaway Inc., Dodge & Cox Inc., Invesco Ltd., Franklin Resources, Inc., Bank of New York Mellon Corporation и некоторые другие. Я называю лишь те, которые фигурируют в качестве акционеров хотя бы в двух из шести ведущих банков США. Фигурирующие в финансовой отчетности ведущих американских банков институциональные акционеры – это различные финансовые компании и банки. Отдельный учет ведется в отношении таких акционеров, как физические лица и взаимные фонды. В целом ряде банков Уолл-стрит заметная доля акций принадлежит работникам этих банков. Разумеется, это не рядовые сотрудники, а ведущие менеджеры (впрочем, некоторое символическое количество акций могут иметь и рядовые банковские служащие). Что касается взаимных фондов (mutual funds) (1), то многие из них находятся в сфере влияния все тех же институциональных акционеров, которые названы выше. В качестве примера можно привести список наиболее крупных акционеров американского банка Goldman Sachs, относящихся к категории взаимных фондов (табл. 2). Табл. 2. Источник: finance.yahoo.com По крайней мере три фонда из приведенных в таблице 2 находятся в сфере влияния финансовой корпорации Vanguard Group. Это Vanguard Total Stock Market Index Fund, Vanguard 500 Index Fund, Vanguard Institutional Index Fund-Institutional Index Fund. Доля Vanguard Group в акционерном капитале Goldman Sachs – 4,90%. А три взаимных фонда, находящихся в системе этого финансового холдинга, дают дополнительно еще 3,59%. Таким образом, фактически позиции Vanguard Group в банке Goldman Sachs определяются долей не 4,90%, а 8,49%. В ряде банков Уолл-стрит имеется категория индивидуальных акционеров – физических лиц. Как правило, это высшие руководители данного банка, как действующие, так и ушедшие на пенсию. Приведем справку об индивидуальных акционерах банка Goldman Sachs (табл. 3). Табл. 3. Источник: finance.yahoo.com В совокупности указанные в табл. 3 пять физических лиц имеют на руках более 5,5 млн. акций банка Goldman Sachs, что составляет примерно 1,3% всего акционерного капитала банка. Это столько же, сколько акций у такого институционального акционера, как Northern Trust. Кто эти люди? Высшие менеджеры Goldman Sachs. Ллойд Бланкфейн, например, - председатель совета директоров и главный исполнительный директор Goldman Sachs с 31 мая 2006 года. Джон Вайнберг – вице-президент Goldman Sachs с того же времени, одновременно член управляющего комитета и сопредседатель подразделения инвестиционного банкинга (последний пост он оставил в декабре 2014 года). Три других индивидуальных акционера также относятся к категории высшего менеджмента банка Goldman Sachs, причем все являются действующими сотрудниками данного банка. Достаточно ли нескольких процентов участия в акционерном капитале для того, чтобы эффективно управлять банком? Тут следует учесть, по крайней мере, три момента. Во-первых, в ведущих банках США давно уже нет очень крупных акционеров. Формально в этих банках нет ни одного акционера, доля которого была бы выше 10%. Общее число институциональных акционеров (инвесторов) в американских банках колеблется в пределах одной тысячи. Получается, что в среднем на одного институционального акционера приходится примерно 0,1 процента капитала. На самом деле - меньше, поскольку кроме них есть еще взаимные фонды (учитываемые отдельно), а также многие тысячи физических лиц. В ряде банков акциями владеют служащие. В случае банка Goldman Sachs в руках физических лиц находится около 7% акционерного капитала. Наконец, часть акций находятся в свободном обращении на фондовом рынке. С учетом распыления акционерного капитала среди десятков тысяч держателей бумаг владение даже 1 процентом акций банка Уолл-стрит – это очень мощная позиция. Во-вторых, за несколькими (или многими) формально самостоятельными акционерами может стоять один и тот же хозяин - конечный бенефициар. Скажем, хозяева финансового холдинга Vanguard Group участвуют в капитале банка Goldman Sachs и напрямую, и через взаимные фонды, находящиеся в сфере влияния указанного холдинга. Скорее всего, доля Vanguard Group в капитале Goldman Sachs не 4,90% (доля материнской компании) и не 8,49% (доля с учетом трех подконтрольных взаимных фондов), а больше. Нельзя сбрасывать со счетов и акционеров – физических лиц, чей удельный вес намного выше, чем их доля в акционерном капитале, поскольку это высшие менеджеры, поставленные на руководящие должности теми, кого называют «конечными бенефициарами». В-третьих, есть такие акционеры, влияние которых на политику банка превышает их долю в акционерном капитале по той причине, что они владеют так называемыми голосующими акциями. В то же время другие акционеры владеют так называемыми привилегированными акциями. Последние дают их владельцам такую привилегию, как получение фиксированного дивиденда, но при этом лишают их владельца права голосования на собраниях акционеров. Скажем, акционер может иметь долю в капитале банка, равную 5%, но при этом его доля в общем количестве голосов может быть 10, 20 или даже 50%. А привилегия решающего голоса для банков Уолл-стрит может иметь гораздо большее значение, чем привилегия получения гарантированного дохода. Вернемся к табл. 1 в первой части статьи. Она показывает, что почти во всех американских банках главными акционерами являются финансовые холдинги. При этом если названия ведущих банков Уолл-стрит сегодня известны всем, то названия финансовых холдингов, владеющих большими пакетами акций этих банков, говорят о чем-то лишь очень узкому кругу финансистов. А ведь речь идет о тех, кто в конечном счете контролирует банковскую систему США и Федеральную резервную систему. Например, в последнее время довольно часто упоминался инвестиционный фонд Franklin Templeton Investments, который скупил долговые бумаги Украины на 7-8 млрд. долл. и активно участвует в экономическом удушении этой стран. Между тем указанный фонд – дочерняя структура финансового холдинга Franklin Resources Inc., который является акционером банка Citigroup (доля 1,24%) и банка Morgan Stanley (1,40%). Такие финансовые холдинги, как Vanguard Group, State Street Corporation, FMR (Fidelity), Black Rock, Northern Trust, Capital World Investors, Massachusetts Financial Services, Price (T. Rowe) Associates Inc., Dodge & Cox Inc.; Invesco Ltd., Franklin Resources, Inc., АХА, Capital Group Companies, Pacific Investment Management Co. (PIMCO) и еще несколько других не просто участвуют в капитале американских банков, а владеют преимущественно голосующими акциями. Именно эти финансовые компании и осуществляют реальный контроль над банковской системой США. Некоторые аналитики полагают, что акционерное ядро банков Уолл-стрит составляют всего четыре финансовые компании. Другие компании-акционеры либо не относятся к категории ключевых акционеров, либо прямо или через цепочку посредников контролируются все той же «большой четвёркой». В табл. 4 представлена сводная информация о главных акционерах ведущих банков США. Табл. 4. Оценки величины активов, находящихся в управлении финансовых компаний, являющихся акционерами главных банков США, достаточно условны и периодически пересматриваются. В некоторых случаях оценки включают лишь собственные активы компаний, в других случаях – ещё и активы, передаваемые компаниям в трастовое управление. В любом случае величина контролируемых ими активов впечатляет. Осенью 2013 года в списке мировых банков, ранжированных по величине активов, на первом месте находился китайский банк Industrial and Commercial Bank of China (ICBC) с активами 3,1 трлн. долл. Максимальные активы в банковской системе США на тот момент имел банк Bank of America (2,1 трлн. долл.). За ним следовали такие американские банки, как Citigroup (1,9 трлн. долл.) и Wells Fargo (1,5 трлн. долл.). Примечательно, что триллионными активами финансовые холдинги «большой четвёрки» ворочают при использовании достаточно скромного числа сотрудников. При совокупных активах, равных примерно 15 трлн. долл., персонал «большой четвёрки» не дотягивает до 100 тыс. человек. Для сравнения: численность сотрудников лишь в банке Citigroup составляет около 250 тыс. человек, в Wells Fargo – 280 тыс. человек. В сравнении с финансовыми холдингами «большой четвёрки» банки Уолл-стрит выглядят рабочими лошадками. По показателю контролируемых активов финансовые компании «большой четвёрки» находятся в более тяжелой весовой категории, чем американские банки «большой шестёрки». «Большая четвёрка» финансовых холдингов простирает свои щупальца не только на банковскую систему США, но и на компании других секторов американской и зарубежной экономики. Тут можно вспомнить исследование специалистов Швейцарского технологического института (Цюрих), целью которого было выявить управляющее ядро мировой экономической и финансовой системы. В 2011 году швейцарцы причислили к ядру мировых финансов 1218 компаний и банков по состоянию на начало финансового кризиса (2007 год). Внутри этого конгломерата было выявлено еще более плотное ядро из 147 компаний. По оценкам авторов исследования, это малое ядро контролировало 40% всех корпоративных активов в мире. Компании ядра были швейцарскими исследователями ранжированы. Воспроизведем первую десятку этого рейтинга: 1. Barclays plc 2. Capital Group Companies Inc 3. FMR Corporation 4. AXA 5. State Street Corporation 6. JP Morgan Chase & Co 7. Legal & General Group plc 8. Vanguard Group Inc 9. UBS AG 10. Merrill Lynch & Co Inc. Важное обстоятельство: все 10 строчек швейцарского списка занимают организации финансового сектора. Из них четыре – банки, названия которых у всех на слуху (одного из них – Merrill Lynch – уже не существует). Особо отметим американский банк JP Morgan Chase & Co. Это не просто банк, а банковский холдинг, участвующий в капиталах многих других американских банков. Как видно из табл. 1, JP Morgan Chase участвует в капитале всех других банков «большой шестёрки» за исключением банка Goldman Sachs. В банковском мире США есть еще один примечательный банк, который формально не входит в «большую шестёрку», но который невидимо контролирует некоторые из банков «большой шестёрки». Речь идет о банке The Bank of New York Mellon Corporation. Указанный банк являлся держателем акций в Citigroup (доля 1,24%), JP Morgan Chase (1,48%), Bank of America (1,25%). А вот шесть строчек швейцарского списка принадлежат финансовых компаниям, редко фигурирующим в открытой печати. Это финансовые холдинги, которые специализируются на приобретении по всему миру пакетов акций компаний разных отраслей экономики. Многие из них учреждают различные инвестиционные, в том числе взаимные, фонды, осуществляют управление активами клиентов на основе договоров траста и т.д. В этом списке мы видим три финансовые компании из «большой четвёрки», отображенной в табл. 4: Vanguard Group Inc, FMR Corporation (Fidelity) и State Street Corporation. Эти финансовые холдинги, а также компания Black Rock (сильно укрепившая свои позиции с 2007 года) и образуют ядро банковской системы США. Примечательно, что «большая четвёрка» очень хорошо представлена и в банковском холдинге JP Morgan Chase: Vanguard Group – 5,46%; State Street Corporation – 4,71%; FMR Corporation (Fidelity) – 3,48%; Black Rock – 2,75%. Другой из названных выше банковских холдингов – The Bank of New York Mellon Corporation – контролируется тремя финансовыми компаниями «большой четвёрки»: Vanguard Group – 5,15%; State Street Corporation – 4,72%; FMR Corporation (Fidelity) Black Rock – 2,62%. После того как мы выявили управляющее ядро банковской системы США, состоящее из небольшого количества финансовых холдингов, возникает ряд новых вопросов. Кто является владельцами и конечными бенефициарами этих финансовых холдингов? Как далеко распространяется влияние этих финансовых холдингов в отраслевом и географическом отношениях? Можно ли утверждать, что подход к объяснению происходящего в сфере мировых финансов на основе концепции «борьбы кланов Ротшильдов и Рокфеллеров» устарел? Однако это уже тема другого разговора. (1) Взаимный фонд (ВФ), или фонд взаимных инвестиций  - это портфель акций, приобретённых профессиональными финансистами на вложения многих тысяч мелких вкладчиков. К началу XXI века в США действовало несколько тысяч взаимных фонов. К 2000 году в рамках взаимных фондов было открыто 164, 1 млн. счетов, то есть около двух на семью.

07 марта 2013, 13:57

На рынке "мусорных" бондов зреет обвал

Портфельные менеджеры делают ставку на снижение "мусорных" облигаций. Денежные потоки в последнее время активно поступают в фонды ETF, которые шортят высокодоходные облигации.Сейчас ставки против высокодоходных облигаций достигли максимума за последние 5 лет, а значит, вполне возможно, что на этом сегменте рынка назревают серьезные распродажи, пишет Financial Times.Короткие позиции по ETF от BlackRock и State Street, инвестирующие в "мусорные облигации", за последние несколько недель росли стремительными темпами и достигли самого высокого уровня с октября 2007 года.За последние несколько лет инвесторы привыкли брать на себя риск инвестиций в наименее надежные облигации, причем предпочитают делать это через ETF, так как в этом варианте издержки минимальны. Немаловажная причина выбора "мусорных" облигаций - доходность. В условиях нулевых процентных ставок вложения в надежные активы не приносят желаемого дохода.Спрос на такого рода инструменты привел к снижению доходностей по ним до исторических минимумов. Впрочем, спред с американскими казначейскими облигациями, по историческим меркам, не показал такого сужения.