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What the Debt Markets Are Telling Us — and Why Sponsors Should Listen Insights from Lisa Pendergast, Executive Director, CREFC In today's capital markets, where debt is more expensive, less available, and slower to move, understanding how credit flows work has become just as important as understanding your deal. That's why I sat down with Lisa Pendergast, Executive Director of the Commercial Real Estate Finance Council (CREFC) – a central figure in the $5 trillion CRE debt markets – to ask what the institutions upstream are seeing, and what that means for those of us operating on the front lines of equity, operations, and acquisitions. A Market in Holding Pattern Lisa noted that while Q4 2024 sentiment among debt market participants had turned unexpectedly upbeat, that optimism collapsed in Q1 2025. The cause? Policy uncertainty, rate volatility, and a reemergence of geopolitical and trade risks, most notably the return of tariffs under the Trump administration. The result is hesitation. From the largest bond desks to the average sponsor refinancing a stabilized deal, participants are stuck in wait-and-see mode. "When there's uncertainty," Lisa explained, "things just stop." The Math Has Changed Lisa pointed to a roughly 300-400 basis point gap between legacy loan coupons and current market rates. Even where property fundamentals are stable, that rate delta is making refinancings difficult, especially when higher cap rates have also eroded asset valuations. The implication: more equity must be written into every deal, or the loan won't pencil. This is the backdrop to rising CMBS delinquencies, particularly in office and, increasingly, multifamily markets where excess supply and rent softening have converged. Lenders aren't panicking, but they are requiring more diligence, more equity, and more confidence in borrowers. Why Sponsors Should Watch the CMBS Market For sponsors who don't interact directly with capital markets, Lisa offered a critical point: trends in CMBS spreads and issuance are leading indicators. When investors demand higher spreads (i.e., more compensation for risk), lenders raise rates, reduce proceeds, or pull back altogether. She explained the distinction between conduit deals (pools of smaller loans) and SASB structures (large, single-sponsor or single-asset bonds). The conduit market, a lifeline for mid-sized deals, has slowed dramatically. That signals tightening liquidity for smaller sponsors or niche asset classes. Meanwhile, large SASB deals continue but only with strong assets, strong borrowers, and deep-pocketed equity partners. The Regulatory Horizon Lisa also addressed deregulation under Trump 2.0. While she hasn't seen core rules like Dodd-Frank or the Volcker Rule reversed outright, she's watching how new leadership at key agencies may soften enforcement. Dodd-Frank was enacted after the 2008 financial crisis to rein in excessive risk-taking by lenders and increase transparency in financial markets. The Volcker Rule, a key provision, restricts banks from making speculative bets with their own capital, especially in risky vehicles like real estate-backed securities. For sponsors, the concern isn't just about policy in Washington, it's about what happens to lending standards and capital stability when those policies shift. Lisa's concern is practical: regulatory whiplash, rules swinging left, then right, then back again, as we've seen with tariffs, undermines confidence and can freeze the flow of capital. When lenders aren't sure what rules they'll be operating under next quarter, they hesitate and that caution trickles down to your loan terms. Sponsors should pay attention here. When policy becomes unpredictable, capital becomes cautious and that shows up in the terms you're offered, or whether your deal gets financed at all. Final Takeaway: The Debt Market Has Grown Up Lisa struck a cautiously optimistic tone. Compared to the run-up to the 2008 crash, today's market is more disciplined. Underwriting remains sound, even in a difficult environment. But that doesn't mean lenders will stretch. If you're a sponsor today, her message is clear: capital is out there—but it's selective, it's expensive, and it's scrutinizing every deal. You need to understand the market forces upstream to be able to compete downstream. *** In this series, I cut through the noise to examine how shifting macroeconomic forces and rising geopolitical risk are reshaping real estate investing. With insights from economists, academics, and seasoned professionals, this show helps investors respond to market uncertainty with clarity, discipline, and a focus on downside protection. Subscribe to my free newsletter for timely updates, insights, and tools to help you navigate today's volatile real estate landscape. You'll get: Straight talk on what happens when confidence meets correction - no hype, no spin, no fluff. Real implications of macro trends for investors and sponsors with actionable guidance. Insights from real estate professionals who've been through it all before. Visit GowerCrowd.com/subscribe Email: adam@gowercrowd.com Call: 213-761-1000
Professor Kimberly D. Krawiec from the University of Virginia School of Law explores "repugnant transactions and taboo trades" — markets that are morally contested and sometimes even prohibited, such as sex work, commercial surrogacy, and the sale of organs, eggs, and sperm. She asks how we, as a society, decide what is up for sale and what is off-limits. The controversies here are not about the dangers of markets themselves, but rather the dangers of buying/selling certain goods or services. Advocates of market restrictions seek to define the ethical boundaries of the marketplace – to identify the specific goods and services that are inappropriate for market trading, and to explain why these restrictions should exist even for apparently willing buyers and sellers.Although all cultures have deemed some transactions too sacred for the marketplace, the targets of these restrictions have varied widely, even within a given time period. For example, prostitution is currently legal in much of the world but illegal in most of the United States. Meanwhile, commercial surrogacy and paid egg donation are legal in much of the United States but illegal in many other parts of the world.This talk delves into these and other restricted trades. It identifies how they are regulated by legal regimes as well as social norms, evaluates the consequences of different approaches, and explores potential paths forward.About the Speaker: Professor Kimberly D. Krawiec holds the Charles O. Gregory Professorship of Law at the University of Virginia. Her current research analyses “taboo trades” — exchanges that are contested by society and, in some cases, forbidden altogether. She has written on commercial surrogacy, egg and sperm markets, and sex work. At the moment, much of her work is on incentives for organ donation. Another area of her research centres on the regulation of financial markets and business organizations. Prof. Krawiec has extensively examined the administrative process surrounding the Volcker Rule, a complex and highly contested provision of the Dodd-Frank Act. She has also researched corporate boards of directors. Through an ethnographic method, this work analyses directors' views on the workings of the corporate boardroom and board relations with management, with a special emphasis on directors' views on race and gender diversity in the boardroom.With a wealth of experience in commodity and derivatives law, she has also been a commentator for the Central European and Eurasian Law Initiative (CEELI) of the American Bar Association and has taught at top institutions including Duke, North Carolina, Harvard, and Northwestern, where she won the Robert Childres Award for Teaching Excellence.The lecture begins at 03:44Baron Cornelius Ver Heyden de Lancey (1889-1984) was a wealthy and public-spirited Dutchman who at different times in his life was a dentist, doctor, surgeon, barrister and art historian. In 1970 he created the De Lancey and De La Hanty Foundation, to promote studies in medico-legal topics. The Foundation generously gave Cambridge the Ver Heyden de Lancey Fund, which since 1996 has funded occasional public lectures on medico-legal issues of current interest.For more information about the Baron Ver Heyden de Lancey Lecture series, please see http://www.lml.law.cam.ac.uk/events/vhdl-events
Professor Kimberly D. Krawiec from the University of Virginia School of Law explores "repugnant transactions and taboo trades" — markets that are morally contested and sometimes even prohibited, such as sex work, commercial surrogacy, and the sale of organs, eggs, and sperm. She asks how we, as a society, decide what is up for sale and what is off-limits. The controversies here are not about the dangers of markets themselves, but rather the dangers of buying/selling certain goods or services. Advocates of market restrictions seek to define the ethical boundaries of the marketplace – to identify the specific goods and services that are inappropriate for market trading, and to explain why these restrictions should exist even for apparently willing buyers and sellers.Although all cultures have deemed some transactions too sacred for the marketplace, the targets of these restrictions have varied widely, even within a given time period. For example, prostitution is currently legal in much of the world but illegal in most of the United States. Meanwhile, commercial surrogacy and paid egg donation are legal in much of the United States but illegal in many other parts of the world.This talk delves into these and other restricted trades. It identifies how they are regulated by legal regimes as well as social norms, evaluates the consequences of different approaches, and explores potential paths forward.About the Speaker: Professor Kimberly D. Krawiec holds the Charles O. Gregory Professorship of Law at the University of Virginia. Her current research analyses “taboo trades” — exchanges that are contested by society and, in some cases, forbidden altogether. She has written on commercial surrogacy, egg and sperm markets, and sex work. At the moment, much of her work is on incentives for organ donation. Another area of her research centres on the regulation of financial markets and business organizations. Prof. Krawiec has extensively examined the administrative process surrounding the Volcker Rule, a complex and highly contested provision of the Dodd-Frank Act. She has also researched corporate boards of directors. Through an ethnographic method, this work analyses directors' views on the workings of the corporate boardroom and board relations with management, with a special emphasis on directors' views on race and gender diversity in the boardroom.With a wealth of experience in commodity and derivatives law, she has also been a commentator for the Central European and Eurasian Law Initiative (CEELI) of the American Bar Association and has taught at top institutions including Duke, North Carolina, Harvard, and Northwestern, where she won the Robert Childres Award for Teaching Excellence.The lecture begins at 03:44Baron Cornelius Ver Heyden de Lancey (1889-1984) was a wealthy and public-spirited Dutchman who at different times in his life was a dentist, doctor, surgeon, barrister and art historian. In 1970 he created the De Lancey and De La Hanty Foundation, to promote studies in medico-legal topics. The Foundation generously gave Cambridge the Ver Heyden de Lancey Fund, which since 1996 has funded occasional public lectures on medico-legal issues of current interest.For more information about the Baron Ver Heyden de Lancey Lecture series, please see http://www.lml.law.cam.ac.uk/events/vhdl-events
A decade ago, in the aftermath of the global financial crisis, anxiety around unknowns was still rippling through financial markets, including within secondaries. Similarly, there was a great deal of concern around the Volcker Rule that came into effect in 2014, which essentially prohibited banks from investing in private equity with their own funds. In 2013, secondaries volume sat at around $28 billion. The following year, volume leapt to $42 billion. While regulation should not be overplayed, the Volcker Rule and Solvency II – a regulation affecting insurance companies and the percentage of risky assets they can hold on their balance sheets – played a big role in this increase. In 2014, "There was suddenly... a lot more publicity being given to what people had been doing," Katherine Ashton, partner at Debevoise & Plimpton, explained. "With the increased publicity, with the increased knowledge of the market, that fed on itself and led to outdoing some of the predictions [for the growth of the market] because the more people realised that there were willing buyers and sellers, the more it allowed the market to develop." Welcome to the Decade of Secondaries Investing miniseries, where we celebrate 10 years of Secondaries Investor with reflections on key trends that have shaped the market, as well as a glimpse into what likely lies ahead. In this first episode, we sit down with Ashton as well as Michael Granoff, chief executive and founder at Pomona Capital. Each give insight into how the Volcker Rule and other post-GFC legislative frameworks spurred secondaries sales. For full coverage of our Decade of Secondaries Investing series, including all podcast episodes and an interactive timeline, click here.
If you've been watching the news, you're no doubt aware of President Biden's "forgiveness plan." This involves erasing $10,000 US in federal student loan debt for those with incomes below $125,000 a year, or households that earn less than $250,000. It also cancels an additional $10,000 for those who received federal Pell Grants to attend college. To say this move has been divisive is something of an understatement, and of course, in today's episode of The Higher Standard, Chris and Saied share their thoughts on this new program. (Spoiler: They're not fans.) They discuss why Chris thinks the new program is both unconstitutional, and just another stimulus package - essentially the government is printing more money, which is a problem when the Fed is battling inflation already. Chris outlines the legality (or lack thereof) of the program, and why he believes the income cap is the wrong way to proceed. They also talk about Federal Reserve Chair Jerome Powell's upcoming press conference, where it's believed he will take a much more firm or 'hawkish' approach and possibly invoke the 'Volcker Rule' - a federal regulation that prohibits banks from conducting certain investment activities with their own accounts and limits their dealings with hedge funds and private equity funds, also called covered funds. This is a show you do not want to miss! Join Chris and Saied for this fascinating conversation. Enjoy! What You'll Learn in this Show: Why the new forgiveness program is both unconstitutional, and just another form of inflationary stimulus. The legality (or lack thereof) of the program, and why the income cap is the wrong way to proceed. Federal Reserve Chair Jerome Powell's upcoming press conference, where it's believed he will invoke the 'Volcker Rule.' And so much more...
I disagree with the recent rate hike. Why is it important to give leftover pizza to others? Similarities & more similarities with Wall Street & Main Street. --- This episode is sponsored by · Anchor: The easiest way to make a podcast. https://anchor.fm/app --- Send in a voice message: https://anchor.fm/bling-viera/message
Our guest today is Rick Bookstaber, co-founder and Head of Risk for Fabric, which provides factor-based risk management applications for investment advisors. Rick resume is as impressive as you can come across. He's held Chief Risk Officer roles at Morgan Stanley, Salomon, Bridgewater, and the University of California pension. He also worked at the U.S. Treasury post-2008 and helped write the Volcker Rule. He's the author of The End of Theory and A Demon of Our Own Design. In today's episode, we start with Rick's framework for looking at risk and what the cockroach can teach us about sound portfolio construction and risk management. Then Rick shares what he thinks are some of the biggest risks in the market today, including the Russian invasion of Ukraine and rising inflation and interest rates and QT. Finally, we get into his newest venture and why he chose to start a firm on helping financial advisors and individuals with risk management. Our co-hosts today are Steve Curley, CFA, and myself, Colby Donovan. Please enjoy the episode. Please enjoy our episode with Fabric's Rick Bookstaber. Follow the CFA Society of Orlando on Twitter at @CFAOrlandoFL
TMBS 43 aired on June 5th 2018, episode summary: Shoutout to the Techsploitation Movement in San Francisco for their truly “disruptive” protest. Asad Haider founder of Viewpoint Magazine calls in to talk about his new book MIstaken Identity and identity politics today. David Griscom breaks down the recent changes to the Volcker Rule. Alyona Minkovski (@AlyonaMink) host at Real Vision joins us in studio to talk Pusha T. and Bill Clinton. TMBS ReAirs come out every Tuesday wherever you get your podcasts and on The Michael Brooks Show YouTube Channel. This program has been put together by The Michael Brooks Legacy Project. To learn more and rewatch the postgame content visit https://www.patreon.com/TMBS
In episode 363, we welcome our guest, Rick Bookstaber, co-founder and Head of Risk for Fabric, which provides factor-based risk management applications for investment advisors. In today's episode, we're talking all about risk with someone who's held Chief Risk Officer roles at Morgan Stanley, Solomon Brothers, Bridgewater, and the University of California pension, and if that wasn't enough, he also helped write the Volcker Rule while working for the Treasury. Rick begins the episode by walking us through his framework for assessing risk and why the three keys are leverage, liquidity, and concentration. He also shares the lessons he's learned from surviving the 1987 crash, 2000 tech bubble, and 2008 housing crisis. As we wind down, Rick shares what led him to start his newest venture and how he plans to assist advisors with risk management for client portfolios. Please enjoy this episode with Fabric's Rick Bookstaber. ----- Follow Meb on Twitter, LinkedIn and YouTube For detailed show notes, click here To learn more about our funds and follow us, subscribe to our mailing list or visit us at cambriainvestments.com ----- Today's episode is sponsored by The Idea Farm. The Idea Farm gives you access to over $100,000 worth of investing research, the kind usually read by only the world's largest institutions, funds, and money managers. Join today and get access to quarterly CAPE ratios, an excel quant backtester and the entire research library.
What would you do if you had nothing to lose? In The Power of Nothing to Lose, William Silber explores what happens when people find themselves in situations with big upsides and limited downsides. But big risks don't always yield big rewards — at least, not without consequences ... In this episode, Silber discusses the Hail Mary effect, risk management and other themes from his latest book with host Charles Mizrahi. Topics Discussed: An Introduction to William Silber (00:00:00) Hail Mary Effect (00:04:09) Upside vs. Downside (00:10:21) The Volcker Rule (00:22:50) Leverage Kills (00:30:07) Preventing Bad Behavior (00:39:09) History Repeating Itself (00:45:55) Flattening the Skew (00:48:17) Guest Bio: William Silber is a bestselling author, former professor and senior advisor at Cornerstone Research. Silber was a Marcus Nadler Professor of Finance and Economics at New York University's Stern School of Business. And he was a three-time winner of the Professor of the Year award at Stern. In addition, Silber has written eight books about financial history and economics. His latest book is below. It details the Hail Mary effect and how people are incentivized to take abnormal — and potentially dangerous — risks. Resources Mentioned: · https://www.amazon.com/Power-Nothing-Lose-Politics-Business-ebook/dp/B08PVP6939 (The Power of Nothing to Lose: The Hail Mary Effect in Politics, War, and Business) Transcript: https://charlesmizrahi.com/podcast/2021/10/19/power-nothing-lose-william-silber/ (https://charlesmizrahi.com/podcast/) Don't Forget To... • Subscribe to my podcast! • Download this episode to save for later • Liked this episode? Leave a kind review! Subscribe to Charles' Alpha Investor newsletter today: https://pro.banyanhill.com/m/1729783 (https://pro.banyanhill.com/m/1729783)
Our guest this week is Rick Bookstaber. Rick is the head of risk of Fabric, a startup he founded to provide risk-management software to individual investors through the financial advisors who serve them. Prior to founding Fabric, Rick held a number of senior risk-management roles, most recently as chief risk officer at the University of California system, and before that at various hedge funds and banks, including Bridgewater, FrontPoint Partners, Morgan Stanley, and Salomon Brothers. He also served in the Obama administration, where his work included stints with the Financial Stability Oversight Council and at the SEC on the Volcker Rule and other regulations. Rick has authored several books, including A Demon of Our Own Design, which was published in 2007, as well as The End of Theory, which was published in 2017. Rick received his bachelor's in economics at Brigham Young University and earned a doctorate in economics from MIT.BackgroundBioFabricA Demon of Our Own Design: Markets, Hedge Funds, and the Perils of Financial Innovation, by Rick BookstaberThe End of Theory: Financial Crises, the Failure of Economics, and the Sweep of Human Interaction, by Rick BookstaberRisk Management Macro “7 Risks That Are Creating a New Market Paradigm,” by Rick Bookstaber, barrons.com, June 17, 2021.“Agent-Based Models for Financial Crises,” by Rick Bookstaber, bookstaber.com, Aug. 30, 2017.“Can Global Capitalism Survive in its Current Form?” by Rick Bookstaber, Age of Economics on youtube.com, March 6, 2021.“Bill Bernstein: We're Starting to See All of the Signs of a Bubble,” The Long View Podcast, Morningstar.com, March 10, 2021.“A More Realistic Look at Risk,” by Amanda White, top1000funds.com, Oct. 6, 2017. “Can High Liquidity + Low Volatility = High Risk?” by Rick Bookstaber, rick.bookstaber.com, Aug. 23, 2007.“Our Low Risk (Low Volatility) World,” by Rick Bookstaber, rick.bookstaber.com, Nov. 4, 2017.“Building Forward-Looking Scenarios: Why You're Doing It Wrong,” by Rick Bookstaber, Alicia Karspeck, and Govinda Quish, risk.net, Aug. 3, 2021.Investments“How to Make Risk Management Work for Advisers,” by Rick Bookstaber, investmentnews.com, June 24, 2021.Aladdin (BlackRock)“MSCI's Principles of Sustainable Investing,” msci.com.Organization and Culture“Adaptability Versus Optimization: The Cockroach Approach,” by Alex Barrow, macro-ops.com, Aug. 28, 2019.“Opinion: A Chief Risk Officer Offers the Simplest Way to Fight Back Against Stock-Market Memes,” by Rick Bookstaber, marketwatch.com, July 10, 2021.“This Is the Way Facebook Ends (and Maybe Apple and Google),” by Rick Bookstaber, rick.bookstaber.com, Jan. 28, 2018.“Facebook and the Awakening of our Private Selves,” by Rick Bookstaber, rick.bookstaber.com, April 1, 2018.
Volatility is back in style as the U.S. election draws near, but do elections actually move the markets? We go back in history with Fidelity's Jurrien Timmer to find out. 2020 has been a banner year for IPO's, and one of the biggest is about to drop as Palantir Technologies prepares for its debut. We'll tell you what you need to know about the data mining software company. Plus, why the SEC and other regulators changed the Volcker Rule to allow banks to make and offer some risky investments. All that and more on this week's episode of The Investopedia Express, with Caleb Silver. See acast.com/privacy for privacy and opt-out information.
Volatility is back in style as the U.S. election draws near, but do elections actually move the markets? We go back in history with Fidelity's Jurrien Timmer to find out. 2020 has been a banner year for IPO's, and one of the biggest is about to drop as Palantir Technologies prepares for its debut. We'll tell you what you need to know about the data mining software company. Plus, why the SEC and other regulators changed the Volcker Rule to allow banks to make and offer some risky investments. All that and more on this week's episode of The Investopedia Express, with Caleb Silver.
Please join Mayer Brown partners Anna Pinedo and Ed Parker, and associates Marla Matusic and Matthew Bisanz, for a discussion of the revisions to the Volcker Rule.
In this episode we document how, during the Covid-19 pandemic, governments have progressively taken away the civil liberties of their citizens. After giving examples of 'the selective rescue technique' and the implementation of the 'shock doctrine', we discuss how governments and law enforcement have systematically sought to close churches, even preventing so-called drive-in services that respected physical distancing rules. We explore how (shockingly) in Canada the citizens do not have the basic human rights that they believe they have. The main thesis in this episode is that rather than passively submitting to governmental overreach, Christians and liberty-loving people in so-called 'democratic societies' must push back against government overreach to recover and retain their pre-pandemic civil liberties. This principled pushback is an important way in which Christians can show love for their neighbours. Episode Timeline & Notes0:02:04 - Previous Episode Follow-upThe Post | Critics denounce WE Charity campaign-style ad for Justin Trudeau amid PM's scandal over charity linksAbout WE CharityNational Post | Records show charity closely linked to Trudeau has received multiple sole-source contracts from Liberal governmentWorld Economic Forum | Now is the time for a 'great reset'World Economic Forum | The Great ResetWorld Economic Forum | Prof. Klaus Schwab | Coronavirus Global Response | European CommissionForbes | Billionaires Are Getting Richer During The COVID-19 Pandemic While Most Americans SufferCNBC | Bank stocks surge after regulators ease Volcker Rule, JPMorgan Chase climbs 2%Intercept | BANKS STAND TO MAKE $18 BILLION IN PPP PROCESSING FEES FROM CARES ACTYouTube | Amazing Polly | Is This Torture?BitChute Mirror | Amazing Polly | Is This Torture?PDF | Amnesty International Report on Torture from 19750:20:00 - Impact On ChurchesFinancial Times | Yuval Noah Harari: the world after coronavirus0:28:15 - April/May BansLifeSite | California unveils long-term reopening plan, delays churches as ‘higher risk’YouTube | OAN | Governor BANS Church Services Over 50 People Til A VaccineLifeSite | Dem California gov bans indoor church service in over two dozen counties0:35:03 - Drive-in Service OverreachLifeSite News | US mayor bans drive-thru Easter church services to ‘save lives’LifeSite News | Govt authorities force church to cancel approved drive-in Easter serviceDailyWire | Bill De Blasio Threatens To Permanently Close NYC Churches If They Don’t Comply With Social DistancingYouTube | The First | NYC Mayor Threatens To “Permanently” Close Churches And SynagoguesWashington Examiner | Baptist church members given $500 tickets for listening to church service in their cars via radio in parking lotLifeSite News | Justice Department sides with Christians fined for attending drive-in Holy Week serviceLifeSite | California backs down, allows drive-in church services following lawsuitLifeSite News | Lawsuit challenges Tennessee city’s ban on drive-in church servicesLifeSite | Church sues KY governor for right to resume religious gatheringsLifeSite | DOJ sides with church busted, cited by cops for having 16 people in 293-seat building LifeSite News | Health officials who banned drive-in Easter service accused of violating Canadian rights, freedomsLifeSite News | Saskatchewan gov’t reverses ban on drive-in religious services after legal challengeCNN | Tesla and Elon Musk reopen California facility, defying orders meant to stem coronavirus spreadCP24 | There will be 'lessons learned' from situation at Trinity Bellwoods Park: Tory 0:45:35 - Aylmer ChurchYouTube | Rebel News | “We broke no law”: Pastor threatened by police for hosting drive-in Sunday serviceLifeSite News | Christian church to sue Ontario govt after police threaten attendees at drive-in serviceYouTube | Rebel News | UPDATE: Police DROP charges against drive-in church Pastor Henry HildebrandtGlobal News | Police nowhere in sight as Aylmer Ont. church holds fourth drive-in serviceYouTube | CBS News | 'This is the new normal,' until COVID-19 vaccine developed: TrudeauYouTube | Justin Trudeau Admires China's Dictatorship at Ladies NightCTV News London ON | 'People will be held accountable': Police to charge Ont. church after holding Sunday service0:58:27 - Police PerspectiveYouTube | Rebel News | “We broke no law”: Pastor threatened by police for hosting drive-in Sunday serviceGlobal News | Canadians have racked up $5.8M in coronavirus fines, report says (May 4)1:07:00 - Christian Worship and the Magistrate's QuarantineYouTube | Trinity Bible Chapel | Conflicting Duties: Christian Worship and the Magistrate's Quarantine Reopen Ontario Churches - A Letter to Our Provincial GovernmentPDF | Canadian Civil Liberties Association | Canadian Rights During COVID-19: CCLA's Interim Report on COVID's First Wave (June, 2020)National Post | Government COVID-19 emergency measures are 'death of civil liberties by a thousand cuts': reportbanned.video | David Icke | Facemasks- Why I Won't Acquiesce To Stupid - David IckeYouTube | CPH:DOX | Edward Snowden Live / CPH:DOX online1 Samuel 8:10-22 (Samuel's Warning Against Kings)UPDATESLifeSite | UK High Court judge: Ban on religious services during lockdown may have been illegalBitChute | Press For Truth | Trudeau Government Sued For “Draconian And Unjustifiable” Response To Covid-19 With Rocco GalatiNote: Press for Truth has been completely banned and erased from YouTubeFollow Rocco on Twitter1:47:49 - Concluding CommentsRecommended Links (Bonus Material)VideoYouTube | Uncommon Knowledge with Peter Robinson | The Doctor Is In: Scott Atlas and the Efficacy of Lockdowns, Social Distancing, and ClosingsYouTube | Senator Scott Jensen speaks out about being investigatedYouTube | Amazing Polly | Is This Torture?BitChute Mirror | Amazing Polly | Is This Torture?YouTube | America Can We Talk? | Dr. Richard Bartlett | ACWT Interview 7.2.20YouTube | Journeyman Pictures | Perspectives on the Pandemic | The (Undercover) Epicenter Nurse | Episode NineYouTube | Special forces veteran and Police Officer Greg AndersonYouTube | Special Forces War Veteran Losing His Job For Stating His OpinionYouTube | Another War Hero Police Officer is Suspended for Speaking Against Out!YouTube | Covid-19 High Risks, High Prevalence, and High Stakes Decisions | IoannidisYouTube | Tony Robbins | The Truth About Mortality Rates | COVID-19 Facts from the Frontline (interview with Dr. Michael Levitt - Nobel prize in chemistry)YouTube | AwakenWithJP | Why the Lockdown Should Last LongerWarning! Satire: This is only funny if you are aware of the data he alludes to throughout the video - watch the stuff above first!AudioIssues, Etc. | 1851. Lutherans, Political Resistance and the 1550 Magdeburg Confession – Dr. Ryan MacPherson, 7/3/20Issues, Etc. | 1561. When Christians Must Disobey Restrictions on Gathering – Pr. Christopher Thoma, 6/4/20Documents & ArticlesPDF | Amnesty International Report on Torture from 1975PDF | UK SAGE Document | Options for increasing adherence to social distancing measuresGOV.UK | Scientific Advisory Group for Emergencies (SAGE)CBC | Advocates hopeful CERB will pave way for universal basic incomeMises Institute | How the Left Uses "Public Health Crises" to Get What It WantsRT | Covid-19 immunity could be far higher than antibody tests show, according to new SARS researchNature | Accelerated Article Preview | SARS-CoV-2-specific T cell immunity in cases of COVID-19 and SARS, and uninfected controlsRT | Your past seasonal colds could actually SAVE you from Covid-19, Oxford study suggestsMiami Herald | Do you dislike social distancing? You might have a bad memory, study saysLOL Perfect! Now you have a physiological excuse for dissenting. Here's how to play your victim card: "I'm sorry, according to research I seem to be experiencing some cognitive challenges. Please bear with me."On the wearing of masksOntario Civil Liberties Association letter to WHO re: use of masks in the general populationmany great footnotes and links to follow-throughYouTube | Ben Swann | Why Face Masks DON'T Work, According To SCIENCE(The above video has since been banned from YouTube. The new location below should be permanent.)ise.media | BenSwann | Why Face Masks DON'T Work, According To SCIENCEtruthinmedia.com/face-masks-according-to-science/Contains supporting links for the claims made in the videoJon Rappoport Blog | Dear humans: face masks don’t work; the study-review was published by your very own CDCCDC.gov | Nonpharmaceutical Measures for Pandemic Influenza in Nonhealthcare Settings—Personal Protective and Environmental MeasuresPDF | Nonpharmaceutical Measures for Pandemic Influenza in Nonhealthcare Settings—Personal Protective and Environmental MeasuresThe important distinction is to differentiate between between Randomized Controlled Trials vs. Mechanistic studiesYouTube | Doctor Mike Hansen | The TRUTH of How Coronavirus Spreads and How to Prevent Coronavirus | Airborne TransmissionA good example of focusing on mechanistic models over transmission data from Randomized Controlled Trials. Ironically also visually shows why masks don't work due to aerosolization.Lockdown Sceptics | Masks: How Effective Are They? An UpdateThere are many great links to follow-through on this pageDenis Rancourt, PhD | Masks don’t work – a review of science relevant to Covid-19 social policyMany direct links to studies and great analysisBitChute | Press For Truth | Confirmed! The absolute science behind masks and the proof that they don’t work with Denis Rancourtbanned.video | David Icke | Facemasks- Why I Won't Acquiesce To Stupid - David IckeHe talks about the cycle of Imposition-AcquiescenceGraphic on Twitter | Ontario COVID-19 Deaths vs. Masks timelineOntario.ca source for graphic | PDF | see p.7BitChute | Press For Truth | Trudeau Government Sued For “Draconian And Unjustifiable” Response To Covid-19 With Rocco GalatiRocco Galati spends some time on the issue of mandatory masks in CanadaFollow Rocco on TwitterZeroHedge | Canada's First 'Mask Murder'? Ontario Police Kill 73-Year-Old Man After He Refused To Comply With Local MandateYouTube | AwakenWithJP | How Social Distancing Rules Are Createdsome humourWhere to Find UsWebsite:notconformed.shownotconformed.simplecast.comEmail:info@notconformed.showRSS Feed:https://feeds.simplecast.com/Q7v05iI6
Welcome to Finance and Fury, the Furious Friday edition. In the last two Furious Friday episodes, I’ve talked about the regulation and de-regulations on the monetary and fiscal sides. Covered the Banking Act of 1933 and the Glass-Stegall section of this – then the financial de-regulations that occurred in 1986 and 1999 – some interesting events have played out since then What I didn’t cover is that there was a step taken back after GFC – to help undo some of the de-regulation a rule in the US that was designed to prevent banks that receive federal and taxpayer backing in the form of deposit insurance and other support from engaging in risky trading activities – called the Volcker rule but recently got watered down 3 weeks ago – might have something to do with loan products that banks are now offering due to business shut downs – interesting timing and connections which we will run through today The Volcker Rule is a federal regulation that aimed to prohibit banks from conducting certain investment activities with their own accounts – also aimed to limit their involvement with hedge funds and private equity funds - called covered funds The Volcker Rule aims to protect bank customers by preventing banks from making certain types of speculative investments that contributed to the 2008 financial crisis Named after former Fed Chairman Paul Volcker, the Volcker Rule is a section of the Dodd-Frank Wall Street Reform and Consumer Protection Act The Volcker Rule prohibits banks from using their own accounts for short-term proprietary trading – Proprietary trading occurs when a trader trades stocks, bonds, currencies, commodities, their derivatives, or other financial instruments with the firm's own money, aka the nostro account, contrary to depositors' money, in order to make a profit for itself – so using the banks own assets to trade was barred also bars banks, or insured depository institutions, from acquiring or retaining ownership interests in hedge funds or private equity funds beyond a cap of 3% the rule aims to discourage banks from taking too much risk by barring them from using their own funds to make these types of investments to increase profits The Volcker Rule relies on the premise that these speculative trading activities do not benefit banks’ customers Still allows banks to continue normal activities - market-making, underwriting, hedging, trading government securities, engaging in insurance company activities, offering hedge funds and private equity funds, and acting as agents, brokers or custodians – all of this is allowed to generate profits But banks aren’t meant to engage in these activities if doing so would create a material conflict of interest, expose the institution to high-risk assets or trading strategies, or generate instability within the bank or within the overall U.S. financial system For instance = securitising their own lending and betting on this – or using their own funds to take too much risk on – as the banks own funds are meant to be protected with the TBTF legislation – take all the risk but bear none of the responsibility if it goes wrong Depending on their size, banks must meet varying levels of reporting requirements to disclose details of their covered trading activities to the government. Larger institutions must implement a program to ensure compliance with the new rules, and their programs are subject to independent testing and analysis. Smaller institutions are subject to lesser compliance and reporting requirements. Think of it as a Glass-Stegall lite version – limits some activity but not all – there are always loopholes – Doesn’t say anything about using depositors’ funds – which are on ‘loan’ to the banks – so technically not their own money which wouldn’t be considered proprietary trading Also - where those who were proprietary traders or derivative traders left to set up their own shop – still had access to banks capital on loan – was still ongoing with the regulation’s implementation – kept having delays 2017 - the IMFs top risk official said that regulations to prevent speculative bets are hard to enforce due to the ways around the regulations Background to this rule and what has occurred over the past few years up until the end of June this year Origins date back to 2009 - Volcker proposed a piece of regulation in response to the ongoing financial crisis - due to the largest banks having accumulated large losses from their proprietary trading arms that could have sunk the rest of the bank if not bailed out Proposal aimed to prohibit banks from speculating in the markets using capital reserves and own assets December 2013 - five federal agencies approved the final regulations that make up the Volcker Rule—the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation (FDIC), the Office of the Comptroller of the Currency (OCC), the Commodity Futures Trading Commission and the Securities and Exchange Commission (SEC) went into effect on April 1, 2014 - banks needed full compliance by July 21, 2015 Since then – the Fed has set procedures for banks to request extended time to transition into full compliance for certain activities and investments. Skip forward to June 2017 - the Treasury – the Office of the Comptroller of the Currency - after conducting a review - said it recommends significant changes to the Volcker Rule said that it does not support its repeal and "supports the rule in principle" – i.e. the rule's limitations on proprietary trading - but recommended exempting banks from the Volcker Rule banks with less than $10 billion in assets Treasury also cited regulatory compliance burdens created by the rule and suggested simplifying and refining the definitions of proprietary trading and covered funds on top of softening the regulation to allow banks to more easily hedge their risks. Federal Reserve's Finance and Economics Discussion Series (FEDS) made a similar argument, saying that the Volcker Rule will reduce liquidity due to a reduction in banks' market-making activities Then - on May 30, 2018 - the Federal Reserve Board voted unanimously to push forward a proposal to loosen the restrictions around the Volcker Rule further – the goal according to Powell, is "...to replace overly complex and inefficient requirements with a more streamlined set of requirements” In August of 2019, the Office of the Comptroller of the Currency voted to amend the Volcker Rule in an attempt to clarify what securities trading was and was not allowed by banks – wanted to redefine some terms The change would require the five regulatory agencies to sign off before going into effect, but is generally seen as a relaxation of the rule's previous restriction on banks using their own funds to trade securities – allowing proprietary trading for some activities The proposal would eliminate a 3% cap on ownership of a venture capital fund. It would also allow banks to invest in debt-based funds among other changes. So it has been watered down for years and wasn’t fully in force anyway – but now final nail in coffin as of June 25, 2020 the federal reserve relaxed part of the rules involving banks investing in venture capital and for derivative trading Federal Deposit Insurance Commission (FDIC) - loosened restrictions in the Volcker rule on bank capital requirements and the levels of investments that banks can make in private equity and similar funds the banks will not have to set aside as much cash for derivatives trades between different units of the same firm- remember that this requirement had been put in place in the original rule to make sure that if speculative derivative bets went wrong, banks wouldn't get wiped out. The loosening of those requirements could free up billions of dollars in capital for the industry to start betting again So after the past few years - the Fed, FDIC, OCC and other agencies eased the aspect of Volcker that restricts lenders from engaging in proprietary trading -- the practice of making market bets for themselves instead of on behalf of clients Under the existing rule, banks could make indirect investments into venture capital funds but faced restrictions on directly owning a fund - The rule change would also give banks more leeway to invest or sponsor credit funds that make loans, invest in debt securities, or extend credit. One implication of this rule change would be greater bank activity in the market for collateralized loan obligations (CLOs) - where banks were previously barred from involving themselves with CLO funds that included a debt component due to this being considered their own funds (or an asset) Federal Reserve Chairman Jerome Powell called the proposed change "a simpler, clearer approach to implementing the rule [which] makes it easier for both banks and regulators to carry out the intent of the rule". Federal Reserve Governor Lael Brainard voted against the proposal, arguing that "several of the proposed changes will weaken core protections in the Volcker rule and enable banking firms again to engage in high-risk activities related to covered funds” Why do this now? Only my speculation – no proof that this is occurring – but it lines up with billions being given out by banks that are government guaranteed as part of the US stimulus efforts. Look at the GFC – with Synthetic CDOs – take thousands of loans – put them in a security – then take that security and others – and put it in other securities – then write contracts on them – betting about price movements - bets on bets analogy – Those loans back in GFC had government guarantees – from Fannnie Mae and Freddie Mac – gov lending So if banks wanted to bet on bad loans – with Volker it was hard – but what is happening in the economy right now in the US? The Paycheck Protection Program – part of the CARES act - designed to provide forgivable loans to businesses hurt by the coronavirus The Act authorizes the Treasury, working in large part through the Federal Reserve, to make loans and loan guarantees available to eligible businesses. Title I - $350 billion for small business loans. Title IV - appropriates another $500 billion to aid mid-sized and large businesses $850bn in total - creating another winner in banks – as banks are the ones who are lending these funds Quick side note - Banks that made the government-guaranteed PPP loans to small businesses are set to collect billions of dollars in fees directly from the Small Business Administration Through the end of June, more than $521 billion in PPP loans had been approved, according to the latest data from the SBA Not out of the kindness of banks hearts - The top 10 lenders will receive an estimated total of more than $3.8 billion in fees S&P Global Market Intelligence- JPMorgan Chase, which is the largest PPP lender after extending nearly $29 billion worth of the loans, is on track to make some $864 million in fees. Bank of America, the next biggest, will rake in an estimated $755 million in fees on its PPP loans Under Treasury Department rules, PPP lenders can charge processing fees between 1% and 5%, depending on the amount of the loan - 5% on loans of $350,000 or less - 1% on loans of $2 million and above Lenders are barred from collecting the fees from the small businesses applying for PPP loans; instead, the SBA will cover the costs But banks can't count the fees as revenue immediately—they have to wait until the loans are either forgiven or paid back by the company, which could take years – unless the company goes out of business While the revenue from PPP fees is a small portion of the overall revenue of big banks, the program does create new assets for them to securitise – again I don’t know that this is going on – but if profits can be made – and the legislation is now removed that limited banks doing this – why wouldn’t they? why not profit off these loans - through getting back into securitising and betting on these? PPP loans – banks are providing these – but know that a chunk of these are likely bad loans – and can be gambled on if securitized Estimates that 20% of small businesses in the US will cease to operate due to their lockdowns Know that the funds are guaranteed - Could be a large amount of companies that fail – but banks bets are covered What can go wrong? Involves similar hubris to the 2008 crash – as banks thought that mortgages are safe – nobody ever defaults on a mortgage and if they do, then it is only 1-2% - so the rest are safe So all of this could be nothing – but I wouldn’t be surprised if this creates another form of bubble over the next few years as these loans mature Thank you for listening to today's episode. If you want to get in contact you can do so here: http://financeandfury.com.au/contact/
Please join Mayer Brown partners Thomas Delaney, Carol Hitselberger and Jeffrey Taft, and associate Matthew Bisanz, for a discussion of the revisions to the Volcker Rule.
The move by Refinitiv to a 5ms data feed on its Spot Matching platform has grabbed Colin Lambert’s attention this week, leading him to call for an open debate in the FX industry over the length of last look windows. With both primary venues at 5ms, is it now the time for platforms to step up and impose a ceiling on hold times? Equally, will this move highlight the “good” LPs from the bad? There’s time for a quick note on this week’s month-end Fix before P&L’s editor-in-chief Julie Ros takes over to talk to Justin Slaughter, partner of Mercury Strategies and Managing Partner of law firm Justin Slaughter PLLC, about a rash of US rule making last week. Slaughter highlights what he observes are the controversial and major changes to the Volcker Rule and Reg AT in particular, but also points out that all of this work could be for nothing depending upon what happens in the US election in November. The interview closes with what Slaughter describes as an unusually well-attended congressional hearing on a “Digital Dollar” last week – an event that illustrated what he terms “the illusion of consensus” in Washington DC over the subject.
President Trump is just one judge shy of 200 confirmations, which could cement his legacy in the federal courts for the foreseeable future. Also, a reported ‘shortage’ of fresh meat in the US has since been debunked as an effort to lure meat workers back to their jobs while remaining competitive with Chinese farmers. Plus, a Supreme Court ruling has made it almost impossible to sue big banks for making investments using pension funds. RT correspondent Brigida Santos explains how amendments to the Volcker Rule will allow big banks to resume the kind of risky investments which led to the 2008 financial crash. Legal journalist Mollye Barrows breaks down the state of foster care programs in America, including Trump’s latest executive order demanding more resources be made available for child welfare programs.
In this week's Tax Credit Tuesday podcast, Michael J. Novogradac, CPA, shares highlights from the Affordable Housing Friday Forum on key low-income housing tax credit proposals that Congress may consider this year or next year, and he highlights how low-income housing tax credit investment can be affected by the Office of the Comptroller of the Currency's Community Reinvestment Act reform as well as the presidential election. Next, he talks about the recently introduced clean energy bill called the GREEN Act. Then, he shares good news about a final rule for implementing the Volcker Rule that would allow banks to invest in and sponsor qualified opportunity funds. Finally, he discusses an announcement from HUD on the release of its biennial report of worst-case housing needs.
In this week's Tax Credit Tuesday podcast, Michael J. Novogradac, CPA, shares highlights from the Affordable Housing Friday Forum on key low-income housing tax credit proposals that Congress may consider this year or next year, and he highlights how low-income housing tax credit investment can be affected by the Office of the Comptroller of the Currency's Community Reinvestment Act reform as well as the presidential election. Next, he talks about the recently introduced clean energy bill called the GREEN Act. Then, he shares good news about a final rule for implementing the Volcker Rule that would allow banks to invest in and sponsor qualified opportunity funds. Finally, he discusses an announcement from HUD on the release of its biennial report of worst-case housing needs.
On Market View, Michelle Martin speaks to Ryan Huang about the overhaul of the volcker rule and the implications for banks, Nike's retail reports unexpected loss as sales tumble 38% as shares fall, Singapore Airlines potential joint partnership with Vistara, fraud allegations for Hin Leong and regional early morning trading.
Friday 26th June 2020 Despite growing concerns about the rise in COVID-19 cases in the southern states of the US, equities rose today. NAB’s Gavin Friend explains how the easing of banks’ investment rules contained in the so-called ‘Volcker Rule’ has helped to boost stocks. Otherwise, good news is few and far between. Durable goods orders were higher than expected, but distorted by volatile aircraft orders, and the number of newly unemployed in the US last week is higher than expected. Meanwhile, the distraction of a global pandemic seems to have put Brexit on the back burner, but could there be a determination to reach a conclusion quickly?
The federal banking regulators, SEC, and CFTC have jointly proposed revisions to the Volcker Rule that address the prohibitions and restrictions regarding covered fund activities in the same way that the agencies’ August 2019 rulemaking primarily focused on the Volcker Rule’s restrictions on proprietary trading. The agencies intend for the proposed revisions to clarify, streamline, and ease the compliance burden of the covered funds provisions of the Volcker Rule.
On October 8, the five federal financial regulatory agencies responsible for the Volcker rule announced they finalized revisions to simplify its compliance requirements. While the revisions do not in any way negate the statutory prohibition on proprietary trading by banks, they do provide market participants with much-needed clarity on compliance issues. In this podcast, SIFMA president and CEO, Kenneth E. Bentsen, Jr. is joined by Robert Toomey, Managing Director and Associate General Counsel for SIFMA. Together, they explain why these revisions - such as the removal of an accounting prong - are important to the markets and the economy. For more, visit www.sifma.org/volcker.
The US federal banking and functional regulators are finalizing revisions to the proprietary trading and compliance program provisions of the Volcker Rule, which implement some, though not all, of the changes that had been proposed by the agencies in a May 2018 notice of proposed rulemaking. Mayer Brown lawyers David Sahr, Donald Waack and Matthew Bisanz discuss.
Bulls and Bears Market and Economic Update for Week Ending 8/23/2019, including discussion of volatility; Financial legislation including Emergency Economic Powers Act of 1977 and Softening the Volcker Rule; Plan Your Prosperity on Paying for Long-Term Care; Ask Peggy What Happens When the Fed Lowers Interest Rates. This show is designed to help people understand the stock market, financial legislation, and financial planning topics. Listeners can submit questions for the "Ask Peggy" segment. The information is educational, not investment advice. Investing is risky, and you can lose money. Talk to your financial team before you implement any ideas you hear.
A recap of the July FOMC meeting minutes, a preview of the annual Jackson Hole Symposium, thoughts on the Volcker Rule, an update on trade and the week ahead. Host: Daniel Cassidy
Cornell University Law School Professor Robert Hockett discusses the Trump administration's changes to the Volker rule which seeks to provide lenders a much clearer picture of which trades are prohibited, giving them confidence to engage in transactions without fear of violating Volcker. He speaks to Bloomberg's June Grasso. Learn more about your ad-choices at https://www.iheartpodcastnetwork.com
Cornell University Law School Professor Robert Hockett discusses the Trump administration’s changes to the Volker rule which seeks to provide lenders a much clearer picture of which trades are prohibited, giving them confidence to engage in transactions without fear of violating Volcker. He speaks to Bloomberg’s June Grasso.
When President Trump signed the Economic Growth, Regulatory Relief, and Consumer Protection Act into law on May 24, the banking industry celebrated. So what happens now? We talk to Keith Monson, CSI's chief risk officer, about the provisions of the law that will provide the most benefits to financial institutions—and when they will begin feeling the relief.
Bulls and Bears Market Report for May and YTD Legislative Update on Dodd Frank, the Volcker Rule, and Peggy's trip to DC Plan Your Prosperity on Implementing Your Risk Tolerance Ask Peggy How to Start Saving Money
Italy, the Volcker Rule, and sandwiches on this week's episode with Felix Salmon, Anna Szymanski, and Emily Peck. Podcast Production by Daniel Schroeder. Learn more about your ad choices. Visit megaphone.fm/adchoices
Italy, the Volcker Rule, and sandwiches on this week's episode with Felix Salmon, Anna Szymanski, and Emily Peck. Podcast Production by Daniel Schroeder. Learn more about your ad choices. Visit megaphone.fm/adchoices
We talk about the social media outrage machine in the wake of stories that families are being separated at the border, ICE has abused its power, and the Office of Refugee Resettlement has been unable to verify the status of children placed with sponsor families. In the #wherearethechildren outrage, we are missing key policy and enforcement issues that could help improve outcomes for immigrant families and Americans in the long run. We also discuss the devastating aftermath of Hurricane Maria in Puerto Rico and the historic failure of our government to mitigate the storm's impact. Finally, we talk about proposed changes to the Volcker Rule, a financial regulation that was implemented as part of the Dodd-Frank efforts to prevent another economic collapse because of speculative investments by banks. Recommended Resources Why Families Are Being Separated at the Border Fact-Checking Major Immigration Stories Why Immigration from Central America is Increasing The Importance of American Trade Policy to Immigration (from ForeignPolicy.com) American Policies are Going in the Wrong Direction on Central America Together Rising How You Can Give Your Time and Care to Help Immigrant Children (our Twitter thread with link)The Actual Death Toll from Hurricane Maria Hurricane Maria's Aftermath is a Devastating National Failure The Volcker Rule Changes Aren't a Total Win for Wall Street The Contemplated Volcker Rule Changes Thank you to our sponsors, Grove.co, The Brave Podcast, and Stitcher Premium. As our May membership drive comes to a close, don't miss your chance to get some Pantsuit Politics swag. Become a supporter of the show at our Patreon page, where you can get bonus content and join the behind-the-scenes conversation about the show. See acast.com/privacy for privacy and opt-out information.
-National Security Adviser hires an Islamophobic piece of shit because he is one -NLRB looking to sidestep conflict of interest on corporate franchise standard, according to Dem lawmakers -District Judge halts DeVos plan to shield for-profit college fraudsters from lawsuits -No word yet from State Dept. on wild fake assassination story in Ukraine -Fed kicks off Volcker Rule roll back and decries regulatory burden, though banks have been making record profit Broadcasted from Washington, DC Music courtesy of Adam Fligsten (adamfligsten.com/) Contribute to our Patreon: www.patreon.com/DistrictSentinel/ www.districtsentinel.com Facebook: www.facebook.com/DistrictSentinel/ Twitter: www.twitter.com/TheDCSentinel
In today’s top stories: The Fed to begin rolling back the Volcker Rule; Trump moving ahead on China tariffs; and Disney shares are down 2.5 percent post-Rosanne cancellation. Learn more about your ad choices. Visit megaphone.fm/adchoices
In Episode 106 we welcome market vet, Brian Singer. Meb dives right now, asking Brian for his general approach to the markets. Brian tells us it’s fundamental in nature. They look at about 100 different asset markets, trading the broad markets rather than individual equities or bonds. They look for mis-pricings, then when one has been identified, they dig in, running both quantitative and qualitative analyses. They follow this with various risk management strategies. The overall portfolios are both long and short. As Brian often writes about macro factors that affect asset prices, Meb asks which macro factors are influential today. Brian gives us his thoughts – not just on macro factors, but game theaters as well. He talks about populism, energy (which ties into the Middle East game theater), and Chinese growth. Additional game theaters beyond the Middle East he discusses are the European Union and Asia. Next, Meb asks about Brian’s process. How does it really work when you’re putting together a portfolio? Brian starts with valuation work. Specifically, they focus on the present value of future cash flows. They then assess things from a qualitative perspective – for instance, how might a certain government policy affect markets? They don’t look at markets on a company-by-company basis. It’s a macro approach, with fundamental value being a critical component. All of this is the “where” stage in Brian’s process. Next is the “why?” For instance, why does an asset mis-pricing exist? This eventually leads to game theory and an assessment of market turbulence and fragility. Meb brings up Brian’s portfolio and asks about his current positioning. In general, Brian is cautiously optimistic on some equity markets, but generally against bonds. What he finds attractive right now from an equity perspective are Emerging Markets and some European markets. He’s especially attracted to Greece, Brazil, Argentina, and India; and to a lesser degree, China, Indonesia, and Malaysia. Brian talks more about Italy, Spain, and the UK. Brian tells us most bond markets are unattractive. He gets into more detail regarding investment grade bonds, sovereigns, and junk. Soon, the guys dive into currencies. Though most investors tend to think “it’ll all net out in the long run,” Brian takes a more active approach. The specific currencies he finds attractive right now include the Swedish Krona, Indian Rupee, Russian Ruble, Philippine Peso, and Turkish Lira. As to overvalued currencies, he points toward the U.S. Dollar, the Euro, the Swiss Franc, the Thai Baht, and the Israeli Shekel. Next, Meb asks what is keeping Brian up at night as he looks at the markets today. Brian points toward four major concerns: monetary policy, rules-based strategies such as smart beta, the Volcker Rule, and circuit breaker inconsistency. He dives into tons of great detail that supports the notion for some concern, concluding “We don’t know what will trigger the decline, but when it happens, our fear is that it’s sharper and deeper than investors would otherwise expect.” There’s plenty more in this episode: Brian’s thoughts on what steps can be taken to help protect against a declining market… his stance on cash in a portfolio… whether the 10-year bond will ever get back to 4%-5%... and finally, Brian’s most memorable trade. This one involves Black Monday. Hear all the details in Episode 106.
-Bank regulators changing Volcker Rule to allow Wall Street to quickly buy and sell stocks -Two more Senate Dems, Warner & Heitkamp, support torture-doer Gina Haspel -Don’t hurt him, Chuck! Grassley might call on Pruitt to step down over ethanol waivers to oil refineries -Trump admin considering detention for immigrant kids on military bases Broadcasted from Washington, DC Music courtesy of Adam Fligsten (adamfligsten.com/) Contribute to our Patreon: www.patreon.com/DistrictSentinel/ www.districtsentinel.com Facebook: www.facebook.com/DistrictSentinel/ Twitter: www.twitter.com/TheDCSentinel
Congress is attempting small reforms to Dodd‑Frank. Once the dust settles on the Crapo bill, it's going to be awhile before we hear from them again on the matter. The future of financial regulator policy now lies with the agencies. So what should be on the agenda? Highlights: A new idea for CFPB reform. The table agrees the Consumer Financial Protection Bureau is the place to watch. And J.W. Verret gives us a sneak peek of his best idea for reforming it: regulatory contracts. A better way forward for fintech regulation. Brian Knight note that financial regulators should carefully consider the risks associated with regulating via broad discretionary powers rather than via traditional rulemaking, and discussed a federal charter and state regulatory sandboxes as potential policy reform options for emerging fintech firms. What's Project Catalyst all about? No one knows. The conversation also covered the Office of the Comptroller of the Currency (OCC) and the Volcker Rule. Today's guests: Mercatus scholar, Brian Knight Former senior affiliated Mercatus scholar, J.W. Verret American Banker reporter, Rachel Witkowski Follow Chad on Twitter @ChadMReese.
On today's episode of Loud & Clear, Brian Becker and John Kiriakou are joined by Dr. Alice Bonner, a docent at the newly opened National Museum of African American History and Culture and retired professor at the Philip Merrill College of Journalism at the University of Maryland, who wrote her dissertation on the Kerner Report, and Dr. Jared Ball a professor of communication studies at Morgan State University and the author of “I MiX What I Like: A MiXtape Manifesto” and you can find his writings at www.IMixWhatILike.org. Today marks the 50th anniversary of the release of the Kerner Commission report, a stunning acknowledgement of the oppression that the black community had been through and the causes of the rebellions in the recent years. President Lyndon Johnson established the commission, headed up by Illinois Governor Otto Kerner. The hosts talk about the Kerner Commission’s legacy and whether the horrific conditions and causes of the ‘60s rebellions have yet been addressed.“Criminal Injustice” continues today, about the most egregious conduct of our courts and prosecutors and how justice is denied to so many people in this country. Kevin Gosztola, a writer for Shadowproof.com and co-host of the podcast Unauthorized Disclosure, and Paul Wright, the founder and Executive Director of the Human Rights Defense Center and editor of Prison Legal News (PLN), join the show. At a meeting with U.S. industry officials at the White House, Trump vowed to rebuild American steel and aluminum industries, saying they had been treated unfairly by other countries for decades. Brian and John speak with Steve Keen, the author of “Debunking Economics” and the world’s first crowdfunded economist, whose work is at patreon.com/ProfSteveKeen. Wall Street bankers are pushing for a significant loosening of the Volcker Rule, a part of the Dodd-Frank Wall Street Reform and Consumer Protection Act that restricts certain kinds of speculative investments that do not benefit customers. Brad Birkenfeld, a whistleblower who exposed billions of dollars of financial fraud committed by banking giant UBS and the author of “Lucifer’s Banker: The Untold Story of How I Destroyed Swiss Bank Secrecy,” with writings at lucifersbanker.com, joins the show. President Trump told a group of senators yesterday that he favored stronger background checks for gun purchasers and was open to the idea of raising to 21 the age necessary to buy a gun. The National Rifle Association, in the meantime, was lobbying hard on Capitol Hill to either kill or water down any new firearm legislation. Dr. Wilmer Leon, a political scientist, author, and host of a nationally broadcast talk radio show on Sirius/XM channel 126, and Robert Koehler, an award-winning journalist, nationally syndicated writer, and the author of the book “Courage Grows Strong at the Wound,” join Brian and John. Russian President Vladimir Putin today laid out his key policies ahead of a presidential election that he is expected to win in 17 days. He also made the bombshell announcement that Russia has developed a cruise missile that can reach anywhere in the world, can carry a nuclear warhead, and is impossible to shoot down. Alexander Mercouris, the editor in chief of The Duran, joins the show.White House Communications Director Hope Hicks resigned yesterday hours after testifying on Capitol Hill in the Russia investigation. Hicks is only one of more than two dozen senior White House officials who have resigned in the past year. Meanwhile, Attorney General Sessions responded tersely to President Trump’s angry tweet about his handling of the investigation and to Trump’s comparison of Sessions to the cartoon character Mr. Magoo.
McAlvany Weekly Commentary Everyone can buy now, Volcker Rule may keep you from selling later All time highs: Household debt, margin debt, stocks, Buffett Indicator, Bitcoin… Yay! Flattening Treasury Yield Curve signals imminent recession The McAlvany Weekly Commentary with David McAlvany and Kevin Orrick “That is what we are about. That is why we have an offensive coordinator […] The post Again? $2 Billion In Gold Contracts Dumped Instantly, What Do THEY Fear? appeared first on McAlvany Weekly Commentary.
Lloyd Blankfein, Goldman Sachs' chairman and CEO, and Michael Bloomberg, founder and majority owner of Bloomberg LP, discuss banking regulation and the impact on business. Prior to that, Credit Suisse's Matthew Rothman and JPMorgan's Gabriela Santos share lessons learned 10 years after the financial crisis. Finally, James Stavridis, the dean of Fletcher School at Tufts University, says General John Kelly is all about duty. Learn more about your ad-choices at https://www.iheartpodcastnetwork.com
Lloyd Blankfein, Goldman Sachs' chairman and CEO, and Michael Bloomberg, founder and majority owner of Bloomberg LP, discuss banking regulation and the impact on business. Prior to that, Credit Suisse's Matthew Rothman and JPMorgan's Gabriela Santos share lessons learned 10 years after the financial crisis. Finally, James Stavridis, the dean of Fletcher School at Tufts University, says General John Kelly is all about duty.
The Golden Rule Podcast 43 Steve Mnuchin spoke before the Senate Banking Committee on May 18th on Glass Steagall. WILL THE REAL STEVE MNUCHIN PLEASE STAND UP! Where does the Volcker Rule come in? A crash coming? “The Coming Bail In”, the new 6th Edition Also get: 2.”YOUR IRA HAVING PHYSICAL METALS AND TAKING POSSESSION WITH NO TAX LIABILITY 877-448-2646 or landmarkgold.com
China isn't manipulating its currency, says U.S. Secretary of Commerce Wilbur Ross, adding that some things about the Volcker Rule can change. Prior to that, John Normand, JPMorgan's head of FX, commodities and international rates research, says sterling will weaken. Roger Bootle, founder of Capital Economics, says the next five to 10 years will be disequilibrium on steroids. Randall Kroszner, a professor at the University of Chicago's Booth School, says he's heartened that the Fed's discussions on rates and balance sheet adjustments haven't caused a disruption. Finally, Geoff Robinson, UBS' executive director of equity research, says Apple has serious buying power. Learn more about your ad-choices at https://www.iheartpodcastnetwork.com
China isn't manipulating its currency, says U.S. Secretary of Commerce Wilbur Ross, adding that some things about the Volcker Rule can change. Prior to that, John Normand, JPMorgan's head of FX, commodities and international rates research, says sterling will weaken. Roger Bootle, founder of Capital Economics, says the next five to 10 years will be disequilibrium on steroids. Randall Kroszner, a professor at the University of Chicago's Booth School, says he's heartened that the Fed's discussions on rates and balance sheet adjustments haven't caused a disruption. Finally, Geoff Robinson, UBS' executive director of equity research, says Apple has serious buying power.
Patrick Jenkins and guests discuss how Deutsche Bank broke the Volcker rule, Credit Suisse's first quarter earnings, a new banking lobby group in the UK and the attempt by UnionPay, China's domestic credit card, to penetrate international markets. See acast.com/privacy for privacy and opt-out information.
Today, Mark is joined by co-hosts Chris Hausman and Aash Vyas from Swan Global Investments and Russell Rhoads from the CBOE Options Institute. The Buzz: The Dawn of a New Regime - how will it impact the markets? An overview of the STAC Regulatory Reform Session: the Choice Act, the Volcker Rule, migration of OTC derivates and DOL fiduciary rule. A breakdown of Inside ETFs Conference: What is it? Who goes to it? What interesting developments/research came out of it? A preview of the CBOE RMC Conference: What is it? Who attends it? Learn the latest risk management tools and tactics from top traders and strategists. A new paper from Swan Global Investments: What Return Are You Targeting? Setting Expectations and Benchmarking in a Myopic World Next Swan Conference: 10th Box – St. Louis, MO – Heartlands Region February 28 @ 11:30 am - 1:30 pm More information is online Office Hours: Options #PopQuiz: What are you primarily looking for when buying an options-oriented fund? Levered Returns (2x, etc) Income Generation Hedge/Protection Other (reply/dm w/answer) Listener Questions: What's on your mind? Question from Tim Avery - If I choose an advisor that uses options do they traditionally charge higher fees than straight-up equity advisors? Question from Aisling Davis - Seems as though correlation is trending upward across asset classes. Do you find that this is a more favorable environment to trade options vs other assets? What are your clients saying about this? Question from Angelo Miles - Hello. I found your program while searching for options informations for RIAs. Let me just say it was a refreshing breath of fresh air after the dense material available on other outlets and broker sites. It seems that most of them (see here) just say options are risky and link to something called the Characteristics and Risks of Standardized Options. What is this omnipresent booklet and why should I care? I tried looking at it a few times and it just put me to sleep. Question from Adam - Could you please explain what it means to "gamma scalp" and why this is not called delta scalping? Thanks and your show has saved me a lot of money now that I have come to the dark side! Question from Yukoner - Are covered calls still a viable strategy in a 401k these days?
Today, Mark is joined by co-hosts Chris Hausman and Aash Vyas from Swan Global Investments and Russell Rhoads from the CBOE Options Institute. The Buzz: The Dawn of a New Regime - how will it impact the markets? An overview of the STAC Regulatory Reform Session: the Choice Act, the Volcker Rule, migration of OTC derivates and DOL fiduciary rule. A breakdown of Inside ETFs Conference: What is it? Who goes to it? What interesting developments/research came out of it? A preview of the CBOE RMC Conference: What is it? Who attends it? Learn the latest risk management tools and tactics from top traders and strategists. A new paper from Swan Global Investments: What Return Are You Targeting? Setting Expectations and Benchmarking in a Myopic World Next Swan Conference: 10th Box - St. Louis, MO – Heartlands Region February 28 @ 11:30 am - 1:30 pm More information is online Office Hours: Options #PopQuiz: What are you primarily looking for when buying an options-oriented fund? Levered Returns (2x, etc) Income Generation Hedge/Protection Other (reply/dm w/answer) Listener Questions: What's on your mind? Question from Tim Avery - If I choose an advisor that uses options do they traditionally charge higher fees than straight-up equity advisors? Question from Aisling Davis - Seems as though correlation is trending upward across asset classes. Do you find that this is a more favorable environment to trade options vs other assets? What are your clients saying about this? Question from Angelo Miles - Hello. I found your program while searching for options informations for RIAs. Let me just say it was a refreshing breath of fresh air after the dense material available on other outlets and broker sites. It seems that most of them (see here) just say options are risky and link to something called the Characteristics and Risks of Standardized Options. What is this omnipresent booklet and why should I care? I tried looking at it a few times and it just put me to sleep. Question from Adam - Could you please explain what it means to "gamma scalp" and why this is not called delta scalping? Thanks and your show has saved me a lot of money now that I have come to the dark side! Question from Yukoner - Are covered calls still a viable strategy in a 401k these days?
Volatility Review: A much quieter start to 2017 than expected. VIX Cash at 11.67. VVIX at 81. VIX Futures: Front month premium at 1.43. 2016 was a good year for the volatility business. From a CBOE press release: Several trading records were set for the year. Russells Weekly Rundown VIX Options: ADV: 544k A fairly light volume week to kick off the new year. Total 5.9M (4.4m Calls, 1.5m Puts) What is the impact of the Volcker Rule of volatility? Oil Volatility: OIV/OVX - 31.5, crude Vol creeping back above 30. Volatility Voicemail: Pop quizzes, questions, and comments Happy New Year! First #QuestionOfTheWeek for 2017. Total #Options volume dropped 2% last year. How will 2017 #Options volume compare? About the Same (+- .5%) Modest Increase (up 1-2%) Modest Drop (down 1-2%) Big Change (+- over 2%) #Volatility Pop Quiz - New Years edition: The trillion dollar question - Where will $VIX close at the end of 2017? Below 12 Between 12-15 Between 15-18 Over 18 Listener questions and comments: Comment from Alaran: I think the 30 strike is popular each month simply because big insurance firms need to hedge themselves against calamitous market events. VIX > 30 = calamitous event in the eyes of many. Question from Julio: In the spirit of the new year, when are we going to get new VIX products? Especially Monday through Friday weekly VIX options? Crystal Ball: Looking into the future Two weeks ago: Mark L. - 11.25 Russell - 12 Ghost of Mark S. - 5.2 This week: Mark L. - 11.5 Russell - 10.99 Mark S. - 12.01
Volatility Review: A much quieter start to 2017 than expected. VIX Cash at 11.67. VVIX at 81. VIX Futures: Front month premium at 1.43. 2016 was a good year for the volatility business. From a CBOE press release: Several trading records were set for the year. Russells Weekly Rundown VIX Options: ADV: 544k A fairly light volume week to kick off the new year. Total 5.9M (4.4m Calls, 1.5m Puts) What is the impact of the Volcker Rule of volatility? Oil Volatility: OIV/OVX - 31.5, crude Vol creeping back above 30. Volatility Voicemail: Pop quizzes, questions, and comments Happy New Year! First #QuestionOfTheWeek for 2017. Total #Options volume dropped 2% last year. How will 2017 #Options volume compare? About the Same (+- .5%) Modest Increase (up 1-2%) Modest Drop (down 1-2%) Big Change (+- over 2%) #Volatility Pop Quiz - New Years edition: The trillion dollar question - Where will $VIX close at the end of 2017? Below 12 Between 12-15 Between 15-18 Over 18 Listener questions and comments: Comment from Alaran: I think the 30 strike is popular each month simply because big insurance firms need to hedge themselves against calamitous market events. VIX > 30 = calamitous event in the eyes of many. Question from Julio: In the spirit of the new year, when are we going to get new VIX products? Especially Monday through Friday weekly VIX options? Crystal Ball: Looking into the future Two weeks ago: Mark L. - 11.25 Russell - 12 Ghost of Mark S. - 5.2 This week: Mark L. - 11.5 Russell - 10.99 Mark S. - 12.01
On this episode of Slate Money, hosts Felix Salmon of Fusion, Cathy O’Neil, data scientist and author of Weapons of Math Destruction, Slate’s Moneybox columnist Jordan Weisman breakdown how things are heating up with the HFC deal, proposed NYC Airbnb regulations, and the Volcker Rule. Topics discussed on today’s show include: -The hydrofluorocarbon (HFC) deal to phase down global climate-warming -The proposed Airbnb crack downs on New York City hosts -How a Goldman Sachs trader can make $100 million in the Volcker Rule era Check out other Panoply podcasts at itunes.com/panoply. Email: slatemoney@slate.com Twitter: @felixsalmon, @mathbabedotorg, @JHWeissmann Production by Veralyn Williams. --- Slate Money is brought to you by MeUndies. For comfortable underwear that makes a statement, go to MeUndies.com/money and you’ll get 20 percent off your first order. And by HP. Their Business line of products are travel tested and perfect for on-the-go or in the office. Go to hp.com/slate and enter code slate at checkout for 30 percent off select HP Business products. And by Betterment, the largest independent automated investing service. Learn how you can get up to six months of NO FEES by going to Betterment.com/slatemoney. Learn more about your ad choices. Visit megaphone.fm/adchoices
On this episode of Slate Money, hosts Felix Salmon of Fusion, Cathy O’Neil, data scientist and author of Weapons of Math Destruction, Slate’s Moneybox columnist Jordan Weisman breakdown how things are heating up with the HFC deal, proposed NYC Airbnb regulations, and the Volcker Rule. Topics discussed on today’s show include: -The hydrofluorocarbon (HFC) deal to phase down global climate-warming -The proposed Airbnb crack downs on New York City hosts -How a Goldman Sachs trader can make $100 million in the Volcker Rule era Check out other Panoply podcasts at itunes.com/panoply. Email: slatemoney@slate.com Twitter: @felixsalmon, @mathbabedotorg, @JHWeissmann Production by Veralyn Williams. --- Slate Money is brought to you by MeUndies. For comfortable underwear that makes a statement, go to MeUndies.com/money and you’ll get 20 percent off your first order. And by HP. Their Business line of products are travel tested and perfect for on-the-go or in the office. Go to hp.com/slate and enter code slate at checkout for 30 percent off select HP Business products. And by Betterment, the largest independent automated investing service. Learn how you can get up to six months of NO FEES by going to Betterment.com/slatemoney. Learn more about your ad choices. Visit megaphone.fm/adchoices
This week, the 2016 race was roiled by the announcement that former GOP nominee and 2012 loser Mitt Romney was, against all logic, getting his band back together to mount yet another run for the White House. This has baffled everyone, including the Huffington Post's Amanda Terkel, who joins us to form a chorus of confused noises. Elsewhere, the past few weeks has seen the age-old battle between Wall Street and Main Street re-enjoined with American taxpayers facing the prospect of the Volcker Rule getting delayed. But the spines of the Democratic minority have suddenly stiffened. We'll talk about why with Zach Carter and Arthur Delaney. Finally, President Barack Obama is pitching a plan to reform paid family leave for Federal workers. We'll discuss the implications of the plan, and its potential to spur similar reforms elsewhere. See acast.com/privacy for privacy and opt-out information.
Your daily options news rundown for Friday, December 19, 2014.
Gold still looks solid on technical charts. It is up 9% for the year even after the 6% pull back of the last few days. Gold is having a great first quarter.
Gold still looks solid on technical charts. It is up 9% for the year even after the 6% pull back of the last few days. Gold is having a great first quarter.
Wall Street is in for a shakeup under the newly adopted Volcker Rule. In this first exclusive podcast for the Edmond J. Safra Center for Ethics, Harvard business professor emeritus Malcolm Salter and financial journalist Gregg Fields discuss what it does, what lies ahead—and why every American should care.
Your daily options news rundown for Monday, December 30, 2013.
In this week's Tax Credit Tuesday podcast, Michael J. Novogradac, CPA, begins with a recap of the latest from Capitol Hill about the fiscal year 2014 budget, tax reform and the Volcker Rule. In low-income housing tax credit news, he discusses the Financial Accounting Standards Board's ratification of the generally accepted accounting principles changes for low-income housing tax credit investments, updates listeners on the U.S. Department of Housing and Urban Development 2014 rent and income limits and provides information about a Harvard University's Joint Center of Housing Studies report on affordable housing. In new markets tax credit news, he shares a report from Rapoza Associates about projects completed by community development corporations and provides an update about the Community Development Financial Institutions Fund's CDFI Information Mapping System upgrade. In historic tax credit news, he shares information about a recommendation to cap Maine's historic tax credit program, an increase in Wisconsin's historic tax credit and a U.S. Government Accountability Office report on decommissioned federal courthouses. In renewable energy tax credit news, he discusses a report from the Solar Energy Industries Association about residential solar installations.
Patrick Jenkins is joined by Daniel Schafer and Sam Fleming to discuss how the Volcker Rule could impact upon banks either side of the Atlantic. Sharlene Goff has news of the latest fines for part-nationalised banks RBS and Lloyds, and looks at how Ireland's exit from European bailout status could affect the Bank of Ireland and Allied Irish. See acast.com/privacy for privacy and opt-out information.
Mike, Nathan and Mahler discuss the WTO, the NSA, the TPP, PFTBL, GM, Putin, Thailand, the Central African Republic, the North Pole, the Ukraine, North Korea, schizophrenic signing, SkyJack, the Volcker Rule, antibiotics, memories, and blows to the head.
Your daily options news rundown for Wednesday, December 11, 2013.
What does the Volcker Rule mean for your bank stocks? Join Motley Fool analysts Matt Koppenheffer and David Hanson as they discuss comments from the leaders of Bank of America and Wells Fargo, rank big asset managers, and celebrate the Motley Fool being named Glassdoor’s #1 best mid-sized company to work for!
Will a Fed taper inevitably crush the market? The answer is more complicated than you might think! Join Motley Fool analysts Matt Koppenheffer and David Hanson as they look at the latest about the Volcker Rule’s impact on Goldman Sachs, play a round of “Would You Rather...,” and take a listener’s question banks vs. credit unions.
In this week's Tax Credit Tuesday podcast, Michael J. Novogradac, CPA, updates listeners on the fiscal year 2014 budget and the approaching debt ceiling, and the Volcker Rule. In lowincome housing tax credit news, he discusses proposed regulations from the Internal Revenue Service and an upcoming hearing about tax-exempt bond arbitrage rebate regulations, as well as two Senators' visit to tribal lands in Montana. In renewable energy tax credit news, he shares recent guidance from the Office of the Comptroller of the Currency about public welfare investments in wind energy projects. In new markets tax credit news, he discloses the record number of signatories to a letter that the New Markets Tax Credit Coalition has sent to Congress in support of the program. In historic tax credit news, he reveals that the Advisory Council on Historic Preservation has released a Section 106 toolkit.
Michael J. Novogradac, CPA, discusses the fiscal cliff and the implementation of the Volcker Rule in general news. In low-income housing tax credit news, he reveals the results of a report on maintaining unit affordability after Year 15. In new markets tax credit news, he alerts listeners to the approaching 2012 application deadline, an upcoming Community Development Financial Institutions Fund Advisory Board meeting and the Office of the Comptroller of the Currency's latest newsletter. In renewable energy tax credit news, Mr. Novogradac discusses a new report on energy jobs and a Department of Energy hydropower workshop. Finally, he wraps up with historic tax credit news and the latest in the Historic Boardwalk Hall case.
Michael J. Novogradac, CPA, discusses the fiscal cliff and the implementation of the Volcker Rule in general news. In low-income housing tax credit news, he reveals the results of a report on maintaining unit affordability after Year 15. In new markets tax credit news, he alerts listeners to the approaching 2012 application deadline, an upcoming Community Development Financial Institutions Fund Advisory Board meeting and the Office of the Comptroller of the Currency's latest newsletter. In renewable energy tax credit news, Mr. Novogradac discusses a new report on energy jobs and a Department of Energy hydropower workshop. Finally, he wraps up with historic tax credit news and the latest in the Historic Boardwalk Hall case.
Michael J. Novogradac, CPA, discusses a request for input about an alternative to the Volcker Rule. In low-income housing tax credit news, he informs readers about a recent Internal Revenue Service Private Letter Ruling on tax-exempt bonds, alerts listeners to Novogradac & Company's new LIHTC Mapping Tool and clarifies some aspects of the Texas Fair Housing Case. In new markets tax credit news, he tells listeners about new application guidance from the Community Development Financial Institutions Fund. In renewable energy news, he reveals the results of two reports, one on the U.S. wind energy market and one on solar market trends.
Michael J. Novogradac, CPA, discusses a request for input about an alternative to the Volcker Rule. In low-income housing tax credit news, he informs readers about a recent Internal Revenue Service Private Letter Ruling on tax-exempt bonds, alerts listeners to Novogradac & Company's new LIHTC Mapping Tool and clarifies some aspects of the Texas Fair Housing Case. In new markets tax credit news, he tells listeners about new application guidance from the Community Development Financial Institutions Fund. In renewable energy news, he reveals the results of two reports, one on the U.S. wind energy market and one on solar market trends.
Michael J. Novogradac, CPA, discusses two exciting Novogradac & Company additions. He shares recent developments on the prospects for passage of federal tax legislation before the November elections. He then reviews several Congressional hearings, including last week's hearing on federal support for financial institutions and the Volcker Rule, Treasury official confirmation hearings and a hearing planned for this week about tax-exempt entities in the context of tax reform. In the new markets tax credit discussion, he shares two updates related to the new eligible census tract data released for the new markets tax credit program and an item of interest regarding Oregon's newly enacted state new markets tax credit. In the low-income housing tax credit section, he discusses the status of fiscal year 2013 Section 8 project-based funding and a funding opportunity announced recently by the Federal Home Loan Bank of San Francisco. Finally, in the renewable energy segment, he discusses President Obama's recent call for Congress to extend the production tax credit.
Michael J. Novogradac, CPA, discusses two exciting Novogradac & Company additions. He shares recent developments on the prospects for passage of federal tax legislation before the November elections. He then reviews several Congressional hearings, including last week's hearing on federal support for financial institutions and the Volcker Rule, Treasury official confirmation hearings and a hearing planned for this week about tax-exempt entities in the context of tax reform. In the new markets tax credit discussion, he shares two updates related to the new eligible census tract data released for the new markets tax credit program and an item of interest regarding Oregon's newly enacted state new markets tax credit. In the low-income housing tax credit section, he discusses the status of fiscal year 2013 Section 8 project-based funding and a funding opportunity announced recently by the Federal Home Loan Bank of San Francisco. Finally, in the renewable energy segment, he discusses President Obama's recent call for Congress to extend the production tax credit.
Michael J. Novogradac, CPA, discusses an important update on the implementation of the Volcker Rule and a key congressional hearing that will address tax extenders. In the lowincome housing tax credit section he discusses HUD's announcement that it has designated new qualified census tracts or QCTs for 2013 and reviews the findings of a GAO report about the housing choice voucher program. In the renewable energy segment, he discusses an oversight committee hearing that examined tax incentives for renewable energy. Then he shares some positive comments made by Senator Carl Levin in support of the PTC. In the historic tax credit discussion, he provides update on the proposed Pennsylvania state historic tax credit. And finally, in the new markets tax credit discussion, he shares state level updates from Florida and Missouri.
Michael J. Novogradac, CPA, discusses an important update on the implementation of the Volcker Rule and a key congressional hearing that will address tax extenders. In the lowincome housing tax credit section he discusses HUD's announcement that it has designated new qualified census tracts or QCTs for 2013 and reviews the findings of a GAO report about the housing choice voucher program. In the renewable energy segment, he discusses an oversight committee hearing that examined tax incentives for renewable energy. Then he shares some positive comments made by Senator Carl Levin in support of the PTC. In the historic tax credit discussion, he provides update on the proposed Pennsylvania state historic tax credit. And finally, in the new markets tax credit discussion, he shares state level updates from Florida and Missouri.
Michael J. Novogradac, CPA, discusses the news that the United States now has the highest corporate tax rate in the developed world. Then, he discusses a new rule to determine which nonbank financial companies will be considered systematically important financial institutions (SIFIs). He also discusses the Volcker Rule. Next, he provides a quick status update on the Year 11 discussion that began on March 27, then reviews new guidance from California's Department of Finance about the dissolution of RDAs. In the historic tax credit discussion, he discusses state level updates from Pennsylvania and Illinois. Then, he discusses comment letters submitted to the CDFI Fund about the NMTC program, the most recent QEI Issuance Report, and good news from Florida, where lawmakers raised the program caps for the state new markets tax credit. Finally, he reviews the findings of a report that found that the Section 1603 renewable energy cash grant program supported an average of 52,000 to 75,000 jobs per year, and shares a preview of the upcoming Financing Renewable Energy conference.
Michael J. Novogradac, CPA, discusses the news that the United States now has the highest corporate tax rate in the developed world. Then, he discusses a new rule to determine which nonbank financial companies will be considered systematically important financial institutions (SIFIs). He also discusses the Volcker Rule. Next, he provides a quick status update on the Year 11 discussion that began on March 27, then reviews new guidance from California's Department of Finance about the dissolution of RDAs. In the historic tax credit discussion, he discusses state level updates from Pennsylvania and Illinois. Then, he discusses comment letters submitted to the CDFI Fund about the NMTC program, the most recent QEI Issuance Report, and good news from Florida, where lawmakers raised the program caps for the state new markets tax credit. Finally, he reviews the findings of a report that found that the Section 1603 renewable energy cash grant program supported an average of 52,000 to 75,000 jobs per year, and shares a preview of the upcoming Financing Renewable Energy conference.
Michael J. Novogradac, CPA, discusses the House Republicans' proposed fiscal year 2013 budget, an upcoming hearing on tax extenders and a possible delay in the implementation of the Volcker Rule. Then, he discusses CDFI Fund guidance about serving targeted populations and examines the most recent QEI Report. Next, he previews a hearing about the effect of pending expirations of tax incentives on the renewable energy industry, and discusses recent questions raised about the jobs created by the Section 1603 cash grant program. In the low-income housing tax credit section of this week's podcast, he reviews the topics covered in the most recent issue of the IRS's LIHC Newsletter. He also discusses a recent court case in Texas that could have significant implications for the low-income housing tax credit community in that state, and possibly beyond. He also shares an announcement from the USDA about its Section 538 program, and a comment invitation from HUD regarding private-public partnerships used for mixed-finance development of public housing units. Finally, in the historic tax credit discussion, he shares a state-level update on legislation recently passed in Virginia.
Michael J. Novogradac, CPA, discusses the House Republicans' proposed fiscal year 2013 budget, an upcoming hearing on tax extenders and a possible delay in the implementation of the Volcker Rule. Then, he discusses CDFI Fund guidance about serving targeted populations and examines the most recent QEI Report. Next, he previews a hearing about the effect of pending expirations of tax incentives on the renewable energy industry, and discusses recent questions raised about the jobs created by the Section 1603 cash grant program. In the low-income housing tax credit section of this week's podcast, he reviews the topics covered in the most recent issue of the IRS's LIHC Newsletter. He also discusses a recent court case in Texas that could have significant implications for the low-income housing tax credit community in that state, and possibly beyond. He also shares an announcement from the USDA about its Section 538 program, and a comment invitation from HUD regarding private-public partnerships used for mixed-finance development of public housing units. Finally, in the historic tax credit discussion, he shares a state-level update on legislation recently passed in Virginia.
"Just How Big Is the Too Big to Fail Problem?" examines the impact of recent changes in banking regulation since the financial crisis and suggests that it is uncertain if the changes will truly eliminate TBTF risk. According to the authors, the new resolution authority designed to allow troubled big banks to fail will, apart from other issues, "be incomplete and perhaps unworkable until there is more progress on the international coordination of bankruptcy regimes." Other provisions in Dodd-Frank, such as the Volcker rule, limit firms' activities and scale. "But it is difficult to evaluate the cost-benefit ratio since there is little evidence on either side. In a sense, it is not even easy to pinpoint the problem to which the Volcker Rule is the solution." The report also puts the U.S. "too big to fail" institutions into international comparison, pointing out that of the 50 biggest banks in the U.S., only seven are among the 50 largest in the world. The authors examine the question of whether limiting the size of U.S. banks may be put them at a competitive disadvantage globally.
Michael J. Novogradac, CPA, discusses the agreement reached on a long-term extension of the payroll tax holiday, Volcker Rule comment letters and a deadline reminder for listeners who do business in Puerto Rico. Then, talks about the ongoing efforts to extend the production tax credit, reviews an audit of the Section 1705 loan guarantee program and shares a scheduling update for listeners in Oregon. Next, he reviews the HUD and low-income housing tax credit section provisions of the proposed budget for fiscal year 2013, invites listeners to nominate properties for the 18th Annual Charles L. Edson Tax Credit Excellence Awards, and reviews the findings of two reports that examine the economic effect of the LIHTC in Georgia and New Hampshire. He also reviews the findings of a report about historic tax credit recapture rates and discusses state historic tax credit legislation in Minnesota, Rhode Island and Alabama. Finally, he reviews the latest new markets tax credit QEI issuance report.
Michael J. Novogradac, CPA, discusses the agreement reached on a long-term extension of the payroll tax holiday, Volcker Rule comment letters and a deadline reminder for listeners who do business in Puerto Rico. Then, talks about the ongoing efforts to extend the production tax credit, reviews an audit of the Section 1705 loan guarantee program and shares a scheduling update for listeners in Oregon. Next, he reviews the HUD and low-income housing tax credit section provisions of the proposed budget for fiscal year 2013, invites listeners to nominate properties for the 18th Annual Charles L. Edson Tax Credit Excellence Awards, and reviews the findings of two reports that examine the economic effect of the LIHTC in Georgia and New Hampshire. He also reviews the findings of a report about historic tax credit recapture rates and discusses state historic tax credit legislation in Minnesota, Rhode Island and Alabama. Finally, he reviews the latest new markets tax credit QEI issuance report.
See acast.com/privacy for privacy and opt-out information.
Michael J. Novogradac, CPA, discusses the status of tax extenders and the Obama Administration's plan to propose a budget next week for fiscal year 2013. He also reminds listeners about the upcoming deadline to submit comments on the Volcker Rule. Then, he summarizes Fannie Mae's and Freddie Mac's multifamily business in 2011 and shares remarks made by Treasury Secretary Tim Geithner about the Administration's plan to wind down the GSEs. Next, he discusses a bill that would eliminate all energy specific tax credits and alerts listeners to the impending release of an audit on the Section 1705 loan guarantee program. Then, he discusses the latest developments in the Historic Boardwalk Hall case and state historic tax credits in Indiana and Nebraska. Finally, he discusses the comment letter submitted by New Markets Tax Credit Working Group in response to the CDFI Fund's invitation for suggestions on how to make the new markets tax credit program more efficient.
Michael J. Novogradac, CPA, reviews the joint committee hearing on the Volcker Rule and touches on two points of interest in the report released by the president's Council on Jobs and Competitiveness. He also previews President Obama's State of the Union address. Then, he discusses the state new markets tax credit proposed in Indiana. Next, he reviews the provisions of a bill that increase low-income housing tax credit caps in areas affected by Hurricane Irene or Tropical Storm Lee. He also discusses provisions of interest to the affordable housing community in New York Governor Andrew Cuomo's proposed budget for 2012-2013, and shares an update on affordable housing California as redevelopment agencies begin winding down operations. Then, he discusses the Real Estate Roundtable's amicus brief in the Historic Boardwalk Hall case. And finally he shares the findings of a report that found that the Department of Defense could generate 7,000 megawatts of solar energy on four of its military bases located in the California desert.
Michael J. Novogradac, CPA, reviews the joint committee hearing on the Volcker Rule and touches on two points of interest in the report released by the president's Council on Jobs and Competitiveness. He also previews President Obama's State of the Union address. Then, he discusses the state new markets tax credit proposed in Indiana. Next, he reviews the provisions of a bill that increase low-income housing tax credit caps in areas affected by Hurricane Irene or Tropical Storm Lee. He also discusses provisions of interest to the affordable housing community in New York Governor Andrew Cuomo's proposed budget for 2012-2013, and shares an update on affordable housing California as redevelopment agencies begin winding down operations. Then, he discusses the Real Estate Roundtable's amicus brief in the Historic Boardwalk Hall case. And finally he shares the findings of a report that found that the Department of Defense could generate 7,000 megawatts of solar energy on four of its military bases located in the California desert.
Michael J. Novogradac, CPA, congratulates the winners of the Developments of Distinction Awards. Then he alerts listeners to a hearing on the Volcker Rule. He also discusses historic tax credits in Kansas and Indiana; shares an announcement from Colorado about open positions on the tax credit allocation committee; reviews Sen. Udall's comments about an extension for the production tax credit; summarizes an issue brief about government investments in renewable energy; and reviews numbers of interest to the new markets tax credit community.
Michael J. Novogradac, CPA, congratulates the winners of the Developments of Distinction Awards. Then he alerts listeners to a hearing on the Volcker Rule. He also discusses historic tax credits in Kansas and Indiana; shares an announcement from Colorado about open positions on the tax credit allocation committee; reviews Sen. Udall's comments about an extension for the production tax credit; summarizes an issue brief about government investments in renewable energy; and reviews numbers of interest to the new markets tax credit community.
Michael J. Novogradac, CPA, provides a preview of the first month of the second session of the 112th Congress and a reminder about an extended opportunity to comment on the Volcker Rule. Then he reviews the latest issue of the IRS's LIHC Newsletter, discusses increases in state private activity bond volume caps, and the IRS's tax-exempt bond work plan for 2012. He also examines what a recent ruling about redevelopment agencies means for affordable housing development in California. Then, he discusses the seventh round of state historic tax credit awards in Ohio. Finally, he reviews a report about uncertainty over the production tax credit's extension and discusses the latest update from the Oklahoma Task Force for the Study of State Tax Credits and Economic Incentives.
Michael J. Novogradac, CPA, discusses a confidential, leaked draft of the Volcker Rule and what it means for the low-income housing tax credit, new markets tax credit, historic tax credit and renewable energy tax credit communities. Then he shares an update on the economic substance doctrine. Next, he reviews IRS guidance regarding the federal income tax treatment of the receipt of excessive payments under Section 1603. He also discusses a Congressional Research Services report that warns Congress not to let tax incentives for wind production expire. Then, he discusses legislation that would exempt formerly homeless youth who attend school full-time from the low-income housing tax credit's student rule. Next, he reviews the new markets tax credit QEI Issuance Report and gives one last reminder about this week's QEI issuance deadline. Finally, he provides updates about state historic tax credits in Missouri and Indiana.
Michael J. Novogradac, CPA, discusses a confidential, leaked draft of the Volcker Rule and what it means for the low-income housing tax credit, new markets tax credit, historic tax credit and renewable energy tax credit communities. Then he shares an update on the economic substance doctrine. Next, he reviews IRS guidance regarding the federal income tax treatment of the receipt of excessive payments under Section 1603. He also discusses a Congressional Research Services report that warns Congress not to let tax incentives for wind production expire. Then, he discusses legislation that would exempt formerly homeless youth who attend school full-time from the low-income housing tax credit's student rule. Next, he reviews the new markets tax credit QEI Issuance Report and gives one last reminder about this week's QEI issuance deadline. Finally, he provides updates about state historic tax credits in Missouri and Indiana.
Michael J. Novogradac, CPA, reviews the results of last week's mid-term elections. Then, he discusses important news for the renewable energy community, including new documents posted last week by the Treasury Department regarding the Section 1603 cash grant program. Then he shares a comment letter submitted by the LIHTC Working Group to the Treasury Department about the Volcker Rule. Next he examines a report issued recently by a subcommittee of Missouri's Tax Credit Review Commission. And finally he discusses an update about the CDFI Fund's Health Food Financing Initiative.
Michael J. Novogradac, CPA, reviews the results of last week's mid-term elections. Then, he discusses important news for the renewable energy community, including new documents posted last week by the Treasury Department regarding the Section 1603 cash grant program. Then he shares a comment letter submitted by the LIHTC Working Group to the Treasury Department about the Volcker Rule. Next he examines a report issued recently by a subcommittee of Missouri's Tax Credit Review Commission. And finally he discusses an update about the CDFI Fund's Health Food Financing Initiative.
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