The third annual Bloomberg Markets 50 Summit brings together influential people in markets and finance to discuss the financial landscape five years after the crisis that left markets and economies reeling.
U.S. Treasury Secretary Jack Lew, SEC Chair Mary Jo White and New York prosecutors Eric Schneiderman and Preet Bharara are joined by top financiers like Blackstone's Steve Schwarzman, Lazard's Ken Jacobs and AQR's Cliff Asness to discuss what has and still needs to change in the five years after systemic risk threatened financial markets globally.
Blackstone Group LP raised more than $4 billion in 2009 to buy European property assets anticipating that cash-strapped banks would be forced to sell as the region’s debt crisis worsened. Almost all of it sat idle for two years.
The Standard & Poor’s 500 Index capped its longest slump of the year as Wal-Mart Stores Inc. told suppliers it was cutting orders, fueling concern consumer spending is slowing. Oil slid for a fifth day, while Treasuries rose as investors watched budget negotiations in Washington.
U.S. Treasury Secretary Jacob J. Lew said investor confidence that a deal can be struck to raise the debt limit is “a bit greater than it should be” and the government probably will have less than $50 billion in cash by mid-October.
Elite investors with high-speed trading systems who gain early access to sensitive information are a growing threat to the integrity of U.S. financial markets, New York Attorney General Eric Schneiderman said.
Toll Brothers Inc. Chief Executive Officer Douglas Yearley said business is flat seven weeks into the homebuilder’s fourth quarter as buyers are temporarily holding back after an abrupt rise in mortgage rates.
U.S. regulators are looking into how trading in financial instruments linked to gold in New York and Chicago occurred so quickly after the release of a Federal Reserve statement in Washington last week.