Daniel Harris News
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Jefferies Group Inc., the investment bank whose stock dropped in the wake of MF Global Holdings Ltd.’s bankruptcy, cut stakes in European debt again to fend off speculation about its financial strength.
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Federal Deposit Insurance Corp. nominee Thomas Hoenig told lawmakers that large financial firms must be accountable for their own capital and risk-taking and shouldn’t count on government help in the event of a collapse.
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CME Group Inc., the world’s largest futures exchange that’s fallen more than 9 percent this week, may face liability related to concerns it misled regulators over what it knew about MF Global Holdings Ltd., according to Goldman Sachs Group Inc.
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A group of commodity traders faulted a plan by the liquidator of broker-dealer MF Global Inc. to distribute 60 percent of the collateral in so-called cash-only accounts to customers, saying it was unfair to traders who had a small futures position in addition to a large cash MF holding.
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It’s been a rough three years for banks, securities firms and insurers -- even rougher for the analysts whose job it is to predict how the stocks of these firms will perform, Bloomberg Markets reports in its November issue.
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Morgan Stanley said risks tied to five countries at the center of Europe’s debt crisis totaled $2.11 billion including hedges against losses. The amount for France is negative $286 million.
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Evraz Group SA, Russia’s largest steelmaker by output, appointed Grigory Botvinovsky as vice president for vanadium following the retirement of Daniel Harris.
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The cost to protect Morgan Stanley bonds against losses dropped for the fourth day as concern eased that its balance sheet will be impaired by Europe’s sovereign debt crisis and Goldman Sachs Group Inc. analysts said investors should wager on the bank’s creditworthiness.
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The U.S. Commodity Futures Trading Commission and the Securities and Exchange Commission will issue draft derivatives rules by December, Goldman Sachs Group Inc. analyst Daniel Harris said.
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Goldman Sachs Group Inc. cut its first-quarter earnings estimate for Morgan Stanley by 60 percent on expectation of lower interest rate, credit and currency trading revenue.
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