Regulators should consider financial companies’ systemic roles to impose appropriate restrictions on firms whose collapse would cause the most damage, an international group of former and current central bankers said.
It had been two days since U.S. lawmakers negotiated all night to finish rules that would reshape the business of Wall Street. The 20-hour session left legislators, aides, lobbyists and regulators exhausted. Almost no one had a grip on all the details.
TIAA-CREF, the provider of retirement accounts for teachers and non-profit organizations, named Robert Leary as president of the asset-management business that has been expanding by overseeing funds for institutional investors.
Federal Reserve Chairman Ben S. Bernanke probably will be succeeded by Vice Chairman Janet Yellen when his term ends Jan. 31, according to a survey last week by International Strategy & Investment Group.
Federal Reserve Vice Chairman Janet Yellen is the most qualified and most likely candidate to run the central bank, according to the majority of private economists in a Bloomberg News survey that showed Lawrence Summers trailing by wide margins in both categories.
TIAA-CREF, the New York-based firm that oversees more than $400 billion in pensions for teachers and academic researchers, named Scott Wise of Rice University to oversee an expansion into investment management for endowments.