A collection of stories from SmartBrief publications and the world of finance…
Lots of great insight from the speakers and panelists at the SIFMA Annual Meeting this past week in NYC:
Jeb is running in 2016, right?: Aside from some opening jabs at financial regulatory reform aimed at pleasing the Wall Street audience, Jeb Bush’s speech had all the trappings of a stump speech. Endless money and a jump start on Florida and Texas in the Electoral College would make Bush III an incredibly strong candidate. They say being an ex-president gains you admittance to the most exclusive club in the world. Obviously there are four such individuals in that club right now. If Jeb decides not to run, he’d join an even more exclusive club: Individuals who turned down the chance to embark on a seemingly easy path to the White House. Right now, that club has a membership of one: Colin Powell. (read more…)
Terry Duffy is the Executive Chairman and President of CME Group, which is hosting its annual Global Financial Leadership Conference next week in Naples, Fla. Mr. Duffy chatted with SmartBrief and shared more background on the GFLC.
1. What is the goal of the GFLC? How did it get started?
The Global Financial Leadership Conference is an exclusive event that brings together decision-makers from the world’s leading financial institutions to discuss emerging geopolitical trends, debate critical economic issues and share perspectives on future developments in the financial marketplace. Our goal in developing GFLC was to provide a venue for some of the brightest minds in business, economics, media and politics to have a dialogue about current issues and risk in our global economy. As our record attendance this year demonstrates, we’ve been very successful in doing that. Since our inaugural conference in 2008, GFLC has established itself as the “Davos of Derivatives,” becoming one of the most important events for our industry leaders. (read more…)
BlackRock CEO Larry Fink was a featured speaker at the SIFMA Annual Meeting Tuesday in Manhattan. During his appearance, Fink shared numerous nuggets of wisdom with the audience, including these 10 key takeaways:
- If it wasn’t for Washington, the U.S. economy would be stronger and there would be more foreign investment in the U.S. “Our economy is based on principles … one of those principles is strong government. The dysfunction of Washington has created uncertainty that is playing out in the job market and capital expenditures.”
- On how history will view the Dodd-Frank Act: “Looking back at Sarbanes-Oxley, boy did we yell about that.” Sarbox slowed IPOs and foreign investment, but only for a short period of time. “We create a law. … We all adapt. … Everything with Dodd-Frank will work itself out. Does Dodd-Frank make society safer? Yes. … We’re better off.”
- Fed tapering – “I would begin tapering in December, but also make clear that rates will stay at or near 0% until 2016.”
- The growth countries of the future won’t be those with cheap labor.
For a man who claims he doesn’t want to be president, Jeb Bush certainly thinks he has the cure for everything that ails the United States. In a candid appearance at the SIFMA Annual Meeting on Tuesday, the former Florida governor shared his ideas on a whole litany of issues, including Wall Street reform, immigration, education, the Affordable Care Act and the dysfunction in Washington.
On Wall Street Reform
Bush said it is time to stop pointing fingers over who caused the financial crisis and start adopting policies aimed at growth. “If we are going to lift the cloud of pessimism in America, we need to shift away from finding culprits and start using all the tools available to promote growth. Banks fuel growth.”
Bush believes the good story of the banking recovery is running into a regulatory buzz saw that is hampering high-wage job growth. Referring to the Dodd-Frank Act, Bush lamented the length of time it has taken for regulatory measures to be implemented. (read more…)
Globalization was quite the buzzword when Bill Clinton was in office. But to hear the former president speak today, it sounds like it is the aftermath of globalization that is wreaking havoc in many parts of the world.
“We live in the most interdependent time in history,” Clinton explained. “Isolation is not an option.”
Clinton took the stage Monday before a packed audience of Wall Street bankers at the SIFMA Annual Meeting and discussed the challenges facing the financial industry and the global economy. Clinton said some problems go beyond finance and strike at the heart of how the world copes with increased interconnectedness.
Systemic Challenges to Prosperity
Issues like education and infrastructure weigh on the global economy and present different challenges in different countries around the world, Clinton explained. As soon as leaders in the U.S. and around the world come together to tackle complex issues, the path to financial prosperity will become clearer for all to navigate. (read more…)