The gig may be up for what was to many a sure thing. Cover a position. Get a few extra points, do a favor and make a deal. The once very lucrative area and niche player known as Securities Lending may be changed forever.
The rules of the game have changed. After the disaster of 2008, pension funds will be scrutinizing their investments a lot more carefully, especially their investments in alternatives like hedge funds, private equity, real estate and commodity funds. Those funds who refuse to adapt will find it extremely difficult to raise the money they need to compete.
P&I's article “Renaissance to open up a bit”, discusses the firm’s quest for institutional money and reads very much like a marketing piece. Yes, RIEF performance this year is just awful and assets have “plummeted 81% to $5 billion as of June 30, down from a peak of $27 billion” but, after "massaging" these numbers, P&I was able to find something positive.
With the IMF bailing out every failed European country (click the link for a useful map), it has now set a useful precedent of how to obtain full clarity into the operations of Central Banks of "organization wards." Latvia's most recent near death experience has translated into a requirement by the country to provide the IMF with daily data on virtually every action that the country's central bankers perform. Since the US, absent Bernanke's printing press, would be in far more dire financial shape than even the small Baltic country, could Congressmen pass a vote to shut down the press, and have the IMF bail out Bernanke as well, thus forcing him to provide the same kind of disclosure that every "developing country" is now forced to give to its bankster overlords?
A one hour program in which Ron Paul provides the basics of the Federal Reserve and why it is high time transparency was introduced to this most critical of institutions. Must watch.
In a move set to infuriate and send many Zero Hedge readers over the top, the NYSE has taken action to make sure that nobody will henceforth be able to keep track of the complete dominance that Goldman Sachs exerts over the New York Stock Exchange. This basically ends our weekly Program Trading updates disclosed every Thursday indicating that Goldman has singlehandedly captured all of NYSE's program trading.
We are happy to announce that the HR 1207 "Audit The Fed" Bill is now one large step closer to reality, having garnered the necessary 218 co-sponsors to ensure passage. It has, in fact, 222 co-sponsors as of today and more are appearing by the hour. Please click here for the official press release.
213 co-sponsors now support HR 1207, with 7 new names added today alone. Just 5 more needed. The Fed really needs to get its lobbyist to start pulling their weight and do some serious damage control i.e. organize a few Dominoes dinners, throw in some buffalo wings, a little Mumms, some Goldman elves, you know the drill. They can charge the Goldman expense account.
Readers curious to know how the Fed transparency petition is progressing will be happy to know that Ron Paul's HR 1207 proposed bill, "The Federal Reserve Transparency Act" now has 206 co-sponsors. Alan Grayson's democratic canvassing for bill support has proven quite successful. A mere 2 weeks ago there was just 165 cosponsors, mostly republicans.
As of yesterday, over 4,700 people had signed the petition by Alan Grayson to get Democrat co-sponsors of Ron Paul's HR1207 bill to audit the Federal Reserve. Even more importantly, 14 members of the House Of Representatives have joined Raul Grijalva, bringing the total cosponsors to 181.
Also adding their names are:
As of 1 am last night, the petition in support of the Ron Paul /Alan Grayson / HR1207 initiative had over 2,500 signatories and climbing fast.
The link to endorse the petition is here.
I am happy to report that up to this point, over 1,400 signatories have endorsed the Fed Transparency petition.
Importantly, earlier Rep. Raul Grijalva (D-AZ) has signed on to cosponsor H.R. 1207. Rep. Grijalva brings the total of Democratic cosponsors to 30. There are 136 Republican House members already cosponsoring the bill, and 218 votes are needed in the House for passage.