From coast to coast, the FBI and Securities and Exchange Commission have ensnared people not only at hedge funds, but at technology and pharmaceutical companies, consulting and law firms, government agencies, and even a major stock exchange.
There are two ways to approach the market. You can guess which direction prices will go in next, or you can figure out what businesses and their securities are really worth.
The Central Bank should have a permanent window for discounting high quality securities where banks could go and discount these. It gives peace of mind to the banks. In the absence of this facility, what banks tend to do is to keep a liquidity cushion for emergency requirements. This is a very expensive way of managing liquidity.
If we get to a world of digital securities, then there isn't a need for DTC and Cede & Co. anymore. It's a really huge step in returning to clean capital markets.
Benefits are rarely made public in filings with the Securities and Exchange Commission, where companies must report the pay and options that their five highest-paid executives receive.
