BROWSE BY TOPIC
Stories of Interest
- Credit Suisse Fully Compliant on Sanctions: CEO
- Ex-UBS Metals Trader Beats Spoofing Conspiracy Charge
- Investment Advisor, WCAS Management Corp, To Pay Nearly $800K Over Conflicts of Interest
- Altaba, fka Yahoo!, to Pay $35Mn for Failing to Disclose Massive Cybersecurity Breach - SEC
- SEC Formerly Bars Martin Shkreli from Industry
- HF Billionaire Steve Cohen Buying Into Fintech Start-Ups
- Deutsche Bank Is Weighing Massive Cuts in Its U.S. Cash Equities Unit
- Richard Jenrette, Co-Founder of DLJ Investment Bank, Dies at 89
- Goldman Sachs Makes First Hire in Cryptocurrency Markets Unit
- Special FINRA Election to Fill Large Firm Governor Vacancy
- Chicago-Based Investment Adviser Sentenced to 151 Months in Prison - SEC
- Dun & Bradstreet Hit With FCPA Violations - SEC
- SEC Charges Additional Defendant in Fraudulent ICO Scheme
- Warren Buffett Simply Blew it on Wells Fargo Stock: Dick Bove (Video)
- Barclays and Deutsche Bank to Lag U.S. Trading Peers
- NY AG Schneiderman Seeks to Close Loophole That Could Let Trump Pardons Block State Charges
- 'Fearless Girl' is Moving to NYSE After Year Staring Down 'Charging Bull'
- What's In Your Wallet - American Express Shares Soar After Earnings Release
- Deutsche Bank's Executive Departures Continue Following Change in CEO
- Reflections of an Economist Commissioner (SEC's Piwowar)
We seek to provide information, insights and direction that may enable the Financial Community to effectively and efficiently operate in a regulatory risk-free environment by curating content from all over the web.
Stay Informed with the latest fanancialish news.
NEWSLETTERS & ALERTS
Everything Wall Street Should Know About Paul Ryan - circa 2012
[Photo: by Jack Gruber / USA Today]
Paul Ryan enters the spotlight as Mitt Romney's vice presidential pick. Those who don't know Paul Ryan, a 7-term U.S. Representative from Wisconsin, may be surprised to meet the man who stands beside the Mitt.
A MAN OF TRADITION. True to his conservative roots, the stocks he owns include blue chips Apple, Exxon Mobil, General Electric, I.B.M., Procter & Gamble, Wells Fargo, Google, McDonald's, Nike, and Berkshire Hathaway, according to his latest disclosure filing. Similarly, he counts among his supporters employees of financial heavyweights Wells Fargo, UBS, Goldman Sachs, and Bank of America.
WHAT THAT MEANS.
- For his 2012 Congressional race, he raised about $179,000 from securities professionals - the single largest sector that donated money to his campaign.
- One of the biggest contributors was Elliott Management, Paul Singer's hedge fund. Dan Senor, recently a senior adviser to Elliott Management, was just named Mr. Romney's new foreign policy counsel.
- Mr. Ryan's issue with Dodd-Frank: he dislikes the provision that has the greatest support of the industry: a tool known as resolution authority, which gives the government the authority to dismantle a failing bank without wreaking havoc on the rest of the system.
AN EXCEPTIONAL MAN. What sets Mr. Ryan apart, however, is his loyalty to Ayn Rand and Milton Friedman, 2 figures long associated with free markets.
WHERE IT MATTERS.
- His vote in 1998 to repeal parts of the Glass-Steagall Act, allowing commercial and investment banks to merge.
- His 2008 vote in favor of the bank bailout - i.e., TARP or Troubled Asset Relief Program. Before the vote, he encouraged his colleagues in the House to vote in favor of it to avoid "this Wall Street problem infecting Main Street."
- As a member of the commission, he voted down the Simpson-Bowles deficit reduction plan, arguing that it did not go far enough in overhauling health care entitlements.
WILD CARD? After voting against Simpson-Bowles, Mr. Ryan later criticized President Obama for not supporting the deficit reduction plan, prompting Gene Sperling, director of the National Economic Council under President Obama, to say on CNN:
"Paul Ryan, talking about walking away from a balanced plan like Bowles-Simpson is, I don't know, somewhere between laughable and a new definition for chutzpah."
In addition, future voters face Mr. Ryan's approach to the debt ceiling. Last year, 3 months before the debt ceiling debate reached a peak, Mr. Ryan said that he was prepared to let the government default on its debt for at least several days if it would force Democrats to accept deeper cuts. He was not received well.
"I hear what G.O.P. support there was for Obama/Bowles/Simpson debt panel plan is collapsing thanks to Ryan Plan." -- James Pethokoukis, a columnist for the American Enterprise Institute, which has traditionally supported Mr. Ryan, sent this Twitter message in April.