The Financial & Political News From Washington
Obama to propose $38 Billion in Business Tax Breaks at State of the Union Address
Jan. 27 (Bloomberg) -- President Barack Obama tonight will propose extending through 2010 a temporary tax incentive that encourages businesses to accelerate purchases of equipment, an administration official said. Obama will call for renewal of the 50 percent so-called bonus depreciation in his State of the Union address to the nation, said the official, who spoke on condition of anonymity.
http://www.bloomberg.com/apps/news?pid=20601087&sid=aecaWhTGpJIQ&pos=8
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"We the Corporations"
Supreme Court votes, along partisan lines, 5-4, to allow Corporations to spend what they like on elections - Click here
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Brown wins in Massachusetts!
Breaks Democratic Super Majority in Senate & Throws Health Care bill into Turmoil - Click here
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Dem's Reid: "We got 60!"
Senate will pass historic Health Care reform bill as Nebraska Senator Nelson gets on board. Obama White House gets early Christmas present as Reid musters votes sufficient to end fillibuster and proceed to momentous Christmas Eve vote on Health Care Bill. Republicans beside themselves with anger as Bill is set for passage. Next step, after historic vote, the Bill will go before a Congressional commitee made-up of leaders from both houses to hammer-out a single bill from both the House and Senate versions. For coverage from The Hill.com Click here
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Ho, Ho, Ho, Health Reform? December 02, 2009 2:46 PM - After a brief huddle outside the Senate chamber this afternoon, Democrats resolved to stay in session -- even, possibly, on Christmas -- to get a health reform vote. Click here
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HOUSE PASSES HISTORIC HEALTH CARE BILL - Compromise on Abortion Paves Way for Passage
By Mike Soraghan and Jared Allen - 11/07/09 11:11 PM ET - The House passed its $1 trillion healthcare overhaul late Saturday with only two votes to spare, becoming the first chamber to vote on such a significant expansion of healthcare since Congress passed Medicare in 1965. Click here I
Pelosi Unveils Health Care Bill1 By Jared Allen and Mike Soraghan - 10/29/09 11:46 AM ET - House Democrats triumphantly introduced their $894 billion healthcare overhaul bill on Thursday, setting up a vote as early as next week. The bill would increase insurance coverage to 96 percent of the population, and Democrats said it would reduce the deficit by $30 billion over 10 years. Click here
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Reid Bets on Public Option11
By Jeffrey Young - 10/26/09 08:37 PM ET - The Senate healthcare bill will include a compromise public option that allows states to opt out of a government insurance program. At a press conference, Senate Majority Leader Harry Reid (D-Nev.) said he’d concluded “the best way to move forward is to include a public option with the opt-out provision for states.” iClick here
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Snowe To Vote "Yes" on Senate Version of Health Care Billi
By Michael O'Brien and Jeffrey Young - 10/13/09 12:58 PM ET - Sen. Olympia Snowe (R-Maine) said Tuesday she would vote to approve the healthcare bill before the Senate Finance Committee. Snowe joined the committee's Democrats to vote in favor of Chairman Max Baucus's (D-Mont.) health reform proposal, characterizing her vote as a move to support moving forward with landmark healthcare reform. Click here to read article from TheHill.com
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Finance committee healthcare vote scheduled for Tuesday
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Health Care Debate Rages On.
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HealthReform.com Click here
WhiteHouse.gov Click here
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Get The Latest On The Health Care Debate and keep track of all of the issues that matter by
going to the websites that follow developments in Congress on an around-the-clock basis:
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"The Hill" The Hill.com
"Roll Call" Roll Call.com
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Check All Of The Facts At FactCheck.org - just click below.
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Ted Kennedy Dies Senator Edward M. Kennedy, 1932 - 2009 Click here
Jack, Bobby and Ted Kennedy at the Kennedy Compound in
Hyannis Port after Jack became the Democratic nominee for President.
Of the 9 nine children of Joseph P. and Rose Kennedy, only youngest daughter, Jean Kennedy Smith,survives. With the passings this month of Edward Kennedy and Eunice Kennedy Shriver, she is the last remaining child of that generation. Kennedy funeral to be held on Saturday, August 29 with buriel
to take place in Washington at Arlington National Cemetary, near his two slain brothers. Click here
WCVB Boston Photo Slideshow Click here
With the Health Care reform being the issue nearest and dearest to Kennedy's heart will this galvanize the Democrats and Congress as a whole to get something passed or is Congress just too polarized for this event to have any affect? Click here
Boston Globe coverage Click here
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Political News Sources:
ABC News: http://abcnews.go.com/politics
CNN: http://www.cnn.com/POLITICS/
MSNBC: http://www.msnbc.msn.com/id/3032553/
Reuters: http://www.reuters.com/news/politics
Fox News: http://www.foxnews.com/politics/index.html
BBC News: http://news.bbc.co.uk/2/hi/americas/default.stm
CBS News: http://www.cbsnews.com/sections/politics/main250.
Rolling Stone: http://www.rollingstone.com/politics/campaign2008
The Washington Post: http://www.washingtonpost.com/wp-srv/politics/politics_columnists.html?nid=roll_politicsblogs
The New York Times: http://www.nytimes.com/pages/politics/index.html
The Times of London: http://timesonline.typepad.com/uselections/
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FINRA's New Proposal Over-Reaching
Asks B/D's to supervise non-brokerage activities. Is it another sign that the bell is tolling for Indy B/D's? Click here
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Political News Sources:
ABC News: http://abcnews.go.com/politics
CNN: http://www.cnn.com/POLITICS/
MSNBC: http://www.msnbc.msn.com/id/3032553/
Reuters: http://www.reuters.com/news/politics
Fox News: http://www.foxnews.com/politics/index.html
BBC News: http://news.bbc.co.uk/2/hi/americas/default.stm
CBS News: http://www.cbsnews.com/sections/politics/main250.
Rolling Stone: http://www.rollingstone.com/politics/campaign2008
The Washington Post: http://www.washingtonpost.com/wp-srv/politics/politics_columnists.html?nid=roll_politicsblogs
The New York Times: http://www.nytimes.com/pages/politics/index.html
The Times of London: http://timesonline.typepad.com/uselections/
Popular Political Blogs:
DailyKos.com - Markos Moulitsas' wildly popular political blog http://www.dailykos.com/
The Huffington Post - Few have Arianna Huffington's status as an ultimate Washington insider. http://www.huffingtonpost.com/
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Former Fed Chairman Greenspan Joins NYC Hedge Fund In a Major Coup, Greenspan to Join Advisory Board of Paulson & Co.
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BOSTON (Reuters) - Jan.15 2008 - Hedge fund manager John Paulson, who earned billions of dollars last year
by betting against the housing market, said on Tuesday that former Federal Reserve board chairman Alan Greenspan
will advise his firm. Greenspan, whose words can still move financial markets, will advise Paulson on the global
economy for an undisclosed amount of money, the hedge fund said in a statement.
By joining the New York-based fund, Greenspan becomes the latest former Washington insider to work in the fast
growing $2 trillion hedge fund industry. Former Treasury Secretaries Lawrence Summers and John Snow provide
advice to D.E. Shaw and Cerberus. During his tenure, his advice and guidance will be exclusive to the firm and to
their hedge fund managers.
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“Dr. Greenspan’s position as Chairman of the Federal Reserve Board for 18 years, through multiple market cycles gives
him a unique perspective from which to help our investment management team make critical decisions,” said John Paulson,
president of the hedge fund founded in 1994.
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“I look forward to adding my perspective on the global economy to that of Mr. Paulson and his team,” said
Mr. Greenspan, who served as Federal Reserve Chairman from 1987 to 2006.
(Reporting by Svea Herbst-Bayliss)
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Lockwood plans a UMA with an income guarantee
Annuity like policy would combine insurance and investment products i
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07 Dec 2007 - An insurance policy that provides an income guarantee to holders of a unified managed
account at Lockwood is in registration at the Securities and Exchange Commission. Known as a
Guaranteed Retirement Income Solution, the insurance policy is underwritten by Phoenix Equity Planning
Corp., a unit of The Phoenix Cos. Inc. in Hartford, Conn.
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To Read this article in its entirety in The Investment News, Click Here:
http://www.investmentnews.com/apps/pbcs.dll/article?AID=/20071203/FREE/712030348
Top Court Seen Leaning to Ky. in Muni Tax Case
If the Supreme Court were made up of financial advisers, there would be little doubt about the verdict
of a case it is now mulling about the taxation of municipal bonds.i
Click below to read David Hoffman's article in The Investment News:
http://www.investmentnews.com/apps/pbcs.dll/article?AID=/20071112/FREE/711120325
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Bill Targets Hedge Fund Industry
Taxes on private-equity industries would pay for staving off growth of alternative minimum tax.
http://www.washingtonpost.com/wp-dyn/content/article/2007/11/06/AR2007110602313.html?hpid=topnews
i Fee-Based Planners Dealt Blow in Michigan
Governor's new law adds 6% tax to "non-essential" services like Massage Parlors, Golf Course Greens Fees, Financial Planning fees
and other services without a decent and effective Lobby.
Click below to read Jeff Benjamin's article about it in The Investment News:
http://www.investmentnews.com/apps/pbcs.dll/article?AID=/20071008/FREE/710080323
FSI Engaged on Regulation S-P Issue
On August 24, the SEC commenced Administrative Proceedings against an FSI member firm for alleged violations to Regulation S-P. FSI has been working with our member firm since this issue was raised by SEC examiners over 18 months ago. If the SEC's point of view prevails, this is a potentially precedent-setting action with broad negative consequences for financial advisors, independent broker-dealers and the clients they serve. We have also been in a dialogue with key SEC staff about potential regulatory relief from the SEC's view on this issue. To Read More Click Here: http://www.financialservices.org/content.aspx?page=1§ion=7
FSI Continues Fight for 12b-1 Fees
FSI has engaged in aggressive advocacy efforts to preserve 12b-1 fees and their benefits to investors. These advocacy efforts have taken many forms – participation in the SEC 12b-1 Roundtable (see below), the submission of a written statement by FSI Board member Joe Russo, lobbying of members of the House Financial Services Committee, and the submission of more than 250 comment letters by FSI members utilizing our online Advocacy Action Center.
FSI participated in the SEC's Rule 12b-1 Roundtable on Tuesday, June 19 at the SEC headquarters in Washington, DC. Joe Russo, Chairman & CEO of Advantage Financial Group, and a financial advisor member of FSI's Board of Directors, was part of the Costs & Benefits Panel.
To Read More Click Here: http://www.financialservices.org/content.aspx?page=490§ion=3
FSI Gears Up For Major Fight Over 12b-1's
In a recent discussion with reporters, SEC Chairman Christopher Cox reiterated the intention of the SEC to "reform or repeal" 12(b)-1 fees. Cox indicated that the SEC may consider other ways to allow financial advisors to recover expenses associated with servicing customer's mutual fund accounts. Earlier this week, NASAA President and Alabama Securities Commissioner Joe Borg characterized 12b-1 fees as "abuses" and called for their elimination...
To Read More Click Here: www.financialservices.org
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The U.S. House of Representatives
www.house.gov
The U.S House of Representatives Financial Services Committee
http://financialservices.house.gov/
The NASD
www.nasd.com
The SEC
www.sec.gov
The FSI - Financial Services Institute
www.financialservices.org
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Financial Services Committee, U.S. House of Representatives News
Rep. Barney Frank, D-MA, Chairman
http://financialservices.house.gov/
House Financial Services Committee
Democratic Staff
2129 Rayburn House Office Building
Ph: (202) 225-4247
Click here to write to your Representative about issues relating to
the Financial Services Committee.
comment@todaysadvisor.com
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www.financialservices.org
FSI News
NASD Issues of Interest to FSI Members: http://www.financialservices.org/content.aspx?page=2168§ion=3
Congressional Issues of Interest to FSI Members: http://www.financialservices.org/content.aspx?page=508§ion=3
SEC Issues of Interest to FSI Members: http://www.financialservices.org/content.aspx?page=490§ion=3
http://www.financialservices.org/content.aspx?page=2168§ion=3
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