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Stuff Worth Reading: July-16-2014


Here is the latest financial and journalistic pornography that I have recently consumed, along with my personal sidebar comments or insights. Today’s recommendations include topics ranging from current hiring trends in the financial banking sector; Barry Ritholtz’s insightful interview with Jeff Gundlach; escalation of the Israel-Hamas conflict; Wall Street’s proposal to overhaul its public market-data feed; and an inspiring example of corporate and public sector collaboration to save Detroit’s Institute of Arts.

  • Top Firm On Hiring Spree: There appears to be a changing of the guard at Bank of America as it aggressively recruits younger employees for its global corporate and investment banking units by (get this folks) improving working conditions. Whoever thought of this is brilliantly latent. Nevertheless, it is never too late to do the right thing and for young Turks looking to cut their teeth in The City, B of A sounds like the place to be.
  • Wall Street Calling for Overhaul of Public Stock-Market Data Feed: Sometimes, when defeat is imminent, it is better to sue for peace and ask for terms while one still has some capital with which to negotiate. I suspect the most recent proposal by SIMFA (Securities Industry and Financial Markets Association) is exactly that as the SEC and Senate are focusing more on the issues of public data feeds, pricing and inherent conflicts of interest.  Wall Street may not get all that it is asking and neither may the regulators and legislators, but some type of change is imminent as the securities industry continues to evolve.
  • Detroit Institute of Arts Secures $26.8mm for Bankruptcy Bargain: Having grown up in Detroit, this story has more than just a personal interest for me. It is the city which raised me and watching it resurrect from the agonies of fiscal death not only restores my faith in the spirit of Detroit, but in America as this story demonstrates what good can occur when there is genuine and sincere collaboration between corporate citizens and the public sector.


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