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	<title>Observer &#187; Rich Marin</title>
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		<title>Observer &#187; Rich Marin</title>
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		<title>Damages May Reach Billions As NYAG Files More Suits; Large Firms Positioned for New Marketing Rules: Roundup</title>

		<comments>http://observer.com/2012/10/damages-may-reach-billions-as-nyag-files-more-suits-large-firms-positioned-for-new-marketing-rules-roundup/#comments</comments>
		<pubDate>Wed, 03 Oct 2012 08:50:40 -0400</pubDate>
					<link>http://observer.com/2012/10/damages-may-reach-billions-as-nyag-files-more-suits-large-firms-positioned-for-new-marketing-rules-roundup/</link>
			<dc:creator>Patrick Clark</dc:creator>
				
		<guid isPermaLink="false">http://observer.com/?p=267401</guid>
		<description><![CDATA[<p>Wall Street firms <a href="http://www.bloomberg.com/news/2012-10-02/jpmorgan-rivals-face-billions-in-damages-after-mbs-case.html">face billions in potential damages</a> after New York State AG <strong>Eric Schneiderman</strong> brought civil charges against JPMorgan this week for mortgage-packaging standards at <strong>Bear Stearns</strong>, which JPMorgan acquired in 2008. The lawsuit, which has been <a href="http://www.google.com/url?sa=t&amp;rct=j&amp;q=&amp;esrc=s&amp;source=web&amp;cd=1&amp;cad=rja&amp;ved=0CCYQqQIwAA&amp;url=http%3A%2F%2Fwww.bloomberg.com%2Fnews%2F2012-10-02%2Feric-schneiderman-will-have-to-do-better-than-this.html&amp;ei=KStsUN-bPIjt0gH4zoDADg&amp;usg=AFQjCNHwjV_9YSd07fJNQMawJfkcssrD5g">criticized</a> for offering little new information, is the first tort filed by a federal-state task force formed by President Barack Obama earlier this year. Mr. Schneiderman said yesterday that other suits would follow.</p>
<p>From engineering financial instruments to building the <a href="http://observer.com/2012/10/big-rich-marin-bankers-trust-bear-strearns-africa-israel-staten-island-ferris-wheel/">world's biggest Ferris wheel</a>, climb aboard with Matt Chaban for former Bear Stearns Asset Management CEO <strong>Richard Marin's</strong> wild ride.</p>
<p>Former Wells Fargo Chairman Dick Kovacevich will not abide arguments that the U.S. government bailed out his bank, especially not in his <a href="http://www.bloomberg.com/news/2012-10-03/no-joy-on-wall-street-as-biggest-banks-earn-63-billion.html">country club's men's dining room</a>.</p>
<p>Large firms such as BlackRock are best positioned to take advantage of <strong>JOBS Act</strong> provisions that would lift the ban on advertising by private investment firms, Bloomberg reports. One reason: bigger money managers <a href="http://www.bloomberg.com/news/2012-10-03/blackrock-leads-firms-poised-to-win-from-hedge-fund-ads.html">already have marketers</a> on staff to work on products such as mutual funds.<!--more--></p>
<p>Best Buy founder <strong>Richard Schulze</strong> is pressing ahead with plans to <a href="http://www.reuters.com/article/2012/10/03/us-bestbuy-idUSBRE89204U20121003">take the firm private, Reuters says.</a></p>
<p>The developing world needs Wall Street, but <strong>Chelsea Clinton</strong> doesn't, the former first daughter told Bloomberg. “It was incredibly, fiercely meritocratic, and I loved that,” said Ms. Clinton, who <a href="http://www.bloomberg.com/news/2012-10-03/chelsea-clinton-exited-wall-street-to-seek-career-with-meaning.html">worked at Avenue Capital</a> from 2006 to 2009 before leaving to pursue degrees in public health. “That wasn’t the metric I wanted to judge my life by in a professional sense.”</p>
<p>The children of billionaire <strong>Charlie Munger</strong>—Warren Buffett's business partner—are dogging California Governor Jerry Brown's <a href="http://www.reuters.com/article/2012/10/03/us-usa-elections-california-idUSBRE8920DN20121003">re-election campaign</a>.</p>
<p>Politicians are stretching the truth to paint their opponents with the <a href="http://dealbook.nytimes.com/2012/10/02/ads-attack-wall-st-ties-no-matter-how-flimsy/">Wall Street brush</a>.</p>
<p>About 2,400 <strong>"jobless millionaires"</strong> are collecting <a href="http://www.nypost.com/p/news/business/class_welfare_1JZCNMRVkdlw70LghP2yaJ">unemployment checks</a>, according to <em>The New York Post.</em></p>
<p>Thinning hair = weak; <a href="http://online.wsj.com/article/SB10000872396390443862604578032541863652264.html?mod=WSJ__MIDDLENexttoWhatsNewsFifth">bald pate = powerful</a>, according to a Wharton prof.</p>
<p>&nbsp;</p>
]]></description>
		<content:encoded><![CDATA[<p>Wall Street firms <a href="http://www.bloomberg.com/news/2012-10-02/jpmorgan-rivals-face-billions-in-damages-after-mbs-case.html">face billions in potential damages</a> after New York State AG <strong>Eric Schneiderman</strong> brought civil charges against JPMorgan this week for mortgage-packaging standards at <strong>Bear Stearns</strong>, which JPMorgan acquired in 2008. The lawsuit, which has been <a href="http://www.google.com/url?sa=t&amp;rct=j&amp;q=&amp;esrc=s&amp;source=web&amp;cd=1&amp;cad=rja&amp;ved=0CCYQqQIwAA&amp;url=http%3A%2F%2Fwww.bloomberg.com%2Fnews%2F2012-10-02%2Feric-schneiderman-will-have-to-do-better-than-this.html&amp;ei=KStsUN-bPIjt0gH4zoDADg&amp;usg=AFQjCNHwjV_9YSd07fJNQMawJfkcssrD5g">criticized</a> for offering little new information, is the first tort filed by a federal-state task force formed by President Barack Obama earlier this year. Mr. Schneiderman said yesterday that other suits would follow.</p>
<p>From engineering financial instruments to building the <a href="http://observer.com/2012/10/big-rich-marin-bankers-trust-bear-strearns-africa-israel-staten-island-ferris-wheel/">world's biggest Ferris wheel</a>, climb aboard with Matt Chaban for former Bear Stearns Asset Management CEO <strong>Richard Marin's</strong> wild ride.</p>
<p>Former Wells Fargo Chairman Dick Kovacevich will not abide arguments that the U.S. government bailed out his bank, especially not in his <a href="http://www.bloomberg.com/news/2012-10-03/no-joy-on-wall-street-as-biggest-banks-earn-63-billion.html">country club's men's dining room</a>.</p>
<p>Large firms such as BlackRock are best positioned to take advantage of <strong>JOBS Act</strong> provisions that would lift the ban on advertising by private investment firms, Bloomberg reports. One reason: bigger money managers <a href="http://www.bloomberg.com/news/2012-10-03/blackrock-leads-firms-poised-to-win-from-hedge-fund-ads.html">already have marketers</a> on staff to work on products such as mutual funds.<!--more--></p>
<p>Best Buy founder <strong>Richard Schulze</strong> is pressing ahead with plans to <a href="http://www.reuters.com/article/2012/10/03/us-bestbuy-idUSBRE89204U20121003">take the firm private, Reuters says.</a></p>
<p>The developing world needs Wall Street, but <strong>Chelsea Clinton</strong> doesn't, the former first daughter told Bloomberg. “It was incredibly, fiercely meritocratic, and I loved that,” said Ms. Clinton, who <a href="http://www.bloomberg.com/news/2012-10-03/chelsea-clinton-exited-wall-street-to-seek-career-with-meaning.html">worked at Avenue Capital</a> from 2006 to 2009 before leaving to pursue degrees in public health. “That wasn’t the metric I wanted to judge my life by in a professional sense.”</p>
<p>The children of billionaire <strong>Charlie Munger</strong>—Warren Buffett's business partner—are dogging California Governor Jerry Brown's <a href="http://www.reuters.com/article/2012/10/03/us-usa-elections-california-idUSBRE8920DN20121003">re-election campaign</a>.</p>
<p>Politicians are stretching the truth to paint their opponents with the <a href="http://dealbook.nytimes.com/2012/10/02/ads-attack-wall-st-ties-no-matter-how-flimsy/">Wall Street brush</a>.</p>
<p>About 2,400 <strong>"jobless millionaires"</strong> are collecting <a href="http://www.nypost.com/p/news/business/class_welfare_1JZCNMRVkdlw70LghP2yaJ">unemployment checks</a>, according to <em>The New York Post.</em></p>
<p>Thinning hair = weak; <a href="http://online.wsj.com/article/SB10000872396390443862604578032541863652264.html?mod=WSJ__MIDDLENexttoWhatsNewsFifth">bald pate = powerful</a>, according to a Wharton prof.</p>
<p>&nbsp;</p>
]]></content:encoded>
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