{"id":20228,"date":"2012-11-09T20:45:04","date_gmt":"2012-11-10T00:45:04","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=20228"},"modified":"2012-11-09T20:45:04","modified_gmt":"2012-11-10T00:45:04","slug":"november-9-2012","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=20228","title":{"rendered":"November 9, 2012"},"content":{"rendered":"

We’ll probably never know just what the rights of the matters are … but it sure is entertaining<\/a>!<\/p>\n

Weber, who was chief investigator in the inspector general\u2019s office, raised allegations in March that H. David Kotz, the agency\u2019s former inspector general, may have had personal relationships that tainted reports on the SEC\u2019s failure to catch the Bernard Madoff and R. Allen Stanford Ponzi schemes.<\/p>\n

Weeks later, a number of Weber\u2019s co-workers submitted complaints that he was creating a hostile work environment through his suggestions that he and others should be able to carry guns on the job. The SEC used an external security consultant to review whether Weber was a threat and then placed him on administrative leave in May.<\/p>\n

Weber also reported to the SEC that he found evidence of possible espionage by foreign nationals related to a case he was investigating. The matter involved unencrypted computer hard drives that contained sensitive stock exchange information.<\/p>\n

Cary Hansel, Weber\u2019s lawyer, said that Weber received a letter from the SEC last week informing him he had been fired.<\/p><\/blockquote>\n

So up to now, it looks like the Lone Loony-Toon, right? But:<\/p>\n

Weber\u2019s original complaints prompted the SEC to bring in David Williams, the inspector general of the U.S. Postal Service, to conduct a review. Williams concluded that Kotz violated ethics rules by overseeing probes that involved people with whom he has \u201cpersonal relationships.\u201d Kotz resigned in January amid questions about his tactics and conduct.<\/p>\n

Williams also said in his report that he didn\u2019t find any evidence that indicated Weber\u2019s conduct was improper or raised security concerns. Based on the report, Weber asked the SEC to reinstate him.<\/p><\/blockquote>\n

Humans are complex! When will we realize that an insistence on perfection in every area deprives us of talent? There’s Petraeus<\/a>:<\/p>\n

CIA Director David H. Petraeus, the retired four-star general widely commended for his oversight of the U.S. wars in Iraq and Afghanistan, resigned from his position due to an extramarital affair.<\/p>\n

\u201cAfter being married for over 37 years, I showed extremely poor judgment by engaging in an extramarital affair,\u201d Petraeus wrote in a letter today to Central Intelligence Agency employees. \u201cSuch behavior is unacceptable, both as a husband and as the leader of an organization such as ours.\u201d<\/p><\/blockquote>\n

… and Kubasik<\/a>:<\/p>\n

Christopher E. Kubasik, who was to become the next chief executive officer of Lockheed Martin Corp. (LMT), resigned after the company discovered he had a \u201cclose personal relationship\u201d with a subordinate.<\/p>\n

The company\u2019s board elected Marillyn A. Hewson president and chief operating officer effective immediately. She is to become CEO on Jan. 1, Lockheed said today in a statement.<\/p>\n

Robert Stevens, chairman and CEO of Lockheed, the world\u2019s largest defense contractor, said he asked for Kubasik\u2019s resignation after ascertaining Kubasik had a \u201clengthy, close and personal relationship with a subordinate who worked for him.\u201d<\/p><\/blockquote>\n

It would be most interesting to get the inside dirt on these affairs. Not the “affairs”, I mean (as far as I can tell, that’s the business of exactly three people), but the decisions to “resign”. Are Obama and Stevens weeping crocodile tears over the necessity of firing fatally flawed employees? If they had been more cooperative, would they have got one of the special Get Out of Jail Free cards like a certain French politician I remember?<\/p>\n

Guess what? An Income Trust is not an equity (according to Octagon Capital<\/a>):<\/p>\n

By letters dated June 27, 2008 and January 23, 2009, Octagon responded saying: … Regarding suitability, it is not unreasonable for a retired person who does not derive much of their income from their investments to split their investments into 50% equities (common shares) and 50% income producing securities (like income trusts).<\/p><\/blockquote>\n

For all it’s tough talk about “Naming and Shaming”<\/a>, OBSI doesn’t identify the broker involved: it appears to be Randal William Harding<\/a>. So nice that all responsibility is corporate, isn’t it? Personal responsibility is so … distasteful. For instance, there aren’t any NAMES of actual PEOPLE making the decisions at Octagon; “Octagon points out …” and “Octagon argues …” The closest is actually gets to actual naming and shaming is:<\/p>\n

We discussed the complaint with Octagon\u2019s Chief Compliance Officer, Mr. L.<\/p><\/blockquote>\n

“Mr. L.”?<\/p>\n

Small brokerages are having a tough time<\/a>:<\/p>\n

GMP Capital Inc. has had another rough quarter, and its chief executive can\u2019t pinpoint when things will turn around.<\/p>\n

But Harris Fricker hopes a top-to-bottom review of Canada\u2019s second-largest independent brokerage will spur \u201csignificant initiatives\u201d that will pay off in 2013.<\/p>\n

\u201cMake no mistake, the goal is to increase the torque of our business, the financial benefit of which will become obvious in better market conditions,\u201d Mr. Fricker said on the company\u2019s third-quarter earnings call Friday after GMP reported a net loss of $358,000. \u201cWe remain confident we have the right people, platform and global market capabilities to make it happen,\u201d he said.
…<\/b>
Canada\u2019s largest independent brokerage, Canaccord Financial Inc., also reported earnings this week, and it is finding ways to retool its own business to get through the persistently poor economic conditions. Canaccord posted a net loss of $14.8-million for its second quarter of fiscal 2013, as compared to a loss of $5.3-million in the same quarter in 2012.<\/p>\n

The company said that the plan to close underperforming branches of its wealth management business (predominantly in smaller markets) is coming along well. \u201cTo date, seven branches have already been closed, with the remainder to close before the end of December,\u201d said Canaccord CEO Paul Reynolds. He indicated this would allow the company to invest more heavily in the unit.<\/p><\/blockquote>\n

It was another mixed day for the Canadian preferred share market, with PerpetualPremiums off 1bp, FixedResets gaining 12bp and DeemedRetractibles up 20bp. Lots of volatility, with insurance issues notable on the upside. Volume returned to well below average levels.<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n
HIMIPref™ Preferred Indices
These values reflect the December 2008 revision of the HIMIPref™ Indices<\/strong>
Values are provisional and are finalized monthly<\/td>\n<\/tr>\n
Index<\/td>\nMean
Current
Yield
(at bid)<\/td>\n		Median
YTW<\/td>\n		Median
Average
Trading
Value<\/td>\n		Median
Mod Dur
(YTW)<\/td>\n		Issues<\/td>\nDay’s Perf.<\/td>\nIndex Value<\/td>\n<\/tr>\n
Ratchet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.3621 %<\/td>\n2,461.8<\/td>\n<\/tr>\n
FixedFloater<\/td>\n4.13 %<\/td>\n3.47 %<\/td>\n33,067<\/td>\n18.38<\/td>\n1<\/td>\n0.8330 %<\/td>\n3,895.7<\/td>\n<\/tr>\n
Floater<\/td>\n2.81 %<\/td>\n3.00 %<\/td>\n57,841<\/td>\n19.69<\/td>\n4<\/td>\n0.3621 %<\/td>\n2,658.1<\/td>\n<\/tr>\n
OpRet<\/td>\n4.60 %<\/td>\n0.31 %<\/td>\n40,234<\/td>\n0.63<\/td>\n4<\/td>\n0.2090 %<\/td>\n2,583.5<\/td>\n<\/tr>\n
SplitShare<\/td>\n5.36 %<\/td>\n4.59 %<\/td>\n57,022<\/td>\n4.45<\/td>\n3<\/td>\n0.0130 %<\/td>\n2,861.5<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.2090 %<\/td>\n2,362.3<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.27 %<\/td>\n1.32 %<\/td>\n75,226<\/td>\n0.29<\/td>\n29<\/td>\n-0.0080 %<\/td>\n2,316.2<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n4.89 %<\/td>\n4.92 %<\/td>\n100,479<\/td>\n15.56<\/td>\n3<\/td>\n0.0412 %<\/td>\n2,601.4<\/td>\n<\/tr>\n
FixedReset<\/td>\n4.98 %<\/td>\n2.98 %<\/td>\n207,585<\/td>\n3.92<\/td>\n75<\/td>\n0.1202 %<\/td>\n2,448.8<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n4.90 %<\/td>\n3.44 %<\/td>\n127,280<\/td>\n1.01<\/td>\n46<\/td>\n0.2049 %<\/td>\n2,400.2<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n
Performance Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nChange<\/td>\nNotes<\/td>\n<\/tr>\n
IAG.PR.E<\/td>\nDeemed-Retractible<\/td>\n-1.35 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.36
\nBid-YTW : 5.38 %<\/td>\n<\/tr>\n
FTS.PR.G<\/td>\nFixedReset<\/td>\n-1.18 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2042-11-09
\nMaturity Price : 24.66
\nEvaluated at bid price : 25.03
\nBid-YTW : 3.50 %<\/td>\n<\/tr>\n
SLF.PR.H<\/td>\nFixedReset<\/td>\n1.21 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.05
\nBid-YTW : 3.69 %<\/td>\n<\/tr>\n
GWO.PR.P<\/td>\nDeemed-Retractible<\/td>\n1.32 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.80
\nBid-YTW : 4.55 %<\/td>\n<\/tr>\n
GWO.PR.M<\/td>\nDeemed-Retractible<\/td>\n1.39 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2015-03-31
\nMaturity Price : 26.00
\nEvaluated at bid price : 26.94
\nBid-YTW : 4.28 %<\/td>\n<\/tr>\n
BAM.PR.C<\/td>\nFloater<\/td>\n2.28 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2042-11-09
\nMaturity Price : 17.49
\nEvaluated at bid price : 17.49
\nBid-YTW : 3.02 %<\/td>\n<\/tr>\n
TD.PR.E<\/td>\nFixedReset<\/td>\n3.79 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-04-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.58
\nBid-YTW : 1.97 %<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n
Volume Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nShares
Traded<\/td>\n		Notes<\/td>\n<\/tr>\n
MFC.PR.F<\/td>\nFixedReset<\/td>\n113,406<\/td>\nRBC crossed 88,200 at 24.00.
\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.12
\nBid-YTW : 3.86 %<\/td>\n<\/tr>\n
CU.PR.C<\/td>\nFixedReset<\/td>\n46,106<\/td>\nDesjardins crossed 25,000 at 25.92.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2017-06-01
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.85
\nBid-YTW : 3.16 %<\/td>\n<\/tr>\n
BNS.PR.Q<\/td>\nFixedReset<\/td>\n42,434<\/td>\nRBC crossed 20,000 at 25.25 and bought 12,200 from Scotia at the same price.
\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.20
\nBid-YTW : 3.13 %<\/td>\n<\/tr>\n
NA.PR.Q<\/td>\nFixedReset<\/td>\n38,625<\/td>\nRecent new issue<\/a>.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2017-11-15
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.41
\nBid-YTW : 3.47 %<\/td>\n<\/tr>\n
CM.PR.M<\/td>\nFixedReset<\/td>\n36,045<\/td>\nTD crossed 35,000 at 26.82.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-07-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.83
\nBid-YTW : 2.28 %<\/td>\n<\/tr>\n
TD.PR.S<\/td>\nFixedReset<\/td>\n34,715<\/td>\nRBC crossed 20,000 at 25.05.
\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.03
\nBid-YTW : 3.06 %<\/td>\n<\/tr>\n
There were 20 other index-included issues trading in excess of 10,000 shares.<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n
Wide Spread Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nQuote Data and Yield Notes<\/td>\n<\/tr>\n
ENB.PR.D<\/td>\nFixedReset<\/td>\nQuote: 25.57 – 25.98
\nSpot Rate : 0.4100
\nAverage : 0.2398<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2042-11-09
\nMaturity Price : 23.32
\nEvaluated at bid price : 25.57
\nBid-YTW : 3.54 %<\/td>\n<\/tr>\n

TD.PR.G<\/td>\nFixedReset<\/td>\nQuote: 26.41 – 26.70
\nSpot Rate : 0.2900
\nAverage : 0.1698<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-04-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.41
\nBid-YTW : 2.43 %<\/td>\n<\/tr>\n

W.PR.H<\/td>\nPerpetual-Premium<\/td>\nQuote: 25.61 – 26.00
\nSpot Rate : 0.3900
\nAverage : 0.2751<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2013-01-15
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.61
\nBid-YTW : -5.56 %<\/td>\n<\/tr>\n

GWO.PR.F<\/td>\nDeemed-Retractible<\/td>\nQuote: 25.90 – 26.30
\nSpot Rate : 0.4000
\nAverage : 0.2950<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2012-12-09
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.90
\nBid-YTW : -27.32 %<\/td>\n<\/tr>\n

BAM.PF.A<\/td>\nFixedReset<\/td>\nQuote: 25.86 – 26.24
\nSpot Rate : 0.3800
\nAverage : 0.2838<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2018-09-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.86
\nBid-YTW : 3.96 %<\/td>\n<\/tr>\n

TCA.PR.X<\/td>\nPerpetual-Premium<\/td>\nQuote: 51.50 – 51.84
\nSpot Rate : 0.3400
\nAverage : 0.2574<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2013-10-15
\nMaturity Price : 50.00
\nEvaluated at bid price : 51.50
\nBid-YTW : 2.49 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

We’ll probably never know just what the rights of the matters are … but it sure is entertaining! Weber, who was chief investigator in the inspector general\u2019s office, raised allegations in March that H. David …<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[15],"tags":[],"class_list":["post-20228","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/20228","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=20228"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/20228\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=20228"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=20228"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=20228"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}