Posted 5 years ago on June 16, 2012, 11 p.m. EST by Middleaged
This content is user submitted and not an official statement
Finally, 4 years after the start of the Finacial Crisis we are seeing signs of impact to TBTF executives and the "Failed US Wall Street Business Model".
LET's FACE IT... TBTF Banks don't care who they screwed with the Sub-Prime Mortgage Securitization Scheme. We all know there were international cities and others who must be "cursing" US Banks. The only people that still like Big New York Banks are their cronies in other financial organizations that depend on them. And these are the people that will be hurt in the EuroZone Crisis in the USA. (Everyone has had plenty of notice to decrease financial ties to Europe and Vice Versa the USA, right) US TBTF Banks have a 'Crap' Reputation to anyone with half a brain....
Louisiana Police Pension Fund Sues JP Morgan
Changing Face of Investor Activism, Ney York Times, Friday, June 8, 2012, Ben Protess and Katherine Reynolds Lewis, "Once Reticent Shareholders Unleash Bumper Crop of Proxy Fights".
Rise in Activist Investors leads to small increase in Proxy Fights against Executive Board.
Proxy Advisory Firms:
Institutional Shareholder Services (ISS)
Glass, Lewis & Co
Egan-Jones Proxy Services
Marco Consulting Group
C&W Investment Group
Byline, Susan Pulliam and Jean Eaglesham, WSJ, Investor Hazard: Zombie Funds, Friday, June 1, 2012 (Front Page).
WSJ had a pretty good article on Zombie Hedge Funds that included some reserch on state pensions that had invested. The pensions get stuck in these funds which can't be valued by outsiders. Transparency seems to be a problem. The funds are set up for 10 years usually and charge hefty fees. Many of the funds extend by a year or two it seems. Pension managers have sued to throw out bad management. And some have sent letters requesting that fees be suspended since the funds have exceed their expected life. Some Zombie Funds no longer charge fees or charge reduced fees. INVESCO LTD charged Illinois $340K in 2010.