ICI pushes back on too-big-to-fail label for big fund firms
Breakfast with Benjamin: ICI resists 'Too Big to Fail' label for fund firms plus Crimea chooses Mother Russia and what that means for the markets. And guess what, the Fed is out of ammo, Pimco spins the Mohamed El-Erian departure while Mr. El-Erian opens a Twitter account.
- ICI is setting the tone of its Orlando conference today by pushing back on the too-big-to-fail label for big mutual fund companies. Prez Paul Schott Stevens’ kick-off speech will describe asset managers are “agents, not principals.” Just don’t call them systematically important financial institutions
- Yesterday’s Crimea vote to break off from Ukraine and become part of Russia should not be a surprise. But what happens from here is the looming question that should not be ignored. United States now on a collision course with Russia
- The European Union is baring its teeth by discussing sanctions against Russia. Next up, another meeting. Warnings of more warnings
- Stock market futures aim higher following the Crimea vote. Refocused on pending economic data
- With the Fed now loaded with blanks, Wall Street is following its standard playbook of looking toward the second-half of the year. Don’t hold your breath for that economic acceleration
- Pimco tries to introduce some post-El-Erian damage control. Postponing the farewell party
- Meanwhile, Mohamed El-Erian has finally joined Twitter. Still waiting on that first tweet from Mr. E-E
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