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Bud's Poem Page Bud's Prairie Populist Sunni/Shiite/Iraq/Iran Katie's Coast2Coast Blog |
February 3, 2012
February 1, 2012
Comment on Model Portfolio activity Mesirow Financial has
merged its clearing operations with RBC Clearing Corp. RBC is a wholly owned
subsidiary of Royal Bank of Canada, the fifth largest bank in North America. http://www.rbccorrespondentservices.com/index.htm As a result all of Lemley Yarling Co trades will be
cleared through RBC beginning March 2. Clients should have received a package
of forms from RBC that need to be completed and signed and returned in the
return envelope to Kathy at our Hinsdale Office. If clients have any questions
they should call Kathy at 1-800 793-3665 – 8AM to 3PM CST Monday through
Friday. The change should be seamless except for the need to set up a new
account/password to view accounts online at a new website called Investor
Select. There will be a 15 to 25 day lag for the online accounts to be viewable
and that should be the only interruption.
Royal Bank of Canada http://www.rbccorrespondentservices.com/partner/aboutus/cid-110578.html Through Royal Bank of
Canada (RBC) — one of North America’s largest and healthiest financial
institutions — RBC Correspondent Services offers the strength and stability
you require in a financial partner. Royal Bank of Canada’s credit ratings
are among the highest of all financial institutions: S&P: AA-(positive);
Moody’s: Aa1; Fitch: AA; DBRS: AA (as of August 26, 2011). RBC is ranked
the safest bank in Canada and the safest in North America for the second
year in a row (Global Finance, October 2010 and 2011). Based on market
cap, RBC is the 11th largest bank in the world and the fifth largest in
North America. (Bloomberg as of September 8, 2011). RBC employs more than
74,000 full-and part-time employees who serve more than 15 million
personal, business, public sector and institutional clients through offices
in Canada, the U.S. and 53 other countries. RBC’s financial strength, sound
risk management policies, strong balance sheet and diversified business mix
have enabled it to withstand many of the market shocks and pressures.
We took our 30% profit in
BankAmerica and placed part of the
proceeds in the General Motors B warrant which give the right to buy GM stock
as $18.33 through July 9, 2019.
Morgan Stanley, owner of the world’s largest brokerage, was upgraded to a “buy” rating by Goldman Sachs Group Inc. analysts who said the firm may benefit from improvement in the trading environment. Morgan Stanley was raised from “neutral” and placed on the “conviction list” of top recommendations, the analysts, led by Richard Ramsden, wrote 1/29 in a note to investors. They also said the shares may rise to $23 in 12 months, 24 percent above the closing price on Jan. 27. Morgan Stanley posted the only increase in trading revenue excluding accounting gains among the five largest Wall Street banks in 2011, making progress toward Chairman and Chief Executive Officer James Gorman’s goal of boosting market share. The New York-based firm had per-share losses in two of the past three quarters as it took charges to eliminate swap contracts purchased from MBIA Inc. (MBI) and to convert Mitsubishi UFJ Financial Group Inc.’s preferred stake to common shares. Revenue from Morgan Stanley’s investment banking and trading division will probably rise 13 percent in 2012, excluding one-time items, to $17.4 billion as credit spreads tighten and activity levels increase from a “cyclically depressed” second half of 2011, the analysts estimated. Profitability in that unit may benefit from cost-cutting and lower deferred compensation expenses, they wrote. The “key concern” for Morgan Stanley is retaining top talent after it reduced compensation and increased deferrals for last year, the Goldman Sachs analysts wrote. The firm cut pay for senior bankers and traders by an average of 20 percent to 30 percent and capped immediate cash bonuses at $125,000, according to people briefed on the plans. The company will also benefit from lower integration costs at its Morgan Stanley Smith Barney retail brokerage, a joint venture with Citigroup Inc. with more than 17,000 advisers, the analysts said. Morgan Stanley will likely receive approval from regulators to buy an additional 14 percent stake in May, increasing ownership to 65 percent, a purchase that will probably cost $2.7 billion, they wrote. Morgan Stanley rose 1 cent to $18.57 at 10:10 a.m. in New York trading. The shares have gained 23 percent this year, after dropping 44 percent in 2011. http://www.worldometers.info/
FAIR USE NOTICE This site contains copyrighted material the use of which has not always been specifically authorized by the copyright owner. We are making such material available in our efforts to advance understanding of environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc. We believe this constitutes a 'fair use' of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have expressed a prior interest in receiving the included information for research and educational purposes. For more information go to: http://www.law.cornell.edu/uscode/17/107.shtml. If you wish to use copyrighted material from this site for purposes of your own that go beyond 'fair use', you must obtain permission from the copyright owner. For those folks who have accounts with us, you may now go to: https://eview.mesirowfinancial.com and fill out the account information and view your accounts online. If you have trouble filling out the form, or in getting online, call and we will help you with the process. NASD regulations require the eview site to be secure. Thus your password must be changed every ninety days. You will be prompted to make this change when needed. For information on Mesirow SIPC and Excess SIPC protection SIPCmesirow.pdf. For those clients of LY& Co and other interested persons the Quarterly Report on the routing of customer orders under SEC Rule11Ac1-6. All future SEC Rule11Ac1-6 Quarterly reports may be found by visiting the diclosures at LY& Co Clearing Broker Mesirow Financial at: http://www.tta.thomson.com/reports/1-6/msro/. Annual offer to present clients of Lemley Yarling Management Co. Under Rule 204-3 of the SEC Advisors Act, we are pleased to offer to send to you our updated Form ADV, Part II for your perusal. If any present client would like a copy, please don't hesitate to write, e-mail, or call us. A list of all recommendations made by Lemley Yarling Management Co. for the preceding one-year period is available upon request. |
| 42 South Washington Street #3, Hinsdale, Illinois 60521 1-800-793-3665 | ||
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