WEST PALM BEACH, FL (www.hedgeco.net) – The Securities and Exchange Commission Chairman, William Donaldson has raised questions whether the fixed-income securities analysts are facing pressuressimilar to those faced by stock analysts during the technology boom of the 1990\u00c3\u00af\u00c2\u00bf\u00c2\u00bds. Donaldson raised such concerns in a Speech delivered to the annual conference of CFA Institute.<\/p>\n
The SEC chairman said, “Is it the case that fixed-income analysts are any less susceptible to pressure from their colleagues in investment banking, from the debt syndicate desk, or from corporate clients themselves?” During the 1990\u00c3\u00af\u00c2\u00bf\u00c2\u00bds several banks paid an estimated $1.4 billion to regulators to settle cases arising from several conflicts of interest allegations involving over inflated stock valuations.<\/p>\n
Donaldson further said, “But there are still questions facing fixed-income research that are substantially the same as those that laid the groundwork for the global settlement.” Adding, \u00c3\u00af\u00c2\u00bf\u00c2\u00bdI hope those of you in fixed-income research will turn your attention to questions such as these, and ask whether there is something to be learned from the history that gave rise to the global settlement.”<\/p>\n
In answering a question on analysts\u00c3\u00af\u00c2\u00bf\u00c2\u00bd views and the proliferation of hedge funds, Donaldson said, \u00c3\u00af\u00c2\u00bf\u00c2\u00bdHigh management fees levied by hedge funds managers along with the mounting pressures for short-term gains may lead to a possible fall.\u00c3\u00af\u00c2\u00bf\u00c2\u00bd Donaldson added, “I think that the efforts to deserve that compensation…are going to be more and more difficult to achieve and I think people are going to step further and further out onto thin ice in order to achieve them.\u00c3\u00af\u00c2\u00bf\u00c2\u00bd<\/p>\n
Paul Oranika
Editor-in-Chief
HedgeCo.Net
Email: Editor@hedgeco.net<\/p>\n
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