Views on improving the integrity of global capital markets

Kurt Schacht, JD, CFA

63 Posts

Biography

Kurt Schacht, JD, CFA, is managing director of the Standards and Financial Market Integrity division at CFA Institute, where he oversees all advocacy efforts and the development, maintenance, and promotion of the highest ethical standards of practice for the global investment management industry.

Author's Posts
The Fearless Fiduciary: A Sad Narrative — Rampant Mis-Selling of Financial Products

One of the perpetual ethics issues facing the finance industry is the general theme of mis-selling of financial products. CFA Institute has been tracking the issue in annual polls and commenting on possible fixes for years. The sad truth is many financial professionals may not even know they are doing it. This is your year-end reminder to tune up your act.

The Schapiro Legacy: Outgoing SEC Chair Leaves Unprecedented Challenges and Opportunities

Looked at through the lens of action cinema, there is almost enough intrigue and drama in the last four years of SEC oversight to launch a new movie series. Never before in our history has this agency, so critical to markets and investor protection, been as tested to its limits as it has since 2008.

The Fearless Fiduciary: Four More Years and the Travails of Dodd-Frank

Finance industry pundits are buzzing about the notion that an Obama win means a full-court press on the financial services industry. By our reckoning, we are struggling to see that outcome — the idea of some massive shift in either the pace of implementation or the rigor of Dodd-Frank rules in general. In the view of this Fearless Fiduciary, it feels more like “Dud Frank,” but perhaps there is hope.

CFA Institute Asks: Will the U.S. Presidential Election Impact the Economy?

The latest CFA Institute survey of U.S. members poses this question: Will the outcome of the election have an effect on the economy? A larger-than-expected 80% of our survey respondents say that it will have an important impact on the economy going forward.

The Fearless Fiduciary: Are Institutional Asset Managers and Their Investors Both Ducking Fiduciary Duties?

Are private investment funds playing trick or treat with their fiduciary obligations and are institutional fiduciaries (your pension fund, for example) letting them get away with it? The answers are potentially frightening.

“JOBS” Openings: Ordinary Investors Need Not Apply

We’ve all seen what can go wrong with an IPO, even the more regulated variety such as the recent Facebook offering. Consider what could happen to mom-and-pop and small-cap investors under the JOBS Act.

No Criminal Charges for Goldman: Will Others Get a Pass in Financial Crisis Probe?

With news that the Department of Justice and SEC won’t pursue cases against Goldman Sachs, it appears we’ll see few criminal trials stemming from possible wrongdoing that contributed to the global financial crisis.

HAZMAT ALERT! Beware of JOBS Act Offerings

If you thought the Facebook IPO was an experience to forget, consider this warning: If you see a new stock offering coming from the U.S. JOBS Act, consider it carefully.

The Guile of Weill? Father of “Too Big to Fail” Calls Glass-Steagall Repeal a Mistake

Call it a change of heart, treachery to his class, or just plain seeing the light, Sandy Weill almost gave me a heart attack when he admitted that banks are out of control and, in fact, “ READ MORE ›

LIBOR: A Tale of Two Scandals

Along the range of scandalous behaviors by the banking industry, is the latest episode — the LIBOR-rate-fixing scandal — one of the most vulgar examples of banks behaving badly, or merely trifling? Kurt Schacht, CFA, examines the issue.

“V” Is for Volcker: All Investors Have a Stake in Prop Trading Rule’s Outcome

Kurt Schacht, JD, CFA, takes a look at the key issues in the Volcker Rule proposal.

House of Representatives: Pass the Congressional Insider Trading Bill

We need to send a blunt message to members of Congress to eliminate the unfair advantage they have over the average investor. Pass the STOCK Act.

Volcker Rule: Let’s Make Paul Proud

The original Volcker vision was actually quite simple and straightforward: eliminate, or otherwise segregate, the risks posed by proprietary trading from the large conglomerate banks that nearly toppled the financial system in 2008. Unfortunately the resulting 300 pages of regulatory hieroglyphics that now pass for the rule proposal likely have its benefactor squirming at any association.

MF Global: What Jon Corzine Needs to Do

I can think of two things right off the bat: get a haircut and a clue. I, like many others, got to watch another Congressional show-trial this week as Jon Corzine made a not-so-triumphant return to the Hill. This… READ MORE ›

Professional Investors to Super Committee: You Flunk

The U.S. deficit stalemate is a pathetic display — so say a broad range of investment professionals in a recent CFA Institute survey on the Super Committee bust. The bi-partisan committee was charged with determining $1.2 trillion in budget… READ MORE ›



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