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Best of the Web, North American financials edition


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Best of the Web, North American financials edition

Richard Perry walksaway from his main hedge fund but still has hope, the critical type ofintelligence that bankers and other young professionals need to succeed andyour mutual fund gives you a voice even if you do not know what it is saying.

RichardPerry walks away, hoping for a shot at vindication

Up until the time that hedge fund titan Richard Perry closedhis main fund, people who knew the manager thought he was too competitive toquit, Bloomberg News reported. In a rare interview, Perry told the news outletthat he would still back a couple of partners if they open their own funds. Heis also still hoping that a mortgage bet pays off.

Whyyoung bankers, lawyers, and consultants need emotional intelligence

Former MorganStanley investment banker James Runde gave his opinion in a Harvard Business Review article on whatoften separates successful bankers and other professionals from those lesssuccessful. Emotional intelligence — the ability to monitor one's emotions andthose of others — Runde called a critical distinguishing factor in advancing acareer in professional services. This "EQ" is one of the bestpredictors of performance in the workplace, he said.

This is what millennials actually use Venmo for

A slice of pizza and a small flying stack of cash were themost frequently used emojis representing Venmo payments, Bloomberg Newsreported. Student loan marketplace lender LendEdu analyzed more than 500,000payments to determine how the majority-millennial application is typically usedto transfer cash. Other popular emojis were related to rent, utilities and carexpenses.

Yourmutual fund has your proxy, like it or not

Investments in companies come with a voice over issues likeexecutive compensation or political donations. They do, Gretchen Morgensonwrote in a column for The New York Times.Often, that voice is not yours, though. People who invest through large fundmanagers do not realize that the fund votes with their shares withoutconsulting their investors.

Themystery of high-frequency trading

The financial perils of high-frequency trading found its wayonto the platform of Democratic presidential candidate Hillary Clinton, Politico reported. Democrats want toexpand the Wall Street transaction tax to curb speculation and trading theyconsider harmful to financial markets. Automated trading is ubiquitous now, andone method federal agencies are trying to use to get it under control is havingalgorithmic traders register with regulators.

Italy'sbanks look to an unlikely savior: Jamie Dimon

European finance rules have tied the hands of Italy'sgovernment from bailing out its troubled banks, and falling shares have made thetask increasingly difficult for the private sector, The Wall Street Journal reported. The government has turned forhelp to Jamie Dimon, chairman and CEO of JPMorgan Chase & Co. and noted"Italophile." JPMorgan's biggest challenge will be Banca Monte DeiPaschi di Siena, the country's third-largest bank, which needs to raise €5billion of equity to sell off €28 billion of bad loans.