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Debt Ceiling Perspective - July 2011
Similar to the millennium computer controversy (Y2K) in 1999, the debt-ceiling debate has dominated headlines over the last two months. This media feeding frenzy, built mostly on hot air, has fostered misconceptions and has not focused on some significant realities. At the outset, the credit rating agencies (CRA's) have a record of poor accuracy on toxic debt (Enron, Fannie Mae, Freddie Mac), mortgage-backeds, structured notes, and sovereign debt of insolvent foreign economies. Why the CRA's have come to Jesus on the U.S. ratings is a function of who makes money from the issuance of government debt; which institutions are the biggest users of CRA services; and how shadow banking completely depends on collateral underlying their transactions. The attached Wall Street Journal article, "Heading for a 'Haircut'", provides insight into the significance of collateral and who benefits from it. All said and done, all of the major "too big to fail" institutions have a high interest in kicking the can down the road and not addressing the lack of political leadership in Washington. Read Full Commentary > |
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Appointment of Maria E. Smith As Managing Director - April 2011
Smith Affiliated Capital Corp. (SAC) announces the appointment of Maria E. Smith as Managing Director, effective March 15, 2011. She will also serve on SAC's Board of Directors. Over the past year, Maria has been a consultant to SAC, working on several projects with Robert G. Smith, Ph.D., Chairman and CEO, Matthew J. Smith, President and CIO, and John K. Smith, COO, regarding planning and development, team building, investment research and risk management, client service, system automation, and compliance. As Managing Director, Maria will continue to work with SAC's Board of Directors and its CEO, President/CIO, COO, and investment management team to help align the company internally and externally with the firm's strategic vision. She will be actively helping to lead SAC into the next generation along with the firm's CEO, President/CIO, COO, and Board of Directors, developing new ways to improve both the client and employee experience that will positively impact and add value to the firm's triple bottom line. Read Full Press Release > |
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