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Opening Bell: 11.21.16

More Wall Streeters considered for Treasury; Citi joins big boy bucket; dorm room hedge fund expands; and more.
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Trump Brings in Wall Street Veterans to Talk Top Treasury Post (BBG)


Meetings at the Trump National Golf Club in Bedminster, New Jersey, on Sunday with Trump and Vice President-elect Mike Pence featured at least three potential candidates with deep Wall Street experience, including the billionaire investor Wilbur Ross and Jonathan Gray, global head of real estate at Blackstone Group. David McCormick, president of the hedge fund Bridgewater Associates, also met with Trump. McCormick, a West Point graduate who served in the first Gulf War, later worked at Treasury and in the White House during the George W. Bush administration.

A 20-year-old Who Dropped Out Of NYU Says He Has Raised $5 Million For His Hedge Fund (BI)

Julian Marchese launched Marchese Investments last year after starting his fund in his dorm room. In September, Marchese told Business Insider he was managing about $1 million at his startup and planning to raise around $3 million more. So the $5 million raised is slightly above his expectations.

Inside Donald Trump’s Economic Team, Two Very Different Views (WSJ)

“It is the supply-siders versus the zero-sum crowd,” said Andy Laperriere, political strategist at research firm Cornerstone Macro LP who closely watches such policy developments. A third group of advisers are mostly business associates of Mr. Trump’s who aren’t particularly ideological.

St. Louis Fed Head Is Confident Trump Will Not Interfere (NYPost)

Bullard, who has been hawkish on an interest rate hike, said on Sunday that he has received assurances from President-elect Trump’s transition team that he will not interfere with the Fed. “President-elect Trump’s transition team has said that it wants to protect Fed independence,” Bullard said. “I take them at their word.”

Corporate Debt Returns Lure Investors Back To Bond Market (FT)

The global fixed income market lost more than $1.8tn of value over the past two weeks, sending yields — which move inversely to prices — to a nine-month high on Friday. But some big investors are betting that the bond turmoil has been excessive, and are dipping back into the market, especially in areas such as US corporate debt, which now offers more attractive returns.

Citi And JPMorgan Top List Of Globally Systemic Banks (Reuters)

Citi has joined JPMorgan at the top of global regulators' list of systemically important banks, replacing HSBC and meaning the U.S. bank will have to hold extra capital from 2019 to help preserve financial stability. In the annual update of rankings published on Monday by the G20's Financial Stability Board (FSB), Citi has replaced HSBC in the top "bucket" facing a 2.5 percent capital surcharge on top of global minimum requirements.

Wells Fargo Grapples With New Set of Management Restrictions (WSJ)

The lender remained in the dark about both the reason for and implications of the banking regulator’s mandate, which was issued in a terse statement late Friday. The agency is now requiring the bank to get approval before making a wide range of business decisions or rewarding departing executives with severance payments.

These 40 Stocks Are Expected To Benefit From An All-Republican Washington (MarketWatch)

Investors should buy into stocks that are “poised to benefit more from pro-growth policies,” wrote the strategists, led by Jonathan Golub. This approach represents “the best way to position portfolios for an all-Republican Washington.”

Mall Santa Loses Job For Telling Girl Hillary Clinton On Naughty List (Fox News)

The mom told mall management she brought two of her children to see Santa Tuesday night, the station reported. As her daughter was sitting in Santa’s lap, he told her she was on his “nice list” and then asked her if she knew who was on his “naughty list.” The mother said when her daughter asked who, Santa said "Hillary Clinton" and laughed.


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