Jefferies is backing a former senior SAC executive despite its own struggle with insider trading at an internal hedge fund.» Read More
The hard fought battle last summer over derivatives regulation reform may be about to be replayed—but this time one of the strongest proponents of stricter legislation will be absent on the field of battle.
Democratic Senator Blanche Lincoln became a staunch advocate of derivatives reform while facing a primary challenge from her party's left. Many thought that she would soften her stance on derivatives following her primary victory, especially because even many Democrats thought her proposals went too far.
Instead, she stuck to her guns, proposing amendments to Dodd-Frank that limited the ability of banks to engage in proprietary trading of derivates, forcing them to spin-off or separately capitalize derivatives trading desks. A slightly modified compromise version of this proposal made it into the final bill, albeit with an implementation time table that stretched out for years.
Prameela Nagaraj holds a bachelor's degree from the State University of New York at Binghamton. Since graduating in 1997, she has held regulatory paralegal positions at UBS and Merrill Lynch. But, you won't find her working for a financial services firm now. Nagaraj starts this week as a seasonal salesperson at a Coach Outlet Store in New Jersey.
"This job is from November third until January fifth. The day of the interview it was made clear this was only seasonal work. But, I hope this job opens a door for me... after a long time of looking and being frustrated. " says Nagaraj.
Nagaraj isn't alone.
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