Jobs and Manning: Apples and Oranges?

Watching the Indianapolis Colts get blown away by the New Orleans Saints on Sunday Night Football at the Mercedes-Benz Superdome a couple of weeks ago made me think of a seemingly entirely unrelated subject – Steve Jobs and Apple.  How much does an organization, even a well-oiled and professionally trained unit, depend on one man’s leadership?  Coaches Jim Caldwell and (previously) Tony Dungy are pedigreed names in football, and one would think they have done everything they can to ensure that the Colts are not a one-man team.  A man named Peyton.  And yet, one look at the Colts’ abject 2011 season would convince us otherwise.

Similarly, stock market analysts and technology mavens insist that Apple is a robust company with a deep roster on the bench to take over Steve Jobs’ innovative ways after his sad passing.  Steve Jobs himself placed a lot of faith and responsibility in new CEO Tim Cook’s hands while he was ill.  Industry watchers tell us that Apple’s product pipeline for the foreseeable future is quite healthy.  I don’t want to be skeptical about this, but the marketplace has a harsh logic.  It will, as it must, reward continued success, and punish consistent decline. Only time will tell how many more jobs Apple creates.

In Case You Missed It…5 Articles To Read

  1. Final Rule on Position Limits for Futures & Swaps – CFTC
  2. Sen. Crapo Looks To Limit CFTC Rules – Pete Kasperowicz, The Hill  *NOTE: This is the only live piece of legislation currently moving in the Senate with the potential to clarify Congressional intent and provide greater direction for the CFTC.  CMC is actively engaged and tracking this important amendment.
  3. In Rally Over Euro Deal, Relief Mixed With Wariness – Landon Thomas, Jr., NY Times
  4. 2012 Narrative Still Being Written – Charlie Cook, National Journal
  5. Nail-Biting Days For DB & NYSE – Jeremy Grant, Financial Times

CFTC Unveils Final Position Limits Rule

After months of deliberation and comment, here is the final position limits rule.  The final rule is approximately 100 pages longer than the version leaked to the press earlier this month.

CMC and our Position Limits Task Force are busy reviewing the details.  It will also be a featured agenda item for Sanjeev’s Tuesday Policy Call.  Interested CMC members should be sure to dial-in.

Sponsorship Opportunities Abound!

October departs us in just five days, and then we say hello to November and the warmth and bustle of the holiday season.  Before you know it, you will be looking forward to time off for the holidays and the push that comes with starting a new year, poised for success.

I write today to ask that your organization consider sponsoring CMC’s State of the Industry 2012.  The meeting, slated for January 29-31, 2012, will be upon us before you know it.  We are ready to help you gain the visibility and other benefits that sponsorship brings you – and now is the time to move on the decision!

Please contact CMC staff or our State of the Industry Advisory Board Chairman, Jim Layton, for more information.  You know that your sponsorship will benefit CMC – don’t miss out on the gains in store for your organization, as well.

See you in Palm Beach!

Erin

CMC Invited to Meet with Senate Banking and Ag Committee Staffs

CMC was invited today to meet with the staffs on the Senate Ag and Banking Committees. They urged CMC and a group of allied trade associations to push Democratic Senators to vote for an amendment being sponsored by Sen. Mike Crapo (R – Idaho) that would disallow the CFTC from:

  1. Promulgating final rules until it publishes an implementation plan,
  2. Defining swaps to include end-user trades,
  3. Defining swaps to count inter-affiliate transactions, and
  4. Defining swaps to include certain extraterritorial trades

The chances of securing enough Democratic support to get over the 60-vote hurdle in the Senate are negligible, but if enough Democratic support could be obtained so that the amendment gets at least 50 Senate votes, that would send a powerful signal to the CFTC. CMC has already signed a coalition letter in support of this amendment, and we will engage with our members to determine how much of a priority this is for them.

About Town

CMC learned more about European debt crisis and the political process surrounding financial regulatory reform in a meeting with Karel Lannoo, CEO with the Center for European Policy Studies (CEPS).  CEPS recently created a Commodity Task Force to provide an independent assessment of proposed regulations.

CMC Attends National Republican Senatorial Committee (NRSC) Briefing

CMC was invited to join an NRSC briefing on the 2012 Senate races.  To summarize the key takeaway from the event, it would seem like the chances of a Republican Senate takeover in 2012 are bright, but it is by no means a certainty.  If the GOP loses even one of the competitive seats it currently holds, the takeover will become more difficult to achieve.  If the Republicans win the presidency in 2012, they need just 3 seats to take over the Senate (because a GOP Vice President would cast the deciding vote in the Senate in the event of a 50-50 tie), but if the Democrats retain the White House, then Republicans must win 4 seats to take over the Senate.  The briefing was delivered by Rob Jesmer, NRSC’s Executive Director.