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Morgan Stanley Hands the CEO Reins to Old School Wall Streeter Ted Pick

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the staff of the Ridgewood blog

New York NY, Ted Pick, a prominent figure in the banking industry, is known for his bold and risk-taking approach to markets, which has propelled him through the ranks. During a meeting, Pick admitted to being a “drinker” after showing up 15 minutes late, attributing his tardiness to a late night out. He humorously noted that the situation “could be worse” and playfully called out other senior bankers who had been with him the previous night.

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Over $1 trillion in Assets Have Fled Wall Street and the West Coast for the Sunny Low Tax South

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the staff of the Ridgewood blog

New York NY, the relocation of a small portion of the American financial industry from New York and California to the US South has been measured anecdotally, often one office at a time, over the past few years. Elliott Management decamped for West Palm Beach. AllianceBernstein to Nashville. Charles Schwab landed in suburban Dallas. But now, there are hard and ugly numbers quantifying the scope of this nascent exodus. Bloomberg has calculated that both New York and California have in the past three years lost firms that managed close to $1 trillion in assets . The departures from the Northeast and West Coast have meant the loss of thousands of high-paying jobs, straining city and state finances by sapping tax revenue. Commercial property markets also have lost valuable tenants just as they’ve been struggling with the new realities of hybrid work. Yes, New York City area remains the most powerful center for asset management. But in the South, the new arrivals are fueling a boom.

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Are Automated Traders Such As MetaTrader 4 Legal?

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If you’re dipping your toes into the thrilling pool of trading for the first time, you might be wondering if using auto traders is legal. It’s a legitimate worry, especially when significant sums of money are at stake, and there’s this scary possibility of losing it all in one go. Pinning down an exact answer to that question can be tricky because it depends on factors like where you live. But generally speaking, laws usually focus more on the act of trading itself rather than what gadgets or software you use to do it. In this article, we’ll dissect this question and highlight why an auto trader could become your secret weapon in crafting a killer trading strategy.

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Producer Price Index Gives More Evidence of Cooling Inflation

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the staff of the Ridgewood blog

Washington DC,(8:34 AM) the Producer Price Index for final demand declined 0.5 percent in March, seasonally adjusted, the U.S. Bureau of Labor Statistics reported today. Final demand prices were unchanged in February and increased 0.4 percent in January. (See table A.) On an unadjusted basis, the index for final demand advanced 2.7 percent for the 12 months ended in March.

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4 Charged in Connection with Multibillion-Dollar Collapse of Archegos Capital Management Including Founder from Tenafly

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the staff of the Ridgewood blog

Tenafly NJ, an indictment was unsealed today charging Sung Kook (Bill) Hwang, the founder and head of a private investment firm known as Archegos, and Patrick Halligan, Archegos’s Chief Financial Officer, with racketeering conspiracy, securities fraud, and wire fraud offenses in connection with interrelated schemes to unlawfully manipulate the prices of publicly traded securities in Archegos’s portfolio and to defraud many leading global investment banks and brokerages. Deputy Attorney General Lisa O. Monaco, U.S. Attorney Damian Williams for the Southern District of New York and Assistant Director-in-Charge Michael J. Driscoll of the FBI’s New York Field Office made the announcement. Both defendants were arrested earlier today and will be presented this afternoon before U.S. Magistrate Judge Jennifer E. Willis. The case has been assigned to U.S. District Judge Andrew L. Carter, Jr.

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Apple first U.S. company to reach $3 trillion market cap

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the staff of the Ridgewood blog

Ridgewood NJ, Apple hit a market cap of $3 trillion during intraday trading on Monday. It was the first publicly traded US company to hit a $1 trillion market cap in 2018. Apple showed annual growth across all of its product categories in its fourth-quarter earnings. Investors remain bullish, with many predicting more growth in the near future. Apple’s peers aren’t far behind, with Microsoft worth about $2.5 trillion, Google about $2 trillion, and Amazon around $1.75 trillion.

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Robinhood intends to go public on Thursday, Even as it is being widely investigated over its role in January’s GameStop bonanza

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the staff of the Ridgewood blog

Washington DC, Robinhood says it is being widely investigated over its role in January’s GameStop bonanza; is subject to at least 49 class action lawsuits. Robinhood still intends to go public on Thursday. The company is subject to at least 49 class-action lawsuits over its restriction of the purchase of GameStop stock in January. It is under investigation by a series of regulators, state attorneys general, the SEC, and the US Department of Justice. The company’s CEO had his cell phone seized by federal attorneys. Robinhood acknowledges that the fallout from its restrictions has the potential to be disastrous for the company.

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SEC Appoints New Jersey Attorney General Gurbir S. Grewal as Director of Enforcement

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the staff of the Ridgewood blog

Washington D.C., the Securities and Exchange Commission today announced that Gurbir S. Grewal has been appointed Director of the Division of Enforcement, effective July 26, 2021. Grewal currently serves as Attorney General for the State of New Jersey, a role he has held since January 2018, when he was confirmed by the New Jersey State Senate after being nominated by Governor Phil Murphy.

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Biden Administration Declares War on Capital

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the staff of the Ridgewood blog

Ridgewood NJ, the stock market had been predicting that the Biden Administration would call for a 28% capital gains tax, so when the word came out last week that he wants a 43% capital gains tax, it triggered a stock sell off.  A share of stock is simply worth its after-tax and after-inflation rate of return, so a higher capital gains tax (combined with and a higher corporate tax) translates into lower stock values, by definition.

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Kimberly Ford joins the Team at Christie’s NNJ in Ridgewood

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the staff of the Ridgewood blog

Ridgewood NJ, Christie’s International Real Estate Northern New Jersey, an exclusive partner of Christie’s International Real Estate, announced today that Kimberly Ford has joined the company in the Ridgewood office. The addition of Ford is part of Christie’s ongoing growth and expansion in the region. Moving forward, the brokerage has plans to continue its expansion deeper into the northern New Jersey market zone and beyond.

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Federal Reserve Board : Trump Policies Have Caused The Net Worth of all Americans Rose to $128 TRILLION

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the staff of the Ridgewood blog

Washington DC, the Federal Reserve Board just released a study showing Trump policies have caused a surge of wealth. The net worth of all Americans rose to $128 TRILLION through September of this year. That’s up almost 30% in four years. And that was before the Doordash and Airb&b IPOs!

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Understanding What a Self-Directed IRA Is and How It Works

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Learning how to help make yourself more self-reliant means understanding how to save and invest your money. The best way to set up your future self, and your family, with financial success is to pursue your options regarding investing accounts and financial services. 

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Congressmen Gottheimer Receives 70% of his campaign Donations from outside his state, and nearly 80% from outside the 5th District

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the staff of the Ridgewood blog

RAMSEY NJ,  Frank Pallotta Republican Congressional candidate from New Jersey’s 5th District released the following statement regarding Josh Gottheimer’s Special Interest Donors.

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Financial Firms Including the NYSE Consider Moving Out of New Jersey

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the staff of the Ridgewood blog

Mahwah NJ, The New York Stock Exchange is signaling that it will move its electronic trading systems out of New Jersey if the state implements a Governor Murphy proposed tax on financial transactions. The NYSE said Friday that it will run one of its exchanges from a backup site in Chicago for a week as a demonstration of its readiness to quit the state, according to a notice sent to clients.

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Fed cuts interest rates to zero percent, announces $700B in bond purchases

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the staff of the Ridgewood blog

New York NJ,  The Federal Reserve on Sunday slashed interest rates to zero percent and announced it would purchases $700 billion in bonds and securities to stabilize financial markets and support the economy.

The emergency rate cut and push to flood the Treasury bond market with liquidity comes as the coronavirus pandemic forces businesses across the U.S. and world to shutter, likely plunging the global economy into a recession.