The Securities Industry and Financial Markets Association (SIFMA) is a leading securities industry trade group^[1] representing securities firms, banks, and asset management companies in the U.S. and Hong Kong. SIFMA was formed on November 1, 2006, from the merger of The Bond Market Association and the Securities Industry Association.^[2] It has offices in New York City and Washington, D. C.

In October 2008, SIFMA laid off over 25% of its staff in the United States due to the "industry upheaval" which left its member firms in financial straits, and the loss of three of it primary member firms—Lehman Brothers, Bear Stearns, and Merrill Lynch.^[1][3][4][5] The dismissals came at the same time as the United States Congress pledged to revamp the country's financial regulatory structure.^[4]

SIFMA announced in May 2009 that it would also shed its London-based European operation. That operation was merged into the London Investment Banking Association (LIBA).^[6]

The 350-member American Securitization Forum (ASF) formerly operated as a forum of SIFMA.^[7] On January 14, 2010, ASF announced that it had chosen to terminate its affiliation with SIFMA as well.^[8]

Mission, members, and offices[link]

US operation[link]

SIFMA brings together the shared interests of more than 650 securities firms, banks, and asset managers. SIFMA's mission is to promote effective and efficient regulation, facilitate more open, competitive, and efficient global capital markets, champion investor education, retirement preparedness, and savings, and ensure the public’s trust in the securities industry and financial markets. SIFMA represents its members’ interests in the U.S. and in Hong Kong. It has offices in New York City and Washington, D.C., and its associated firm, the Asia Securities Industry & Financial Markets Association (ASIFMA), is based in Hong Kong.^[9]

In June 2009, SIFMA began a campaign to combat the “populist overreaction” against Wall Street’s role in the global financial crisis. It hired two aides who had worked for Henry Paulson when he was Treasury Secretary, to help cleanse Wall Street’s image in the eyes of average Americans. The effort is aimed at policymakers and the media worldwide, and designed to beat back public skepticism over Wall Street’s commitment to change.^[10] SIFMA is paying $85,000 a month for polling, lobbying, and public relations to counter the "lynch mob", according to an internal SIFMA memo.^[11] In internal memos about confidential meetings with top financial executives, SIFMA said that the securities industry "must be perceived as part of the solution, which will allow it to better defend against populist overreaction."^[12]

In January 2010, SIFMA announced that it had hired the law firm Sidley Austin to consider filing a lawsuit challenging the Obama administration's banking levy. But an attorney familiar with the matter said: "I suspect SIFMA got out ahead of its key members." One person with a large bank said SIFMA had not consulted the bank about its position, and that it was "wildly premature" to pursue legal action.^[13]

In October, 2010, CEO Tim Ryan announced the organization's opposition in the residential real estate market to a "system wide moratorium on all foreclosures," reacting to problems and pullbacks in the market by a number of SIFMA members, saying a moratorium "would be catastrophic."^[14] Financial writer Felix Salmon drew attention to the position, terming it "unhelpful," detailing it as "bizarre" and "sad, ... an inchoate and unhelpful blast of opposition ... [without] constructive solutions" proposed.^[15]

Political giving and lobbying[link]

"SIFMA's political action committees gave more than $1 million during the 2006 election season, putting the organization in the top 25 of all PACs. Its combined $8.5 million in spending on federal lobbying last year placed it in the top 30. The financial-services industry is the biggest corporate player in national politics. Only organized labor donates more money to candidates for federal offices."^[16]

European operation[link]

SIFMA also has offices in London, though it announced in May 2009 that it would shed its European operation. The European High Yield Association (EHYA) in London is a trade association representing participants in the European high yield market. Members include banks, investors, issuers, law firms, accounting firms, financial sponsors, and other participants in the European high yield market.^[17] The European Securitisation Forum (ESF) promotes the efficient growth and continued development of securitisation throughout Europe. It advocates the positions, represents the interests, and serves the needs of its members—European securitisation market participants.[2]

Groups[link]

SIFMA has three product and customer-based groups that focus on the U.S.: Capital Markets, Private Client, and Asset Management. The Capital Markets Group focuses on the primary and secondary markets for equity and fixed income securities. Its customer focus is issuers, underwriters, traders, and institutional investors. The Private Client Group focuses on investment products sold to private clients, as well as individual investor education. The Asset Management Group focuses on investment products about which asset managers provide investment advice or investment management services, and on institutional investors and hedge funds.

Senior management[link]

T. Timothy Ryan, Jr., is SIFMA's CEO & President. He took the position after pulling his name from consideration for a United States Treasury Department international policy advisor position in April 2007, after problems were noted concerning Ryan's financial portfolio, and he refused to take certain steps demanded by the Treasury Department's ethic lawyers.^[18][19] SIFMA's other senior management consists of Kenneth E. Bentsen (EVP, Public Policy and Advocacy),^[20] Ileane F. Rosenthal (EVP, Global Communications & Member Engagement), Randy Snook (EVP), and Ira Hammerman (Senior Managing Director & General Counsel).

In August 2008, SIFMA hired Michael Paese, former Deputy Staff Director of the Committee on Financial Services of the House of Representatives, as EVP, Global Advocacy;^[21] eight months later Paese left SIFMA to become director of government affairs at Goldman Sachs.^[22] Scott DeFife, who had reported to Paese, left SIFMA in December 2009.^[23]

After the 2006 merger which created SIFMA, the organization had a co-CEO structure, with the SIA's Marc E. Lackritz and BMA's Micah S. Green filling the positions. As a 2007 report summarized it, "Lackritz [then 60] ha[d] been a friend, colleague and mentor of Green's [then 49] for two decades." However, with slower-than-hoped-for integration of the merged organization's operations, and with questions about the handling of executive loans by BMA, Green resigned abruptly that year and Lackritz assumed the role of sole CEO.^[16][24] Nine months later, Lackritz retired and T. Timothy Ryan was named CEO.^[25]

Board of directors[link]

SIFMA's Chairman of the Board is Blythe Masters (Head of Global Commodities, JPMorgan Chase), and Vice Chair is Bernard Beal (CEO of M.R. Beal & Company). Other directors include Samir Assaf (HSBC Bank plc), Shigesuki Kashiwagi (Nomura Holdings America Inc.) and Sallie Krawcheck (former Chairman & CEO, Citi Global Wealth Management), among others.^[26]

Peter Madoff, brother of fraudster and "money manager" Bernard L. Madoff, and chief compliance officer and senior managing director of the Madoff investment advisor and broker dealer businesses,^[27] stepped down from the SIFMA Board of Directors in December 2008.^[28] His resignation came amid growing criticism of the Madoff firm’s links to Washington, and how those relationships may have contributed to the $50 billion Madoff fraud.^[29]

The Madoff family had long-standing ties to SIFMA. Bernard Madoff sat on the board of directors of the Securities Industry Association, which merged with the Bond Market Association in 2006 to form SIFMA. Peter Madoff served two terms as a member of SIFMA’s Board of Directors. Over the years 2000-08, the two Madoff brothers personally gave $56,000 to political action committees controlled by SIFMA or its predecessor organizations in addition to dues paid to SIFMA by their firm,^[29] and tens of thousands of dollars more to sponsor SIFMA industry meetings.^[30] In addition, Bernard Madoff's niece Shana Madoff, who served as a compliance attorney at the Madoff firm,^[31] was active on the Executive Committee of SIFMA's Compliance & Legal Division, but resigned her SIFMA position shortly after her uncle's arrest.^[27][32][33]

Finances[link]

In 2007 SIFMA had $105 million in both revenues and expenses. SIFMA's highest-paid officers that year were Donald Kittel (then CFO), $2.1 million, Marc Lackritz (then President & CEO), $1.5 million, and Randolph Snook (SMD), $1.1 million.^[34]

SIFMA's highest-paid officer in 2008 was its new President & CEO Tim Ryan (at approximately $2 million, for January-October).^[35] Ryan had been hired to replace Lackritz in January 2008, at a 43% ($600,000) higher level of compensation, for less than a full year.^[35] In related news, ironically, Ryan wrote in a USA Today editorial in August 2009 that compensation practices at financial services firms should align with long-term, not short-term, performance.^[36]

SIFMA's top three highest paid officers in the fiscal year ending 31 October 2009 were CEO Tim Ryan at $2.43 million, Executive Vice President Randolph Snook at $1.04 million and General Counsel Ira Hammerman at $777,000. SIFMA received total revenue that year of $75 million, had total expenses of $82 million, and finished the year with a fund balance of $40 million.^[37]

Policy positions[link]

External links[link]

• Securities Industry and Financial Markets Association
• "Richard Hunt Leaving SIFMA," Roll Call News, 11/12/08

References[link]

Ken Bentsen, Jr.
Member of the U.S. House of Representatives from Texas's 25th district
In office January 3, 1995 – January 3, 2003
Preceded by	Michael A. Andrews
Succeeded by	Chris Bell
Personal details
Born	(1959-06-03) June 3, 1959 (age 53) Houston, Texas
Political party	Democratic
Religion	Presbyterian

Kenneth Bentsen, Jr. (born June 3, 1959, in Houston, Texas) is a former congressman from Texas. He is the nephew of former Texas Senator and Secretary of the Treasury Lloyd Bentsen.

Born in Houston, Texas to Kenneth, Sr. and Mary Bentsen, he graduated from Deerfield Academy in 1977, going on to earn a B.A. from the University of St. Thomas, Houston in 1982 and an M.P.A. from American University in 1985. From 1983 to 1987, he served on the staff of Congressman Ronald D. Coleman and from 1985 to 1987 was an associate staff member on the House Appropriations Committee. Afterwards, he worked as an investment banker.

Bentsen was elected to the U.S. House of Representatives in 1994 and served from 1995 to 2003. As a congressman, he was one of 81 House Democrats who voted in favor of authorizing the invasion of Iraq on October 10, 2002. In 2002, Bentsen opted to run for the U.S. Senate to replace Phil Gramm; he then lost the Democratic primary to Dallas Mayor Ron Kirk who lost the general election to Texas Attorney General John Cornyn. In May, 2006, he became president of the Equipment Leasing Association in Washington, D.C.

Bentsen is currently the head of the Washington office of The Securities Industry and Financial Markets Association. He has two daughters with wife Tamra Bentsen: Louise Bentsen and Meredith Bentsen who are both in college. The four reside in Washington, D.C.

External links[link]

• Ken Bentsen, Jr. at the Biographical Directory of the United States Congress

This article about a Texas politician is a stub. You can help Wikipedia by expanding it. v t e

This article needs additional citations for verification. Please help improve this article by adding citations to reliable sources. Unsourced material may be challenged and removed. (September 2010)

Jim Rosenthal (born 6 November 1947) is a sports presenter on British television.

Early life[link]

Rosenthal was born in Oxfordshire, the son of Maud Ruth (née Levy) and Albrecht Gabriel "Albi" Rosenthal, a music scholar and book seller.^[1][2] His father was born in Munich, Germany, to a Jewish family. His paternal great-grandfather, Leo Olschki, founded the Leo S. Olschki Editore publishing house, and his maternal grandfather was German Jewish physician and writer Oscar Levy.^[3] Rosenthal grew up in Oxford and attended Josca's Preparatory School before going to Magdalen College School. He then joined the staff of the Oxford Mail went on to BBC local and national radio.^{[citation needed]}

Broadcasting career[link]

In his radio career Rosenthal presented Sports Report on the then Radio 2 for several years. He was also the journalist on duty at BBC Radio Birmingham on the night of the Birmingham Pub Bombings.^{[citation needed]}

In his television career, which began when he joined ITV in August 1980, he has presented football, boxing and athletics, plus other minor sports. He has also been part of the teams covering the FIFA World Cup since 1982 and the Olympic Games.^{[citation needed]} He worked on three Rugby World cup campaigns for ITV, including presenting the victorious 2003 final. In 2011 he presented the Rugby World Cup for the OSN network based in Dubai and watched throughout the Middle East and Africa.

He was the presenter for Formula One (F1) on ITV for eight years and has presented over 150 Grands Prix since 1997. Rosenthal grew into his role as ITV F1 anchor, and gained popularity with his direct questioning of leading figures in the sport.^{[citation needed]}

2005 saw him return to boxing as ITV got back in the ring on Saturday nights.^{[citation needed]} In October 2005, it was announced that Steve Rider had been recruited by ITV from BBC Sport, to assume Rosenthal's former role for the 2006 Formula One season.^{[citation needed]}

Rosenthal instead became the new 'face' of ITV Champions League football coverage, as well as their boxing output. He left by saying: "Covering Formula One has been an amazing time for me and I've really enjoyed the sport, but I don't think I ever made a secret of the fact that football is my first love."^{[citation needed]}

In 2006, Rosenthal worked on his seventh World Cup^{[citation needed]} and he continued to front ITV's Big Fight Live boxing coverage throughout the year.^{[citation needed]}

He also presented ITV4's Champions League Live show and the channel's live match coverage, until he was dropped for the 2008 games, attracting much controversy within the media.^{[by whom?][citation needed]}

Internationally, Rosenthal regularly hosted the UEFA Gala Dinner in Monaco, a football spectacular that is broadcast across the world.

Jim filmed Superstars for Channel Five in May 2008 at K2 Leisure Centre in Crawley West Sussex.^{[citation needed]}

He currently presents the live FA Cup draws for ITV. FA Cup,^{[citation needed]} and editions of BBC Radio 5 Live's Sportsweek show while regular presenter Garry Richardson is on holiday.^{[citation needed]}

In 2010, Rosenthal reported for ITV Sport during the opening ceremony for the World Cup.^[4]

In September 2010, Rosenthal joined the British broadcaster Channel Five to front their Europa League football coverage.^[5] His first appearance was on 16 September covering the game between Liverpool and Steaua Bucharest from Anfield.

In 2011, Rosenthal became the lead presenter on the boxing channel BoxNation.

Acting[link]

Rosenthal has tried his hand at acting in Renford Rejects and Footballers' Wives.^[6]

Awards[link]

Rosenthal was named Royal Television Society Sports Presenter of the Year in 1997 and 1999^{[citation needed]} and has won other awards^{[clarification needed]} at home and abroad. He was the main anchor of ITV's BAFTA winning coverage of the 2003 Rugby World Cup, which took him to Australia for the final.^{[citation needed]}

Personal life[link]

Rosenthal has always been a loyal supporter of his childhood home team of Oxford United. He famously wore an Oxford United hat whilst hosting the ITV coverage of the Milk (League) Cup final in 1986 from Wembley Stadium.^{[citation needed]} On 15 June 2010, Rosenthal was announced as a member of the Oxford United board of directors. ^[7]

His 23-year-old son, Tom Rosenthal, is a comedian and stars in Friday Night Dinner; which began in February 2011 on Channel 4.

References[link]

External links[link]

• Jim Rosenthal itv.com