| December 12, 2016 | "Irreverent, but never irrelevant" | | |  | John Lothian
Publisher
John Lothian News | |
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Bits & Pieces of Carpet
By John J. Lothian
I hope you are all recovered from weekend holiday parties so that you can enjoy more work holiday parties this week.
We will be taking a break from holiday parties to take apart our office and prepare for the construction and rehab of our space. Employees of John Lothian News will be working from home starting next Monday, through to January 9th when the offices are scheduled to be done.
It is best to just reach us by email if you need us.
We had input from the whole team on colors, layout and flooring, but a particular hat tip goes to Nancy Ashburn for her help with this process.
When we are back in the offices, newly minted CEO Jim Kharouf will be guiding the enterprise.
Have a great week!
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CME Group Announces New Senior Management Positions
Winkler Named Chief Commercial Officer; Taylor Appointed President, Clearing and Post-Trade Services
CME Group
CME Group today announced that it has appointed Julie Winkler and Kim Taylor to new roles on its management team. Winkler, a 20-year veteran of CME Group, will serve as the company's Chief Commercial Officer, overseeing sales, product marketing, research and data analysis functions as well as the company's innovation lab. Winkler will report to CME Group Chairman & Chief Executive Officer Terry Duffy. She fills the position formerly held by Bryan Durkin, who assumed the role of President last month.
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***** Maybe it was a merger of equals. Two of the top four jobs at the CME Group are now in the hands of former CBOT staffers.
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Bridging the Week: December 5 to 9 and December 12, 2016 (Position Limits; Aggregation; Owned Entity Exemption; Insider Trader; Manipulation)
by Gary DeWaal - Katten Muchin Rosenman LLP
Last week, the Commodity Futures Trading Commission proposed revised position limit rules and finalized requirements related to the aggregation of positions and accounts to assess compliance with speculative position limits as well as to add a potential exemption to such requirements for entities within a group that trade independently of each other and have procedures and controls to ensure such independence. In addition, the United States Supreme Court found a sufficient basis to uphold the conviction of a tippee accused of trading on inside information he indirectly received from a corporate insider, while a federal court in New York rigorously questioned Commodity Futures Trading Commission attorneys during their closing arguments about the function of markets in a case where the agency had alleged manipulation and attempted manipulation by a trader. As a result, the following matters are covered in this week's edition of Bridging the Week:
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***** Gary, what is a Landing Party?
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How the Twinkie Made the Superrich Even Richer; Behind the financial maneuvering at Hostess
By MICHAEL CORKERY and BEN PROTESS - NY Times
An investigation by The New York Times found a blueprint for how private equity executives have amassed some of the greatest fortunes of the modern era. As fans gathered on Rockefeller Plaza in Manhattan, Al Roker pulled up in a big red delivery truck, ready to give America what it wanted: Twinkies.
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***** The Hostest owner with the mostest.
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Sensation Seeking, Sports Cars, and Hedge Funds
Yan Lu, Sugata Ray and Melvyn Teo - SSRN
We find that hedge fund managers who own powerful sports cars take on more investment risk. Conversely, managers who own practical but unexciting cars take on less investment risk. The incremental risk taking by performance car buyers does not translate to higher returns. Consequently, they deliver lower Sharpe ratios than do car buyers who eschew performance.
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***** Risk taking and sports cars? Who knew?
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Friday's Top Three
Friday's top read stories had a common thread with regulation. The runaway winner was Bloomberg's coverage of the potential next CFTC chairman, Chris Giancarlo, in Candidate to Head Trump's CFTC Seeks Revamp of U.S. Swaps Rules. Second place went to Bloomberg's piece on the things traders say, but later wish they didn't in Silver Traders' 'STOP BUSTERS' Seen as Rig Suit Smoking Gun. The story shows how you can go from Busters to busted. Finally, after banks spent all this time and money complying with Dodd-Frank, they are now telling Mr. Trump Don't Kill Dodd-Frank. Have a good week everyone.
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| Lead Stories | CME's Duffy will get big pay raise as CEO
Lynne Marek - Crain's Chicago Business
CME Group Executive Chairman and President Terry Duffy will get a raise along with his new CEO title next year. Duffy, 58, will see the value of his annual pay package jump by more than half to about $10 million, up from $6.15 million last year, under terms of his new employment agreement disclosed today in a filing with the Securities and Exchange Commission. That compensation includes a $1.5 million annual salary, $2.63 million bonus and an estimated equity award of $5.25 million, plus other benefits.
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Speediest Traders Are Becoming Less Welcome in Currency Markets
John Detrixhe - Bloomberg
The most aggressive high-frequency currency traders are showing signs of losing steam, suggesting platforms have succeeded at thwarting some speedy strategies. Electronic specialists are making waves by eclipsing major banks in foreign-exchange trading. But some strategies -- focused on fast execution and short-term arbitrage -- have reached a "saturation point," according to the Bank for International Settlements.
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Why Goldman Sachs Could Again Rule Wall Street; The surge in volatility since the election has reawakened hedge funds, which are Goldman's core clientele
By LIZ HOFFMAN and CHRISTINA REXRODE - WSJ
Wall Street's "flow monsters" are suddenly looking less formidable. So far, the postelection trading world seems to be rewarding everyone on Wall Street. J.P. Morgan Chase & Co., Citigroup Inc. and others are projecting double-digit increases in trading revenue for the fourth quarter, executives said at an industry conference last week.
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Scandalous past still haunts forex industry
Madison Marriage - Financial Times
Three years after regulators unearthed widespread evidence that traders at the world's biggest banks had been manipulating foreign exchange benchmarks, the industry is hoping the safeguards it has since put in place will limit further wrongdoing. In an attempt to prevent a repeat of the forex rigging scandal, which the FBI said involved criminality "on a massive scale", banks have been fined more than $10bn by finance watchdogs around the world.
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Brussels narrows LSE-Deutsche Borse probe to derivatives clearing; A hardline approach by Brussels on clearing will be a big hurdle to overcome to seal the deal
by: Philip Stafford - FT
Brussels ?antitrust officials have significantly narrowed the scope of their investigation into the potential merger of the London Stock Exchange Group and Deutsche Borse to focus on whether the deal will block out rivals in derivatives clearing.
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London backs Deutsche Borse and LSE over domicile; Officials see no reason to force merged exchanges to take Frankfurt base
by: Philip Stafford, Stefan Wagstyl and George Parker - FT
London is backing Deutsche Börse and the London Stock Exchange Group in resisting German pressure to reopen the exchanges' planned merger and force the combined company to be based in Frankfurt.
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The Volatility Paradox: Calm Markets but Soaring 'Fear Gauge' Trading; Investors look to make quick profits during isolated periods of market tumult
By GUNJAN BANERJI - WSJ
Trading in volatility-linked investments set records in 2016 during a mostly calm year in markets, underscoring the popularity of exchange-traded products that didn't exist a decade ago.
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China Opens Its Markets to WorldÂWorld Says No Thanks; Beijing wants foreign funds to come to China, but pricey markets and weakening yuan keep them away
By GREGOR STUART HUNTER, ANJIE ZHENG and RACHEL ROSENTHAL - WSJ
If the Chinese government is hoping that a flood of foreign capital would solve its yuan troubles, they will have to wait.
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| Brexit | | Financials stories regarding the recent decision of the United Kingdom to leave the European Union | About Half of 'Leave' Voters Unwilling to Take a Brexit Hit
by Alex Morales - Bloomberg
Poll shows 51% of all voters not amenable to being worse off; Ex-Labour leader predicts 'almighty backlash' from voters
Almost half of British voters who opted to leave the European Union are unwilling to take a financial hit to see Brexit through, according to a survey released Sunday by a pro-EU campaign group.
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An equivalence deal on Brexit may be the best the City can get
Jonathan Ford - FT
City bosses pondering the complexities of Brexit face a puzzle that might have been dreamt up by John Morton. A medieval cleric, he devised the singularly gloomy piece of reasoning that bears his name to squeeze tax from the king's subjects. It held that if a man lived well, he was rich and could make payments. And if he lived frugally? Well, then he must have savings, and could pay too. Call it an early version of the saying "damned if you do and damned if you don't".
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May Faces New Legal Case Over Post-Brexit Single Market Plan
by Alex Morales - Bloomberg
Campaigners seek to separate EU divorce, market access action; Lawyers to notify government of plan for judicial review
U.K. Prime Minister Theresa May, contesting a High Court judgment that she needs Parliament's approval to begin Brexit talks, faces a fresh challenge of her strategy, further complicating government plans to begin Britain's European Union pullout by the end of March.
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | India's NSE Must List Sans Hubris
By Andy Mukherjee - Bloomberg
Dec 12, 2016 12:19 AM EST
India's largest stock exchange is getting ready for a listing it has fought long and hard to avoid: its own.
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Exchange Traded Commodities traded on Xetra for 10 years
Deutsche Börse
For ten years now Exchange Traded Commodities, or ETCs, have been tradable via Xetra. With ETCs, investors can trade individual commodities and commodity indices via the stock exchange at low cost and liquid.
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New CEO for Warsaw Stock Exchange?
Radio Poland
The CEO of the company running the Warsaw Stock Exchange will lose her job early next year, a daily has reported.
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BSE to delist 64 companies from tomorrow; These scrips will be moved to the dissemination board of the bourse for 5 years as directed by markets regulator Sebi
Business Standard
As many as 64 companies will be delisted from BSE platform from tomorrow as they have remained suspended for more than 13 years, Asia's oldest bourse today said.
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Product Modification Summary: Amendment to the Trading at Settlement (TAS) Minimum Price Fluctuation of the Brent Crude Oil Last Day Financial Futures Contract
CME Group
Amendment to the Trading at Settlement (TAS) Minimum Price Fluctuation of the Brent Crude Oil Last Day Financial Futures Contract
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| Politics | | An overview of politics during an election year as it relates to the financial markets | Trump to name Goldman executive Cohn to key economic post
Steve Holland - Reuters
U.S. President-elect Donald Trump will likely ask a senior Goldman Sachs banker to coordinate economic policy across his administration, turning again to Wall Street for expertise in managing the world's largest economy, a transition official said on Friday.
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Top Tech Leaders to Meet With Trump
Jack Nicas, Rolfe Winkler and Laura Stevens - WSJ
Many of the most prominent executives from Silicon Valley are expected to attend a meeting with President-elect Donald Trump this week that will help steer the complicated relationship between the incoming White House and some of the nation's most valuable companies.
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Trump says Wall Street Journal doesn't "understand business"
Michelle Castillo - CNBC
President elect Donald Trump blasted the Wall Street Journal's editorial board for criticizing his import tax plan, which he said will keep jobs in the U.S. "I read the Wall Street Journal the other day," he said in an interview with Fox News. "Honestly, their editorial board doesn't get it. I don't think they understand business."
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McCain, Graham, Schumer, Reed Joint Statement on Reports That Russia Interfered with the 2016 Election
Armed Services Committee - U.S. Senate
U.S. Senators John McCain (R-AZ), Chairman of the Senate Committee on Armed Services, Lindsey Graham (R-SC), Member of the Senate Committee on Armed Services, Charles E. Schumer (D-NY), Senate Democratic Leader-elect, and Jack Reed (D-RI), Ranking Member of the Senate Committee on Armed Services released the following joint statement today in response to news reports on the CIA's analysis of Russian interference with the 2016 election:
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| Investing & Trading | | Today's top stories from fixed income, currencies and commodities (FICC) | Scraping data: the next frontier in battle for investment returns; Use of consumer emails and receipts is growing but brings potential problems
by: Robin Wigglesworth - FT
A money manager might once have dispatched a junior grunt to the local Sears department store to gauge how sales were doing. This year a hedge fund could be peering into your emails for hints on how Amazon, the world's largest online retailer, will do in the critical Christmas quarter.
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What's Speculating? What's Investing? Some of the Wisest Investors Weigh In
Jason Zweig - WSJ
The distinction between speculating and investing, which I discuss in this weekend's "Intelligent Investor" column, is far more elusive than it seems at first. Fred Schwed Jr.  whose 1940 classic "Where Are the Customers' Yachts?" I regard as the funniest book ever written on Wall Street and one of the wisest  distinguished the two terms this way: "Speculation is an effort, probably unsuccessful, to turn a little money into a lot. Investing is an effort, which should be successful, to prevent a lot of money from becoming a little."
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Jack Bogle: the lessons we must take from ETFs; They have had astonishing growth but ETFs also suggest more frequent trading does not pay
YESTERDAY by: Jack Bogle - FT
Each day, the investing public hears news of the latest developments in exchange traded index funds (ETFs). But rare is the mention of traditional index funds, which I call Tifs, although the acronym has yet to gain acceptance.
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Vanguard founder calls for politicians to re-examine ETFs; Jack Bogle warns on turnover and fragility of fast-growing market instruments
by: John Authers - Ft
Exchange traded funds have led to excessive trading and changed the way the stock market works, according to the man widely regarded as the father of passive investing, who is now calling for politicians to re-examine the sector.
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Mysterious Bond-Market Billionaire Offers Rare Look at Finances
by Pablo Rosendo Gonzalez and Blake Schmidt - Bloomberg
Distressed-debt billionaire once considered the priesthood; Known as a 'ghost investor' and the 'friendly vulture'
As Wall Street billionaires go, David Martinez might not be the richest, but he is one of the most mysterious.
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The Little Engine That Could
Philip Murphy - Indexology
Since the U.S. presidential election, headlines touting small-cap performance have almost invariably cited the Russell 2000. As impressive as that index's return has been, S&P DJI has a little engine that persistently wins the small-cap raceÂthe S&P SmallCap 600®. Outperformance of the S&P SmallCap 600 versus the Russell 2000 primarily has to do with two factors: 1) the negative Russell reconstitution effect and 2) our little engine does not try pulling too many low-quality stocks up the hill. It focuses on a manageable trainload of liquid, higher-quality names, staying clear of micro-caps that trade by appointment and other low-quality stocks. In a future post, my colleague Aye Soe will discuss the quality effect in greater detail.
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Bill Gates and investors worth $170 billion are launching a fund to fight climate change through energy innovation
Kevin J. Delaney - Quartz
Bill Gates is leading a more than $1 billion fund focused on fighting climate change by investing in clean energy innovation.
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Citi Revives Popular Leveraged Oil ETNs That Credit Suisse Killed
Carolina Wilson - Bloomberg
Two of the more popular financial products of 2016 are back from the dead. Citigroup Inc. rolled out a couple of risky triple-leveraged exchange-traded notes tied to oil on Friday after Credit Suisse Group AG delisted two eerily similar ETNs. The notes had gained attention earlier in the year as oil prices plummeted and investors, particularly millennials, starting pouring cash into them.
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Christine Lagarde set for trial over long-running fraud case; IMF head accused of negligence over EUR405m payout when French finance minister
by: Anne-Sylvaine Chassany in Paris and Shawn Donnan in Washington p- FT
Christine Lagarde will go on trial on Monday for negligence over a fraudulent EUR405m payout the French state made to a controversial businessman when she was finance minister.
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Olafur Hauksson, the man who jailed Iceland's bankers; How did a police chief from a tiny Icelandic town bring down the country's top bankers?
Richard Milne - FT
Visiting Iceland today, it's hard to imagine how a tiny fishing nation without a tradition of big banking became synonymous with the idea of "Viking capitalism". About a decade ago corporate raiders embarked on a high street spending spree funded by the country's largest banks, which built up assets 10 times the size of the country's economy. Among the trophy assets they acquired were the famous toy shop Hamleys and the Premier League football club West Ham United.
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Dancing With the Bond Market Stars
Lisa Abramowicz - Bloomberg
When times get tough, it helps to have a recognizable friend who can lend a hand. In a way, that's what some of the biggest bond managers are doing to survive in a lower-fee world of index-based investing. Rather than simply lowering fees, some are looking to pair up with respected names in the industry to provide more creative offerings.
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Credit Suisse lowers hurdle to redeem delisted oil ETNs
Trevor Hunnicutt - Reuters
Credit Suisse on Friday said it would lower investors' hurdle to redeeming two popular exchange-traded notes, used to bet on the price of oil, after it delisted the products in a surprise move this week. VelocityShares 3x Long Crude Oil ETN became the largest product of its kind delisted from U.S. exchanges after Thursday trading. VelocityShares 3x Inverse Crude Oil ETN was also delisted.
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RBS defends its unminuted dinners in financial crisis
Ben Martin - The Telegraph
Royal Bank of Scotland has been forced to defend its practice of holding unminuted dinners before board meetings during the financial crisis.
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A hot new hedge fund is based on smart computers picking off dumb ones
Rachael Levy - Business Insider
Manoj Narang has been using data and technology to invest for nearly two decades. Now, he's launching a $1 billion hedge fund that combines computer-driven investing decisions and high-frequency trading with data on stock market patterns.
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Wall Street Is Europe's Landlord. And Tenants Are Fighting Back.
Liz Alderman - NY Times
The Tobun family never missed a rental payment on their modest brick rowhouse in eight years. But in February, the couple, who have two young children, received a letter warning that they would be evicted when their lease expired. Forty of their neighbors got the same notice. When they went to investigate, the tenants, in the working-class suburb of Tyrrelstown, discovered a trail that led all the way to Wall Street.
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | QT Info Systems Adds Options Functionality with CityTrader from OptionsCity
OptionsCity Software
OptionsCity CityTrader integrated within QT Market Center Pro to offer clients options analytics, spread building and RFQs.
OptionsCity Software, a global provider of electronic trading solutions for professional futures and options traders, today announced that QT Info Systems, a Chicago-based market data vendor, is integrating CityTrader into its premium QT Market Center Pro front-end to help meet customer demand for advanced options functionality.
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Blockchain Lures Central Banks as Danes Consider Minting E-Krone
by Peter Levring - Bloomberg
There's a growing number of central banks questioning the point of printing paper money. In Denmark, the wardens of cash are now looking into producing a virtual currency instead, which they predict will make crime harder and oversight easier. The Danes aren't alone. Britain and Sweden are blazing a trail in Europe. Singapore and Canada have already tested blockchain-based currency systems for Internet payments.
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Singapore Is Beating Hong Kong in Asia's Fintech Race
Chanyaporn Chanjaroen and Darren Boey - Bloomberg
Tax benefits, government help and easy access to regional markets led Joe Seunghyun Cho to choose Singapore as the headquarters for his six financial technology companies, rather than base them in the rival hub of Hong Kong or his native South Korea.
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| Regulation & Enforcement | | For more regulatory, visit MarketsReformWiki, our website focused on current market reform efforts. | Ex-Cantor Fitzgerald mortgage bond trader indicted in U.S. for fraud
Nate Raymond - Reuters
A former Cantor Fitzgerald trader has been indicted on charges that he defrauded investors by lying about the price of mortgage bond transactions he handled for them after the financial crisis, U.S. prosecutors said on Friday.
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FCA fines on City fall to lowest level since financial crisis
The Guardian
Fines imposed on banks and other City firms by the financial regulator have slumped to the lowest annual figure since the start of the financial crisis and less than 3% of last year's total.
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Looking Inside Insider Trading
George Bollenbacher, Capital Markets Advisors - Tabb Forum
A recent Supreme Court ruling on insider trading highlights the changing nature of the US approach to enforcement, as well as significant differences between the US and EU approaches to regulating insider trading. What implications for market participants does this have on detection, evaluation, and reporting?
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Was Sebi aware of unfair access allegations at NSE in January 2015?
LiveMint
The markets regulator was aware of allegations that the National Stock Exchange (NSE) gave preferential access to some brokers on its algorithmic trading platform eight to nine months before the watchdog initiated an inquiry, two people aware of the development said.
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Sebi working on norms to check unfair play via HFT: Sinha
CNBC MoneyControl
Concerned over unfair play through the use of high frequency trading (HFT), Sebi chief U K Sinha today said it is working on solutions relevant to the Indian securities market and is determined to put in place checks and balances related to such technologies.
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Street signs: NSE IPO puts spotlight on IFCI
Business Standard
The National Stock Exchange's (NSE) mega initial public offering (IPO) has put the spotlight on state-owned finance company IFCI, with its shares climbing 20 per cent, last week. NSE's IPO is pegged to be around Rs 10,000 crore and will value the country's largest exchange at Rs 40,000 crore. At these valuations, IFCI's stake in the NSE will be valued at Rs 1,600 crore. IFCI, along with its associate firm, State Holding Corporation of India, owns a little over four per cent in the NSE. The market capitalisation of IFCI, which will get a part-exit in the IPO, is Rs 4,500 crore.
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NSE gave unfair access to some brokers for algo trading: Govt
Economic Times
A Sebi panel has found the National Stock Exchange to have given preferential access to its co-location servers for algorithmic trading to some stock brokers, Parliament was informed on Friday. "The architecture of NSE with respect to dissemination of Tick-by-Tick through Transmission Control Protocol (TCP) or Internet Protocol (IP) was prone to manipulation or market abuse," Minister of State for Finance Arjun Meghwal said in written reply to Lok Sabha.
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Leon Cooperman Seeks Dismissal of SEC's Insider Trading Case
Patricia Hurtado - Bloomberg
Leon Cooperman, the hedge-fund legend accused by the U.S. Securities and Exchange Commission of insider trading, asked for its lawsuit to be dismissed, saying the regulator had revised its allegations after his lawyers had argued that he wasn't bound by a duty not to trade on an insider's information about a deal.
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Gabonese man pleads guilty in U.S. hedge fund bribery case
Nate Raymond - Reuters
A Gabonese man who prosecutors say acted as a "fixer" for a joint-venture involving the hedge fund Och-Ziff Capital Management Group LLC pleaded guilty on Friday to U.S. charges that he engaged in a foreign bribery scheme.
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | The curious case of the emerging market equity fund
Steve Johnson - Financial Times
As most FT readers will be aware by now, shelling out on the lavish fees levied by active fund managers tends to be more an act of charity than a sound investment decision, at least when there is a serviceable, cheap passive option to hand. But there is at least one exception to this rule it would seem, and that applies in the curious case of the emerging market equity fund.
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China craves place at top table of emerging markets index; Inclusion in index would boost country's ability to attract foreign investment
Aliya Ram - Financial Times
Days before the world's largest index provider, MSCI, its emerging market index for the third year in a row, a senior official at the country's regulatory commission asserted that inclusion in the important benchmark was a "historical certainty".
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Small Investors Join China's Tycoons in Sending Money Abroad
Emily Feng and Alexandra Stevenson - NY Times
Adam Dahill saw promise in the three-story brownstone on a quiet Bedford-Stuyvesant street, despite its weather-beaten facade, crumbling front steps and broken windows. But he needed nearly $1.3 million to buy it and turn it into the sort of Brooklyn dream home for which the city's lawyers and bankers pay big money. No problem. For funding, Mr. Dahill borrowed money from a new and eager group of international financiers: middle-class Chinese investors.
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China to launch yuan's direct trading with seven more currencies
LiveMint
China will launch direct trading of yuan with seven more currencies on its inter-bank foreign exchange market from next week, according to the country's foreign exchange trade system. The seven currencies are Swedish krona, Hungarian forint, Danish krone, Polish zloty, Mexican peso, Turkish lira and Norwegian krone, said China Foreign Exchange Trade System (CFETS).
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China's Investors Aren't Afraid of Trump
By Matthew A. Winkler - Bloomberg
The world can only wonder whether President-elect Donald Trump will fulfill his campaign promise to impose a 45 percent tariff on Chinese-made goods bought in the U.S.
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The Chinese Squeeze on Banker Fees
Chris Bryant - Bloomberg
China's thirst for foreign acquisitions has been a godsend for western investment bankers, as it's made organizing a competitive sale process a piece of cake.
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Inside India's Unprecedented Assault on Cash; For a country where few families pay any income tax and even large transactions are often completed in cash, the disruption has been significant
By GABRIELE PARUSSINI, RAYMOND ZHONG and NEWLEY PURNELL - WSJ
Early last month, Prime Minister Narendra Modi summoned his cabinet to a room in India's capital, told them to leave their cellphones outside and delivered a shocker: He was about to go on national television to declare that almost 90% of the country's paper money would no longer be legal tender.
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| Miscellaneous | | Stories that don't quite fit under the other sections | Bermuda is world's worst corporate tax haven, says Oxfam
Hilary Osborne - The Guardian
Bermuda is the world's worst corporate tax haven, according to a list by Oxfam, which includes three other UK territories among those it names and shames. The charity's list of the "world's worst" 15 tax havens includes the Cayman Islands, Jersey and the British Virgin Islands, which, like Bermuda, are under the sovereignty of the UK. It warned that allowing these territories to act as tax havens "undermines Britain's efforts to be an outward-facing, responsible member of the international community".
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Time Inc. Faces Choice of Sale or Reinvention as Digital Power
by Gerry Smith - Bloomberg
Publisher vulnerable after shares fell during transformation; Morgan Stanley, Bank of America hired to advise on offers
Time Inc. is facing one of its most critical decisions since the magazine publisher was founded by Henry Luce and Briton Hadden in 1922.
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