Sunday, 21 December 2014
Last updated 1 day ago
Mar 3 2014 | 11:59am ET
Apollo Global Management founder Leon Black doesn’t want the government telling him how much he can borrow to buy a company.
Black said he opposed a proposal by the Federal Reserve and Office of the Comptroller of the Currency that would keep banks from issuing senior debt in leveraged buyouts worth more than six times a company's cash flow.
"To have a blanket number like that is micromanaging too much from a regulatory point of view," Black told a private equity conference at Columbia Business School last week. "Different industries have different rates of growth."
The Fed and OCC in September began to warn banks that high-risk loan performance would play a big role in the "stress tests" that determine whether a bank has a sufficient capital ratio. The regulators said that their annual review of leveraged loans found 42% had a deficiency that could lead to a loss.
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.