Monday's Headlines: Wall Street Helped Pass Gay Marriage Law
Wall Street donors, usually known for their conservative leanings, helped push through the same-sex marriage law passed in New York, according to an article in The New York Times.
Three financiers in particular were cited for supporting Democratic Governor Andrew Cuomo's campaign with six-figure checks: Paul Singer, founder of Elliott Management, Clifford Asness, head of AQR Capital, and Daniel Loeb, head of Third Point.
"They were inclined to see the issue as one of personal freedom, consistent with their more libertarian views," the New York Times writes.
Some also had personal reasons to support the bill. Paul Singer's son is gay and was married in Massachusetts. Daniel Loeb has supported gay marriage campaigns in the past, and has been active with the American Foundation for Equal Rights.
Private equity limited partners will likely have another cash-negative year in 2011, according to a new study. [DealBook]
Morgan Keegan's 1,200 reps waiting to see if parent bank can find a buyer. [Investment News]
Goldman Sachs plans "robust" expansion in Brazil. [Bloomberg]
Investec wants to sell its Swiss private banking unit, with $3.1 billion in assets. [Bloomberg]
Goldman Sachs co-head of investment banking unit, David Solomon, may be next in line as CEO. [Reuters]
Capital One likely seeking more acquisitions, analysts say. [Washington Post]
Greek debt crisis is foremost a global banking crisis. [Wall Street Journal]
HSBC's Saudi Arabian wholesale and investment banking unit is merging with SABB Securities, a brokerage and custody business of the Saudi British bank. [MarketWatch]
Kohlberg Kravis Roberts has been granted license to do business in Saudi Arabia. [Reuters]
Knight Vinke is seeking investors as it considers launching its own hedge fund. [Financial News]
Citibank opens "hi-tech" branch in Foggy Bottom, Washington DC. [Washington Post]
Some financial advisors prefer serving investors with small savings, and they make a profit too. [Investment News]