Receiving Wide Coverage ...
Election Day Has Arrived: It seems remiss not to at least mention the story set to dominate today's news cycle. That is, of course, the presidential election, which appears virtually deadlocked as polls open today throughout the U.S. Some notable (and arguably left-leaning) pundits are predicting President Barack Obama will maintain the electoral edge exhibited in key swing state poll results and keep the presidency, while other (arguably right-leaning) pundits are arguing Mitt Romney's national momentum will peak at just the right time and ensure victory. (The Washington Post actually has a pretty good round-up of notable pundit predictions, in case you're interested in that type of thing.) Either way, we should know the results by this time tomorrow. Unless, of course, Ohio — or possibly another battleground state — needs to hold a recount. (We're a little inclined to echo New York Times blogger Ross Douthat's sentiments here: "But for the love all that's holy don't give us a recount in Ohio.") In either or, perhaps, any event, while you're waiting for the polls to close, you can catch up on how the election is likely to affect the economy (according to Dealbook, don't expect either outcome to solve all puzzles), how it may impact the markets (via the FT) or how it's likely to impact the jobs of top U.S. banking regulators (via American Banker).
Personnel Changes: Paul J. Taubman, co-head of Morgan Stanley's securities division, is resigning from the investment bank after his co-head Colm Kelleher was promoted to president of their division by chief executive James Gorman. Unnamed insiders have led Dealbook to conclude Gorman's move was the result of "a desire to better align the sales and trading operations with the investment banking arm" and meant "to persuade clients who rely on Morgan Stanley for advice on mergers and stock sales to use it for trading services as well." Unnamed insiders — though perhaps not the same ones — also told the FT that, prior to Taubman's resignation, he, "a reserved American" and Kelleher, "a smoker of Cuban cigars," had a "sometimes fractious relationship." Taubman is set to retire from the bank at the end of the year, at which time, (an also unnamed) colleague indicates he will look for another position.
Meanwhile, Goldman Sachs "has continued its independent board member recruitment spree" by appointing Mark Tucker, chief executive and president of Asian life insurer AIA Group, to its board. Goldman chief executive Lloyd Blankfein cited Tucker's "broad and deep operating and strategic experience across Asia Pacific, Europe and North America" and "proven understanding of effective risk management" in a statement announcing the appointment. Financial Times, New York Times