<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"></div></div></div>Morgan Stanley just released a list of its newest managing directors.</p><p>This year's list includes 156 names, up from 151 last year.</p><p><span>Thirty-three, or 21%, of the new MDs are women, which is on par with last year, according to a spokesperson.</span></p><p><span>54% of the class works in the Institutional Securities - that is, investment banking and sales and trading - division, up from 52% last year.</span></p><p><span>Here is the breakdown by region:</span></p><ul><li><span style="line-height: 1.5em;">62% of th</span><span style="line-height: 1.5em;">e new MDs</span><span style="line-height: 1.5em;"> work in the US - down from </span><span style="line-height: 1.5em;">64% last year. </span></li><li><span style="line-height: 1.5em;">21% work in </span><span style="line-height: 1.5em;">Europe, the Middle East, and Africa - down from </span><span style="line-height: 1.5em;">26% last year.</span></li><li><span style="line-height: 1.5em;">17% of th</span><span style="line-height: 1.5em;">e new MD class</span><span style="line-height: 1.5em;"> works in Asia - up from </span><span style="line-height: 1.5em;">13% last year.</span></li></ul><p><a href="http://www.businessinsider.com/goldman-managing-director-list-2015-11">Goldman Sachs</a> named 425 new managing directors in November. That firm promotes new managing directors every two years, as opposed to every year.</p><p>Morgan Stanley last week reported fourth-quarter <a href="http://www.businessinsider.com/morgan-stanley-q4-earnings-2016-1">earnings that beat expectations</a>. The disastrous fixed income, currencies, and commodities division, however, missed expectations and was down year-on-year. The firm <a href="http://www.businessinsider.com/morgan-stanley-cutting-fixed-income-jobs-2015-11">began cutting 25% of its fixed income</a> headcount late last year. </p><p class="p1">Earlier this month, Greg Fleming, the president of the Morgan Stanley's prized wealth-management business, <a href="http://www.businessinsider.com/greg-fleming-to-leave-morgan-stanley-2016-1">left the firm</a>.</p><p class="p1">Morgan Stanley <a href="http://www.businessinsider.com/james-gorman-2016-compensation-2016-1">CEO James Gorman took a 6.7% pay cut</a> for 2015.</p><p>Here's the 2016 managing director list:</p><table class="bwtablemarginb" cellspacing="0"><tbody><tr><td class="bwpadl0  bwvertalignt bwalignl">Alex Abagian</td><td> </td><td> </td><td> </td><td class="bwpadl0  bwvertalignt bwalignl">Maged Hassan</td><td> </td><td> </td><td> </td><td class="bwpadl0  bwvertalignt bwalignl">Josh Myerberg</td><td> </td></tr><tr><td class="bwpadl0  bwvertalignt bwalignl">Juan A. Abril</td><td> </td><td> </td><td> </td><td class="bwpadl0  bwvertalignt bwalignl">Amay Hattangadi</td><td> </td><td> </td><td> </td><td class="bwpadl0  bwvertalignt bwalignl">Rani Nazim</td><td> </td></tr><tr><td class="bwpadl0  bwvertalignt bwalignl">Tobias Åkermark</td><td> </td><td> </td><td> </td><td class="bwpadl0  bwvertalignt bwalignl">David Haydon</td><td> </td><td> </td><td> </td><td class="bwpadl0  bwvertalignt bwalignl">Robert Newton</td><td> </td></tr><tr><td class="bwpadl0  bwvertalignt bwalignl">Shotaro Akita</td><td> </td><td> </td><td> </td><td class="bwpadl0  bwvertalignt bwalignl">Jeffrey W. Hibbard</td><td> </td><td> </td><td> </td><td class="bwpadl0  bwvertalignt bwalignl">Pawan Kumar Passi</td><td> </td></tr><tr><td class="bwpadl0  bwvertalignt bwalignl">Carlos Andrade</td><td> </td><td> </td><td> </td><td class="bwpadl0  bwvertalignt bwalignl">Julie Hobbs</td><td> </td><td> </td><td> </td><td class="bwpadl0  bwvertalignt bwalignl">Aden R. Pavkov</td><td> </td></tr><tr><td class="bwpadl0  bwvertalignt bwalignl">Michael Asmar</td><td> </td><td> </td><td> </td><td class="bwpadl0  bwvertalignt bwalignl">Kelly Holliday</td><td> </td><td> </td><td> </td><td class="bwpadl0  bwvertalignt bwalignl">Stuart Perilstein</td><td> </td></tr><tr><td class="bwpadl0  bwvertalignt bwalignl">Dave Atheis</td><td> </td><td> </td><td> </td><td class="bwpadl0  bwvertalignt bwalignl">Tommy Hsu</td><td> </td><td> </td><td> </td><td class="bwpadl0  bwvertalignt bwalignl">Tom Perry</td><td> </td></tr><tr><td class="bwpadl0  bwvertalignt bwalignl">Vanessa Barboni</td><td> </td><td> </td><td> </td><td class="bwpadl0  bwvertalignt bwalignl">Adriano Ieva</td><td> </td><td> </td><td> </td><td class="bwpadl0  bwvertalignt bwalignl">Murat Pinhas</td><td> </td></tr><tr><td class="bwpadl0  bwvertalignt bwalignl">Frederick Barnfield</td><td> </td><td> </td><td> </td><td class="bwpadl0  bwvertalignt bwalignl">Scott Ince</td><td> </td><td> </td><td> </td><td class="bwpadl0  bwvertalignt bwalignl">Tim Pubins</td><td> </td></tr><tr><td class="bwpadl0  bwvertalignt bwalignl">Scott A. Beicke</td><td> </td><td> </td><td> </td><td class="bwpadl0  bwvertalignt bwalignl">Phillip Hugh Ingle</td><td> </td><td> </td><td> </td><td class="bwpadl0  bwvertalignt bwalignl">Roopak Radia</td><td> </td></tr><tr><td class="bwpadl0  bwvertalignt bwalignl">James Belsey</td><td> </td><td> </td><td> </td><td class="bwpadl0  bwvertalignt bwalignl">Michael Jabara</td><td> </td><td> </td><td> </td><td class="bwpadl0  bwvertalignt bwalignl">Harish Rajaram</td><td> </td></tr><tr><td class="bwpadl0  bwvertalignt bwalignl">Kwasi Benneh</td><td> </td><td> </td><td> </td><td class="bwpadl0  bwvertalignt bwalignl">Daniel Jacobson</td><td> </td><td> </td><td> </td><td class="bwpadl0  bwvertalignt bwalignl">Adam Richmond</td><td> </td></tr><tr><td class="bwpadl0  bwvertalignt bwalignl">Hemant Bhangale</td><td> </td><td> </td><td> </td><td class="bwpadl0  bwvertalignt bwalignl">Raj Jain</td><td> </td><td> </td><td> </td><td class="bwpadl0  bwvertalignt bwalignl">Nikki Rush</td><td> </td></tr><tr><td class="bwpadl0  bwvertalignt bwalignl">Arnaud Blanchard</td><td> </td><td> </td><td> </td><td class="bwpadl0  bwvertalignt bwalignl">Vikrant Jain</td><td> </td><td> </td><td> </td><td class="bwpadl0  bwvertalignt bwalignl">Yacine Saidji</td><td> </td></tr><tr><td class="bwpadl0  bwvertalignt bwalignl">Javier Bocos</td><td> </td><td> </td><td> </td><td class="bwpadl0  bwvertalignt bwalignl">Nigel James</td><td> </td><td> </td><td> </td><td class="bwpadl0  bwvertalignt bwalignl">Nicola Savoini</td><td> </td></tr><tr><td class="bwpadl0  bwvertalignt bwalignl">Lauren Boyman</td><td> </td><td> </td><td> </td><td class="bwpadl0  bwvertalignt bwalignl">Grant Jonas</td><td> </td><td> </td><td> </td><td class="bwpadl0  bwvertalignt bwalignl">Bob Schulz</td><td> </td></tr><tr><td class="bwpadl0  bwvertalignt bwalignl">Robert John Frederick Brass</td><td> </td><td> </td><td> </td><td class="bwpadl0  bwvertalignt bwalignl">Matthew Jones</td><td> </td><td> </td><td> </td><td class="bwpadl0  bwvertalignt bwalignl">Junaid Shah</td><td> </td></tr><tr><td class="bwpadl0  bwvertalignt bwalignl">Selma Bueno</td><td> </td><td> </td><td> </td><td class="bwpadl0  bwvertalignt bwalignl">Adam Josephart</td><td> </td><td> </td><td> </td><td class="bwpadl0  bwvertalignt bwalignl">Brenda Sirena</td><td> </td></tr><tr><td class="bwpadl0  bwvertalignt bwalignl">Eduardo Cabal</td><td> </td><td> </td><td> </td><td class="bwpadl0  bwvertalignt bwalignl">Kara Julian</td><td> </td><td> </td><td> </td><td class="bwpadl0  bwvertalignt bwalignl">Richard V. Slater</td><td> </td></tr><tr><td class="bwpadl0  bwvertalignt bwalignl">Sherrese A. Clarke-Soares</td><td> </td><td> </td><td> </td><td class="bwpadl0  bwvertalignt bwalignl">Karn Karuhadej</td><td> </td><td> </td><td> </td><td class="bwpadl0  bwvertalignt bwalignl">Matthew A. Slaughter</td><td> </td></tr><tr><td class="bwpadl0  bwvertalignt bwalignl">Nathan Coelen</td><td> </td><td> </td><td> </td><td class="bwpadl0  bwvertalignt bwalignl">Dov B. Katz</td><td> </td><td> </td><td> </td><td class="bwpadl0  bwvertalignt bwalignl">David Solganik</td><td> </td></tr><tr><td class="bwpadl0  bwvertalignt bwalignl">Michael Cohen</td><td> </td><td> </td><td> </td><td class="bwpadl0  bwvertalignt bwalignl">Jeffrey M. Kaufman</td><td> </td><td> </td><td> </td><td class="bwpadl0  bwvertalignt bwalignl">Darren Spencer</td><td> </td></tr><tr><td class="bwpadl0  bwvertalignt bwalignl">Matthew R. Collins</td><td> </td><td> </td><td> </td><td class="bwpadl0  bwvertalignt bwalignl">Ingrid M. Keag</td><td> </td><td> </td><td> </td><td class="bwpadl0  bwvertalignt bwalignl">Patrick Standaert</td><td> </td></tr><tr><td class="bwpadl0  bwvertalignt bwalignl">Kim W. Cross</td><td> </td><td> </td><td> </td><td class="bwpadl0  bwvertalignt bwalignl">Kelly Hyeeun Kim</td><td> </td><td> </td><td> </td><td class="bwpadl0  bwvertalignt bwalignl">Frank Keith Stepan, Jr.</td><td> </td></tr><tr><td class="bwpadl0  bwvertalignt bwalignl">Constantine Nicholas Darras</td><td> </td><td> </td><td> </td><td class="bwpadl0  bwvertalignt bwalignl">Timothy Knierim</td><td> </td><td> </td><td> </td><td class="bwpadl0  bwvertalignt bwalignl">Maxime Stévignon</td><td> </td></tr><tr><td class="bwpadl0  bwvertalignt bwalignl">Jake Dennison</td><td> </td><td> </td><td> </td><td class="bwpadl0  bwvertalignt bwalignl">Michelle Kong</td><td> </td><td> </td><td> </td><td class="bwpadl0  bwvertalignt bwalignl">Matthew Philip Stillwell</td><td> </td></tr><tr><td class="bwpadl0  bwvertalignt bwalignl">Alberto Donzelli</td><td> </td><td> </td><td> </td><td class="bwpadl0  bwvertalignt bwalignl">Alex Kornfeld</td><td> </td><td> </td><td> </td><td class="bwpadl0  bwvertalignt bwalignl">Claire Anita Storey</td><td> </td></tr><tr><td class="bwpadl0  bwvertalignt bwalignl">Carl Dooley</td><td> </td><td> </td><td> </td><td class="bwpadl0  bwvertalignt bwalignl">Katherine Koutsantonis</td><td> </td><td> </td><td> </td><td class="bwpadl0  bwvertalignt bwalignl">Jeffrey Sun</td><td> </td></tr><tr><td class="bwpadl0  bwvertalignt bwalignl">James Doyle</td><td> </td><td> </td><td> </td><td class="bwpadl0  bwvertalignt bwalignl">Arek S. Kurkciyan</td><td> </td><td> </td><td> </td><td class="bwpadl0  bwvertalignt bwalignl">Susan Xun Sun</td><td> </td></tr><tr><td class="bwpadl0  bwvertalignt bwalignl">Kempton Dunn III</td><td> </td><td> </td><td> </td><td class="bwpadl0  bwvertalignt bwalignl">Calvin Lam</td><td> </td><td> </td><td> </td><td class="bwpadl0  bwvertalignt bwalignl">Yuichiro Suzuki</td><td> </td></tr><tr><td class="bwpadl0  bwvertalignt bwalignl">David M. Dwek</td><td> </td><td> </td><td> </td><td class="bwpadl0  bwvertalignt bwalignl">Robert Richard Lee</td><td> </td><td> </td><td> </td><td class="bwpadl0  bwvertalignt bwalignl">Kalpana Telikepali</td><td> </td></tr><tr><td class="bwpadl0  bwvertalignt bwalignl">Jeffrey Eckelman</td><td> </td><td> </td><td> </td><td class="bwpadl0  bwvertalignt bwalignl">Young C. Lee</td><td> </td><td> </td><td> </td><td class="bwpadl0  bwvertalignt bwalignl">Radha Thillainatesan</td><td> </td></tr><tr><td class="bwpadl0  bwvertalignt bwalignl">Carlos Egea</td><td> </td><td> </td><td> </td><td class="bwpadl0  bwvertalignt bwalignl">Satnam S. Lehal</td><td> </td><td> </td><td> </td><td class="bwpadl0  bwvertalignt bwalignl">Yan Tordoff</td><td> </td></tr><tr><td class="bwpadl0  bwvertalignt bwalignl">Keren Ehrenfeld</td><td> </td><td> </td><td> </td><td class="bwpadl0  bwvertalignt bwalignl">Daniel Leiter</td><td> </td><td> </td><td> </td><td class="bwpadl0  bwvertalignt bwalignl">Thomas P. Torrisi</td><td> </td></tr><tr><td class="bwpadl0  bwvertalignt bwalignl">Jason S. English</td><td> </td><td> </td><td> </td><td class="bwpadl0  bwvertalignt bwalignl">Jan P. Lennertz</td><td> </td><td> </td><td> </td><td class="bwpadl0  bwvertalignt bwalignl">Jeffrey A. Turner</td><td> </td></tr><tr><td class="bwpadl0  bwvertalignt bwalignl">Gregg Erspamer</td><td> </td><td> </td><td> </td><td class="bwpadl0  bwvertalignt bwalignl">Che King Leo</td><td> </td><td> </td><td> </td><td class="bwpadl0  bwvertalignt bwalignl">Lisa Vaillencourt</td><td> </td></tr><tr><td class="bwpadl0  bwvertalignt bwalignl">Paul Fitzgerald</td><td> </td><td> </td><td> </td><td class="bwpadl0  bwvertalignt bwalignl">Chris Lipscomb</td><td> </td><td> </td><td> </td><td class="bwpadl0  bwvertalignt bwalignl">Jerry Valletta</td><td> </td></tr><tr><td class="bwpadl0  bwvertalignt bwalignl">Desmond Foong</td><td> </td><td> </td><td> </td><td class="bwpadl0  bwvertalignt bwalignl">Barra Ross Little</td><td> </td><td> </td><td> </td><td class="bwpadl0  bwvertalignt bwalignl">Bryan VanDyke</td><td> </td></tr><tr><td class="bwpadl0  bwvertalignt bwalignl">Gerald Forey</td><td> </td><td> </td><td> </td><td class="bwpadl0  bwvertalignt bwalignl">Ivan Mallardi</td><td> </td><td> </td><td> </td><td class="bwpadl0  bwvertalignt bwalignl">Keith Weiss</td><td> </td></tr><tr><td class="bwpadl0  bwvertalignt bwalignl">Daryl Francis</td><td> </td><td> </td><td> </td><td class="bwpadl0  bwvertalignt bwalignl">Neha Champaneria Markle</td><td> </td><td> </td><td> </td><td class="bwpadl0  bwvertalignt bwalignl">Tom Wills</td><td> </td></tr><tr><td class="bwpadl0  bwvertalignt bwalignl">Casey D. Galligan</td><td> </td><td> </td><td> </td><td class="bwpadl0  bwvertalignt bwalignl">Javier Martinez de Olcoz Cerdan</td><td> </td><td> </td><td> </td><td class="bwpadl0  bwvertalignt bwalignl">Isabelle Halphen Winkles</td><td> </td></tr><tr><td class="bwpadl0  bwvertalignt bwalignl">Rahul Gautam</td><td> </td><td> </td><td> </td><td class="bwpadl0  bwvertalignt bwalignl">Gautier Martin-Regnier</td><td> </td><td> </td><td> </td><td class="bwpadl0  bwvertalignt bwalignl">Jessica Wright</td><td> </td></tr><tr><td class="bwpadl0  bwvertalignt bwalignl">Amy Gelfand</td><td> </td><td> </td><td> </td><td class="bwpadl0  bwvertalignt bwalignl">Rajat Kishore Mathur</td><td> </td><td> </td><td> </td><td class="bwpadl0  bwvertalignt bwalignl">Tao Wu</td><td> </td></tr><tr><td class="bwpadl0  bwvertalignt bwalignl">Christina Gili</td><td> </td><td> </td><td> </td><td class="bwpadl0  bwvertalignt bwalignl">Daniel McCormick</td><td> </td><td> </td><td> </td><td class="bwpadl0  bwvertalignt bwalignl">Gangqiang Xia</td><td> </td></tr><tr><td class="bwpadl0  bwvertalignt bwalignl">Massimiliano Gino</td><td> </td><td> </td><td> </td><td class="bwpadl0  bwvertalignt bwalignl">Gregory McMullen</td><td> </td><td> </td><td> </td><td class="bwpadl0  bwvertalignt bwalignl">Shinya Yamamoto</td><td> </td></tr><tr><td class="bwpadl0  bwvertalignt bwalignl">Rohit Goenka</td><td> </td><td> </td><td> </td><td class="bwpadl0  bwvertalignt bwalignl">Catherine McNulty</td><td> </td><td> </td><td> </td><td class="bwpadl0  bwvertalignt bwalignl">Jack Yeung</td><td> </td></tr><tr><td class="bwpadl0  bwvertalignt bwalignl">Joyce Tavoulareas</td><td> </td><td> </td><td> </td><td class="bwpadl0  bwvertalignt bwalignl">Neil H. Mehta</td><td> </td><td> </td><td> </td><td class="bwpadl0  bwvertalignt bwalignl">Christopher M. Yonan</td><td> </td></tr><tr><td class="bwpadl0  bwvertalignt bwalignl">James Grafton</td><td> </td><td> </td><td> </td><td class="bwpadl0  bwvertalignt bwalignl">Gillian Meth</td><td> </td><td> </td><td> </td><td class="bwpadl0  bwvertalignt bwalignl">Rina Yoshikawa</td><td> </td></tr><tr><td class="bwpadl0  bwvertalignt bwalignl">Anthony Greco</td><td> </td><td> </td><td> </td><td class="bwpadl0  bwvertalignt bwalignl">Andrew J. Millest</td><td> </td><td> </td><td> </td><td class="bwpadl0  bwvertalignt bwalignl">May Yu</td><td> </td></tr><tr><td class="bwpadl0  bwvertalignt bwalignl">Bart Gysens</td><td> </td><td> </td><td> </td><td class="bwpadl0  bwvertalignt bwalignl">Sunil Mody</td><td> </td><td> </td><td> </td><td class="bwpadl0  bwvertalignt bwalignl">Olga Zeltser</td><td> </td></tr><tr><td class="bwpadl0  bwvertalignt bwalignl">Eric Hahne</td><td> </td><td> </td><td> </td><td class="bwpadl0  bwvertalignt bwalignl">Rany Moubarak</td><td> </td><td> </td><td> </td><td class="bwpadl0  bwvertalignt bwalignl">Michael Zezas</td><td> </td></tr><tr><td class="bwpadl0  bwvertalignt bwalignl">Michael James Harris</td><td> </td><td> </td><td> </td><td class="bwpadl0  bwvertalignt bwalignl">Kristen Murphy</td><td> </td><td> </td><td> </td><td class="bwpadl0  bwvertalignt bwalignl">Dennis Zhang</td></tr></tbody></table>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/wall-street-jargon-word-games-2015-6">6 word puzzles that only finance geeks will understand</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

Morgan Stanley just announced 156 new managing directors

<p><table class="image-container float_right" width="200"><tr><td><div class="image"></div><p class="source">Julia La Roche for Business Insider</p></td></tr></table><keyword id="6377624" type="UNKNOWN" weightage="60" keywordseo="high-frequency-trading">High frequency trading</keyword> is one of the most polarizing issues on the Street.</p>
<p>It's also so complex it's hard to talk about in normal conversation.</p>
<p>To broaden the investing world's understanding of the topic, a new film called "The Ghost Exchange" is examining the impact of high frequency and algorithmic trading on U.S. capital markets, the lack or regulation on HFT and the systemic risks it poses.</p>
<p>It's directed by Camilla Sullivan and the co-produced by Rob Lyall.</p>
<p>To get the full story, the producers interviewed a number of market practitioners from all aspects of the market — traders, academics and regulators.</p>
<p>"The Ghost Exchange" focuses on three of the most recent market events, which have called into question the integrity of these markets— the "Flash Crash" of May 2010, the Facebook IPO snafu and Knight Capital losing over $400 million from a trading error.</p>
<p>What's really interesting is the producers of the film said they got to work on the idea in January 2012 after a conversation about the "Flash Crash."</p>
<p>They were actually planning to interview Knight CEO Tom Joyce for the film before his firm's trading error.</p>
<p>"As we were already on the road to Jersey City, we got a call. Seems there’d been a slight software error – to the tune of $440M in trading losses. Tom had to cancel our interview. However, turning lemons into lemonade we decided to see whom we could talk to about what just happened – an example of trading technology gone haywire. Well that’s what the movie is about isn’t it?!," <a href="http://ghostexchangemovie.com/wp-content/uploads/2013/02/130304_Press-Kit_Ghost-Exchange_Arbitrage-Pictures.pdf">they said in a release.</a> </p>
<p>The real question the film raises, though, is how all these issues impact outside investors. It's important to know whether or not HFT ultimately takes away money and opportunity from our markets as people lose confidence in the entire system.</p>
<p>We went to an advanced screening at the Tribeca Grand Hotel this month and have included the highlights in the slides that follow. </p>

Inside The Movie Premiere Of 'The Ghost Exchange' - A Warning About High Frequency Trading To Investors Around The World

<p><span><div class="KonaFilter image-container display-table"><div><div class="image"><p class="source"><span>REUTERS/Kevin Lamarque</span></p><p class="caption">U.S. President Barack Obama speaks during the opening of the National September 11 Memorial Museum in New York May 15, 2014.</p></div><p></p></div></div>The 9/11 Memorial Museum in New York held its ceremonial opening today, and guests including President Obama, New York City mayor De Blasio, and former mayor Rudy Giuliani spoke to commemorate the ground zero exhibit.</span></p>
<p><span style="line-height: 1.5em;"><span><span>The new, underground museum will honor the heroes, remember the victims, and preserve the history of the 9/11 attacks t</span>hrough multimedia displays, personal narratives, and thousands of monumental and personal artifacts.</span></span></p>
<p><span style="line-height: 1.5em;"><span><span>The space includes two main exhibitions: the memorial, </span><span>called "In Memoriam," </span><span>and a three-part historical exhibition that shows the events of September 11th, what led to the attacks, and their aftermath.</span></span></span></p>
<p><span style="line-height: 1.5em;">For the next five days, its doors will be open 24 hours a day for 9/11 families, rescue workers, responders, survivors, and local residents. </span></p>
<p><span>The 110,000-square-foot exhibition by architect David Brody Bond was completed May 14th and officially opens to the public May 21st.</span></p>
<p><span style="line-height: 1.5em;">Here are some poignant artifacts inside.</span></p>
<p><strong>The Museum's entry pavilion, which includes two steel "tridents" from the towers, was designed by the international Snøhetta company. </strong><span style="line-height: 1.5em;"><div class="KonaFilter image-container display-table"><div><div class="image"><p class="source"><span>Reuters</span></p></div><p></p></div></div></span><strong style="line-height: 1.5em;">The Foundation Hall includes the<span style="line-height: 1.5em;"> "Last Column."</span><span style="line-height: 1.5em;"> The 58-ton, 36-foot tall piece of steel was signed by recovery workers, first responders, volunteers </span><span style="line-height: 1.5em;">and victims' relatives</span><span style="line-height: 1.5em;">. The "Slurry" wall was part of the </span><span style="line-height: 1.5em;">World Trade Center's original foundation, and was </span><span style="line-height: 1.5em;">built to keep the Hudson River from flooding the site.</span></strong><div class="KonaFilter image-container display-table"><div><div class="image"><p class="source"><span>Jin Lee</span></p></div><p></p></div></div><strong style="line-height: 1.5em;">On September 11th, these 'Survivors' Stairs' <span style="line-height: 1.5em;">as well as an adjacent escalator provided an unobstructed exit for hundreds seeking to escape. </span></strong><span style="line-height: 1.5em;"><div class="KonaFilter image-container display-table"><div><div class="image"><p class="source"><span>Reuters</span></p></div><p></p></div></div></span><strong style="line-height: 1.5em;"><span style="line-height: 1.5em;">This quote from Virgil's "Aeneid" sits in Memorial Hall. The letters </span><span style="line-height: 1.5em;">were crafted out of World Trade Center steel by New Mexico blacksmith Tom Joyce. <a href="http://www.businessinsider.com/911-memorial-inscription-2014-4">Its meaning has been widely debated</a>.</span></strong><span style="line-height: 1.5em;"><div class="KonaFilter image-container display-table"><div><div class="image"><p class="source"><span>Jin Lee</span></p></div><p></p></div></div></span><strong style="line-height: 1.5em;">The front of this fire truck was broken off when the North Tower collapsed. All 11 members of FDNY Ladder Company 3 who responded to the 9:21 a.m. call and reached the 35th floor were killed when the tower collapsed.</strong><span style="line-height: 1.5em;"><div class="KonaFilter image-container display-table"><div><div class="image"><p class="source"><span>Jin Lee</span></p></div><p></p></div></div></span><strong style="line-height: 1.5em;">The owner of Chelsea Jeans, a nearby retail store, maintained the <span style="line-height: 1.5em;">dust and debris that covered his shop from the collapsed Twin Towers.</span></strong><div class="KonaFilter image-container display-table"><div><div class="image"><p class="source"><span>Jin Lee</span></p></div><p></p></div></div><strong style="line-height: 1.5em;"><span style="line-height: 1.5em;">These projections on remnant steel, called "</span><span style="line-height: 1.5em;">Recovery At Ground Zero," h</span><span style="line-height: 1.5em;">ighlight the experiences of workers at the recovery site through personal accounts and film footage. </span></strong><div class="KonaFilter image-container display-table"><div><div class="image"><p class="source"><span>Jin Lee</span></p></div><p></p></div></div><strong style="line-height: 1.5em;">Recovered handwritten notes and other documents that flew from the towers are on display.</strong><strong style="line-height: 1.5em;"><div class="KonaFilter image-container display-table"><div><div class="image"><p class="source"><span>Jin Lee</span></p></div><p></p></div></div></strong><strong style="line-height: 1.5em;">This column from the South Tower folded over onto itself during the collapse. <span style="line-height: 1.5em;">Visitors can write messages on the interactive tables located in front of it, which will then be projected onto the wall. </span></strong><div class="KonaFilter image-container display-table"><div><div class="image"><p class="source"><span>Jin Lee</span></p></div><p></p></div></div></p>

Here Are Some Of The Poignant Artifacts On Display At The New 9/11 Memorial Museum

<p><div class="image-container float_right"><div class="image"><p class="source">REUTERS/Danish Siddiqui</p><p class="caption">A man jumps over a water stream on a beach along the Arabian Sea in Mumbai, September 2, 2013.</p></div></div><em><strong>FA Insights is a daily newsletter from Business Insider that delivers the top news and commentary for financial advisors.</strong></em></p>
<p><strong><a href="http://online.wsj.com/news/articles/SB10001424052702304644104579191863829973056?mod=WSJ_WealthAdviser_WhatsNews_3_3_RightBottom">What Advisors Should Ask Themselves Before Switching To RIAs</a> (The Wall Street Journal) </strong></p>
<p>It has become increasingly popular for advisors to make the switch to registered investment advisors (RIAs). Tom Daley of Illinois-based The Advisor Center says there are three types of RIAs that advisors can switch to 1. Broker-dealer model 2. RIA-only model 3. The hybrid model. Advisors should pick the model that's right for them based on where they are in their business cycle and what services they want to offer their clients. </p>
<p>"If the adviser would prefer to be independent, then tucking into the RIA-only or hybrid model may be the right move," he writes in a Wall Street Journal column. "...Going the hybrid route, meanwhile, lets advisers recruit the broadest range of financial advisers to work alongside them and use multiple custodians."</p>
<p><strong><a href="http://www.businessinsider.com/china-the-biggest-tail-risk-to-markets-2013-11">The #1 Thing Hedge Fund Managers Are Worried About Right Now</a> (Bank of America) </strong></p>
<p>Hedge fund managers are most concerned about a Chinese hard landing and a collapse in commodity prices according to BofA Merrill Lynch's November Global Fund Manager Survey.</p>
<p><div class="image-container"><div class="image"><p class="source">BofA Merrill Lynch Fund Manager Survey, DataStream</p></div></div></p>
<p><strong><a href="http://www.investmentnews.com/article/20131112/FREE/131119967">$900 Million Team Leaves UBS To Start New Firm</a> (Investment News)</strong></p>
<p>Five UBS advisors that managed $900 million in clients assets have left to start independent investment advisory firm, Fusion Family Wealth, according to Joyce Hanson at Investment News. The firm was founded by Jonathan Blau, and includes Harvey Radler, Jeffrey Blick, Joel Bodner, and James Cloudman, all from UBS.</p>
<p><strong><a href="http://www.fa-mag.com/news/schwab-recognizes-three-rias-with-impact-award-16036.html">Three RIAs Are Celebrated By Charles Schwab At IMPACT Conference</a> (FA Mag)</strong></p>
<p>Charles Schwab has honored three registered investment advisors (RIAs) at the Schwab IMPACT 2013 conference in Washington, D.C. Atlanta-based Homrich Berg won Schwab's Best-In-Business Award, reports FA Mag. This award goes to independent advisory firms that have been in business for 10 year and have a "track record of growth and excellence and technology solutions that have helped expand market reach, responsiveness and operational efficiencies," according to FA Mag.</p>
<p>Paracle Advisors has won the Pacesetter Award, which goes to firms that have been in business for 10 years or less and that have shown promise. Meanwhile, Evensky &amp; Katz Wealth Management won the Trailblazer Award, for "combining entrepreneurial spirit with a drive to advance the industry's interests as a whole," reports FA Mag.</p>
<p><strong><a href="http://www.businessinsider.com/blackrock-stocks-arent-in-a-bubble-2013-11">Russ Koesterich: 4 Reasons We're Not In A Bubble</a> (BlackRock)</strong></p>
<p>Despite investor concerns about a stock market bubble. BlackRock's Russ Koesterich points to four reasons to show why they're not. 1. Valuations aren't cheap but they're far from previous cycle peaks. 2. Valuations are more "reasonable" outside the U.S. Stocks look cheap compared to bonds. 4. Many investors are still underweight stocks. As long as margins are high and interest rates are low Koesterich sees room  for stocks to move higher.</p>

Advisors Should Ask Themselves A Few Key Questions Before Joining The Ranks Of RIAs

<p><div class="KonaFilter image-container float_right click-to-enlarge"><div class="image"><a title_source="Alison Joyce/Getty Images " title_caption="" class="zoomin" href="http://static4.businessinsider.com/image/509139b869bedd7e5a00000f-960/chelsea-area-blackout-hurricane-sandy.jpg"><span class="click-to-enlarge-icon" title="Click to enlarge"></span></a><p class="source">Alison Joyce/Getty Images </p></div><p></p></div>A year after <keyword id="1428132" type="UNKNOWN" weightage="60" keywordseo="Hurricane-Sandy">Hurricane Sandy</keyword> knocked out power to millions in the Tri-State area, including all of downtown Manhattan, a dispute over <keyword id="1882505" type="UNKNOWN" weightage="60" keywordseo="ConEd">ConEd</keyword>'s request to raise electric rates has created uncertainty about whether the utility has adequate resources to prepare for another megastorm. </p>
<p>As the situation deteriorated last fall, <keyword id="6355838" type="COMPANY" weightage="60" keywordseo="New-York">New York</keyword> Governor <keyword id="196530" type="PERSON" weightage="60" keywordseo="Andrew-Cuomo">Andrew Cuomo</keyword> <a href="http://www.reuters.com/article/2012/11/08/storm-sandy-utilities-cuomo-idUSL1E8M8AGE20121108">blasted utilities</a>, including ConEd, which supplies power to <keyword id="72226" type="COMPANY" weightage="60" keywordseo="New-York-City">New York City</keyword>, for their performance in responding to the storm. </p>
<p>"<span>They have failed the consumers," he said. "The management has failed the consumers."</span></p>
<p>So in January, the utility proposed raising customers' electric rates to pay for upgrades.</p>
<p>The increases requested amount to about $3 more per customer. The goal is to raise$1 billion over four years. </p>
<p><span> "For 2014 we have a plan to spend about $250 million in storm hardening initiatives in substations, electric distribution, gas system, and the steam system," ConEd spokesman Mike Clendenin told us in a statement. "Without proper funding we will not be able to protect the system as planned."</span></p>
<p>But ConEd already asked for, and received, a rate increase three years ago, <a href="http://www.nytimes.com/2010/03/26/nyregion/26coned.html">to the tune of $10 per customer</a>. </p>
<p>And for several reasons, including its sheer age, New York's power system is among the most expensive in the country.</p>
<p>So Gov. Cuomo is opposing the rate hike, calling it unnecessary.</p>
<p>"Given the historically low interest rates and the economic and income growth forecasts, such investments can be made without the rate increase requested by the utility," he said earlier this month.</p>
<p>New York City has also come out against the proposal.</p>
<p>"Most or all of the funding can be derived from greater efficiencies in project design, development, and construction, provided that Con Edison's revenue requirements are set at levels commensurate with the Company's projected needs," <a href="http://documents.dps.ny.gov/public/Common/ViewDoc.aspx?DocRefId={61B1F7E9-0972-4464-8050-2DCD98C3D003}">it said in its statement during the rate hearing. </a></p>
<p>But ConEd says that without the additional funds, it would have to reassess what improvements it can pay for.</p>
<p>In a follow-up interview, Clendenin told us plans to bring overhead cables underground, beef up protection at substations, and infrastructure that would help isolate outages may have to be put on hold.</p>
<p>"We can't go forward with the plan we've put out without proper funding," he said.</p>
<p class="p1">The utility hasn't been sitting on its hands. It has already <a href="http://www.coned.com/newsroom/news/pr20131021.asp">installed</a> flood walls and, literally, moats, at generators like the one on the Lower East Side that blew up and caused the downtown outage. </p>
<p>But some say it's not enough, and that stronger regulation of ConEd is needed. Westchester County Assemblyman Tom Abinanti, who was critical of ConEd in the aftermath of the storm, <a href="http://www.lohud.com/article/20131024/NEWS/310240066/Utilities-pledges-do-better-post-Sandy-still-work-progress?odyssey=mod%7Cnewswell%7Ctext%7CNews%7Cs">told LoHud</a></p>
<p><span class="pp"></span>"I've seen nothing to tell me that they're better prepared," he said. "I have no faith Con Ed can respond any better than they did last time."</p>
<p>Though the last rate hike was large, its initial price tag was eventually brought down through negotiations. </p>
<p>That could happen this time, but there's obviously less room for maneuver.</p>
<p>The state's Public Service Commission, which has final say over the matter, could vote on the increase as soon as next month.</p>

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