MS tightens broker incentives








Morgan Stanley boss James Gorman taketh and giveth as he rejiggers incentive pay packages for its more than 17,000 brokerage force.

The changes, announced during an internal call to brokers yesterday by head of brokerage operations, Doug Ketterer, better align the so-called financial advisers’ performance with Gorman’s goal of developing Morgan Stanley Wealth Management [formerly Smith Barney] into a big profit center capable of helping the investment bank sidestep choppy markets.

The new plan, which goes into effect at the start of the next year, encourages brokers to beef up their assets under management and loans to high-net-worth clientele.




The moves comes as incentive pay based on revenues for brokers is set to shrink by as much as 2 percent — a change that might irk some employees.

But top broker performers and managers will also be able to purchase shares of Morgan Stanley stock at a 20 percent-to-25 percent discount — the first time the pay package has included the ability to purchase discounted shares, one official noted.

Brokers who have served for at least five years and generate gross revenues of at least $400,000 will be able to participate in the discount-stock program but won’t be able to sell the stock for three years.

During a conference call with brokers, Ketterer described the package as one of the “richest growth incentives offered on the Street,” said one insider who had listened to the 20-minute call.

Sources say that Gorman is focused on building out the overall wealth-management platform, which is run by Greg Fleming, and is interested in retaining only the most stellar producers.

The brokerage operations, of which Morgan Stanley owns a 65 percent stake, are the result of a joint venture with Citigroup.

Fleming is tasked with helping the platform generate a return on equity in the mid-teens — a goal the firm has struggled to accomplish.

mark.decambre@nypost.com










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New equity options exchange owned by Miami company starts trading on Friday




















MIAX Options Exchange, a new fully electronic, equity options trading exchange, said it will begin trading on Friday.

MIAX Options Exchange is based in Princeton, N.J., but its parent company is Miami International Holdings. While MIAX’s executive offices, technology development center and national operations center are based in Princeton, additional executive offices, and a multi-purpose training, meeting and conference center will be located in Miami, the company said.

MIAX Options Exchange’s trading platform has been developed in-house and designed for the functional and performance demands of derivatives trading, the company said.





INA PAIVA CORDLE





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To win in 2014, Florida Democrats must build on momentum




















Democrats just concluded their most successful Florida election cycle in more than three decades, not just delivering the state to President Barack Obama and re-electing Sen. Bill Nelson, but also picking up state House, state Senate, and Congressional seats.

But don’t get cocky, Florida Democrats. In many respects, 2014 is more important for the vitality of the party than 2012.

As you prepare to elect a new state party chairman there’s every reason to worry heading into the new election cycle, even against vulnerable Republican Gov. Rick Scott.





You won’t have the massive Obama grassroots machine registering and turning out tens of thousands of new voters. Or a lavishly funded TV campaign like Obama’s. And if past is prologue, Florida Republicans will have far stronger turnout than Democrats.

“Democrats have a long history of not coming out to vote in the non-presidential election years. We’ve seen that four times in a row,” Alex Sink, the 2010 Democratic nominee for governor and potential 2014 candidate, said in a Political Connections interview on Bay News 9.

“The big question I believe for Democrats in the next election is how much of that energy and enthusiasm that we had during this presidential election can carry on to the 2014 races,” Sink said. “I think it’s probably going to be unfortunately very difficult.”

On Jan. 26 in Orlando, Democratic Party leaders will elect a new leader to succeed former state Sen. Rod Smith of Alachua, who took the helm of the state party after a GOP wave left Democrats holding just one of Florida’s six statewide offices, Nelson’s Senate seat.

Against that change of leadership, there is no more important question facing the party than whether it can take advantage of demographic changes in Florida and come even close to following the model set by the Obama campaign.

“We’re at the threshold of a new Florida, and we’ve got to seize that opportunity,” said Alan Clendenin, an air-traffic controller and union organizer in Tampa running for party chairman against Annette Taddeo-Goldstein, a Miami-Dade County businesswoman and former candidate for Congress and County Commission.

“Demographics are on our side, the issues are on our side, the wind is at our back, and we just can’t screw it up,” said Clendenin, 53, whose extensive “Rebrand, Rebuild, Recruit” plan for the state party includes decentralizing to create at least five “regional hubs,” more emphasis on low-dollar fundraising, and a “bottom-up” structure for grassroots organizing.

A key to Obama winning Florida’s 29 electoral votes was his strong performance among African-Americans, Hispanics, and voters under 30 — overwhelmingly Democratic groups that tend to show up in much lower numbers during off-year elections.

“The question is how do we take what is the Obama coalition and translate that to a Democratic coalition that outlasts Obama,” said outgoing party chairman Smith.

Consider that in 2008 the Florida electorate was 42 percent Democratic and 39 percent Republican. Two years later, when Scott narrowly beat Sink, it was 45 percent Republican and 39 percent Democratic.

In non-presidential years, the Florida electorate is invariably older, whiter, and much more Republican.





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Dancing with the Stars Partners Reunite on Big Screen

Dancing with the Stars pro Karina Smirnoff is joining her Season 12 partner Ralph Macchio in a new movie, Us Weekly reports.

RELATED: Ralph Macchio Gets 'Happily Divorced'

According to the news source, the 34-year-old dancer plays a woman who becomes the object of a 10-year-old boy's fascination when he sees her dancing in a neighboring house.

"It is a dream come true to have this opportunity in working with Ralph again," she says of her former dance partner who writes and directs the film. "He wrote such an inspiring script, and I'm grateful to be a part of it. The story is sweet but profound, and my character is very compelling. I'm loving the process!"

This is Smirnoff's first movie role but she gave her acting qualifications, saying, "I feel like I've always acted within a dance ... Now I get to just act, and I'm extremely excited for the opportunity."

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Benghazi blunder: CIA opts for CYA









headshot

Michael A. Walsh





The United States has the world’s largest and (at $80 billion a year) best-funded intelligence services in the world — some 17 of them, in fact, including such lesser-known outfits as the National Geospatial-Intelligence Agency, which helped lead Seal Team Six to Osama bin Laden’s hideout in Pakistan, and the Defense Intelligence Agency.

How much bang we’re getting for our buck from the big dogs of the intelligence community, though, is another matter — as the recent Libyan fiasco so vividly demonstrates.

The deaths of Ambassador Chris Stevens and three other Americans were a moral and military disgrace, bespeaking a failure of nerve and judgment at the highest levels. With significant military assets just a couple of hours away, the men were left to die.




Their deaths were a tragedy, but now the ensuing blame game threatens to devolve into farce.

Ever since UN Ambassador Susan Rice’s ludicrous assertion that the assault on the US consulate in Benghazi (which now appears to have been a CIA station operating under flimsy diplomatic cover) was provoked by an amateur video that lampooned Islam, various elements of the IC have been scrambling to assign blame — and protect the White House.

At various points, the CIA, the FBI and the useless Office of the Director of National Intelligence have either shouldered the responsibility or had fingers pointed at them for editing out references to al Qaeda’s role in the deadly assault from the unclassified talking points provided to Rice and others in the aftermath of the disaster.

Most recently, the hot potato has landed back where it began — at CIA, which remains in organizational turmoil after the sudden resignation of its director, David Petraeus.

According to a detailed report in Tuesday’s Wall Street Journal, all references to terrorism were edited out by dozens of busy beavers in Langley:

“A detailed examination of how US assessments were turned into the talking points reveals a highly cautious, bureaucratic process that had the effect of watering down the US’s own intelligence. The same process was slow to change conclusions when evidence shifted, in particular about links to al Qaeda and whether the attack grew out of a protest.”

According to the Journal, the report was deliberately watered down to protect the agency’s sources and investigative methods — as if it were top secret that CIA or the National Security Agency is constantly monitoring al Qaeda’s internal communications, or has agents embedded within terror cells.

Yet the talking points also included this fateful line: “The demonstrations in Benghazi were spontaneously inspired by the protests at the US Embassy in Cairo.” Which we now know was a flat-out lie.

We expect our intel agencies to lie to our enemies — that’s part of their brief. But we don’t expect them to lie to Congress and the White House — which in any case had its own domestic political reasons for not wanting to ascribe the attack to al Qaeda.

But even “watering down” our own intelligence for bureaucratic CYA reasons is simply unacceptable. Unfortunately, it’s all too typical of the CIA — which has consistently bungled just about every major geopolitical development since it helped overthrow Iranian Prime Minister Mohammad Mossadegh in 1953 and engineered a coup against Guatemalan President Jacobo Arbenz the next year.

Among other things, the agency failed to adequately assess the global threat posed by the Ayatollah Khomeini in Iran and was caught by surprise when the Berlin Wall fell in 1989 and the Soviet Union collapsed two years later. And how about those Iraqi weapons of mass destruction?

The Benghazi blunder illustrates why: While the Agency remains very good at collecting intelligence and providing payback against our foreign enemies, its in-house analysts are often too busy playing footsie with the Washington political and journalistic establishment to soberly and apolitically deliver the news.

So it’s no accident that another member of the IC, the Defense Intelligence Agency — which reports to the Pentagon — is beefing up its core of overseas “collection” agents as part of its new Defense Clandestine Service (announced back in April, but informally in existence for more than a decade). Essentially, the Pentagon now has a way to go around CIA if and when it feels the need for threat assessment unfiltered by a dysfunctional Langley bureaucracy.

It’s a sad commentary on a once-proud agency that it’s no longer trusted by the folks who have to put the military’s muscle behind the analysts’ mouths.



Have a comment on this PostOpinion column? Send it in to LETTERS@NYPOST.COM!










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Innovate MIA puts spotlight on startup community




















If you think the next week is all about art, you may be surprised to learn there are also six entrepreneurship events vying for your time.

And that is all by design.

In much the way that Art Basel helped put Miami’s arts community on the international map, organizers of the first Innovate MIA hope their weeklong grouping of events will shine a light on the city’s growing tech startup community and its position as the gateway to Latin America.





Many of the events — ending with Florida International University’s Americas Venture Capital Conference — are after Art Basel. That’s also why the third annual AVCC was moved to Dec. 13-14 from its previous mid-November dates.

“Our message is come for Art Basel, and stay for AVCC,” said Juan Pablo Cappello, a lawyer, entrepreneur and investor who is on the steering committee of the venture capital conference and several other Innovate MIA events. And all week, there will be plenty of opportunities for Miami’s entrepreneurs, creatives and investors to mingle with their counterparts from all over the Americas and beyond.

In addition to the AVCC, there’s Incubate Miami’s DemoDay, where its class of startups present their companies, the martial arts-inspired TekFight and HackDay, which dangles a $50,000 cash prize. Endeavor, the global nonprofit that promotes high-impact entrepreneurship in emerging economies, is bringing its two-day International Selection Panel to Miami, and Wayra, an international accelerator, is holding a one-day event to showcase its promising startups from Latin America and Spain. It’s all part of Innovate MIA week: “I don’t think anything like it has ever been organized here in South Florida,” Cappello said.

The AVCC will be the big draw, with about 300 people expected to attend the two-day event at the JW Marriott Brickell. The conference, themed “Data, Design & Dollars,” will feature thought leaders from all over the world, particularly Latin America, and presentations by 29 selected companies. This year, the format has been overhauled and energized, with lots of short talks and more time for question-and-answer sessions and networking, said Jerry Haar, associate dean of FIU’s College of Business, director of the Pino Global Entrepreneurship Center and AVCC co-chair.

The AVCC’s 36 speakers include Martin Varsavsky, Argentine tech entrepreneur, investor and founder of Viatel, Ya.com, Jazztel and FON; Hernan J. Kazah, co-founder and managing partner at Kaszek Ventures and co-founder of Mercadolibre; and Jason L. Baptiste, CEO and co-founder of Onswipe. There’s also Michael Jackson, former COO of Skype and now a venture capitalist; Albert Santalo, founder and CEO of Miami-based CareCloud; and Bedy Yang of 500 Startups.

Chosen from more than 100 applicants, the 29 presenting companies hailing from all over the Americas will be giving either two-minute or five-minute pitches, fielding questions from a panel of judges and competing for prize packages valued at about $50,000. Eight of the startups are from South Florida: itMD, Kairos, Trapezoid Digital Security, Esenem, LiveNinja, OnTrade, Rokk3r Labs and Zavee.

The presenting companies have “proven innovation, proven management teams and the ability to scale well and be a pan-regional player,” said Faquiry Diaz Cala, president of Tres Mares Group and co-chair of AVCC. “The word is out this is a great place to come and pitch to great investors in addition to potentially being one of the prize winners.”





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State high court denies appeals by former Sweetwater cop slated for execution




















The Florida Supreme Court on Tuesday denied appeals by former Sweetwater cop and mass killer Manuel Pardo, who is slated to be executed next week.

Prosecutors said Pardo, 56, and cohort Rolando Garcia committed nine murders during the 1980s, ripping off drug dealers and people who could implicate them in the crimes. At a 1988 trial, he admitted the murders, saying he was ridding the streets of the “scum of the earth.”

At trial, lawyers for Pardo — a former highway patrolman, Boy Scout leader and decorated Navy veteran — argued he was insane at the time of the crimes.





After Gov. Rick Scott signed his death warrant in October, Pardo’s lawyers asked Miami-Dade Circuit Judge Stanford Blake to stay the execution, saying Pardo had not been given all the public records associated with his case and that back in the 1980s he was incompetent to stand trial.

Pardo’s lawyers also said state’s method of lethal injection was “cruel and unusual” punishment. Blake denied the appeals.

On Tuesday, the Florida Supreme Court upheld Blake’s decision, saying Pardo’s claims about lethal injection were based on “pure speculation and conjecture.”

Pardo is slated to be executed Dec. 11 at the Florida State Prison in Starke.





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Toshiba’s 10-inch Excite 10 SE tablet sells for $349.99, comes with Jelly Bean












While every other company is busy chasing the 7-inch tablet market, Toshiba (TOSBF) is keeping its eye on people interested in 10-inch tablets. Its new Excite 10 SE Android tablet is fairly similar to its Excite 10 LE, sporting a 10.1-inch 1280 x 800 resolution display, NVIDIA Tegra 3 quad-core processor, 16GB of internal storage, 3-megapixel rear camera, HD front camera, microSD card slot and Android 4.1 Jelly Bean. It doesn’t have the iPad’s eye-popping Retina display or the Samsung (005930) Nexus 10′s crisp 2,560 x 1,600 resolution with 300 pixels per inch, but it’s more than adequate for most basic tablet tasks. And at $ 349.99, it’s not a bad deal for a 10-inch tablet. The Excite 10 SE goes on sale December 6th and will be available from ToshibaDirect.com and select retail stores. Toshiba’s press release follows below.



Toshiba expands excite family of tablets with new 10-inch model












New Excite 10 SE Tablet Powered by Android 4.1 Starting at $ 349.99 MSRP


IRVINE, Calif. — Dec. 4, 2012 — Toshiba’s Digital Products Division (DPD), a division of Toshiba America Information Systems, Inc., today announced the availability of the Excite™ 10 SE tablet, a multimedia-rich tablet with a 10.1-inch touchscreen, powered by Android™ 4.1, Jelly Bean. The Excite 10 SE offers an affordable option for people looking for a powerful and versatile tablet for the home, starting at only $ 349.99 MSRP[i].


“Our Excite family of tablets continues to grow with options to suit a wide range of consumer needs, from portability and gaming to versatility and power,” said Carl Pinto, vice president of marketing of Toshiba America Information Systems, Inc., Digital Products Division. “We designed the Excite 10 SE to be a full featured tablet that offers a pure Android, Jelly Bean experience, while maintaining an attractive price point.”


The Excite 10 SE features Android 4.1, Jelly Bean, which improves on the simplicity and usability of Android 4.0. Moving between customizable home screens and switching between apps is effortless, while the Chrome™ browser and new Google Now intelligent personal assistant and Voice Search apps makes surfing the web fast and fluid.


Slim and light at only 0.4 inches thick and weighing 22.6 ounces[ii], the Excite 10 SE is encased with a textured Fusion Lattice finish, making it comfortable to hold and easy to carry. The tablet offers a vibrant 10.1-inch diagonal AutoBrite™ HD touchscreen display[iii] plus the NVIDIA® Tegra® 3 Super 4-PLUS-1™ quad-core processor[iv] that delivers smooth web browsing and outstanding performance for games, HD movies and more.


Stereo speakers with SRS® Premium Voice Pro create an optimized audio experience for music, video and games, while providing greater clarity for video chatting via the tablet’s HD front-facing camera. The Excite 10 SE also includes a 3 megapixel rear-facing camera with auto-focus and digital zoom for capturing HD video and photos. Featuring a wide range of connectivity, the tablet includes 802.11 b/g/n Wi-Fi®, Bluetooth® 3.0, as well as Micro SD and Micro USB ports for expandability. The tablet also charges conveniently via the Micro USB port.


Availability


The Excite 10 SE will be available starting at $ 349.99 MSRP for the 16GB model at select retailers and direct from Toshiba at ToshibaDirect.com on December 6, 2012.



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Adorable Tots: Celebs and their Cute Kids!


Mariah Carey & Nick Cannon


"Monroe's in paradise," posted Mariah Carey along with an adorable snap of her daughter lounging in a room full of Hello Kitty toys as her twin brother Moroccan looks on.

"Roc doesn't share the fascination lol," she remarked.


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Netflix gets glitz








Netflix scored an exclusive deal to stream Disney movies, marking the first time a major Hollywood studio has picked a Web upstart over an established pay-TV player like HBO.

The streaming-video service paid big bucks to best Liberty Media’s Starz premium channel, which previously held the rights to show Disney movies in the US.

Netflix’s chief content officer, Ted Sarandos, hailed the pact as “a bold leap forward for Internet television.”

While financial terms weren’t disclosed, Netflix is ponying up an estimated $350 million a year for the rights to stream Disney’s films a few months after they first air in theaters — a distribution window typically reserved for pay-TV channels.





REUTERS





Mickey, Yoda and me: Reed Hastings of Netflix is likely to shake up the pay-TV world by signing a blockbuster exclusive multi-year deal with Disney, which recently purchased “Star Wars” maker Lucasfilm.






The move aims to distinguish Netflix from a crowded field of streaming rivals including Amazon, Hulu Plus and Verizon/Redbox, while also putting premium channels like HBO, Starz, Showtime and Epix on notice.

Netflix will gain access to new Disney, Pixar, Marvel Comics and Lucasfilm movies starting in 2016, when the studio’s current deal with Starz expires.

It will get direct-to-video releases next year, while older animated classics such as “Dumbo,” “Pocahontas” and “Alice in Wonderland” will immediately become available through Netflix.

Netflix’s stock soared 14 percent, rising $10.65 to close at $86.65, on news of the pact even as Wall Street analysts fretted about the price tag.

Tony Wible, an analyst with Janney Montgomery Scott, estimated Netflix is paying north of $350 million a year and said he wouldn’t be surprise if the company “would need to raise capital.”

Netflix, which counts activist investor Carl Icahn as a major shareholder, could also be making a bet that it will be part of a larger, deeper-pocketed entity by 2016.

Netflix is paying considerably more than Starz did for Disney’s content. Barclays analyst Anthony DiClemente said Starz’s Disney deal is around $250 million a year.

Still, the move is a blow to Starz, which is being spun out of Liberty Media. Starz currently owns the rights to distribute both Disney and Sony movies in the so-called pay-TV window. The Starz-Sony deal will expire in 2016 as well.

Netflix has said it will bid on the Sony rights when they come up for grabs.

“This is a big deal for Hollywood and the premium networks,” said Dan Cryan, senior director of digital media at IHS/Electronics and Media.

Netflix lost rights to Disney and Sony movies earlier this year, when it couldn’t agree on a new deal with Starz, which wanted Netflix to create a special tier for its “premium content.”

Netflix was reportedly discussing renewing the Starz deal for between $300 million and $400 million.

Industry observers are also wondering how Disney’s Netflix pact will sit with cable and satellite-TV providers.

The industry, which pays per-subscriber fees to premium channels, leaned on Starz not to do business with Netflix on better terms than they were paying.

catkinson@nypost.com










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