September 2008 - Posts
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Without suspending fair value accounting, the SEC and FASB issued guidance emphasizing that companies, including banks, should use their judgment when valuing of illiquid assets. New guidance issued by Securities and Exchange Commission and the Financial...
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Two reports measure how much campaign money House members of both parties received from financial institutions, and find sharply higher average amounts for supporters of the bill. In the wake of the defeat handed the Bush administration's $700 billion...
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Ciena unit of buyout firm Allied Capital files for bankruptcy, blaming the down credit market for its insolvency. A small-business lender owned by Allied Capital filed for bankruptcy protection today, after the worth of its assets shrank amid the uncertainty...
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Three rules can guide philanthropic companies that seek a profitable path toward a better world. "We must become a good company," the chief executive declares, having just returned from a conference featuring the philanthropic Google Guys, co...
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RC2 Corp. says its $163m purchase of a unit of Publications International is a victim of high borrowing costs. High borrowing costs have led RC2 Corp. to close the book on its $163-million deal to buy a privately held publisher. The Oak Brook, Ill.-based...
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Even before recent Libor and other short-term rate surges, a new BDO Seidman survey finds that retail CFOs were hurting as early as August. The London interbank offered rate (Libor) posted a record rise early today, signaling increasing stinginess among...
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A day after the House nixes the deal, Senate's majority leader pledges to have a vote on a proposal in the near future. One day after the House voted down the financial rescue plan, Senate Majority Leader Harry Reid (D-Nev.) pledged to have a vote...
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Hit by bankruptcy rumors, the energy company comes out quickly with assurances that its $4.7b deal with Berkshire Hathaway is still on. The tussle for capital on Wall Street — and for bipartisan agreement on Capitol Hill — has Constellation...
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Global market turmoil continues after the rejection of the mortgage-rescue plan in America. HOW many votes in Congress will the latest financial upheaval change? That is the calculus underway in Washington, D.C., after the House of Representatives defeated...
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The fledgling proposal would have denied tax deductibility for some or all of finance chiefs' compensation. But that and the bill's other comp clauses left many observers unsatisfied. The bill to allow the federal government to bail out financial...
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The accountancy's study shows that offerings are at a 30-year low this year, and Q2 went by without a sing one. While most eyes are fixed on the near-freeze in the lending markets, the environment for issuing new issues of stock has also deteriorated...
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In our M&A Roundup for the week ended Sept. 28, Berkshire Hathaway infusion into Goldman and the Chase purchase of WaMu assets give a boost to an otherwise tepid period. Fallout from Wall Street's financial meltdown warmed up last week's North...
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House GOP leaders blame Pelosi's "inappropriate" speech; White House touts core of plan; Senate awaits next House step. House GOP leaders are blaming a floor speech by Speaker Nancy Pelosi (D-Calif.) as the reason that some Republicans voted...
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Mitsubishi UFJ pays $9b for 21 percent of Morgan Stanley, while Bain Capital and Hellman & Friedman buy Lehman's Neuberger Berman asset management business. More than ever, you can't read the list of investment-banking players without a program...
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The market plunges between 5 and 7 percent in reaction as the 228-to-205 vote develops. The House has voted 228-205 to reject the financial sector bailout bill crafted over the weekend by a bipartisan group of House and Senate negotiators, Roll Call reported...
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With regard to executive compensation, the devil will be in the as-yet-unspoken details. As lawmakers promised, the discussion draft of the proposed bailout bill now making its way through Congress contains tough talk about compensation limits covering...
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Wall Street lobbyists, fairly silent so far, hit on House members to support the bailout bill when it comes up for a vote shortly. Wall Street lobbyists have been largely silent this week as Congressional leaders huddled behind closed doors to hammer...
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Amid the flurry of bank bailouts and potential mergers, the Federal Reserve Board and other agencies aim to change the way Tier 1 capital is calculated in the wake of a business combination. Recently, the Federal Reserve Board requested public comments...
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At a critical time, with attacks increasing, the board postpones a webcast about FAS 157. It leaves the discussion up to lawmakers at least for this week. As their fair-value accounting rules continue to get heat from bankers and legislators, the Financial...
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Embattled, bailed-out mortgate lenders now are officially targeted by U.S. Attorney, SEC Enforcement staff. Fannie Mae and Freddie Mac say they are officially targets of two federal investigations — one by the Securities and Exchange Commission...
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As House kicks off debate, opposing Republicans waste no time expressing their views. As the House kicked off three hours of debate on the $700 billion bailout package Monday morning, conservative Republicans wasted no time expressing their opposition...
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Under the plan, the SEC would also probe whether new mark-to-market rules helped spawn the financial crisis. The critics of fair-value accounting have apparently gotten a hearing on Capitol Hill: The current bailout bill being debated today in Congress...
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Speculation had focused on Wells Fargo as the buyer, but the FDIC brokers a Citi arrangement that excludes AG Edwards and Evergreen. Also, Goldman is looking to buy $50b in assets from troubled lenders. Citigroup Inc. is acquiring the banking operations...
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Outrage Prompts Sales Effort All the late-night talks, last-minute demands and dramatic pronouncements aside, the fundamental structure of a $700 billion Wall Street rescue plan that Congress spent the weekend wrangling over has not changed significantly...
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Most support Treasury's bailout proposal and think fair-value accounting should not be suspended, the CFA Institute finds. Investment professionals overwhelmingly support the government bailout package proposed by the U.S. Treasury and reject calls...
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