Skip to: Content
Skip to: Site Navigation
Skip to: Search
Newser - Current News - Breaking Stories

SPONSORED NEWS ARCHIVE

AMERICAN BANKERS ASSOCIATION'S PRESIDENT, CHIEF EXECUTIVE OFFICER YINGLING TESTIFIES ON IMPLEMENTING THE EMERGENCY ECONOMIC STABILIZATION ACT AND OTHER MARKET INTERVENTIONS BEFORE HOUSE PANEL

Article from: US Fed News Service, Including US State News Article date: November 18, 2008

The House Financial Services Committee issued the following testimony from a full committee hearing:

TESTIMONY OF EDWARD L. YINGLING ON BEHALF OF THE AMERICAN BANKERS ASSOCIATION

BEFORE THE COMMITTEE ON FINANCIAL SERVICES UNITED STATES HOUSE OF REPRESENTATIVES

Chairman Frank and members of the Committee, my name is Edward L. Yingling. I am President and CEO of the American Bankers Association (ABA). ABA works to enhance the competitiveness of the nation's banking industry and strengthen America's economy and communities. Its members - the majority of which are banks with less than $125 ...

Read the rest of this article with a Free Trial at HighBeam Research.
Newser gathers stories from across the web and packs what you need to know into about 120 words.
Check out these stories related to your search. Visit our grid for the latest news.

SEC Relaxes 'Fire Sale' Assets Rule

Posted Oct 1, 08 3:23 AM CDT in US,  Business 

SEC Relaxes 'Fire Sale' Assets Rule
Source: AP Photo/Peter Morgan

(Newser) – The SEC is relaxing enforcement of a controversial rule in a bid to ease pressure on banks during the financial crisis, the New York Times reports. Current accounting rules require companies to value assets at a fluctuating fair market price. In the current financial chaos, values are rapidly heading south, forcing companies to report huge quarter-to-quarter losses. 

The SEC is not changing the rule, but will now begin interpreting the rule loosely enough to give companies some breathing room. “Investors can be well served if they understand that from quarter two to quarter three management has developed a different interpretation of fair value—and they provide a reconciliation of the change," said a securities analyst.

Source: New York Times

More about:  Financial Crisis • SEC • Wall Street bailout • banks • accounting • JPMorgan

MORE RELATED NEWSER STORIES

 Wall Street Execs 
 Still Fly Private Jets 

Costly travel rationalized as time saver

Associated Press Associated Press Dec 22, 08 5:47 AM CST
(Newser) - Six ailing Wall Street firms that eagerly took bailout funds still spend thousands to operate fleets of private jets that whisk their executives to company—and personal—events, AP reports. AIG, which scooped up $150 billion from the government, beats its peers with a seven-jet fleet. Fuel alone for a single cross-country trip runs $20,000.  More »

More about:  Financial Crisis • Wall Street • air travel • executive compensation • Wall Street bailout • banks • investment banks • luxury travel • private jet • corporate execs

Here Comes the New Bailout Plan

Paulson will match Europe's effort by spending $250B
on stock in 9 banks

Wall Street Journal Wall Street Journal Oct 13, 08 5:40 PM CDT
(Newser) - The US version of Europe's new financial bailout plans is coming tomorrow, the Wall Street Journal reports. In the wake of a rollout by European nations today, and soaring stock markets worldwide, Washington will do what it dissed only weeks ago: snap up billions in bank equity stakes. The FDIC will also raise insurance above $250,000 on some bank accounts and backstop bank-issued debt. More »

More about:  Financial Crisis • bailout • Henry Paulson • Wall Street bailout • banks

BoA, Wells Fargo
Wrap Up Takeovers

Tough road ahead for merged financial institutions

Reuters Reuters Jan 1, 09 3:27 PM CST
(Newser) - Bank of America and Wells Fargo completed their respective takeovers of Merrill Lynch and Wachovia this week, expected developments that close the books on a year of unprecedented change in the banking industry, Reuters reports. The acquisition of Merrill makes BoA the largest US bank by assets, with $2.7 trillion, while Wells Fargo is now fourth, with $1.4 trillion. More »

More about:  Financial Crisis • Merrill Lynch • mortgage • Bank of America • Wachovia • banks • Wells Fargo • takeovers

SPONSORED NEWS ARCHIVE

SEC PROPOSES ROADMAP TOWARD GLOBAL ACCOUNTING STANDARDS TO HELP INVESTORS COMPARE... (US Fed News Service, Including US State News)

REP. HOEKSTRA SUPPORTS SEC EASING ACCOUNTING RULES THAT HELPED LEAD TO CREDIT... (US Fed News Service, Including US State News)

SEC ANNOUNCES PANELISTS, AGENDA FOR AUG. 4 ROUNDTABLE ON PERFORMANCE OF IFRS,... (US Fed News Service, Including US State News)

SEC ISSUES STATEMENT REGARDING RECENT MARKET EVENTS AND LEHMAN BROTHERS(UPDATED) (US Fed News Service, Including US State News)

SEC ISSUES STATEMENT ON PROPOSED LEHMAN BROTHERS ACQUISITION BY BARCLAYS (US Fed News Service, Including US State News)


Other Business Stories