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Regulatory Risk - NASAA Outlines Core Principles for Regulatory Reform in Financial Services
The North American Securities Administrators Association yesterday released five core principles to help guide the ongoing policy debate over the changes necessary to strengthen the nation’s financial services regulatory structure.
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Headline News, Thursday, November 20, 2008
November 20: Job at Risk - Companies to Curb Executive Bonuses, Stock Awards
Companies expect annual bonus and stock-based awards for executives to decline in response to the troubled economy, according to a new survey of more than 400 board members, executives and human resources professionals.
November 20: Credit Risk - Downgrades Affect $296.7 Billion in US Corporate Bonds in Q3
The credit crisis and softening economy pushed up the par value of U.S. corporate bonds affected by downgrades to $296.7 billion in the third quarter, a level topping the worst quarters of the 2001 / 2002 downturn.
November 20: Operational Risk – US SEC Improves Disclosure for Mutual Fund Investors
The Securities and Exchange Commission yesterday voted unanimously to improve mutual fund disclosure by requiring that funds provide investors with a concise summary – in plain English – of the key information they need to make informed investment decisions.
November 20: Economic Risk - Adults in Five Largest European Countries and the US Rate Both Their Government's and Heads of State Handling of Economic Crisis as Poor or Fair
As the economic crisis continues to deepen around the world, majorities of adults in the United States (68%), Spain (62%), Italy (57%), and Great Britain (53%) rate their government’s handling of the financial global market crisis as poor while a plurality of Germans (43%) and 39% of French adults rate their government’s handling as fair.
November 20: Speech – Kashkari on Implementing the Emergency Economic Stabilization Act
The following are remarks by Interim Assistant Secretary Neel Kashkari on Implementation of the Emergency Economic Stabilization Act.
November 20: Industry Risk - 2009 US Tobacco Outlook, Higher Taxes to Further Pressure Cigarette Volumes
Ratings for U.S. tobacco companies to remain stable in 2009. This outlook is supported by the companies' significant liquidity positions and by their ability to continue to generate sizeable free cash flow as a result of their high operating margins.
November 20: Energy Risk - Diversifying Transport Fuels
Good ole ingenuity will eventually lift the world economy. It's the same entrepreneurial spirit that will also advance the work being done to diversify transportation fuels. Any material that contains the critical chemical compounds can be converted to motor fuel.
November 20: Speech – Carney on Building Continuous Markets
The following are remarks by Mark Carney Governor of the Bank of Canada to the Canada – United Kingdom Chamber of Commerce.
November 19: Industry Risk - 2009 US Restaurant Outlook, Credit Risk Escalates as Challenges Persist
Fitch Ratings expects the negative effects of a declining U.S. economy, growing pressure on consumer discretionary spending, and higher than normal food costs to be further magnified in the restaurant industry during 2009.
November 19: Editorial - In Case You Missed It, Paulson Opinion
In Case You Missed It - “Fighting the Financial Crisis, One Challenge at a Time.”
November 19: Operational Risk - ISDA to Publish Auction Terms for Masonite
The International Swaps and Derivatives Association, Inc. (ISDA) yesterday announced that LCDX dealers voted to hold an auction for loan-only CDS transactions referencing Canadian entity, Masonite International Corporation, which is a constituent of the Markit LCDX index.
November 19: Testimony – Bernanke on Troubled Asset Relief Program and the Federal Reserve’s Liquidity Facilities
The following is a statement by Chairman Ben S. Bernanke on the Troubled Asset Relief Program and the Federal Reserve's liquidity facilities, before the Committee on Financial Services, U.S. House of Representatives.
November 19: Statement – Bair on Reducing Foreclosures
The following is a statement by Sheila C. Bair, Chairman of the Federal Deposit Insurance Corporation on Oversight of Implementation of the Emergency Economic Stabilization Act of 2008 and Of Government Lending and Insurance Facilities to the Committee on Financial Services, U.S. House of Representatives.
November 19: Testimony – Paulson on Implementing the Emergency Economic Stabilization Act
The following is testimony by US Treasury Secretary Henry M. Paulson, Jr. before the House Committee on Financial Services.
November 19: Market Risk - DJIA Factoids
DJIA, up 151.17 points, or 1.83% to 8424.75.
November 18: Operational Risk - The Importance of Banking Supervision in Financial Stability
Nout Wellink, Chairman of the Basel Committee on Banking Supervision and President of the Netherlands Bank, presented the Basel Committee’s strategy to address the fundamental weaknesses revealed by the financial market crisis that relate to the regulation, supervision and risk management of internationally-active banks.
November 18: Interview - Bill Janeway, New Hope for Financial Economics
We hear that the Obama camp is considering our friend and former Fed Chairman Paul Volcker as Treasury Secretary. The idea is to have Volcker lead the toxic waste cleanup for a year, so it is suggested, to be followed by New York Fed chief Tim Geithner. Our advice to Chairman Volcker is to turn down this dubious honor.
November 18: Commentary – Rollback, Alternative Title, Should Federal Bailout Policy Be Coordinated?
Here’s a silly question. When the Chairman of the Federal Reserve’s Board of Governors and the Secretary of the Treasury speak, do their colleagues listen?
November 18: Industry Risk – Solving the Middle Market Investment Banking Riddle
Middle market investment banking is likely to take on new prominence for Wall Street and the nation’s large banks as financial service companies go down market to look for new sources of revenue to replace large corporate deal flow. However, despite the huge potential profits to be made in advising mid-cap companies on mergers & acquisitions and initial public offerings, the middle market has proven very difficult nut for most banks to consistently crack.
November 18: Operational Risk – US SEC Files Insider Trading Charges Against Mark Cuban
The Securities and Exchange Commission yesterday charged Dallas entrepreneur Mark Cuban with insider trading for selling 600,000 shares of the stock of an Internet search engine company on the basis of material, non-public information concerning an impending stock offering.
November 18: Operational Risk - US Treasury Announces TARP Capital Purchase Program Description
Treasury yesterday announced a voluntary Capital Purchase Program to encourage U.S. financial institutions to build capital to increase the flow of financing to U.S. businesses and consumers and to support the U.S. economy. Under the program, Treasury will purchase up to $250 billion of senior preferred shares on standardized terms as described in the program's term sheet.
November 18: Market Risk - DJIA Factoids
DJIA down two straight days and five of the last six.
November 17: BIS - OTC Derivatives Market Activity in the First Half of 2008
The BIS is releasing its semi-annual statistics on positions in the global OTC derivatives market at end-June 2008. The statistics cover the notional amounts and gross market values outstanding of the worldwide consolidated OTC derivatives exposure of major banks and dealers in the G10 countries.
November 17: Country Risk - Dear President-elect Obama, Here's How to Get the Economy Out of the Ditch
In little more than two months, President-elect Barack Obama will take the oath of office with virtually no time to bask in his historic accomplishment of being the first African American elected to the highest office in the land. His first term will begin amid what are arguably the most challenging days for a newly elected president since Franklin Roosevelt's inauguration in 1933, during the depths of the Great Depression. Obama seeks to lead a nation mired in a worsening recession and burdened by the costs, both financial and human, of two wars and rising debt. The president-elect will need to confront these problems while delivering on the hopeful message he sold to his legion of supporters, weighing campaign promises to cut middle-class taxes and increase access to health care.
November 17: Market Risk - Chart of the Day
It has been said that earnings drive the market. That may be so, but it has been the ongoing financial crisis that has driven earnings – off a cliff.
November 17: Market Risk - FDIC Loss Sharing Proposal to Promote Affordable Loan Modifications
Although foreclosures are costly to lenders, borrowers and communities, the pace of loan modifications continues to be extremely slow (around 4 percent of seriously delinquent loans each month). It is imperative to provide incentives to achieve a sufficient scale in loan modifications to stem the reductions in housing prices and rising foreclosures.
November 17: Operational Risk - ISDA Comments on PWG’s Initiatives to Strengthen OTC Derivatives Infrastructure
ISDA endorses the PWG's call for the adoption of best practices with respect to risk management for OTC derivatives activities, including public reporting, liquidity management, senior management oversight and counterparty credit risk management.
November 17: Operational Risk - PWG Announces Initiatives to Strengthen OTC Derivatives Oversight and Infrastructure
The President's Working Group on Financial Markets last Friday announced a series of initiatives to strengthen oversight and the infrastructure of the over-the-counter derivatives market. Initiatives announced include the development of credit default swap central counterparties, some of which will commence operations before the end of 2008, and the establishment of a Memorandum of Understanding regarding CDS central counterparties among the Federal Reserve Board of Governors, the Securities and Exchange Commission and the Commodity Futures Trading Commission.
November 17: Speech – Kashkari on Stabalizing the Financial Markets
The following is testimony of Interim Assistant Secretary for Financial Stability Neel Kashkari before the House Committee on Oversight and Government Reform, Subcommittee on Domestic Policy.
November 17: Market Risk - DJIA Factoids
DJIA, down 337.94 points, or -3.82%, to 8497.31.
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