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Treasury: Monitoring bailout funds is `difficult` The Treasury Department says it's a challenge to understand how financial institutions participating in the $700 billion bank bailout program are using the capital they receive. Market WatchSEC: Keep mark to market accounting rules The U.S. Securities & Exchange Commission does not want to suspend “mark to market” accounting rules that some blame for the financial distress of U.S. banks and mortgage lenders. Bizjournals.comCiti executives will forgo bonuses next year Vikram Pandit, Citigroup's chief executive, and the troubled bank's chairman Win Bischoff will forgo their bonuses for 2008. In a memo sent to staff yesterday, Mr Pandit said that Bob Rubin, direc... Big News NetworkDefending TARP Isolating the effectiveness of the government's $700 billion Troubled Asset Relief Program is proving more difficult than expected, the Treasury Department said Wednesday in a written response to an oversight agency. However, the department said it does believe that its actions, "in combination with other actions, stemmed a series of financial institution failures." The 15-page report seeks to answer a series of pointed questions raised earlier in December in the initial report from a special Congressional Oversight Panel led by Harvard professor Elizabeth Warren. To support its assertion that "the financial system is fundamentally more stable than it was when Congress passed the legislation," the report said that the average credit default swap spread for the eight largest U.S. banks has declined by "about 240 basis points" since the TARP was created. The department was more circumspect about whether billions of dollars in direct capital injections in PortfolioS.E.C. Clears Mark-to-Market Fair-value accounting was not the culprit of the financial meltdown that has brought down the biggest financial institutions in the country, the U.S. Securities and Exchange Commission said today in a report to Congress. This method of accounting, where assets are valued at a calculated current market price, should remain the standard, the S.E.C. said, adding recommendations to strengthen accountability and sensitivity to market changes. The study, produced on more than 200 pages, was ordered as part of Congress' $700 billion bailout package. Many banks and industry organizations have blamed this accounting practice for the downward economic spiral, as it forces businesses to assign a low value to assets as they would trade today, even if the company doesn't intend to sell them. Critics have also charged that it is impossible to determine fair market value in an illiquid market, such as the one that began to materialize after the risky trading of mortgage backed securities reversed PortfolioFACTBOX-Dow components performance in 2008 - Reuters FACTBOX-Dow components performance in 20084 hours agoThe top three losers were automaker General Motors Corp, banking powerhouse Citigroup Inc and aluminum maker Alcoa Inc. The only two stock prices that had a ... Feed DigestBank and Thrift Opportunity Fund (NYSE: BTO) Announces Completion of Reverse Stock Split (PR Newswire) John Hancock Bank and Thrift Opportunity Fund announced today that its previously disclosed 1-for-4 reverse stock split was executed after the close of business on December 29, 2008. yahoo.comING suffers as big banks win deposits THE Federal Government's deposit guarantee scheme has slowed the customer exodus from second-tier players, but Bankwest and ING Australia are continuing to lose deposits to the major institutions. News.comEuro Ends Year Down Slightly Against US Dollar as EUR/GBP Dictates Price Action In the final days of 2008, EUR/GBP traded at record highs to target parity, as the markets anticipated that the European Central Bank would be far slower... Daily FXThe Day Ahead Japan & Australia: RBA Commodity Price Index (CEP News) - Markets are currently closed in the Asia Pacific for the New Year holiday. In the aftermath of the New Year, there are no major macroeconomic data releases scheduled for Japan or Australia on Jan. 2, except for the Reserve Bank of Australia's commodity price index. Economic News1 2 3 4 5 |
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