Rewarding Wall Street Recklessness Nov 18, 2009
The Federal Reserve Bank of New York gave up much of its power in high-pressure negotiations with the American International Group s trading partners last year, according to a government report made public on Monday. Treasury Inspector General Neil Barofsky testified during a hearing of the House Committee on Oversight and Government Reform in October. (The American Conservative)
Report: Billions Wasted in AIG Bailout Nov 18, 2009
The plan - coordinated by then head of the Federal Reserve Bank of New York (FRBNY) Timothy F. Geithner, who now serves as Treasury secretary - allowed too much leverage to AIG counterparties while significantly handcuffing the Federal Reserve's negotiating power, according to an audit released Tuesday by Neil Barofsky, special inspector general for the Troubled Asset Relief Program (TARP). "The decision to acquire a controlling interest in one of the world's most complex and troubled... (Newsmax)
VC creates jobs, but not enough Nov 18, 2009
A Federal Reserve Bank of Philadelphia survey of private economists this week was equally gloomy: "The job market looks weaker now than it did three months ago.". Some start-ups at the Intel conference said they would welcome help from the government to grow faster. (India Times)
NY Fed 'paid AIG banks too much' Nov 18, 2009
The report criticised both the Federal Reserve Bank of New York and the US Federal Reserve for failing to use their "considerable leverage" to force AIG's counterparties to accept less than the full amount for the assets. As a result, 16 banks, including Goldman Sachs, Deutsche Bank, Societe Generale and Royal Bank of Scotland, were paid more than $62bn. (BBC News -- Americas)
NY manufacturing cooled in October Nov 17, 2009
After hitting a five-year high in October, manufacturing activity in New York expanded at a slower pace in November, the Federal Reserve Bank Buffalo branch said Monday. Despite the slowdown, though, Richard Deitz, the New York Fed s senior economist in Buffalo, noted that it is still the fourth consecutive month that the Fed s Empire State Manufacturing index showed improvement. (Buffalo Business First, NY)
Regulators slow real estate recovery, critics say Nov 17, 2009
Federal regulators haven t put enough pressure on banks to unload poorly performing commercial real estate loans, according to a panel of industry leaders convened by the Federal Reserve Bank of Atlanta. Inaction has stifled investment sales, and kept the market from bottoming out and recovering faster, observers say. (Charlotte Business Journal, NC)
NY Fed Failed to Negotiate AIG Concessions Nov 17, 2009
WASHINGTON (Reuters) - The Federal Reserve Bank of New York used a weak negotiating strategy that failed to wring concessions from AIG trading partners last year, allowing them to reap nearly $30 billion in payments from U.S. taxpayers, a government audit report said on Monday. The New York Fed had little room to maneuver after bailing out American International Group in September but failed to use what leverage it had when it later cut a deal with AIG counterparties, according to the report by... (ABC News -- Wire)
Watchdog: AIG rescue messed up Nov 17, 2009
The Federal Reserve Bank of New York headed at the time 00000E1A by current Treasury Secretary Tim Geithner paid AIG's business partners face value for securities so they would cancel insurance-like contracts AIG had written and ease the firm's liquidity crunch ... The Federal Reserve Bank of New York headed at the time by current Treasury Secretary Tim Geithner paid AIG's business partners face value for securities so they would cancel insurance-like contracts AIG had written and ease the... (New York Post -- News)
Watchdog says government overpaid on AIG Nov 17, 2009
The Federal Reserve Bank of New York headed at the time by now Treasury Secretary Timothy Geithner paid AIG's business partners face value for securities so they would cancel insurance-like contracts AIG had written and ease the firm's liquidity crunch. But at least one of those partner banks would have canceled the contracts for less, according to a report Tuesday from Neil Barofsky, the Special Inspector General for the $700 billion financial bailout Congress approved last October. (MSNBC -- Race)
Retail sales rebound in Oct., beating forecast Nov 17, 2009
The Federal Reserve Bank of New York s general economic index, where positive readings signal growth, fell to 23. 5 this month from a five-year high of 34. (Boston Globe)
Bernanke: Fed will keep eye on sliding dollar Nov 17, 2009
Ben Bernanke, chairman of the Federal Reserve Bank, speaks at a meeting of The Economic Club of New York, Monday, Nov. 16, 2009. Bernanke said the central bank will keep a close eye on the sliding U.S. dollar even as he pledged anew to keep interest rates at record-lows to nurture the economic recovery. (Muscatine Journal, IO)
Retail Sales in U.S. Probably Climbed on Auto Gain After `Clunkers' Plan Nov 16, 2009
Also at 8:30 a.m., figures from the Federal Reserve Bank of New York may show manufacturing in the region expanded in November for the fourth consecutive month. The general economic fell to 30 from an October reading of 34. (Bloomberg -- US)
Fed official still sees risks facing economic recovery Nov 15, 2009
While the U.S. economy appears to be on the road to recovery, there are some possible risks to sustainable growth, according to Dennis Lockhart, president and chief executive officer at the Federal Reserve Bank of Atlanta. In a recent speech before the Emerging Trends Real Estate Conference in Atlanta, Lockhart discussed the impact "troubled" commercial real estate loans would have on the overall economy. (Daytona Beach News Journal -- Local)
NY Fed president: Crisis can teach finance system Nov 15, 2009
PRINCETON, N.J. (AP) The president and CEO of the Federal Reserve Bank of New York says the financial world can learn from the economic crunch of the past two years to become more resilient in future crises. William Dudley spoke at a symposium at Princeton University's Center for Economic Policy Studies on Friday. (KGW Northwest NewsChannel 8, OR -- Business)
Experts argue against financial safety net Nov 15, 2009
At least that's the conclusion of two experts at the Federal Reserve Bank of Richmond. In an Economic Brief produced by the Richmond Fed, Robert Hetzel and Stephen Silvinski argue that rolling back the financial safety net is the first important step for reforming the financial regulatory system. (Daytona Beach News Journal -- Local)
Fed Could Offer `Backstop' to Firms with Enough Collateral, Dudley Says Nov 14, 2009
Nov. 14 (Bloomberg) -- Federal Reserve Bank of New York President said the central bank could curtail the risk of future liquidity crises by providing a backstop to solvent firms with sufficient collateral. The central bank could commit to being the lender of last resort to such firms, Dudley said in a speech yesterday in Princeton, New Jersey. (Bloomberg -- US)
IIJ Announces First Six Months Financial Results for the Fiscal Year Ending March 31, 2010 Nov 13, 2009
Effective July 1, 2009, IIJ adopted the FASB Accounting Standards Codification ("ASC") 105, "Generally Accepted Accounting Principles (the provisions of which were previously included in SFAS No. 168 "Accounting Standards Codification and the hierarchy of generally accepted accounting principles"). This pronouncement prescribes the change which divides non-governmental U.S. GAAP into the authoritative Codification and the non-authoritative guidance, doing away with the previous four-level... (Primezone Releases)
Pizzi wins Chamber's William Penn Award Nov 12, 2009
He is incoming chairman of the Federal Reserve Bank of Philadelphia, chairs the Allegheny West Foundation and is on the boards at Independence Blue Cross, Drexel University and Brandywine Realty Trust. William Penn Award winners are chosen by a group of past winners. (Philadelphia Business Journal, PA)
Associated ordered to maintain capital levels, improve lending Nov 12, 2009
The memo of understanding is not a heavy-handed enforcement action like those some other Wisconsin banks have received from the Federal Reserve Bank and the Federal Deposit Insurance Corp. Nevertheless it points to regulators concerns that Associated address its ongoing and growing problems with the bank s loan portfolio. Nonperforming loans at Associated as of Sept. 30 were $886 million, compared with $305 million a year earlier. (Milwaukee Business Journal, WI)
Asian Stocks, Currencies Rise on Japan, China Economic Data; Gold Advances Nov 11, 2009
Federal Reserve Bank of Dallas President said yesterday the most likely outcome for the U.S. is for growth to be suboptimal, unemployment to remain a vexing problem and inflation to remain subdued. . (Bloomberg -- Asia)
U.S. Should Not Coddle Big Banks: Fed's Fisher Nov 11, 2009
AUSTIN (Reuters) - The United States should not coddle large financial institutions considered "too big to fail", Federal Reserve Bank of Dallas President Richard Fisher said on Tuesday. Fisher made the comments in a question and answer session following a speech to the Austin Headliners Club. (ABC News -- Wire)
Middle schools students planning cooking oil test Nov 11, 2009
They have also contacted Barb Klingler, a representative from the Federal Reserve Bank of Atlanta, in order to become more educated about finance. In order to fund their project, "Cents and Sensibility" received a Service Learning Grant. (Daytona Beach News Journal -- Local)
Fed's Fisher Says U.S. Economic Growth Likely to be `Suboptimal' into 2011 Nov 11, 2009
Nov. 11 (Bloomberg) -- Federal Reserve Bank of Dallas President said U.S. economic growth and inflation may persist below ideal levels into 2011, making the central banks current interest-rate stance appropriate. . (Bloomberg -- US)
3Q earnings up for Jacksonville Bank Nov 10, 2009
The increase was mainly the result of the company taking advantage of the lowest funding sources available through utilization of established lines at the Federal Home Loan Bank and the Federal Reserve Bank as well as a lower level of nonperforming assets, the company said. The bank was also able to cut its nonperforming assets in half from $15. (Jacksonville Business Journal, FL)
Record Bonuses Return to Wall Street as Big Three May Award $29.7 Billion Nov 10, 2009
and , the chief executive officers of Goldman Sachs, JPMorgan and Morgan Stanley, were summoned to the Federal Reserve Bank of New York on Nov. 2 by President. They were told they had to follow the new rules, people familiar with the matter said. (Bloomberg)
Markets inflation readings edge upwards Nov 9, 2009
FT.com / Capital Markets - Markets inflation readings edge upwards. Financial Times FT.com. (FT.com -- Markets)
Roubini Versus Rogers Is Right Debate for 2010 Nov 9, 2009
Updated: New York, Nov 09 04:22 London, Nov 09 09:22 Tokyo, Nov 09 18:22. Commentary by William Pesek. (Bloomberg -- Columnists)
Citigroup Asset Guarantees May Cost U.S. Taxpayers as Unemployment Rises Nov 9, 2009
The Federal Reserve Bank of New York projected a year ago that the Treasury Department might have to pay $3. 96 billion on the guarantees if unemployment hit 9. (Bloomberg -- US)
Gold debate highlights inflation unknowns Nov 9, 2009
November 9, 2009 - 3:20PM. It's a, well, golden opportunity. (Sydney Morning Herald -- Business)
No minimum stay required to rest your eyes on these hotels’ fine art Nov 8, 2009
Wyeth awaits Step into history through art at The Langham Boston, which began life in 1922 as the Federal Reserve Bank ... Around 1920, the Federal Reserve Bank Building Committee commissioned illustrator N.C. Wyeth to paint, in his words, two mural panels in the Junior Officers room [that] should contain subjects commemorating two outstanding events in the history of American National Finance ... Also worth viewing are 15 historical photographs from the Federal Reserve Bank s archives,... (Boston Globe)
BofA CEO move bad for city, but good for bank? Nov 7, 2009
And BofA s business now is so intertwined with high-level regulators at the Federal Reserve Bank in New York and international business in Asia and Europe that spending more time in New York makes sense. You can be at a meeting with the New York Fed or Treasury officials right down the block, Plath says. (Charlotte Business Journal, NC)
Top Article: Trade In The Time Of Recession Nov 7, 2009
My distinguished colleague at Columbia, Professor David Weinstein, and co-author Mary Amiti of the Federal Reserve Bank of New York, have examined Japanese export experience carefully and found that the decline in bank capital can explain as much as one-third of the remarkable decline in Japanese exports in 2008. The good news therefore is that, as the financial sector revives, trade flows will no longer be choked off by unavailability of finance for working capital. (India Times, India)
Wall Street giants get swine flu vaccine Nov 7, 2009
Hospitals, universities and the Federal Reserve Bank also got doses of the vaccine for employees who need it the most, such as pregnant women or chronically ill workers, according to the city's health department. In order to receive the vaccine, companies had to have theirown medical staff. (Atlanta Journal-Constitution -- Health)
Wall St. Gets Hands on H1N1 Vaccine Nov 6, 2009
Other big New York City employers that have received doses of the vaccine include Columbia University, Time Inc., the Federal Reserve Bank and several hospitals. The distribution was first reported by. (CBS News)
Appalachian Bancshares under oversight Nov 6, 2009
Under the terms of a written agreement, made public Nov. 5, the company is restricted from paying dividends, buying/redeeming shares of its stock or accruing additional debt without prior consent of the Federal Reserve Bank of Atlanta and banking commissioner of Georgia. Appalachian Bancshares (Pink Sheets: APAB) also must submit a plan to maintain sufficient capital within 60 days of the agreement. (Atlanta Business Chronicle, GA)
Former Fed Reserve analyst inverviewed for parole board slot Nov 5, 2009
Nominated by Gov. Deval Patrick, Archilla has worked at a Salem-based criminal defense firm, Andrews & Updegraph P.C. since 2006, after working as a prosecutor in Salem District Court and Peabody District Court and 13 years at the Federal Reserve Bank of Boston. At his nomination hearing before the Governor s Council, which votes on the governor s nominations to the seven-member Parole Board and various judgeships, Archilla also listed work as a garbage truck driver, a waiter and a house... (Dover Sherborn Tab, MA)
Bank of America’s top lawyer lacked active license Nov 5, 2009
On Dec. 17, he accompanied Lewis and another top executive to meet with Federal Reserve Bank chairman Ben Bernanke and Henry Paulson, then the US Treasury secretary, to warn them that Bank of America was considering canceling the Merrill deal. Moynihan s status is particularly complicated because he lives in Massachusetts and often worked in both Boston and New York for a national bank that is incorporated in Delaware and headquartered in Charlotte, N.C., which makes it hard to determine which... (Boston Globe)
Restrictive Growth Management Was A Necessary Condition for the Housing Bubble Nov 5, 2009
O'Toole: A lot of people blame the Federal Reserve Bank for keeping interest rates low and the Community Reinvestment Act for encouraging lenders to offer loans to marginal homebuyers ... Sales might have slowed a little bit but prices are still holding steady and that really shows that what the Federal Reserve Bank was doing with interest rates didn't cause the bubble ... So, in the 1970s we had four states that had such laws in those four states saw big housing bubbles in the 70s and then a... (RealtyTimes)
Economic Myths and Irrelevancy Nov 4, 2009
The most important part of that failure were the actions by the Federal Reserve Bank that led to the contraction of the money supply by 25 percent ... Professor Hanke argues that the chief enabler of both the Great Depression and our latest economic downturn is the Federal Reserve Bank, who sees itself as America's systemic risk regulator. (Townhall.com)
Protection from financial predators Nov 4, 2009
One was a regulator from the Federal Reserve Bank of San Francisco. The Bo A guy "was incredibly more advanced," Hess recalls. (Juneau Empire)
Feds: Md. economy improving Nov 4, 2009
Business activity in Maryland increased in October and sales rose for the first time in almost two years, according to the Federal Reserve Bank of Richmond. The Richmond Fed s survey of Maryland businesses saw an increase in its general business conditions index, with sales in October rising for the first time since November 2007, just before the onset of the recession. (Baltimore Business Journal, MD)
Are 'green jobs' answer to economic recovery? Nov 4, 2009
A recent study from the Federal Reserve Bank of Atlanta highlighted this issue and others in determining the economic impact of green jobs. The study found there is a wide range of perspectives about the potential for green jobs just from investment in alternative energy sources. (Daytona Beach News Journal -- Florida)
What you need to know about the Credit CARD Act Nov 3, 2009
22), the Federal Reserve Bank will issue guidelines on a toll-free number for credit counseling assistance and will report to Congress about financial literacy programs. If you are facing deep debt, watch for news about new ways to get help. (FOX19.com, OH)
Fed expected to hold rates at record-low, but cracks emerge Nov 3, 2009
They include Richard Fisher, president of the Federal Reserve Bank of Dallas; , president of the Federal Reserve Bank of Philadelphia; and Jeffrey Lacker, president of the Federal Reserve Bank of Richmond, who is a voting member this year on the Fed's interest-rate committee. Hawks worry more about super-low borrowing costs and other special supports stoking inflation, while "doves" worry more about rising unemployment. (USA Today -- Money)
CEOs, celebrities on Obama visitors list Nov 3, 2009
The visitor list includes General Electric CEO Jeffrey Immelt, liberal economist Paul Krugman, liberal scholar Cass Sunstein, former Federal Reserve Bank Chairman Alan Greenspan, political figures Jesse Jackson and Al Sharpton, and celebrities such as Brad Pitt, Michael Jordan, George Clooney, Denzel Washington, Serena Williams and Oprah Winfrey. Most Read Stories. (Phoenix Business Journal, AZ)
Manufacturing in U.S. Probably Grew by Most Since 2006, Driving Expansion Nov 2, 2009
Regional Federal Reserve Bank reports showed manufacturing in the New York district expanded in October for a third straight month and grew in the Philadelphia region at a slower pace. Inc., the second-largest U.S. chipmaker, is among companies saying the future looks brighter. (Bloomberg -- US)
Tri City hires Elmwoods CEO Nov 2, 2009
Bank of Elmwood had been under an order from the Federal Reserve Bank since February to raise capital or find a buyer, but had failed to do so. The Wisconsin Department of Financial Institutions on Oct. 23 closed the Racine bank and appointed the Federal Deposit Insurance Corp. as receiver. (Milwaukee Business Journal, WI)
Once they were bankers Nov 2, 2009
My grandfather was president of the bank and he sent my father and the sheriff over to Memphis to the Federal Reserve Bank because they were about to have a run on the National Bank of Commerce. People were lined up on the outside on Emerson Street trying to get in to the bank to get their money checked out because they thought the bank would fail like many of the others did. (Paragould Daily Press, AR)
A way to improve schools, one instructor at a time Nov 1, 2009
In a 2007 study of Chicago schools, led by Daniel Aaronson of the Federal Reserve Bank of Chicago, students assigned to a top-rated teacher made about 20 percent greater gains in math over a school year. What these data are telling us is that the solution to the problem is right in front of us, if we could just get much more serious about identifying and rewarding effective teaching. (Boston Globe)
'Lords of Finance' wins top prize Nov 1, 2009
Those four all-powerful bankers were the heads of the Bank of England, the Banque de France, the Reichsbank, and the New York Federal Reserve Bank. Without a historical precedent to learn from, they chose economic policies that turned a banking crisis into a full-blown depression that devastated economies and created mass unemployment across the West. (CNN -- International)
Albina Community Bancorp Reports First Quarter Loss; Pre-Tax, Pre-Provision Earnings Increase 72% Oct 31, 2009
"To meet our customer needs, we maintain high levels of liquidity by holding liquid securities and through our available lines of credit at the Federal Home Loan Bank and the Federal Reserve Bank," added McKean. "Our investment portfolio consists entirely of investment grade securities that have an average life of less than three years. Excess liquidity will be invested in securities until the underlying time deposits mature or loan originations increase.". (Primezone Releases)
Tower Financial Corporation Reports Third Quarter Results Oct 30, 2009
0 million in borrowings from the Federal Home Loan Bank (FHLB) and the Federal Reserve Bank (FRB) Discount Window in an effort to recognize more limited lending opportunities in the short term, and the goal of improving our net interest margin. FHLB and FRB Discount Window borrowings at September 30, 2009 were $16. (Primezone Releases)
Three vie to replace Rothschild Oct 30, 2009
While in Chicago, she worked as an analyst at the Federal Reserve Bank, which she believes translated well to gathering community input on city finance and tax issues affecting University Heights residents. The mother of three, who is a patient representative at St. Vincent Charity Hospital in Cleveland, also chaired a grass-roots citizens committee that successfully lobbied for a new playground and pool at Purvis Park on Cedar Road. (Cleveland Jewish News, OH)
Guest column: Illusions of legitimacy Oct 29, 2009
He has 30 years of experience in banking, finance and economic development throughout the world and has worked for the World Bank, the International Monetary Fund and the Federal Reserve Bank of New York. To Subscribe to the Brainerd Dispatch. (Brainerd Daily Dispatch)
Why the Goldman Sachs-AIG Story Won't Go Away Oct 29, 2009
It was made by the Federal Reserve Bank of New York, back when its president was the current U.S. Treasury secretary, , and its chairman was Goldman Sachs director. (Friedman resigned from the New York Fed in May, after the Wall Street Journal reported he had bought more than 50,000 shares of Goldman stock following AIGs takeover. (Bloomberg -- Columnists)
Nightmare On Wall Street To Continue Oct 29, 2009
The AIG compensation structures, he explained, were "a mess so sprawling that even as we concluded our audit late this summer, executives--at the Federal Reserve Bank of New York, at AIG--and the Fed's consultants still did not have their arms wrapped around the entire AIG executive compensation structure." In all, auditors have found "more than 600 different programs--some entitled bonuses, some deferred compensation, some, retention plans." According to Barofsky, AIG never knew where all the... (CBS News -- Opinion)
Most economic summit organizers are Patrick donors Oct 29, 2009
Not touted was the fact that most of the day s events at the Federal Reserve Bank of Boston were scheduled to be open only to invited guests and that press coverage of many sessions would not be allowed. The News Service asked for a list of planning committee members last Thursday. (Arlington Advocate, MA)
Reynolds joins Fed transportation council Oct 29, 2009
The transportation council is one of four industry councils created in 2006 to provide economic observations that help Federal Reserve Bank economists compile anecdotes and data for national and regional reports ... The transportation council is based in the Federal Reserve Bank of St. Louis Memphis branch office ... According to the Federal Reserve Bank of St. Louis Web site, www. (Louisville Business First, KY)
US in subprime danger Oct 28, 2009
But the Federal Reserve Bank of San Francisco study said nearly all of the loans were now owned or guaranteed by the government, which has pumped hundreds of billions of dollars to keep the market afloat. Government-backed agencies Fannie Mae, Freddie Mac and Ginnie Mae "are providing unprecedented support to the housing market owning or guaranteeing almost 95 percent of the new residential mortgage lending," said John Krainer, a senior economist with the regional central bank who penned the... (iAfrica.com)
Financial services sector shows signs of comeback Oct 28, 2009
We re in an unusually unstable period, said Eric S. Rosengren, president of the Federal Reserve Bank of Boston. It s too soon to know how this shakeout is going to occur. (Boston Globe)
Government Porkfare Is No Way to End Recession Oct 27, 2009
The number of people who have been laid off permanently accounted for 56 percent of the unemployed in September, according to , senior vice president and research director at the Federal Reserve Bank of Atlanta. The share of permanent job losers (see in the monthly employment report) never rose above 45 percent in the six previous recessions, Altig writes on his , another piece of evidence supporting the forecast of a jobless recovery. (Bloomberg -- Columnists)
Patrick announces $165 million in stimulus priorities Oct 27, 2009
Federal stimulus investment will be a key focus of the Governor s Economic Summit set to convene tomorrow, Tuesday, October 27th at the Boston Federal Reserve Bank. The Governor is assembling a cross-section of statewide business, financial, education, and public policy leaders to identify ways to promote long-term economic recovery and job growth throughout the Commonwealth. (Burlington Union, MA)
Looking for real recovery Oct 27, 2009
A long roster of speakers at the Federal Reserve Bank of Boston will talk up our prospects in the near and presumably improving future. I didn t see anyone in my copy of a draft agenda likely to acknowledge the fact we ve been deep in the muck for going on two years. (Boston Globe)
Subprime home mortgages back to pre-crisis levels: Fed Oct 27, 2009
But the Federal Reserve Bank of San Francisco study said nearly all of the loans were now owned or guaran 00004000 teed by the government, which has pumped hundreds of billions of dollars to keep the market afloat. Government-backed agencies Fannie Mae, Freddie Mac and Ginnie Mae "are providing unprecedented support to the housing market - owning or guaranteeing almost 95 per cent of the new residential mortgage lending," said John Krainer on Monday, a senior economist with the regional central... (Sydney Morning Herald -- Business)
* Companies in US plan to hire, spend into next year Oct 27, 2009
X William Strauss, senior economist at the Federal Reserve Bank of Chicago ... The survey provides new evidence that the US recovery is under way, William Strauss, a senior economist at the Federal Reserve Bank of Chicago who analyzed the results, said in a statement. (Taipei Times, Taiwan -- World)
