Month: January 2013

Banking News – Dexia seeks €40bn to end ECB financing
&nbspThe thrice bailed-out Franco-Belgian lender wants to return to the market but new private loans would not start trickling in before end of the year
FT.com – Banks – http://www.ft.com/cms/s/0/30e555e8-6bc0-11e2-a17d-00144feab49a.html?ftcamp=published_links%2Frss%2Fcompanies_banks%2Ffeed%2F%2Fproduct

Banking News – Crédit Agricole poised for profit warning
&nbspBank’s shares fall 1.5% on fears it would warn investors that it would not meet estimates for the quarter, because of larger than probable write-offs
FT.com – Banks – http://www.ft.com/cms/s/0/3a2ac1ba-6bc5-11e2-a700-00144feab49a.html?ftcamp=published_links%2Frss%2Fcompanies_banks%2Ffeed%2F%2Fproduct

Banking News – Morgan Stanley chief given pay cut
&nbspThe $9.75m package for 2012 is below the $10.5m James Gorman earned for 2011, as the chief executive said he has been slashing pay and bonuses
FT.com – Banks – http://www.ft.com/cms/s/0/7f7b7928-6bf0-11e2-a17d-00144feab49a.html?ftcamp=published_links%2Frss%2Fcompanies_banks%2Ffeed%2F%2Fproduct

Banking News – First Bancshares to Buy Alabama Bank in Insolvency Deal
&nbspAdd First Baldwin Bancshares in Foley, Ala., to the list of companies turning to insolvency as a way to soothe banking units.
Union Banking – http://www.americanbanker.com/issues/178_22/first-bancshares-to-buy-alabama-bank-in-insolvency-deal-1056379-1.html

Banking News – Rajaratnam grass sentenced to one year
&nbspThe condemn for the trader-turned grass was longer than other cooperators who avoided prison time, but likely reflected past skirmishes with the legal system
Fiscal Times – Fiscal Air force – http://www.ft.com/cms/s/0/eb90df8e-6afd-11e2-8017-00144feab49a.html?ftcamp=published_links%2Frss%2Fcompanies_financial-air force%2Ffeed%2F%2Fproduct

Banking News – Santander drawn into Italian bank scandal
&nbspThe Spanish bank has been drawn into the investigations having sold the Italian regional bank Antonveneta to Monte dei Paschi for €9bn in 2007
FT.com – Banks – http://www.ft.com/cms/s/0/bd3732a6-6bd3-11e2-a17d-00144feab49a.html?ftcamp=published_links%2Frss%2Fcompanies_banks%2Ffeed%2F%2Fproduct

Banking News – Banks set aside £700m for swaps scandal
&nbspUK’s four largest banks accused of mis-selling appeal rate harvest to small businesses that were ‘unable to be with you the risks’, says valve
FT.com – Banks – http://www.ft.com/cms/s/0/1ced9d24-6b7b-11e2-a700-00144feab49a.html?ftcamp=published_links%2Frss%2Fcompanies_banks%2Ffeed%2F%2Fproduct

Banking News – Fifth Third to Buy Quad City’s Credit Card Affair
&nbspFifth Third Bancorp has agreed to buy a credit card choice from Quad City Bank & Trust.
Union Banking – http://www.americanbanker.com/issues/178_22/fifth-third-to-buy-quad-city-s-credit-card-affair-1056374-1.html

Banking News – Lenders seek to cap latest scandal
&nbspAnalysts say the compensation banks will pay to businesses for sales of appeal rate hedging harvest is between £1bn and £2bn
FT.com – Banks – http://www.ft.com/cms/s/0/441706ce-6bc6-11e2-a700-00144feab49a.html?ftcamp=published_links%2Frss%2Fcompanies_banks%2Ffeed%2F%2Fproduct

Banking News – Barclays in Qatar loan probe
&nbspAllegation that on loan money was to be invested in the bank as part of cash call in 2008, which if incorrigible, could be in breach of market set of laws
Fiscal Times – Fiscal Air force – http://www.ft.com/cms/s/0/47d412ce-6bd1-11e2-a700-00144feab49a.html?ftcamp=published_links%2Frss%2Fcompanies_financial-air force%2Ffeed%2F%2Fproduct

Banking News – Barclays in Qatar loan probe
&nbspAllegation that on loan money was to be invested in the bank as part of cash call in 2008, which if incorrigible, could be in breach of market set of laws
FT.com – Banks – http://www.ft.com/cms/s/0/47d412ce-6bd1-11e2-a700-00144feab49a.html?ftcamp=published_links%2Frss%2Fcompanies_banks%2Ffeed%2F%2Fproduct

Banking News – German IPO raises more than €1.3bn
&nbspThe deal comes amid hopes of a revival in the European IPO market later 2012, the second-worst year for deal try since the fiscal crisis
Fiscal Times – Fiscal Air force – http://www.ft.com/cms/s/0/c32d3d52-6bd0-11e2-a17d-00144feab49a.html?ftcamp=published_links%2Frss%2Fcompanies_financial-air force%2Ffeed%2F%2Fproduct

Banking News – Seymour Pierce’s future up in the air
&nbspLossmaking City agent is in talks over its future after a cash booster from unnamed Ukrainian backers was blocked in recent months
Fiscal Times – Fiscal Air force – http://www.ft.com/cms/s/0/91ecfffa-6bd2-11e2-a17d-00144feab49a.html?ftcamp=published_links%2Frss%2Fcompanies_financial-air force%2Ffeed%2F%2Fproduct

Banking News – David P. Bergers Named Acting Deputy Boss of Enforcement
&nbsp

FOR IMMEDIATE RELEASE
2013-18

Washington, D.C., Jan. 31, 2013 — The Securities and Chat Fee today announced that David P. Bergers, Boss of the SEC’s Boston Regional Office, has been named Acting Deputy Boss of the Enforcement Rift, commanding February 8, when Deputy Boss George Canellos becomes the rift’s Acting Boss.

“David is an exceptionally talented attorney who has a flourishing track record leading the Boston Regional Office,” said SEC Chairman Elisse B. Walter.  “Having worked at the SEC for 13 years, he has a deep appreciative of the rift, agency, and laws we enforce.  And, he has a right appreciation for the noteworthy impact that the work of the SEC has on investors.”

“David is a tremendous asset to the rift,” said Robert S. Khuzami, Boss of the Rift of Enforcement, who is leaving the SEC on February 8.  “His deep enforcement encounter and enthusiasm to roll up his sleeves and tackle any issue make him the ideal choice to serve as Acting Deputy Boss.” 

Mr. Bergers said, “I am honored to serve in this role and will work to support the incredible efforts of the enforcement staff across the country as they seek to accomplish our mission of shareholder safeguard.” 

Mr. Bergers, 45, has headed the SEC’s Boston Regional Office since 2006.  The office oversees more than 1100 investment advisers, 60 mutual fund complexes, and 375 broker-dealers in Massachusetts, Connecticut, New Hampshire, Maine, Vermont, and Rhode Island.  He served at the SEC from 1998 to 2000 and returned in 2001, and has served in various enforcement positions, counting head of SEC enforcement in Boston.  He has headed hundreds of SEC investigations into investment and fiscal fraud, insider trading, and other securities law violations.   

Mr. Bergers expected the SEC’s Stanley Sporkin Award in 2010 for his leadership in reorganizing the SEC’s Enforcement Rift to update management organize and make five particular units.  He expected the SEC and NTEU Labor-Management Relations Award in 2011 and 2012 for his work on a union-management team that helped reform the SEC’s inhabitant examination program.  He also was one of several SEC enforcement staffers who expected the SEC’s Law and Policy Award for rising the SEC’s whistleblower rules that became commanding in 2011.

In addendum to his work at the SEC, Mr. Bergers has adept with law firms in the Philadelphia and Boston areas and served as a vice head and supporter general counsel of a regional broker-dealer and linked investment adviser in Boston.  He expected his single’s degree from Eastern Nazarene College and his law degree from Yale Law School.

# # #

SEC.gov Updates: Press Releases – http://www.sec.gov/news/press/2013/2013-18.htm

Banking News – George S. Canellos Named Acting Boss of Enforcement
&nbsp

FOR IMMEDIATE RELEASE
2013-17

Washington, D.C., Jan. 31, 2013 — The Securities and Chat Fee today announced that George S. Canellos, now Deputy Boss of the Rift of Enforcement, has been named Acting Boss.  The appointment is commanding February 8.

“George’s proven intellectual abilities and creative deal with to problem-solving have made him an exceptionally commanding advocate for investors and make him ideally suited to serve as Acting Boss,” said SEC Chairman Elisse B. Walter.  “As Deputy Boss, he helped to oversee a rift that brought record numbers of enforcement actions and some of the most complex cases in the agency’s history.”

“George is highly respected for his intellect, prosecutorial instincts, and stanchness to tough and honest enforcement of the federal securities laws,” said Robert S. Khuzami, Boss of the Rift of Enforcement, who is leaving the SEC on February 8.  “His service will benefit both the SEC’s talented and hard-working staff and the investing public.”

“It is an honor and inspiration to serve with such talented and dyed-in-the-wool colleagues right through the SEC,” said Mr. Canellos.  “I look forward to long-lasting to work with them as we emerge from a historic reorganization and confront new challenges.”

Mr. Canellos, 48, has been the rift’s Deputy Boss since June 2012 and has been instrumental in rising the rift’s Cooperation Program, in generating copious programmatic, policy, and governmental initiatives, and in vital decisions on inhabitant priority enforcement actions. 

He served as Boss of the SEC’s New York Regional Office from July 2009 to June 2012, overseeing 400 enforcement attorneys, accountants, investigators, and falling in line examiners caught up in the investigation and prosecution of enforcement actions and the routine of falling in line inspections in the New York region.  The New York office has dependability for the largest concentration of SEC-registered fiscal institutions, counting more than 4,000 investment banks, investment advisers, broker-dealers, mutual funds and hedge funds.

A former federal prosecutor, Mr. Canellos became an Supporter U.S. Attorney in the Southern Constituency of New York in 1994.  During his nine years there, Mr. Canellos served in a number of positions counting Chief of the Major Crimes Unit, Senior Trial Counsel of the Securities and Cargo Fraud Task Force, and Deputy Chief Appellate Attorney.  After leaving the U.S. Attorney’s Office and before joining the SEC, Mr. Canellos spent more than six years as a legal action partner at the law firm of Milbank, Tweed, Hadley & McCloy LLP.  He started his legal career as a legal action normal at Wachtell, Lipton, Rosen & Katz.

Mr. Canellos is a modify of Harvard College and Columbia Academe School of Law.

# # #

SEC.gov Updates: Press Releases – http://www.sec.gov/news/press/2013/2013-17.htm

Banking News – Blackstone beats forecasts as income leaps
&nbspBlackstone invested $15.6bn and returned $18bn to investors, as it took benefit of more favourable circumstances in the equity market
Fiscal Times – Fiscal Air force – http://www.ft.com/cms/s/0/bfc4e796-6bc1-11e2-a700-00144feab49a.html?ftcamp=published_links%2Frss%2Fcompanies_financial-air force%2Ffeed%2F%2Fproduct

Banking News – Deposit Pricing Linked to States’ Fiscal Health
&nbspBy and large, banks that operate in states with high deposit rates should also benefit from augmented lending try, a study finds.
Union Banking – http://www.americanbanker.com/issues/178_22/deposit-pricing-linked-to-states-fiscal-health-1056368-1.html

Banking News – The Art of Simple M&A Lives at Western Alliance
&nbspThe Phoenix company’s deal for a small manufacturing loan company out of insolvency shows that ancient-fashioned fiscal deals still have appeal for shrewd shoppers.
Union Banking – http://www.americanbanker.com/issues/178_22/art-of-simple-manda-lives-at-western-alliance-1056367-1.html

Banking News – US banks squeezed as finance profits hit
&nbspThe spread between what it costs lenders to fund mortgages and what they charge borrowers has halved since a record set in September
FT.com – Banks – http://www.ft.com/cms/s/0/1dff6baa-6bbe-11e2-a17d-00144feab49a.html?ftcamp=published_links%2Frss%2Fcompanies_banks%2Ffeed%2F%2Fproduct

Banking News – Domestic banks stuck with pain in Spain
&nbspMarket sentiment has surely turned more clear for the country’s banking sector, but analysts warn there are further pitfalls ahead
FT.com – Banks – http://www.ft.com/cms/s/0/3a1214cc-6af7-11e2-8017-00144feab49a.html?ftcamp=published_links%2Frss%2Fcompanies_banks%2Ffeed%2F%2Fproduct