Finance

Russ Carnahan Is Co-Sponsor of Bipartisan Bill to Enact Closer Monitoring of TARP Program

November 16, 2009 -- (WASHINGTON, DC) - Congressman Russ Carnahan (MO-03) today urged the U.S. House of Representatives to pass bipartisan legislation that will create strong new accountability measures to monitor the Troubled Assets Relief Program (TARP).

Carnahan is a co-sponsor of the legislation, which amends the Emergency Economic Stabilization Act with stricter accountability and monitoring measures to ensure that financial institutions are effectively utilizing funds provided under TARP.    » read more »

November 10, 2009 -- PREET BHARARA, the United States Attorney for the Southern District of New York, announced today that MICHAEL KOULOUROUDIS, an accomplice of a former UBS investment banker, pleaded guilty before United States District Judge PAUL G. GARDEPHE on charges of conspiracy and securities fraud as a result of trading based on inside information stolen from UBS.

According to the Complaint and Superseding Indictment previously filed in this case, and statements made during KOULOUROUDIS's guilty plea:    » read more »

Families USA Consumer Guide Outlines Strategies to Deal with Debt and Discusses Rights and Protections for Families Facing Medical Debt and Bankruptcy

November 12, 2009 -- Washington, D.C.—Even as Congress debates health reform proposals, millions of Americans—with and without health insurance—struggle to pay medical bills, and their numbers continue to grow. In response to this crisis, Families USA, the national organization for health care consumers, today released a consumer guide that offers strategies, tips, and warnings to consumers as they struggle to manage medical debt and to avoid bankruptcy.    » read more »

Good First Step But More Protections Are Needed; CFA Calls On Congress to pass the Overdraft Protection Act of 2009 to limit these abusive fees.

November 12, 2009 -- Washington, DC --- Consumer Federation of America (CFA) applauds the final overdraft rule issued today by the Federal Reserve Board as an important first step toward protecting consumers from abusive overdraft lending. The Reg E rule requires banks to get affirmative consent from consumers before charging fees on debit card purchases and ATM withdrawals that overdraw consumers’ bank accounts.    » read more »

November 12, 2009 -- Washington, DC – More than three-quarters of older Americans are concerned that financial scams will damage their retirement nest eggs or those of someone they know, AARP and North American Securities Administrators Association (NASAA) said today.

In a survey released today by AARP, entitled Protecting Older Investors: 2009 Free Lunch Seminar Report, 78 percent of Americans age 55 and over surveyed indicated that they are very or somewhat concerned about financial scams affecting them or someone they know. A common setting for fraudsters to engage with their victims is by offering a free lunch or dinner, by which an older individual near retirement age is solicited to attend and learn more about investing in retirement.    » read more »

November 12, 2009 -- WASHINGTON, DC – In response to today's news that the Federal Reserve will take the initial step of instituting new rules restricting overdraft fees on debit cards, U.S. Representative Kendrick B. Meek today called for a full curb on excessive and unfair bank overdraft fees.

"This is a great first step to ensure consumer protection, but Congress can move further on this pocketbook issue," said Congressman Meek.    » read more »

Op-Ed By Barney Frank, The Boston Globe

November 11, 2009 -- MANY MARKET and regulatory failures led to the collapse of the nation’s financial markets last year. That collapse has led to a steep and painful recession and placed extraordinary burdens on working families. In response, the House Financial Services Committee, which I chair, is crafting a series of measures that will produce a comprehensive response by, among other things, regulating derivatives, ensuring proper mortgage lending, and making sure taxpayers never again have to take responsibility for reckless and irresponsible business decisions.    » read more »

Increased demand for restructuring finance expected to continue through 2010

NORWALK, Conn. -- November 12, 2009 -- GE Capital, Restructuring Finance ended 3Q as one of the most active providers of debtor-in-possession (DIP) and plan-of-reorganization (POR) financing in the U.S. and Canada, arranging or deploying approximately $2 billion throughout the first nine months of the year.

DIP financing is used by borrowers to fund ongoing working capital needs as they restructure under Chapter 11. POR, or exit financing, is utilized to support working capital needs upon emergence from bankruptcy.    » read more »

Fed Will Require Customers’ Permission Before Banks Can Charge Overdraft Fees

November 12, 2009 -- Senate Banking Committee Chairman Chris Dodd (D-CT) welcomed today’s release of a new Federal Reserve rule that will require banks to get a customer’s consent before enrolling them in an overdraft coverage program. Banks use these programs allow customers to overdraw their accounts without their knowledge, and then slap them with fees of upwards of $30 for this “courtesy.”    » read more »

November 10, 2009 -- WASHINGTON, D.C. – U.S. Senator Sherrod Brown issued the following statement in response to Senate Banking Committee Chairman Chris Dodd’s (D-CT) unveiling of the discussion draft of comprehensive financial reform legislation.

“Across the nation, middle class families like those in Loveland and Toledo and Painesville are still suffering from the worst financial crisis since the Great Depression.

“We need regulatory reform to protect consumers from the bad actors in our financial system. Too many banks are reaping billions from overdraft and other banking fees, with consumers learning about the excessive charges afterwards.    » read more »

Bill is needed to protect consumers and investors and to provide appropriate oversight of the financial marketplace.

November 10, 2009 -- Washington, DC -- The Consumer Federation of America today released the following statements on the introduction of Senator Dodd’s Financial Reform proposal.    » read more »

Study shows lack of liquidity leads to forced selling in distressed markets

BOSTON, November 10, 2009 — Long-term investors must plan for the short and medium term in order to avoid forced selling in distressed markets, according to a recent analysis by BNY Mellon Asset Management.

"This is exactly what happened to many university endowments during the 2008 market meltdown," said Robert A. Jaeger, senior market strategist for BNY Mellon Asset Management and co-author of the study. "Every long-term investor is also a short-term investor and a medium-term investor. We believe that endowments and other long-term investors would be well-served to explicitly divide their portfolios into long-term, medium-term, and short-term components."    » read more »

Approximately $143 million in funding available; BPU approves additional 51 megawatts to spur further development of solar energy systems

(November 10, 2009 - Newark, NJ) - Public Service Electric and Gas Company (PSE&G) today received approval from state regulators to expand its innovative solar loan program by approximately $143 million to finance the installation of an additional 51 megawatts of solar energy systems on homes, businesses and municipal buildings throughout its electric service area.    » read more »

Washington, D.C., Nov. 10, 2009 — The Securities and Exchange Commission today charged the former chief financial officer of a New York-based hedge fund with securities fraud for arranging secret sales of securities from his personal trading account to the hedge fund accounts at inflated prices to generate his own illicit profits.    » read more »

Proposal to Create a Sound Economic Foundation to Grow Jobs, Protect Consumers, Rein in Wall Street, End Too Big to Fail, Prevent Another Financial Crisis

November 10, 2009 -- Today Senate Banking Committee Chairman Chris Dodd (D-CT) was joined by fellow committee members Jack Reed (D-RI), Charles E. Schumer (D-NY), Robert Menendez (D-NJ), Daniel K. Akaka (D-HI), Jon Tester (D-MT), Mark Warner (D-VA), Jeff Merkley (D-OR) and Michael Bennet (D-CO) to unveil a tough, bold bill to reform the way that our financial system is regulated.    » read more »