U.S. Fed unveils new plan to aid credit markets Oct 22, 2008
"Improved money market conditions will enhance the ability of banks and other financial intermediaries to accommodate the credit needs of businesses and households," the Fed said. NEW YORK, Oct. 21 (Xinhua) -- Wall Street retreated Tuesday as many big names reported gloomy earnings and weak outlook. (Xinhuanet, China)
* Who killed Wall Street? Chances are we will never really know Oct 15, 2008
Thanks to them, millions of poorer and hitherto excluded families became homeowners, investors made high returns, and financial intermediaries pocketed the fees and commissions. It might have worked like a dream X and until about a year and a half ago, many financiers, economists, and policymakers thought that it did. (Taipei Times, Taiwan -- World)
Seems like old times Oct 14, 2008
Or financial intermediaries. The current crisis reveals three previously hidden forms of bankruptcy. (Townhall.com)
Australia faces softer landing Oct 13, 2008
Further, Australia's banks and other financial intermediaries are in a much stronger position to withstand a run on liquidity than are US banks ... Former politicians who want to increase compulsory superannuation from 9% to 15% of income to channel even more money through expensive financial intermediaries to fund market speculation or dubious public-private partnerships should be treated with derision. (Sydney Morning Herald -- Business)
The stunning collapse of Iceland Oct 11, 2008
Mountain of foreign debtIn just five years, the banks went from being almost entirely domestic lenders to becoming major international financial intermediaries. In 2000, says Richard Portes, a professor of economics at London Business School, two-thirds of their financing came from domestic sources and one-third from abroad. (MSNBC -- International)
Greenspan pegs housing recovery to early 2009 Oct 11, 2008
But a big question remains, he said: "How much overall deleveraging is going to be required to induce global investors to again become committed holders, at modest interest rates, of the liabilities of the world's financial intermediaries?". Beyond that, the amount of additional bank capital required to stabilize the financial system remains in question as well. (MSNBC -- Business)
Your say: how do we stop the panic? Oct 10, 2008
require all banks and other financial intermediaries to declare their holdings of bad and doubtful loans. 4. (Sydney Morning Herald -- Business)
T. Rowe Price Announces Participation in U.S. Treasury's Temporary Money Market Fund Guarantee Program Oct 8, 2008
T. Rowe Price Associates, Inc. is a registered investment adviser with the U.S. Securities and Exchange Commission and a wholly owned subsidiary of T. Rowe Price Group, Inc. The organization provides a broad array of mutual funds, sub-advisory services, and separate account management for individual and institutional investors, retirement plans, and financial intermediaries. The company also offers sophisticated investment planning and guidance tools. (PR Newswire)
Revolver At Their Heads Oct 8, 2008
"A large share of outstanding commercial paper is issued or sponsored by financial intermediaries, and their difficulties placing commercial paper have made it more difficult for those intermediaries to play their vital role in meeting the credit needs of businesses and households.". The Fed may really be buying banks time to get their acts together. (Forbes)
Italy's Saccomanni Says Nation's Banks May Need to Seek Additional Capital Oct 8, 2008
We need banks to regain their function of doing a correct evaluation of risks and to regain their role as financial intermediaries. . (Bloomberg -- Europe)
WHAT THE FED SAYS: Read the press release Oct 7, 2008
A large share of outstanding commercial paper is issued or sponsored by financial intermediaries, and their difficulties placing commercial paper have made it more difficult for those intermediaries to play their vital role in meeting the credit needs of businesses and households ... An improved commercial paper market will enhance the ability of financial intermediaries to accommodate the credit needs of businesses and households. (USA Today -- Money)
M&A grinds to a halt until the dust settles Oct 4, 2008
"The bill may save a couple of financial intermediaries from extinction but it does not necessarily improve liquidity in the whole system, which is really what drives market growth," said a Sydney-based banker at a US firm, arguing that the underlying value of corporations was murky. It all adds up to increasingly conservative company directors focusing on shoring up balance sheets rather than committing capital to fresh ventures. (The Australian, Australia)
Outrageous salaries and bonuses have rightly been criticised. Oct 3, 2008
This fiasco has its origins in the creation and marketing of abstract debt instrumentation with the full complicity of banks and under the auspices of a myriad of non-bank financial intermediaries ... "This fiasco has its origins in the creation and marketing of abstract debt instrumentation with the full complicity of banks and under the auspices of a myriad of non-bank financial intermediaries.". (Sydney Morning Herald -- Business)
FOLIOfn Offers a Safe Haven for Cash Sep 25, 2008
This easy-to-use, web-based investing platform allows financial intermediaries to create and distribute customized, model-based investment portfolios and strategies. Financial institutions can easily buy, sell or rebalance their investments in a single transaction, across hundreds, or even thousands, of client accounts. (PR Newswire)
Zell blames politicians, accounting rules Sep 24, 2008
Mr. Zell attributed the housing crisis to the unequivocal blind faith in the value of a house and the belief that it would go up forever and the role of financial intermediaries who had no skin in the game, like investment banks that packaged loans into securities and sold them. Everything was intended to be bought by a bunch of dumb German state-owned banks, Mr. Linneman said. (Crain's Chicago Business)
FTBs need nearly 20k to buy Sep 24, 2008
The free and essential portal for Mortgage and Financial Intermediaries. British Mortgage Senate. (Mortgage Solutions)
Five Financial Truths Defy Wall Street Madness: John F. Wasik Sep 23, 2008
Not only can too much leverage cause trouble, if financial intermediaries get greedy -- as evidenced by onerous credit-card charges -- it locks debtors into an unrelenting, vicious cycle of increasing repayment charges and ultimately increases defaults. Debt became a trap for millions. (Bloomberg -- Columnists)
Global cues will drive markets Sep 21, 2008
This triggered a panic situation in financial markets, and resulted in banks shying away from funding to other financial intermediaries thereby increasing dollar borrowing costs. Nevertheless Fed decided to maintain interest rates steady at 2% and did not cut rates as expected by the markets. (India Times)
Don't Cry For Goldman Sep 19, 2008
The entire financial sector became ripe for the picking because the tentacles of the CDO business were everywhere, here and abroad: in funds that traded the securities, in banks that created them and throughout other financial intermediaries. Aggressive short-sellers and rumor mongers were major factors in the collapse of Bear Stearns. (Forbes -- Business)
Icons with clay feet Sep 17, 2008
Apropos of the bankruptcy filing of Lehman, at last good economic sense seems to have returned to the US. The Fed has probably learnt the lesson that throwing good money after bad makes all the money bad and that imprudent financial intermediaries and investors who reposed their faith in such entities must suffer the pain of risk. All the investors across the various world markets will also do well to realise that pumping money like there is no tomorrow will ultimately lead to stagflation with... (India Times)
Public Information Notice: IMF Executive Board Concludes 2008 Article IV Consultation with St. Lucia Sep 17, 2008
However, progress has been slow in developing a broad supervisory framework to regulate all nonbank financial intermediaries ... Directors emphasized the need for the St. Lucian authorities to consolidate regulation and supervision of nonbank financial intermediaries under an independent Single Regulatory Unit, enhance supervision of international financial services, improve the Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) regime, and terminate unregulated investment... (IMF News)
Efficient Market Advisors Launches Pioneering 403b Offering Sep 12, 2008
This new offering in the 403b marketplace is made possible thanks to EMA's alliance with FOLIOfn Institutional, a unique online brokerage and technology firm for financial intermediaries. 403b plans (similar to 401k's) are retirement plans for employees of certain tax-exempt organizations such as public schools, universities, hospitals and non-profit groups. (PR Newswire)
US and UK Defy Crisis to Top World Economic Forum's Inaugural Financial Development Index Sep 9, 2008
The breadth of measures captured in the Index validate the collective strength of financial intermediaries in both countries, including banks, investment banks, insurance companies, as well as robust equity, bond and derivatives markets ... Some countries, such as Mexico and Peru, perform better with respect to foundational requirements of sound regulation and the low cost of doing business; yet they have not been able to fully transform these strengths into robust financial intermediaries and... (PR Newswire)
GE May Face Civil Action on Securities Violations Sep 6, 2008
The conglomerate says the change was made in its accounting for profits in 2002 on some aftermarket spare parts, primarily in its aviation business, transactions in 2003 and earlier involving financial intermediaries in its rail business and other GE units. The impact of the changes was to reduce net earnings by about $300 million from 2001 through Dec. 31, 2007, GE said. (ABC News -- Wire)
Obama's Connection to Slumlord Tony Rezko Sep 2, 2008
"Auchi brokered weapons deals with Italian and French companies selling arms to Iraq, and is believed to have been one of Saddam Hussein's principal financial intermediaries in the West. Auchi is the largest single stakeholder in BNP Paribas, the sole bank managing the U.N.'s oil-for-food programs in Iraq," notes the Defense document. The 2004 Pentagon report clearly notes that Auchi was a global arms dealer and Iraqi billionaire "who, behind the facade of legitimate business, served as Saddam... (Newsmax)
Keeping The Internet Drug-Free Aug 27, 2008
This effort will also require the cooperation of financial intermediaries such as PayPal and credit card companies. Without access to credit card payment, illegal drug dealers are out of business. (Forbes -- Technology)
Remarks by John Lipsky, First Deputy Managing Director of the IMF, at the Federal Reserve Bank of Kansas City?s Annual Economic Symposium Aug 26, 2008
on "Financial Intermediaries, Financial Stability and Monetary Policy" (by Tobias Adrian and Hyun Song Shin) in Jackson Hole, Wyoming ... They provide a clear explanation for the procyclicality of leverage for market-based financial intermediaries, and link the expansion and contraction of balance sheets of these intermediaries to several factors, including most importantly the Federal Reserve's short-term policy interest rate ... Adrian and Shin underscore the connection between financial... (IMF News)
Smart Investors Have to Wonder Who's Dumb Now Aug 23, 2008
In addition, the group calls for stronger relationships between financial intermediaries and counterparties in sales and marketing and ongoing communications relating to complex financial instruments. The policy group believes there is a responsibility on the part of large integrated financial intermediaries to provide clients with timely and relevant information about a transaction,'' reads the report. (Bloomberg -- Columnists)
Cantronic Enters Into Advisory Agreement With Spinnaker Capital Markets Aug 5, 2008
The mandate will be to focus on developing and expanding the network of investors, analysts, and financial intermediaries who are interested in following the Cantronic investment story. The agreement also provides for a full range of investor relations services. (CCNMatthews Press Releases)
Genworth Financial Reports Second Quarter Net Operating Income Of $0.49 Per Diluted Share - Loss From Continuing Operations of $0.25 Per Diluted Share Jul 30, 2008
Its products and services are offered through financial intermediaries, advisors, independent distributors and sales specialists. Genworth Financial, which traces its roots back to 1871, became a public company in 2004 and is headquartered in Richmond, Virginia. (PR Newswire)
A single regulator makes sense Jul 28, 2008
The recent credit crisis demonstrated a need for greater co-ordination between regulation of financial intermediaries, like banks, and the securities industry. A first and necessary step for more effective consultation among regulators is a single national perspective on capital markets regulation. (Globe and Mail -- Business)
The G-8 ignores basics Jul 15, 2008
When money becomes too plentiful, bankers and other financial intermediaries end up taking on more and more risk for less return. Contending that there was no other episode in the history of the US during which money was ever this inexpensive, he indicated that the creation of too much money caused all kinds of excesses and was responsible for the worst financial instability in the post-World War II period. (Asia Times Online)
AfDB Approves U.S. $ 23 Million Grant for West African Monetary Zone Payment System Development Project Jul 13, 2008
The main component of the project is the development of Real Time Gross Settlement (RTGS), a large value funds transfer system whereby financial intermediaries can settle inter-bank transfers continuously and in real time for their own account as well as the accounts of their customers in the three countries. The implementation of RTGS is expected to enhance the establishment of a West African Central Bank (WACB), which will, in turn, implement a regional RTGS system that will link the national... (allAfrica.com)
Press Release: Statement by IMF Staff at the Conclusion of the 2008 Article IV Consultation Discussions with St. Lucia Jul 13, 2008
"Prudential indicators point to a continued strengthening of the country's banking sector. While positive steps have been taken to enhance the regulation and supervision of banks and international financial service providers, greater efforts need to be made to implement a single regulatory authority to supervise nonbank financial intermediaries. Ongoing competitive pressures and the erosion of EU trade preferences have affected the country's banana sector, and the mission supports the... (IMF News)
MARKET SNAPSHOT: US Stocks Shave Losses As Technology Sector Gains Jul 8, 2008
"The still-distressed state of balance sheets at banks and other financial intermediaries suggests the credit creation mechanism is likely to remain impaired for the near future, dulling the impact of Fed rate cuts on the economy," said Lehman Brothers analyst Zach Pandl. General Electric Co.'s (GE) NBC Universal led a group buying the Weather Channel in what was expected to be a multibillion-dollar deal. (CNNMoney.com)
Build wealth with financial planning Jun 22, 2008
Advice from financial intermediaries: Relationship managers of banks, distribution companies, or fund houses may contact you. Choose wisely. (India Times)
Mythili Bhusnurmath: Fin regulators Jun 16, 2008
Consequently, formal segregation of regulatory responsibilities is now backed by the mechanism of inter-regulatory exchange of information and special monitoring of systemically important financial intermediaries. Its a kind of a khichdi approach to regulation, but one that has worked reasonably well in the past. (India Times)
Money laundering Act to cover casinos, credit cards Jun 6, 2008
According to this amendment, it will be mandatory for financial intermediaries to report all suspected transactions involving international transfers to the financial intelligence unit (FIU). At present, only banks and other financial institutions have to report suspicious transactions on a regular basis to the FIU under the finance ministry. (Economic Times)
Laurentian Bank inaugurates its Financial Services Boutique on Ste-Catherine Street Jun 4, 2008
QUICK SEARCH BY ORGANIZATION. FREE SUBSCRIPTION SERVICES. (Canada Newswire)
Attorney and ETF Expert Named COO and Chief Compliance Officer of Clear Asset Management May 28, 2008
About Clear Asset Management Clear Asset Management offers four equity style portfolios to institutions, financial intermediaries and individuals in separately managed accounts ... financial intermediaries. (Yahoo News -- Press Releases)
Financial tools under RBI lens May 26, 2008
The governments recent move to help corporate buyers of derivatives to understand the complexity of the products they were buying is designed to help the central bank too in catching hold of financial intermediaries mis-selling complex instruments to unsuspecting small companies. The classification of financial instruments as simple, complex and highly complex that the government announced in Budget 2008 is expected to be a key criteria which RBI would apply while scrutinising the financial... (India Times)
Cutting US down to size May 22, 2008
"In my judgment, the changes in credit availability during the past six years have less to do with the prevailing stance of policy and more to do with changes in financial markets and financial intermediaries," he said. "Returning the economy to equilibrium requires actions more befitting than changes in the federal funds rate alone.". (iAfrica.com)
RICS says no rerun of early 1990s despite 40% fall in transactions May 20, 2008
This could have important ramifications for the wider economy not only hitting the property industry directly but also impacting on a broad range of the related sectors whether that it the high street purveyors of home furnishings and white goods or financial intermediaries involved in providing adviser on mortgages. . (Money Marketing)
Brokers spending more time on advice May 20, 2008
A study into the role of advisers from Alliance & Leicester (A&L) has found that 76% of brokers feel their role is becoming more advisory and will continue to become so over the next six months. Almost half (47%) of brokers believe they provide clients with more insight and thought than they did six months ago, mainly due to lower confidence in the housing market (48%) and the economy (22%). (Mortgage Solutions)
Afdb Signs Loan Agreement With Pta Bank May 18, 2008
The project is consistent with AfDB's updated private sector operations strategy, which emphasizes Small and Medium Size Enterprises (SME) development using financial intermediaries as development partners. It is also in line with the Bank Group's policy on regional and economic cooperation as well as with NEPAD objectives for regional integration and support to the private sector. (allAfrica.com)
Bank Of England Optimistic About Losses? May 17, 2008
The BoE's optimism contrasts with the International Monetary Fund's claim that total financial system losses--estimated at $945 billion-- remain in excess of write-downs announced so far by banks and other financial intermediaries. It has therefore focused attention on the merit of the BoE's claims. (Forbes -- Business)
BB&T hires Barry Curry as commercial finance specialist May 8, 2008
He also will maintain sales responsibilities for both prospects and financial intermediaries in four Southeastern states, including Alabama. Curry has held similar positions with other financial institutions for nearly 20 years. (Birmingham Business Journal, AL)
More than one step backwards May 6, 2008
However, unlike the earlier epoch of finance capitalism, the emphasis was not upon the capital development of the economy but rather upon the quick turn of the speculator, upon trading profits As managed money grew in relative importance, more and more of the market for financial instruments was characterized by position-taking by financial intermediaries. These positions were bank-financed. (Asia Times Online)
Credit-Default Swaps Tied to Losses Morphed Into `Frankenstein's Monster' Apr 16, 2008
Greenspan told a banking conference sponsored by the Chicago Fed in Washington on May 8, 2003, that ``the use of a growing array of derivatives and the related application of more sophisticated methods for measuring and managing risk are key factors underpinning the enhanced resilience of our largest financial intermediaries. . (Bloomberg)
Fed's Warsh says market recovery will take time Apr 15, 2008
"While the adjustment process by financial intermediaries is showing signs of promise, the healing process is not likely to be linear," Warsh told the New York University School of Law. "Given the fragility evidenced in financial markets and the toll it is taking on real activity, the Federal Reserve agreed to take center stage.". (Reuters)
The Asiatic vs. Italian fake hair showdown Apr 12, 2008
However, the fallout rapidly spread through an excessively leveraged financial system to curtail liquidity in the interbank market, to weaken capital adequacy and force the emergency resolution of major financial intermediaries, to deeply disrupt structured credit markets, and to prompt a repricing of risk across a broad range of instruments. I will also note that the phrase "since the Great Depression" appeared at least twice in Kevin Phillips' new book, "Bad Money: Reckless Finance, Failed... (Salon)
Paulson: 'We can do a better job' of regulating Apr 1, 2008
Our current regulatory structure was not built to address the modern financial system with its diversity of market participants, innovation, complexity of financial instruments, convergence of financial intermediaries and trading platforms, global integration and interconnectedness among financial institutions, investors and markets. Moreover, our financial services companies are becoming larger, more complex and more difficult to manage. (USA Today -- Money)
Paulson proposes overhaul of market oversight Apr 1, 2008
Online Edition Powered By IOL. April 01, 2008 Edition 1. (Business Report, South Africa)
Dollar held back by weak credit demand Mar 31, 2008
Welcome to The Sydney Morning Herald. Skip directly to: Search Box, , , Text Version. (Sydney Morning Herald -- Business)
Questions that plague investors - and Wall Street Mar 21, 2008
Those loans were quickly sold off to financial intermediaries, like Bear Stearns and other Wall Street investment houses, that bundled them into securities, insured them, and peddled them to banks, pension funds, and endowments worldwide. Then the market turned. (Boston Globe)
Merrill Pundits Say Worst Is Yet to Come Mar 18, 2008
I've written before about how it is to get burned by self-interested financial intermediaries, and so have better worth trusting on this issue. But when Rosenberg talks about "the role I'm privileged to have underline the word privileged," there's no doubting his sincerity. (SmartMoney)
AfDB approves financial package for PTA Bank Mar 15, 2008
"The project is consistent with AfDB's updated private sector operations strategy with emphasises on small and medium scale enterprises development, using financial intermediaries as development partners". It is also in line with the Bank's group Policy on regional and economic cooperation with the New Partnership for African Development (NEPAD) objectives for regional integration and support to the private sector," the statement added. The support was the AfDB's fourth intervention since 1991,... (Ghana Web, Ghana)
Fed Interventions Spur Worries Of Sowing Seeds For Next Crisis Mar 15, 2008
The Fed's promise to "promote the orderly financing of markets," Reich wrote, "means that lenders, credit-rating agencies, financial intermediaries and hedge funds will be bailed out.". But after the Fed's rescue of Bear Stearns Friday, Reich compared it with "someone with an helium tank blowing more air into a leaky balloon.". (Investors Business Daily)
Banks Should Add Capital, Bolster Confidence After Subprime Loss, IMF Says Mar 8, 2008
Especially the systemically important institutions should be strongly encouraged to rebuild capital cushions -- preferably by inviting new equity investment and by cutting dividends -- in order to bolster confidence and their capacity to support the role as financial intermediaries,'' he said. Portugal also told the group that banks should work harder to increase the transparency of financial assets. (Bloomberg -- Japan)
Deploying Diaspora-Led Investments for Africa's Development Mar 1, 2008
Participants agreed that it was necessary to develop financial intermediaries especially rural facilities and improve the formalization of receipts and access to finance through the promotion of financial literacy within those institutions and individual bank accounts through which remittances would flow and lead to a more accurate and reliable collection of data. They suggested that it would be possible to explore possibilities of issuing Diaspora Bonds as a means to raise further Development... (allAfrica.com)
A Crisis in Democracy: Are We Going Bankrupt? Mar 1, 2008
Today, financial intermediaries hold about 37 percent of U.S. public debt; Japan and China, along with other countries, now hold about 30 percent. The proportion of U.S. debt owned directly by Americans has fallen to below 10 percent; in 1945 (when the debt was more than twice as large in relation to GDP as now) citizen-creditors just about held it all. (Fort Madison Daily Democrat, IO)
Diamond Hill Investment Group, Inc. Reports 2007 Financial Results Feb 16, 2008
About Diamond Hill: Diamond Hill provides investment management services to institutions and financial intermediaries seeking to preserve and build wealth. The firm currently manages mutual funds, separate accounts and private investment funds. (PR Newswire)
Making us weep Feb 12, 2008
Edgar said that two roughly equal-size funding reservoirs sit on top of the monetary base in the US system: one created by financial intermediaries, the banks mainly, and one created by the markets, for direct borrowing from investors, mainly through securitised debt products and corporate bonds. The market-based system is where the debt crisis emerged and embedded itself, and it is currently in effect closed for business. (Sydney Morning Herald -- Business)
Medipattern's B-CAD(TM) Version 2 Shown to Increase Diagnostic Accuracy by 44% in Lesions Less Than 1 cm in Size Feb 12, 2008
Genoa's mandate will focus on developing and expanding the network of investors, analysts, and financial intermediaries who are interested in following the Medipattern investment story. Upcoming Events. (CCNMatthews Press Releases)
Fact Sheet: The Economic Report of the President Feb 12, 2008
The contraction of the secondary market for some mortgage securities and the ensuing write-downs at major financial intermediaries are a new downside risk to this expansion. As of the end of 2007, however, these developments had not greatly affected the non-financial economy outside of the housing sector. (White House News Releases)
