| News on the capital markets, securities and financial industry |  |
- SIFMA announces global initiative to restore investors' confidence in securitization markets
As part of a series of measures to reinvigorate securitization markets, financial institutions and industry bodies worldwide are planning to revamp standards for mortgage securities. The enhanced standards aim to give investors, rating agencies and mortgage servicers a better understanding of credit quality and options for modifying loans when homeowners struggle to make payments. American Securitization Forum Executive Director George Miller said the standards will address issues in securitizations, including a lack of consistent, credible information for investors. Read a related news release from SIFMA. Find information about how to join today's conference call and webinar which is IN PROGRESS NOW, hosted by SIFMA, the European Securitisation Forum, the Australian Securitisation Forum and the American Securitization Forum. Financial Times (free content)
(12/3)       
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- Fed official: U.S. not headed into deflationary spiral
St Louis Federal Reserve President James Bullard said the U.S. does not have to worry about sliding into a Japanese-style cycle of deflation. "Look at PCE (personal consumption expenditures) inflation measured from one year earlier. It smoothes out some of the fluctuations. It is still over two percent. It would take a lot to drag that down to a deflationary level," Bullard said.  ClipSyndicate/Bloomberg
(12/2), Reuters
(12/2)
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- Report: BofA could cut 30,000 jobs as it absorbs Merrill Lynch
Sources said layoffs resulting from Bank of America's acquisition of Merrill Lynch would reach at least 10,000, but some said that figure could be three times as much. Kenneth Lewis, CEO of Bank of America, is looking to save $7 billion from the merger during the next couple of years, so sources estimated that job losses would be closer to 30,000. Some of the cuts would likely come from the sale of businesses or attrition, but the bulk would probably be in investment banking. CNBC/Reuters
(12/3)
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Goldman names Corrigan chairman of bank holding company: As part of its transformation into a bank holding company, Goldman Sachs recruited Gerald Corrigan, formerly head of the Federal Reserve Bank of New York, to be its chairman. Speculation has been mounting about how Goldman will proceed, specifically whether it will acquire another bank to quickly build its deposit base or expand its deposits organically. Financial Times (free content)
(12/3)
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Analyst: Bank-holding model will prove to be costly: Bernstein Research analyst Brad Hintz said the bank-holding model would prove to be costly for Goldman Sachs and Morgan Stanley. Regulators will require the former investment banks to employ less leverage, maintain more liquidity, limit illiquid business commitments and tightly control counterparty risk, Hintz said. Reuters
(12/2)
- AIG's Liddy hopes to renegotiate terms of rescue package
Edward Liddy, CEO of American International Group, wants to sell assets to repay a multibillion-dollar government loan and then renegotiate the terms of the federal rescue package. "As soon as we make good progress on selling assets and paying down that debt, we intend to go down to Washington, D.C., and negotiate with the new Treasury secretary," Liddy said. Another of Liddy's goals is to have the government reduce its nearly 80% stake in the firm in an effort to encourage private investors. The Wall Street Journal (tiered subscription model)
(12/3)
| Regulatory Roundup | | |
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- Paulson weighs whether to ask for second installment
Treasury Secretary Henry Paulson is considering whether to go to Congress for the remaining $350 billion from the Troubled Asset Relief Program. His pending decision comes as the transition to the Obama administration is under way, competing demands are being made on the funds and a report from the Government Accountability Office criticizes the handling of TARP. Meanwhile, there is the very real possibility that lawmakers may reject such a request from Paulson. The Wall Street Journal (tiered subscription model)
(12/3)
| Legislative Update | | |
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- Treasury ignoring critical issues with TARP, GAO says
The Government Accountability Office said the Treasury Department has not developed policies to ensure that the $700 billion Troubled Asset Relief Program is achieving its goals or to determine whether banks are complying with its restrictions. The congressional watchdog said the Treasury does not have a system for keeping up with whether banks are following TARP's limits on dividend and executive compensation. Click here to see SIFMA's ongoing coverage of news related to TARP. Financial Times (free content)
(12/3), CNNMoney.com
(12/2)
| SIFMA News | | |
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SIFMA Events: Your tickets to keeping abreast of the industry
SIFMA conferences and events bring together policymakers, regulators and industry experts to examine and discuss the changing landscape of financial services. Make an investment by clicking here, in order to serve your firm and your clients better by being part of these premier industry events. SIFMA is your powerful resource regarding the securities industry and the global capital markets.
- @Path to Investing -- A Quarterly Newsletter
Pathtoinvesting.org, a Web site sponsored by the SIFMA Foundation for Investor Education, is committed to providing readers with a resource for clear, objective financial information. And now, @Path to Investing, our new quarterly newsletter, brings the latest content, current investing topics and recent updates directly to your computer. Click here to subscribe to @PathtoInvesting and be sure to visit www.pathtoinvesting.org today to take advantage of the broad array of investor-education resources.
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