From the category archives:
I spent most of 2008 and early 2009 completely obsessed with the credit crisis (evidenced by this index of the best crisis coverage I created just over a year ago). Reading this Andrew Ross Sorkin piece in tomorrow’s New York Times got me all riled up again:
What the Financial Crisis Commission Should Ask
NYTimes’ “Dealbook” column [...]
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The Fed’s announcement on Thursday of a new rule prohibiting overdraft fees on debit card and ATM transactions without consumer opt-in is an economic earthquake for retail banks.
The Center for Responsible Lending has estimated that banks make $23.7 billion in overdraft fees annually; the New York Times said this morning that Fed officials had put [...]
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Consistent with the current government focus on enhancing consumer protection, the Credit Card Accountability Responsibility and Disclosure Act of 2009 (Credit CARD Act of 2009) brings sea changes to the credit card industry. Forward-looking financial services institutions are viewing these shifts not as a reactive compliance and operational exercise, but more broadly in anticipation of [...]
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The always brilliant Michael Lewis and David Einhorn are guest op-ed contributors in today's NYTimes. Their (very long and convincing) argument is that misaligned interests throughout the financial eco-system contribute to a systemic problem: short-term gain vs. long-term interests, a complete lack of meaningful checks and balances (via credit rating agencies), and incompetence and political [...]
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At Forte Financial Glenbrook Partners we’ve been gripped by the credit crisis, yet drowning in news and data. We suspect that you, too, would appreciate a guide to the gems of insight and plainspoken verbiage that explain, question, and illuminate these unprecedented times. So we’ve selected the best of the coverage – an admittedly subjective [...]
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The Financial Page in next week's New Yorker is devoted to Timothy Geithner:
For better or worse, we now live in a world in which the Treasury Secretary controls hundreds of billions of dollars in spending and shapes the fate of some of the nation’s biggest companies. That’s quite a job to ask someone to do.
If [...]
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CFO.com points out that Paul Volcker has strong views on accounting topics that might soon become prominent fixtures of administration economic policy.
For example, here are topics/issues that he will undoubtedly have influence over (quoting CFO.com):
[His experience creating and then serving as head of International Accounting Standards Board and attempting to reform Anderson immediately after the [...]
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In honor of Thanksgiving the WSJ MarketBeat blog updated its bailout scorecard. The matrix summarizes who was bailed out, describes the program, why, who was helped, who paid, and – most importantly – is it working?
Check it out here.
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Confused by the various Fed lending programs for banks? Here's a handy quick reference guide from the Fed Reserve of NY.
Download PDF
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A new study from Deloitte reveals that there is a high correlation between bankruptcy and fraud. With economic conditions likely to drive more companies to consider filing for bankruptcy protection, one potential concern is whether the greater scrutiny that generally results, could lead to claims of fraud against the company and its executives.
“In the [...]
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Reports indicate that this afternoon Citi is close to an agreement with the government whereby losses due to risky assets on the bank's balance sheet would be limited. A new "bad bank" entity would be created to house approx. $50 billion in risky assets, by one estimate. The government would assume losses beyond a certain [...]
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In addition to the big bank recipients of TARP funds, seventy regional banks have applied.
Graphic courtesy of American Banker:
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The US and International Accounting standards boards are convening an advisory group to address issues stemming from the credit crisis – starting with fair-value rules.
[via CFO.com - emphasis mine]
While central bankers and G7 leaders work to form panels to respond
to the global banking crisis, accounting standard-setters are doing
their part to do the same. On Thursday, [...]
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In today's New York Times Joe Nocera explores how the credit crisis that unfolded from the morning of Sept.
17 to the afternoon of Sept. 18 spooked policy makers into action.
Plus, the graphics team at the Times have done their usual outstanding job here.
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On Friday, NACHA announced a six month extension of the deadline for International ACH Transactions (IAT) from March 2009 to September 2009. Many smaller banks were caught by surprise by the changes necessary to support IAT. Although software vendors are prepared to make the necessary changes available in upcoming releases and many banks outsource their [...]
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Glenbrook Payments Boot Camp
Mar 10-11, 2010, Santa Clara, CA
May 19-20, 2010, Santa Clara, CA
Headlines from Payments News
