It looks like you're using an Ad Blocker.
Please white-list or disable AboveTopSecret.com in your ad-blocking tool.
Some features of ATS will be disabled while you continue to use an ad-blocker.
More at Link...
Banks still getting sicker
The economy may have turned, but banks will be cleaning up after their lending mistakes for years. Several big banks may already be doomed to fail.
NEW YORK (Fortune) -- The economy may have pulled out of its plunge, but you'd never know by a look at many big banks.
Even after a rousing market rally that spurred new capital into giant institutions such as Wells Fargo (WFC, Fortune 500) and Bank of America (BAC, Fortune 500), numerous large banks around the country are still struggling with deteriorating finances.
Two dozen banks with at least $5 billion in assets get the lowest one-star rating on Bankrate.com's safety and soundness test, which is based on an assessment of regulatory filings for the quarter ended March 31.
More than half of those banks are ranked "troubled" or worse by research firm Bauer Financial, using the same data. Three of these banks, with a total of $45 billion in assets, have made public statements indicating they could soon collapse.
"There are some big ones in fairly dire straits," said Karen Dorway, director of research at Coral Gables, Fla.-based Bauer. "If you see some of these fail, it could add to the stress on local economies."
How would you rate President Obama's first 200 days?
Total outstanding government debt in the UK has risen to a record £799bn, or 56.6% of UK GDP - the highest since records began in 1974.
New borrowing in June was £13bn, almost twice as much as a year ago, the Office for National Statistics said, after the downturn shrank tax receipts.
The figures also reflect the cost of bank bail-outs and higher spending on social security benefits.
One economist described the state of the public finances as "dire".
Meanwhile, a National Audit Office (NAO) report said that tax receipts fell by 10% in the past year - the biggest fall since 1923.
they can basically move the markets when they want
AIG's Greenberg pays $15 million to settle SEC charges
WASHINGTON (Reuters) - American International Group Inc's former Chief Executive Hank Greenberg agreed to pay $15 million to settle regulators' allegations of improper accounting transactions, the Securities and Exchange Commission said on Thursday.
Howard Smith, AIG's former chief financial officer, also agreed to pay $1.5 million to settle SEC charges relating to his and Greenberg's involvement in improper accounting transactions that inflated the insurer's financial results between 2000 and 2005, the SEC said.
Greenberg and Smith, who both left AIG in 2005 amid the accounting scandal, agreed to settle the charges without admitting or denying the SEC's findings.