PREVIEW-Rulemakers plan global overhaul of lease accounting
By Emily Chasan
NEW YORK, Aug 15 (Reuters) – U.S. and international accounting rule makers are planning to propose an overhaul of lease accounting as soon as Tuesday, in a move expected to affect some $1.2 trillion in leased assets.
Obama, New York law chief Cuomo target Wall Street bonuses
By Caren Bohan and Jonathan Stempel
WASHINGTON/NEW YORK, Jan 11 (Reuters) – The White House and and New York’s top prosecutor attacked excessive Wall Street bonuses, as the nation’s biggest banks prepare to hand out awards critics say were made possible by taxpayer bailouts.
A senior U.S. official also confirmed President Barack Obama is considering a fee on financial services firms as part of the fiscal 2011 budget he will unveil in February.
The proposal reflects tougher approach the White House is taking toward Wall Street as it faces rising political heat over its support for the $700 billion financial bailout begun in the Bush administration.
Amid reports of some bank payouts that could average hundreds of thousands of dollars each, White House spokesman Robert Gibbs said some Wall Street executives “continue not to get it” when it comes to big bonuses at bailed-out companies.
Meanwhile, New York Attorney General Andrew Cuomo asked the first eight banks to receive bailout money under the government’s much-maligned Troubled Asset Relief Program to turn over data on expected bonus payouts in 2009.
These banks are Bank of America Corp, Bank of New York Mellon Corp, Citigroup Inc, Goldman Sachs Group Inc, JPMorgan Chase & Co, Morgan Stanley, State Street Corp and Wells Fargo & Co.
Wells Fargo sells $10.65 billion in stock to exit TARP
NEW YORK, Dec 15 (Reuters) – Wells Fargo & Co sold $10.65 billion in stock on Tuesday, raising funds to help repay a $25 billion bailout received from the U.S. government last year.
Wells Fargo and Citigroup Inc — which expects to raise $20 billion on Wednesday to help repay its bailout money — were the last of the largest banks to repay the funds, which were forced on banks amid the height of the financial crisis last year.
FDIC warns U.S. banks they may need more home-equity reserves
By Jonathan Stempel NEW YORK, Aug 3 (Reuters) – A U.S. regulator said on Monday banks may need to boost their reserves for losses on home equity loans, after housing prices fell by roughly one-third from their 2006 peak. (more…)
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