Word: bankes
(lookup in dictionary)
(lookup stats)
Dates: during 2000-2009
Sort By: most recent first
(reverse)
...time of pessimistic forecasts and rising fear, many toxic assets are probably worth more than the bank models or credit-default-swap indexes suggest. For example, a recent reading of the ABX index puts the value of even the highest-rated subprime mortgage bonds created in 2007 at only 27% of their precrunch prices. Yes, Americans are behind on their mortgages, but even the most pessimistic prognostications do not predict that 73% of home loans will become worthless. (See pictures of the dangers of printing money...
...Others seem to be coming around to the banking industry's position. On Tuesday, Federal Reserve Chairman Ben Bernanke said he would support changes in pricing illiquid assets. Also this week, investor Warren Buffett said in a CNBC interview that he would favor suspending the mark-to-market rules. Even the Securities and Exchange Commission (SEC), which has long backed these rules, recently asked the Financial Accounting Standards Board (FASB), a private group based in Norwalk, Conn., that sets accounting rules in the U.S., to look into the matter. FASB spokesman Neal McGarity says his organization is doing that...
...resistance? The FASB and the SEC say mark-to-market accounting is a key to the economy's transparency, and want to proceed cautiously before changing the rules for illiquid assets. Investors are already skeptical of bank stocks. Add more uncertainty to their books, and the shares might fall further...
...with few options left to save the banks, government officials might see a change to mark-to-market rules as the most promising way remaining to bolster the banks and their bottom lines. What's more, relaxing the accounting requirement might make it easier for Treasury to iron out a plan to remove toxic assets from bank balance sheets...
...While TECH may provide a deep information bank of entrepreneurship resources, many aspiring student entrepreneurs on campus feel that practical training is simply unavailable for undergraduates at Harvard. With the notable exceptions of ES 147, Sociology 159, and Engineering Sciences 139: “Innovation in Science and Engineering,” the College does not offer any classes in professional business skills. Undergraduates are also largely excluded from classes across the river at Harvard Business School, which would otherwise be applicable to their business pursuits. Most students seeking this sort of training, such as accounting or strategic decision making...