Word: chairmanning
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...FDIC can wind down banks in a more orderly fashion than occurred at Lehman. But FDIC chairwoman Sheila Bair and Fed Chairman Ben Bernanke have both said they don't have the authority to wind down global financial conglomerates like Citi. The upshot: "If you want to have no more Lehmans, then inevitably you wind up guaranteeing the banks' debts," said John Hempton, a money manager and former Australian treasury official whose Bronte Capital blog has become another crisis must-read. That is, an orderly reorganization of the financial system in which creditors make sacrifices would be great...
...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...
...With the chairman and CEO on sick leave until June, the company has been working hard to carry on with business as usual - a tough trick since business was usually carried on the back of Jobs. He was the front man, the face of Apple, its every innovation incarnate. Even a trifle like the new Shuffle, with its clever way of "speaking" the names of tracks and playlists to ease navigation, would have been his to unveil. Not this morning. (See pictures of Jobs...
Times were good for Marty back in '05. President of NBER, a rumored contender for Chairman of the Federal Reserve, board member of leading insurer AIG. And then things went south--like Marty on his India trip! Check out the pics here...
...book fiasco seemed like yet another instance of bad timing on Dodd's part. After all, being chairman of the Senate Banking Committee gave him little street cred in the 2008 primaries, when the big issue was still the war in Iraq. These days his chairmanship reminds voters of Dodd's problems with Countrywide, and fairly or not, it makes him the face of two deeply unpopular bailouts of Wall Street and an only slightly less unpopular stimulus plan. All of which may explain why Dodd is spending so much time on the Health, Education, Labor and Pensions Committee these...