Articles by Diana Golobay

Dodd-Frank Reform Fueling 'Next Investment Bubble': Institutional Risk Analytics

Although the Volcker Rule and other provisions of the recently passed Dodd-Frank Act limit the principal trading and investment activities of large financial institutions, they fail to address the cause of the current crisis, according to commentary today from Christopher Whalen of the Institutional Risk Analyst. By extension, the firms that are proactively implementing Dodd-Frank are actively structuring derivatives that could lead to the "next investment bubble on Wall Street," Whalen wrote.
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White House economic team exhausted after past 18 months

President Obama's economic team is exhausted, according to White House spokesman Robert Gibbs, and that is one the reasons Christina Romer announced her departure Thursday. The press secretary told The Hill on Friday that Romer and the rest of the economic team have worked the equivalent of six years during the 18 months they’ve been in office, and Romer wanted to return to her normal life.
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Wells Fargo cites 'negative consequences' from financial reform

Wells Fargo & Co. says in a securities filing that the Dodd-Frank Wall Street Reform bill could have “negative consequences” on the San Francisco-based bank, parent of Charlotte-based Wachovia. Unlike Bank of America Corp., Wells did not disclose any specific projections for how the legislation will affect its bottom line. Charlotte-based BofA recently said the bill could cost it billions of dollars in lost revenue.
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RBS pays $8.9m to wash away IT shortfall

Royal Bank of Scotland was hit with a $8.9m fine by British regulators due to IT system glitches that exposed the bank to possible financial transactions by terrorists. The Financial Services Authority reports the bank didn't have adequate controls in place at RBS, NatWest, Ulster Bank and Coutts units.
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Brochure to help jobless track their finances

The Financial Industry Regulatory Authority (FINRA), in partnership with the National Association of State Workforce Agencies (NASWA), announced today a nationwide initiative to deliver an educational resource to help workers make better financial decisions during periods of unemployment. The resource, a brochure titled Job Dislocation, Making Smart Financial Choices after a Job Loss, offers specific tips on keeping finances on track while unemployed, asking the right questions about company benefit plans, checking out financial advisers and avoiding job scams.
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BofA mortgage repurchase requests total $11.1bn

Bank of America, the biggest US lender by assets, said it has been dealing with a "very limited" number of requests to repurchase soured mortgages out of securities lacking government-backed guarantees. Unresolved mortgage-repurchase requests from all investors and insurers totaled about $11.1bn on June 30, the Charlotte, North Carolina-based bank said today in a filing with the Securities and Exchange Commission.
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Grubb & Ellis Taps Internal Candidates for Executive Roles

Real estate services and investment firm Grubb & Ellis [stock GBE][/stock] appointed Michael Rispoli as executive vice president and chief financial officer (CFO), effective immediately. The firm also promoted Matthew Engel to executive vice president of finance. Engel held the position of interim chief financial officer since May 3.
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Freddie Posts $4.7bn Net Q2 Loss, Asks Treasury for $1.8bn

Freddie Mac reported a $4.7bn net loss in the second quarter of 2010 (Q210), narrowed from a $6.7bn net Q110 loss. The Federal Housing Finance Agency (FHFA), acting as Freddie's conservator, will submit a request to draw down an additional $1.8bn through the senior preferred stock purchase agreement with the Treasury Department to cover a net worth deficit at the company.
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