Items Tagged with 'Christopher Cox'

ARTICLES

  • OTTI Rules Tweaked or Sharpened?

    It appears a cranky FASB, responding to a flood of comments -- some ill-informed, a bunch form letters -- added a few teeth to what had been looking like a technical fix to other-than-temporary-impairment guidance for securitized assets. Last week the Financial Accounting Standards Board voted to issue FSP EITF 99-20-a, Amendments to the Impairment and Interest Income Measurement Guidance of EITF 99-20, but with additional language not included in the exposure draft.
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  • SEC Tightens Belt on Rating Agencies

    After an "extensive examination" found "significant weaknesses in rating practices," the Securities and Exchange Commission approved Wednesday new measures to expand oversight of credit rating agencies -- who have long been criticized for their alleged role in contributing to the financial crisis.
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  • Greenspan Admits Errors, "Shocked Disbelief"

    A hearing Thursday on Capitol Hill provided the latest forum for lawmakers to probe the causes of the nation's financial crisis, with the Committee on Government Oversight and Reform holding its second hearing in two days on the issue -- Thursday's hearing centered on regulatory policy and failings, and included testimony from former Federal Reserve chief Alan Greenspan, as well as Securities and Exchange Commission chairman Christopher Cox.
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  • Congress Begins Hearings, Will Look for Blame

    Henry Waxman (D-CA), chairman of the House Committee on Oversight and Government Reform, announced late last week that his committee will hold five hearings in October on the financial meltdown, signaling the start of a Congressional witch hunt to determine who is most to blame for the mortgage and financial ills that now threaten the broader U.S. economy.
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  • Washington Steps In, Takes on Debt Crisis

    So much for letting financial markets sort themselves out. A series of events unveiled Friday established three-part response from lawmakers and federal regulators to a financial crisis that has spun further out of control this past week.
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  • SEC, Fed Move to Bolster 'Fragile' Market

    A financial sector that has been battered recently by credit and liquidity concerns saw its fortunes brighten at least temporarily on Wednesday morning. Moves by both the Securities and Exchange Commission and the Federal Reserve on Wednesday served as the latest attempt to prop up a broad financial system that's been searching for -- and, so far, not finding -- a bottom to an ongoing credit crunch.
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  • Goldman, Others Draw SEC's Attention; Fall of Bear Stearns Questioned

    Let's play a game of hypotheticals: what if the fall of Bear Stearns was really due to market manipulation by Goldman Sachs Group Inc. [stock GS][/stock] and other Wall Street firms, directly or indirectly spreading false rumors that sent the company's shares into a tailspin? And what if the same sort of chicanery were now responsible for tanking shares at Lehman Brothers Holdings Inc. [stock LEH][/stock]?
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  • SEC Takes Rating Agencies to Task; "Serious Shortcomings" Cited

    An awaited report on the conduct and process at key credit rating agencies in the wake of a historic upheaval tied to securities rated by the firms was released late Tuesday by the Securities and Exchange Commission -- and the report was anything but kind to Fitch Ratings, Moody's Investors Service, or Standard & Poor's, the three major credit rating agencies. The SEC said it found ample evidence that the agencies "struggled" with an explosion in subprime mortgages and associated RMBS and CDO issuance volume.
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