PPIP Founders (WSJ)
Shocker: “A government program designed to rid banks of bad loans, part of a broader effort once viewed as central to tackling the financial crisis, is stalling and may soon be put on hold, according to people familiar with the matter.”
Citi, SEC In Talks To Settle Asset Probe (WSJ)
“Citigroup Inc. is in the early stages of negotiating with the Securities and Exchange Commission to settle an investigation into whether it misled investors by not properly disclosing the amount of troubled mortgage assets it held as the market began to implode in 2007, people familiar with the matter say.
The talks signal that the SEC could be moving toward resolving a number of civil probes that began in late 2007, when mortgage-related losses began mounting on the books of banks and Wall Street firms. A Citigroup spokesman said the firm’s policy isn’t to comment on such regulatory issues.”
Fortress Takes First Steps Into Retail Banking (FT)
“Fortress Investment Group, a listed private equity and hedge fund company with $26.5bn in assets, is nearing an agreement that would mark the first step in a push into US retail banking, according to people familiar with the transaction.
Under a deal that could be announced as early as Thursday, Fortress and other investors – including private equity firms Crestview Partners and Lightyear Capital – will inject $800m in fresh capital into a small Florida bank called First Southern.”
Bank Czar Likely (WSJ)
“The new bank regulatory agency could prove controversial because it would consolidate the Office of the Comptroller of the Currency and the Office of Thrift Supervision and strip supervisory powers from the Federal Reserve and the Federal Deposit Insurance Corp.
The Fed and the FDIC would gain other powers, though, as White House officials want the Fed to be able to oversee systemic risks in the economy. They also want the FDIC to have new powers to take large financial companies that aren’t banks into receivership.”
We’ll See A Target Vote Today (Reuters)
“In an increasingly heated proxy contest, Ackman is seeking enough shareholder votes to win five seats on the retailer’s board, while Target is running a slate of four incumbent directors.
Shareholders will also have to vote on the size of the board — Target wants to set it at 12, while Ackman claims it should be 13.”
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- Use the Bloomberg command
NH BLG_DEALBREAKER <GO>
to access Dealbreaker
8:30 and no comments. Am I the only one left with a job?
wow, PPIP won’t see the light of day? color me surprised!
–forehead slapper
Ackman needs to get the Target T symbol shaved into his head (afro style). That’ll show us he means business.
full speed ahead. http://www.nytimes.com/2009/05/28/business/global/28barclays.html?_r=1&dbk
@1- you’re the only one without a hangover.
These comments are offensive. Please moderate.
Professional Trader
@6- try harder.
@6 – Please return to the NAMBLA website. This here blog tis not for you.
Rodney Green just got picked up by Barclays. Expect a story shortly.
PPIP began squeaking around the time FASB succumbed to pressure.
Who could have imagined a conflict between the goals of (a) re-jiggering the rules so fiore sales wouldn’t happen, while (b) creating a bureaucratic mechanism for processing those fire sales?
Fortress and other PE types to introduce “The Discipline of Leverage” to regional banks. That should go well.
@wcburrs— does he start right after he gets out of prison? http://www.ldnews.com/news/ci_12410328
Guys in my highschool used to get asset probed all the time. It was no big deal.