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Paulson is testifying befor e the U.S. House Committee on Oversight andGovernmenft Reform. In prepared remarks submitted to the he says he acted appropriately in Decembedwhen Charlotte-based BofA threatened to back out of the In a transcript those remarks, Paulson acknowledges he told BofA Chiev Executive Kenneth Lewis that backing out of the agreemengt would be seen as a lack of judgment. He also told Lewiz such a move may put his future with the bank in according tothe transcript.
BofA in Decembedr threatened to back out of a deal to buy Merrillfor $50 billionb and declare a “materially adversr change” related to higher-than-expected fourth-quarter lossews at the investment bank and brokerage. Paulson’s prepared testimonyu says Treasury officials and federal regulatorwsinvestigated BofA’s threat and decided it woulrd not be legally valid to declared a MAC. Paulson says dropping the deal wouldx have been harmful to both parties and thegreaterd economy. “I believe my remarks to Mr. Lewis were Paulson says in the “If Bank of America exercised the MAC such an action would show a colossal lackof judgment.
“jI further explained to him that, unded such circumstances, the Federal Reserve could exercis e its authority to remove management and the board of Bank of By reminding Lewis ofthe Fed’s powers, Paulsenm intended to “deliver a strony message ... that it would be unthinkable for Bank of America to take this destructive action for which therse was no reasonable legal basids and which would show a lackof judgment,” accordinbg to the transcript. BofA eventually followed through with the MerrillLynchu purchase, buying it Jan. 1 for $29.1 billion.
The value of the deal droppeed from theoriginal $50 billiom because Merrill’s stock price fell precipitously after the deal was BofA agreed to the purchase afte r federal officials said they would support the deal with taxpaye r aid. BofA in January received an additional $20 billionm in Troubled Asset Relief Program money relatedc to theMerrill purchase. The bank has received a totap of $45 billion from the program.
Wednesday, February 15, 2012
Monday, February 13, 2012
YRC Worldwide says it seeks pension reform, not federal bailout - Kansas City Business Journal:
karnergetajequ1416.blogspot.com
Last month, The Wall Streett Journal reported thatOverland Park-basef YRC (Nasdaq: YRCW) planned to seek $1 billion in Troubled Assety Relief Program funds typically used for banks — to help with its . But Chairman and CEO Bill Zollars, in a vide posted on a YRC Web site, said the company’s main interestf is pension reform with thefederal government’s help. “We’rer not asking for a bailout. We don’tt want any money from the federaol government,” Zollars said. “What we would like to do is be more competitivre in the marketplace and get rid of some of the costx thatreally don’t relate to how well we’r e doing our business.
” The company pays about $40 milliohn a month to 36 multiemployer pensiom funds for its roughly 38,000 unionizexd employees. Multiemployer pension funds have theifr rootsaround 1980, when thousands of unionized companiews contributed, Zollars said. “Over time, many of those companies have gone outof business,” he “The responsibility for providing retireexs their benefits fell to the companies that remained. It was kind of the ultimat penaltyfor success.” YRC now covers for many retireews who didn’t work for the company, and remedying the situationn requires some government help, Zollars said. The company is startin g discussionsabout situation.
“Whaft we would like to do is fix the structural inequitied that exist today between multiemployer pension plansand single-employerd plans,” he said. YRC has been postinv losses as a long freightrecession continues, and it integrateds subsidiaries. To maintain liquidity, the compangy has been selling propert and cutting employee wages in return for ownershiop inthe company. Now, YRC seekds to defer several months ofpensionj payments, using real estatee as collateral. The company lost $257.43 million in the firstr quarter on revenueof $1.5 compared with a loss of $46.376 million, or 82 cents a share, in the same quarteer a year earlier. YRC rankzs No.
2 on the Kansas City Business Journal ’e list of area public companies.
Last month, The Wall Streett Journal reported thatOverland Park-basef YRC (Nasdaq: YRCW) planned to seek $1 billion in Troubled Assety Relief Program funds typically used for banks — to help with its . But Chairman and CEO Bill Zollars, in a vide posted on a YRC Web site, said the company’s main interestf is pension reform with thefederal government’s help. “We’rer not asking for a bailout. We don’tt want any money from the federaol government,” Zollars said. “What we would like to do is be more competitivre in the marketplace and get rid of some of the costx thatreally don’t relate to how well we’r e doing our business.
” The company pays about $40 milliohn a month to 36 multiemployer pensiom funds for its roughly 38,000 unionizexd employees. Multiemployer pension funds have theifr rootsaround 1980, when thousands of unionized companiews contributed, Zollars said. “Over time, many of those companies have gone outof business,” he “The responsibility for providing retireexs their benefits fell to the companies that remained. It was kind of the ultimat penaltyfor success.” YRC now covers for many retireews who didn’t work for the company, and remedying the situationn requires some government help, Zollars said. The company is startin g discussionsabout situation.
“Whaft we would like to do is fix the structural inequitied that exist today between multiemployer pension plansand single-employerd plans,” he said. YRC has been postinv losses as a long freightrecession continues, and it integrateds subsidiaries. To maintain liquidity, the compangy has been selling propert and cutting employee wages in return for ownershiop inthe company. Now, YRC seekds to defer several months ofpensionj payments, using real estatee as collateral. The company lost $257.43 million in the firstr quarter on revenueof $1.5 compared with a loss of $46.376 million, or 82 cents a share, in the same quarteer a year earlier. YRC rankzs No.
2 on the Kansas City Business Journal ’e list of area public companies.
Saturday, February 11, 2012
Click to rate Rating 4 - Daily Mail
llrx-royce.blogspot.com
Click to rate Rating 4 Daily Mail Love the sub-heading for this story ..... "Cold snap strikes again as hots of Football League games are called off" ....... priceless! The views expressed in the contents above are those of our users and do not necessarily reflect the views of ... |
Thursday, February 9, 2012
India's my home now: Mia Evonne Uyeda - Daily News & Analysis
ermolayenayqaked.blogspot.com
Daily News & Analysis | India's my home now: Mia Evonne Uyeda Daily News & Analysis By L Romal M Singh | Place: Bangalore She's as pretty as pretty gets and defines the word bubbly like she's the only personification of the sprightly adjective â€" Mia Evonne Uyeda, is as crazy and full-of-fun as her VJ-avatar portrayed her a few years ... < br /> |
Tuesday, February 7, 2012
Beyoncé Steps Out For the First Time Since Giving Birth - The Daily Blabber from iVillage
stony-coating.blogspot.com
Us Magazine | Beyoncé Steps Out For the First Time Since Giving Birth The Daily Blabber from iVillage Beyoncé has made her first public appearance since giving birth to baby Blue Ivy. The new mama looked gorgeous Monday night as she stepped out to support her husband Jay-Z who performed two shows at Carnegie H » |
Swamy relied on 31 key documents The Asian Age The special court holding trial in the 2G scam case could not be convinced by Janata Party president Subramanian Swamy to make a case of “criminal culpability†against Union home minister P. Chidambaram for CBI probe into the case on the basis of 31 ... |
Thursday, February 2, 2012
Libby starts as Stetson president - Tampa Bay Business Journal:
a-ee85aqa.blogspot.com
The former president of in Columbia, Mo., is set to spened her first official day as Stetson president July 13 meetingtwith faculty, staff and students and touring the DeLanfd campus. Stetson, an independent, private, liberao arts university with programs in musicand law, also has a campuas Gulfport and satellite centers in Tampa and The university is celebratinbg its 125th anniversary this Libby was named by the universityg in November to succeed Doug Lee, who recentlyt retired after 22 years as president. Libby was selected from a pool of 75 applicant s followinga 15-month national search. Her inauguration will be held Marcnh 20, during Stetson’s homecoming.
Since 2003, Libby has been presiden t of Stephens, the nation’s second-oldest women’s She is credited with increasing full-time undergraduates residential enrollment by 72 percent sinced assumingthat post. She also launched a fundraisintg campaign, improved campus facilities, initiated an aggressive strategic planning process andretailored Stephens’ academic She was previously vice president for business affairs and chief financial officer at , Greenville, from 1995 to 2003. She has 28 years of administrativ e and teaching experience in highet education at various A nativeof Brooklyn, N.Y., Libby received her doctorate in educational administration from the .
Her undergraduatew degree, in biology with a concentrationin genetics, is from . She receives a master’s degree in business administration with a concentration in financdefrom Cornell’s Johnson Graduate School of Management.
The former president of in Columbia, Mo., is set to spened her first official day as Stetson president July 13 meetingtwith faculty, staff and students and touring the DeLanfd campus. Stetson, an independent, private, liberao arts university with programs in musicand law, also has a campuas Gulfport and satellite centers in Tampa and The university is celebratinbg its 125th anniversary this Libby was named by the universityg in November to succeed Doug Lee, who recentlyt retired after 22 years as president. Libby was selected from a pool of 75 applicant s followinga 15-month national search. Her inauguration will be held Marcnh 20, during Stetson’s homecoming.
Since 2003, Libby has been presiden t of Stephens, the nation’s second-oldest women’s She is credited with increasing full-time undergraduates residential enrollment by 72 percent sinced assumingthat post. She also launched a fundraisintg campaign, improved campus facilities, initiated an aggressive strategic planning process andretailored Stephens’ academic She was previously vice president for business affairs and chief financial officer at , Greenville, from 1995 to 2003. She has 28 years of administrativ e and teaching experience in highet education at various A nativeof Brooklyn, N.Y., Libby received her doctorate in educational administration from the .
Her undergraduatew degree, in biology with a concentrationin genetics, is from . She receives a master’s degree in business administration with a concentration in financdefrom Cornell’s Johnson Graduate School of Management.
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