The U.S. economy has sunk into a recession and government action is critical to stem the damage, according to economists in the latest Wall Street Journal forecasting survey. According to the WSJ report, “It is a challenging scenario for the next president, as the election moves into the home stretch. Either Sen. John McCain or [...]
Perceived risk management failings are driving a spending spree, according to a recent survey from business model advisers SAS. The survey, which polled 316 financial service firm board members, shows that nearly 60% of firms are spending cash to shore up their risk management strategies amid ongoing financial uncertainty. Moreover, the study finds that 70% [...]
Under pressure from Wall Street firms, Congress and company shareholders, Fannie Mae took risks that pushed the company, and, in turn, a large part of the nation’s financial health, to the tipping point, according to The New York Times. In a recent report, the NYT outlines the events which culminated in the federal government’s $200 [...]
Efforts to bolster the struggling financial markets on Monday failed miserably. The House defeated a $700 billion emergency rescue for the nation’s financial system, leaving lawmakers and the Bush administration scrambling to pick up the pieces, according to the AP. Following the vote, the Dow plummeted 777 points – more than the 684-point drop on [...]
Synovus Financial recently announced it has established a new Chief Risk Officer role, reporting directly to the firm’s CEO. Synovus appointed Mark Holladay to the newly created position of CRO, just one week after the financial services firm said it will cut about 650 jobs, or 9% percent of its workforce, over the next two [...]
The Dow plunged more than 500 points on Monday as news of a bankruptcy at Lehman Brothers, the emergency sale of Merrill Lynch and rumors of more trouble at American International Group, one of the world’s biggest insurers, sent investors running for cover. Fed officials, the Treasury Department and executives from several Wall Street banks, [...]
Banks have been paying the price for lax risk controls. Losses from the U.S. subprime crisis and the ensuing credit crunch crossed the $500 billion mark as writedowns spread to more asset types, according to Bloomberg. The report states that writedowns and credit losses at more than 100 of the world’s biggest banks and securities [...]
Fannie Mae has announced a major shakeup among the ranks of its senior management. This comes amid rising costs stemming from defaults by homeowners and mounting concerns the government-sponsored enterprise would soon need a government bailout. Fannie Mae President and CEO, Daniel H. Mudd, made a series of senior executive appointments, effective immediately, to oversee [...]
Enterprise risk management (ERM) is a growing concern and the biggest challenge for Chief Financial Officers, Audit Committee Members and Chief Audit Executives (CAEs). That’s according to three new surveys conducted by Crowe Chizek and Company LLC - one of the top 10 public accounting and consulting firms in the U.S. “The common theme in [...]
Almost 60% of European and U.S. institutional investors believe another large financial firm will collapse within the next six months, according to a survey by Greenwich Associates. The study also finds that more than 75% of those polled see counterparty risk in credit default swaps as a serious threat to global financial markets.
The Counterparty Risk [...]
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