Posts Tagged ‘Banking’
This is what not to do in the banking industry. The purpose of TARP is to promote financial stability and lending in a time of national economic crisis. CFO of Mainstream Bank used these federal funds to buy a condo in Florida. Under federal statutes, Woods is subject to a sentence of up to one year in federal prison without parole, plus a fine up to $100,000 and an order of restitution
The Fannie Mae and Freddie Mac bailouts by the government required the companies to issue super-preferred stock to the Treasury Department, stock that would pay the government before all other creditors.
U.S. regulators are still hammering out final details after receiving a barrage of comments from the industry on the Volcker Rule, which limits banks’ exposure to risky investments such as hedge funds and private equity. The Volcker Rule became law in 2010 as part of the Dodd-Frank overhaul of Wall Street to protect taxpayers from heavy bank bailouts.
For a detailed story please view http://news.yahoo.com/volcker-urges-progress-namesake-trading-ban-215029293–sector.html/