During the summer of 2008, the House Financial Services Committee held hearings to consider proposals for restructuring financial regulation in the US. A Treasury Department proposal, released in March 2008, played a prominent role in the hearings. Regulatory consolidation, as frequently practiced in those countries that have consolidated, presents a conflict between, on the one hand, achieving the goals of consolidation, and, on the other hand, the effective execution of the lender of last resort function. Government agencies regulate and supervise financial firms to prevent such firms from abusing the taxpayer-provided safety net. The growth of financial conglomerates around the world has led a number of countries to consolidate their financial regulatory agencies. The US is facing th...
...In such a situation, a centralized regulator may be preferable. Yet in...
Swedish practice has in some occasions shown leadership potential. In the midst of the present U.S. financial situation, some key lessons from a Swedish model of bank treatment may be appropriately applied. Practice may also be relevant to consumer choice and satisfaction with their banks. Consequently, a prior study of Swedish banks of the year is extended to the present. Porter's new entrant observations continue to rationalize recent observations. Additionally, three of the four recent awardees can be rationalized with a Stabell-Fjeldstaad value model, an extension of Porter's value chain. There is some suggestion that the success of these banks may be associated with a market segmentation approach. That is, their approach has been recognized as being valued by particular segments. F...
NEW YORK, April 8 /PRNewswire-FirstCall/ - A majority of Americans (82 percent) feel their local economy will stay the same or weaken within the next six months, according to inaugural survey findings from the RBC Consumer Outlook Index, the new monthly survey of U.S. consumers released today by RBC. However, there are signs of growing confidence, with just over half of Americans (51 percent) now feeling optimistic about their personal financial situations. The RBC Consumer Outlook Index provides the most comprehensive, forward-looking analysis of consumers' national and local perceptions of the economy and their personal financial situation based on a representative nationwide sample of 1,007 U.S. adults polled from April 1-5, 2010, by research company Ipsos. Going forward, RBC will pu...
A husband whose ex-wife controlled the finances and verbally and physically abused him whenever he asked her about their financial situation can receive innocent spouse relief for portions of tax returns filed during their marriage, the U.S. Tax Court has ruled. The husband sought relief for jointly filed returns from five different years. The returns were filed late and the couple had not fully paid their tax liability. His ex-wife had controlled the finances, and the husband only saw their tax returns when she made him sign them.
BREWER - Recommendations made by an area labor group could go a long way toward improving the financial situation of laid-off workers, U.S. Rep. Mike Michaud said Saturday morning. I'm very glad to see some of the recommendations that are in here," said the 2nd District Democrat, who penned the foreword for Food AND Medicine's "Where Are They Now?" report, released Friday, about manufacturing workers in eastern Maine whose jobs have been outsourced and many of whom are now unemployed.
The people who run the U.S. Postal Service say they face a desperate financial situation, with billions of dollars in losses each year. They say the elimination of Saturday home deliveries would cut more than $3 billion in annual costs and would be a major step toward saving the Postal Service from total collapse.
A few days ago," Minnesota Gov. Tim Pawlenty relates, "I was having breakfast with my wife, my 91-year-old mother-in-law and daughters, 17 and 13. On TV there was a news report about the financial situation in Greece. Out of the blue, my 13-year-old said, 'This is going to be us pretty soon.' I almost dropped my fork. This is an eighth-grader." It sounds a bit like President Jimmy Carter in 1980, telling the much-mocked story of a discussion on nuclear proliferation with his 13-year-old daughter Amy. But Pawlenty -- all Midwestern, blue-collar candor -- is nothing if not sincere. And his daughter's macroeconomic judgment is disturbingly insightful. "Something is happening for the first time of my adult life," Pawlenty continues. "Average people, not activists, are openly talking about ...
KC: Absolutely I am. I've heard that question raised but it's important to understand that I've been in city government now for 11 years. That means technically I've got more city government experience than the current mayor has. Even prior to that I served on the Wayne County Commission for three years. So I have quiet a bit of experience as an elected official, quiet a bit of experience in local government and all of that experience and all of that knowledge I'm going to bring into play in terms of how I approached this position. I'm going to try to surround myself with the best people. I'm going to keep good people around me, bring in new people that are good and together we are going to develop an agenda for moving the city of Detroit forward. KC: There is no question, it's the budg...
... no question, it's the budget The city's financial situation is still precarious. One of the things I...
KC: There is no question, it's the budget. The city's financial situation is still precarious. One of the things I think is going to be imperative for us to deal with is to get a better handle on exactly what the city's true financial state is. It's been tough to do that because of the fact that the previous administration has not supplied the comprehensive annual financial report for the last fiscal year. And it's that report which really shows you the true financial state of the city. With that having been late and still late we still don't have it. We don't really have a clear picture. So one of the things that is important to me is to undertake the financial review of the city to find out exactly where we are. KC: Absolutely I am. I've heard that question raised but it's important t...
Some of New York State's parks and historic sites will remain closed this summer, others will be open fewer hours, some will have reduced services, and some will charge higher fees, all because of the state's precarious financial situation. There is no way for us to get around park closings," State Parks Commissioner Carol Ash said in an interview Wednesday in the Western Regional Parks Office in Niagara Falls State Park.
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