Struggling lender CIT Group is warning that it might still file for bankruptcy even if it completes a revised debt restructuring plan, according to a regulatory filing Monday.
The New York-based lender to small and midsize businesses is trying to slash its near-term debt burden.
On Friday, it sweetened the restructured exchange offer to current bondholders as it tries to ensure the offer's success. The revised offer gives bondholders a better interest rate and shorter maturities on new debt.
The revised offer would also give the government a 5.4 percent stake in the lender, up from a proposed 2.4 percent under the original plan. The government provided CIT Group $2.3 billion in loans last fall amid the peak of the credit crisis.
Showing posts with label banks. Show all posts
Showing posts with label banks. Show all posts
Monday, October 19, 2009
Monday, May 11, 2009
Monday, March 30, 2009
Why did Dylan Ratigan leave CNBC ?
Dylan Ratigan is no longer listed at host of CNBC's "Fast Money" nor is his picture on the Fast Money web page.
Dylan hosted the show Thursday March 26th and was gone on Friday March 27th with Melissa Lee as the fill-in host.
From TVNewser:
"More details are emerging about the abrupt departure of Dylan Ratigan from CNBC. We just got off the phone with CNBC spokesperson Brian Steel who says, "Dylan has told us he is leaving effective today."
In what was a mutual decision, Steel tells TVNewser, "Due to the serious economic times in which we live, we made a decision that it would be a distraction for Dylan to host 'Fast Money' today."
My Theory why Dylan left without a goodbye to his audience
Dylan Ratigan may have gotten too close to the truth with
this radio interview
where he compared the people making money at the major investment banks to the crooks at Enron. He gives very clear details how "people" sold insurance for faulty investment products, kept the fees for the policies but had insufficient reserves to pay the claims most anyone with a brain should have expected given they were making loans to people who we knew could not pay them back once rates adjusted up or housing prices fell.Marketwatch media columnist Jon Friedman writes Monday about the departure of “Fast Money” anchor Dylan Ratigan from CNBC based on an interview he had with Ratigan on Sunday.
Friedman writes, “On Sunday, 36-year-old Ratigan stressed three points:
“1) He had and continues to have great affection for CNBC, despite what some blogs say, 2) his goal is to communicate his concern for America’s financial mess and, 3) he hasn’t already arranged to jump to another TV network.
“‘I’m leaving CNBC in order to pursue this story with the broadest possible footprint,’ he said.
“He added: ‘People are going to jump to a conclusion that this is about CNBC. It’s not — it’s about me.
Dylan Ratigan, the host of CNBC's "Fast Money," had just stepped out of his apartment in lower Manhattan on Sunday afternoon when a stranger stopped him. Recognizing Ratigan immediately, the man cut short a cell phone conversation and extended his hand.
"Go get 'em!" he told Ratigan, who in turn smiled politely at his new friend, made some small talk and moved on.
"Ever since this started," he told me with a self-deprecating grin, "people think I'm some kind of (bleeping) Che Guevara!"
By "this," Ratigan was referring to the barrage of speculation that he will leave CNBC after five years. His contract with CNBC, a unit of General Electric (GE:General Electric Company
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10:31am 03/30/2009
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GE 10.08, -0.70, -6.5%) , will expire on March 31. Many media blogs suggest that he will wind up working for another TV network. Walt Disney's ABC (DIS:Walt Disney Company
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10:31am 03/30/2009
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DIS 17.68, -0.91, -4.9%) has been mentioned frequently.
For now, Ratigan smiles at the scuttlebutt. "If I don't know yet what I'm going to do," he says, "how can anyone else be so sure?"
Regardless of whether that might sound like a negotiating ploy, Ratigan has always been very ambitious. He once told me that his dream job was to be a late-night talk-show host. See previous column.
There seems little doubt that Ratigan will want to remain in television. CNBC might decide to play hardball and make it difficult for him to join another network right away. It certainly wouldn't want to see one of its celebrities go off to a different TV operation.
Ratigan's star could rise to even greater heights elsewhere -- and he might also bring his fans with him, something that could hurt CNBC's ratings.
CNBC is the No. 1 business-news TV network. But audiences can be fickle. The Fox Business Network (which, like MarketWatch, the publisher of this column, is owned by News Corp.) and Bloomberg Television are intent on pressing CNBC.
The CNBC-Ratigan affair is a fascinating game of high-stakes poker, being played by two very determined parties. And who will blink first? Both sides are trying hard to take the high road, at this point, but TV is a business driven by large egos and big money.
When he talked with me about his prospects, Ratigan used the phrase, "I'm leaving CNBC because ..." several times, indicating that he was headed for the door. Still, I suspect that if CNBC offered to continue the negotiations, he'd listen. It's possible a deal could yet be worked out.
Right now, the network seems to believe that Ratigan is about to depart. When I asked CNBC spokesman Brian Steel if he wanted to offer a comment to this column, he made it sound like Ratigan and the network were on the verge of parting ways.
"We thank him for all of his quality contributions and wish him well," Steel told me by email late on Sunday afternoon.
Ratigan would be the second high-profile CNBC figure to make headlines recently for leaving. It was widely reported that Jonathan Wald, the network's leading news executive, had a contract dispute with the network. Officially, Wald's last day is March 31.
Ratigan declined to discuss his contract in detail and insisted that another deal is not in place. CNBC would miss Ratigan, too, and so might many viewers. He stands out because of his ebullience and great knowledge of the financial markets.
What do you think? Why would he vanish without a word or a farewell party?
Saturday, March 28, 2009
When will the Recession be over ?? 2009,2010,2011,2012,2013 ?
The economy has got to turn around soon. But how the heck will we know when the turn has come?
Here are five key signs that we at MSN Money will be watching for, plus some extras from experts and a couple from just plain folks eager to see some evidence of a recovery.
1) Indexes start rising
There was a flicker of good news in February, when the Economic Cycle Research Institute's Weekly Leading Index rose for the first time in six weeks.
Expert: Is a recovery coming?
The index, a composite of daily and weekly data on economic drivers of the business cycle, including corporate profits and housing activity, is still looking pretty weak, said Lakshman Achuthan, the managing director at ECRI, but it has stopped falling, and there has been some stabilization since mid-December.
"When these leading indexes begin to start rising, that will be a very clear and, as importantly, a very objective sign of a recovery," Achuthan said.
Detailed information about the institute's research is available only to subscribers, but the leading index is frequently mentioned in news reports and is worth following as a reliable indicator of key changes in the business cycle.
Talk back: How will you know the recession is over?
Another statistic worth following is consumer spending. That is already showing some signs of life. Consumer spending constitutes about 70% of the U.S. economy. When consumers spend, the economy grows. Consumer spending rose 0.6% in January, after a 1% decrease in December and a 0.8% drop in November.
2) Cardboard boxes are in demand
Cargo and cardboard are two heavy-duty industrial signals to watch.
The Baltic Dry Index is an assessment of the price of moving raw materials on cargo ships around the world. When the world economy is fading, shipping gets cheaper. When growth returns, shipping costs more. The index has shown some improvement this year, after sinking to a 22-year low in early December.
"In terms of a glimmer of hope, a tap has been turned," said Michael Gaylard, a derivatives broker at Freight Investor Services.
"The fundamentals -- the raw materials needed that are paramount to infrastructure rebuilding and investment around the globe -- they're starting to move," Gaylard said. "Once the flows that we've seen in the past few weeks start to have some continuity to them, then the market will rebuild. The turnaround has started, but it's going to be a long and slow process."Then-Federal Reserve Chairman Alan Greenspan used to watch the cardboard box business as an indicator of industrial production. About 75% of all nondurable goods are shipped in corrugated cardboard boxes; when demand for boxes is high, that's a sign that the economy is doing well.
3) Diamonds are forever . . . again
Jewelry sales are a leading indicator of recovery in the retail sector, according to Mike Niemira, the chief economist at the International Council of Shopping Centers. So what better store to watch than Tiffany (TIF, news, msgs)?
Sales of engagement rings have been down in recent months, said Mark Aaron, the company's vice president of investor relations.
"It's not that people don't fall in love during a recession," Aaron said, "It's whether they're making that commitment and buying a $10,000 engagement ring and making wedding plans.
"When people start to feel a little more secure about their jobs, when the stock market starts to stabilize, that might be enough to help restore confidence. If we see greater interest in the big-ticket items and a pickup in store traffic, that will be encouraging."
4) Restaurants are bubbly
There was no obvious sign of a recession at BLT Steak in New York City on a recent Thursday night. The tables were full, and the bar was packed.
But co-owner Keith Treyball said he has seen some pullback among his customers. He said he'll know the recession is ending when the most-affluent diners stop ordering the $150 bottles of wine they've been drinking lately and start ordering the $300 bottles they drank when the economy was stronger.
The wine indicator
Some restaurateurs have already seen signs of recovery.
Valentine's Day, traditionally a big one for restaurants, was even bigger for Wolfgang Puck's restaurants this year: Sales were up 25% across the board, said Tom Kaplan, the senior managing partner of Wolfgang Puck's Fine Dining Group.
Some in the restaurant business see sales of Champagne as a leading indicator. If you buy that, there's hope, as bubbly remains very popular at hip bars, nightclubs and hotels, said Stephen Brauer, the general manager of wines and champagnes at Pernod Ricard (PDRDY, news, msgs).
"You have the 25- to 35-year-olds who do not have mortgages and children in college who continue to spend money and enjoy themselves," Brauer said. "You do not have to go to the bank and get a loan to enjoy a great bottle (of Champagne)."
5) Little splurges are back in style
Here's another sign of life. Murray's Cheese Shop in Greenwich Village was packed on my last visit. I'd never seen it so crowded.Some glass-half-empty folks might say people were buying cheese for a night in, instead going out to dinner, but Murray's, which Forbes named the world's best cheese store, does not sell Kraft (KFT, news, msgs) singles. Cheese lovers end up spending $20 for a hunk of cheese. I did.
And people are still lining up for cupcakes at New York City's Magnolia Bakery. The bakery, which recently opened two more stores, has seen sales of its $2.50 cupcakes continually rise.
Strong sales of small indulgences demonstrate Americans still like to treat themselves and may soon be ready to move on to bigger treats.
Our own economic indicators
So what are other people watching?
Mike McLaughlin, an Asics sneaker salesman and an avid golfer from New Jersey, said he'll know things are improving when tee times become more expensive and harder to get.
Jen Sundstrom, a pharmaceutical sales representative in Philadelphia, will know when she finds herself back at Whole Foods Market (WFMI, news, msgs) for all of her grocery shopping.
Eric Goldberg, a regular at BLT Steak's bar, said his indicator is "the amount of time it takes to get a seat at the bar at BLT Steak." It's been easier to find a seat because fewer people have been out, he said.
Readers, take note: Goldberg stood the whole night.
Other people said they'd know a recovery was coming when they:
Upgraded to a bigger flat-screen television.
Saw lawyers working until 2 a.m. again.
Replaced generic dog food with organic brands.
Bought Starbucks (SBUX, news, msgs) lattes again.
Rejoined a gym and purchased sessions with a personal trainer.
Had more trouble catching a cab in New York City.
The taxicab indicator
David Zelman of housing research firm Zelman & Associates says he'll know the recession is over when he stops watching CNBC all day.
Where's the remote?
by msn.com
Here are five key signs that we at MSN Money will be watching for, plus some extras from experts and a couple from just plain folks eager to see some evidence of a recovery.
1) Indexes start rising
There was a flicker of good news in February, when the Economic Cycle Research Institute's Weekly Leading Index rose for the first time in six weeks.
Expert: Is a recovery coming?
The index, a composite of daily and weekly data on economic drivers of the business cycle, including corporate profits and housing activity, is still looking pretty weak, said Lakshman Achuthan, the managing director at ECRI, but it has stopped falling, and there has been some stabilization since mid-December.
"When these leading indexes begin to start rising, that will be a very clear and, as importantly, a very objective sign of a recovery," Achuthan said.
Detailed information about the institute's research is available only to subscribers, but the leading index is frequently mentioned in news reports and is worth following as a reliable indicator of key changes in the business cycle.
Talk back: How will you know the recession is over?
Another statistic worth following is consumer spending. That is already showing some signs of life. Consumer spending constitutes about 70% of the U.S. economy. When consumers spend, the economy grows. Consumer spending rose 0.6% in January, after a 1% decrease in December and a 0.8% drop in November.
2) Cardboard boxes are in demand
Cargo and cardboard are two heavy-duty industrial signals to watch.
The Baltic Dry Index is an assessment of the price of moving raw materials on cargo ships around the world. When the world economy is fading, shipping gets cheaper. When growth returns, shipping costs more. The index has shown some improvement this year, after sinking to a 22-year low in early December.
"In terms of a glimmer of hope, a tap has been turned," said Michael Gaylard, a derivatives broker at Freight Investor Services.
"The fundamentals -- the raw materials needed that are paramount to infrastructure rebuilding and investment around the globe -- they're starting to move," Gaylard said. "Once the flows that we've seen in the past few weeks start to have some continuity to them, then the market will rebuild. The turnaround has started, but it's going to be a long and slow process."Then-Federal Reserve Chairman Alan Greenspan used to watch the cardboard box business as an indicator of industrial production. About 75% of all nondurable goods are shipped in corrugated cardboard boxes; when demand for boxes is high, that's a sign that the economy is doing well.
3) Diamonds are forever . . . again
Jewelry sales are a leading indicator of recovery in the retail sector, according to Mike Niemira, the chief economist at the International Council of Shopping Centers. So what better store to watch than Tiffany (TIF, news, msgs)?
Sales of engagement rings have been down in recent months, said Mark Aaron, the company's vice president of investor relations.
"It's not that people don't fall in love during a recession," Aaron said, "It's whether they're making that commitment and buying a $10,000 engagement ring and making wedding plans.
"When people start to feel a little more secure about their jobs, when the stock market starts to stabilize, that might be enough to help restore confidence. If we see greater interest in the big-ticket items and a pickup in store traffic, that will be encouraging."
4) Restaurants are bubbly
There was no obvious sign of a recession at BLT Steak in New York City on a recent Thursday night. The tables were full, and the bar was packed.
But co-owner Keith Treyball said he has seen some pullback among his customers. He said he'll know the recession is ending when the most-affluent diners stop ordering the $150 bottles of wine they've been drinking lately and start ordering the $300 bottles they drank when the economy was stronger.
The wine indicator
Some restaurateurs have already seen signs of recovery.
Valentine's Day, traditionally a big one for restaurants, was even bigger for Wolfgang Puck's restaurants this year: Sales were up 25% across the board, said Tom Kaplan, the senior managing partner of Wolfgang Puck's Fine Dining Group.
Some in the restaurant business see sales of Champagne as a leading indicator. If you buy that, there's hope, as bubbly remains very popular at hip bars, nightclubs and hotels, said Stephen Brauer, the general manager of wines and champagnes at Pernod Ricard (PDRDY, news, msgs).
"You have the 25- to 35-year-olds who do not have mortgages and children in college who continue to spend money and enjoy themselves," Brauer said. "You do not have to go to the bank and get a loan to enjoy a great bottle (of Champagne)."
5) Little splurges are back in style
Here's another sign of life. Murray's Cheese Shop in Greenwich Village was packed on my last visit. I'd never seen it so crowded.Some glass-half-empty folks might say people were buying cheese for a night in, instead going out to dinner, but Murray's, which Forbes named the world's best cheese store, does not sell Kraft (KFT, news, msgs) singles. Cheese lovers end up spending $20 for a hunk of cheese. I did.
And people are still lining up for cupcakes at New York City's Magnolia Bakery. The bakery, which recently opened two more stores, has seen sales of its $2.50 cupcakes continually rise.
Strong sales of small indulgences demonstrate Americans still like to treat themselves and may soon be ready to move on to bigger treats.
Our own economic indicators
So what are other people watching?
Mike McLaughlin, an Asics sneaker salesman and an avid golfer from New Jersey, said he'll know things are improving when tee times become more expensive and harder to get.
Jen Sundstrom, a pharmaceutical sales representative in Philadelphia, will know when she finds herself back at Whole Foods Market (WFMI, news, msgs) for all of her grocery shopping.
Eric Goldberg, a regular at BLT Steak's bar, said his indicator is "the amount of time it takes to get a seat at the bar at BLT Steak." It's been easier to find a seat because fewer people have been out, he said.
Readers, take note: Goldberg stood the whole night.
Other people said they'd know a recovery was coming when they:
Upgraded to a bigger flat-screen television.
Saw lawyers working until 2 a.m. again.
Replaced generic dog food with organic brands.
Bought Starbucks (SBUX, news, msgs) lattes again.
Rejoined a gym and purchased sessions with a personal trainer.
Had more trouble catching a cab in New York City.
The taxicab indicator
David Zelman of housing research firm Zelman & Associates says he'll know the recession is over when he stops watching CNBC all day.
Where's the remote?
by msn.com
Monday, October 13, 2008
Another bank take over !
Sovereign Bancorp and Spain's Banco Santander confirmed on Monday that they are in talks about Santander acquiring the Pennsylvania-based banking firm.
In a terse one-sentence statement to the Spanish regulator, Santander (STD:banco santander sa adr
STD 13.24, +0.21, +1.6%) (ES:0113900J3: news, chart, profile) confirmed the media speculation that it would buy out Sovereign (SOV:Sovereign Bancorp Inc
News, chart, profile, more
Last: 3.67-0.14-3.67%
:
SOV 3.67, -0.14, -3.7%) but said no deal has been reached.
Sovereign said on Monday that, "it is not possible currently to know whether such conversations will lead to an agreement, or not, and there can be no assurances that an agreement will be reached or that a transaction will be consummated. Sovereign does not intend to comment further until an agreement is reached or discussions are terminated."
The Wall Street Journal had reported late on Sunday that Santander was in talks to buy Sovereign at roughly the same price as Friday's $3.81-a-share, or $2.53 billion.
"Our initial reaction is that we would be quite surprised if Sovereign management were to sell the company at the current stock price," said Ken Zerbe, an analyst at Morgan Stanley.
"Our view is that after disclosing and writing-off its poor-performing GSE and CDO investments, the company had put its most pressing problems behind it," he added.
If the deal is reached, it would be the third troubled bank Santander has agreed to buy in the last year.
It's reached an agreement to buy Alliance & Leicester (UK:AL: news, chart, profile) as well as the retail deposit business and the branch network of nationalized lender Bradford & Bingley, both of which are based in Britain.
Santander bought a 24.9% stake in Wyomissing, Pa.-based Sovereign three years ago. Terms of that acquisition require Santander to pay $38-a-share for the entire bank, but the Journal report said Santander's directors appeared likely to waive that condition.
Sovereign last week named Paul Perrault as chief executive, replacing Joseph Campanelli, who ran the bank following the ouster of long-time head Jay Sidhu.
Sovereign shares, which have fallen 78% in the last year, fell 0.5% on Monday.
Santander's U.S. shares have dropped a relatively limited 33% over the last year. In U.S. trading Monday, the shares rose 1.2%, to $13.18.
In a terse one-sentence statement to the Spanish regulator, Santander (STD:banco santander sa adr
STD 13.24, +0.21, +1.6%) (ES:0113900J3: news, chart, profile) confirmed the media speculation that it would buy out Sovereign (SOV:Sovereign Bancorp Inc
News, chart, profile, more
Last: 3.67-0.14-3.67%
:
SOV 3.67, -0.14, -3.7%) but said no deal has been reached.
Sovereign said on Monday that, "it is not possible currently to know whether such conversations will lead to an agreement, or not, and there can be no assurances that an agreement will be reached or that a transaction will be consummated. Sovereign does not intend to comment further until an agreement is reached or discussions are terminated."
The Wall Street Journal had reported late on Sunday that Santander was in talks to buy Sovereign at roughly the same price as Friday's $3.81-a-share, or $2.53 billion.
"Our initial reaction is that we would be quite surprised if Sovereign management were to sell the company at the current stock price," said Ken Zerbe, an analyst at Morgan Stanley.
"Our view is that after disclosing and writing-off its poor-performing GSE and CDO investments, the company had put its most pressing problems behind it," he added.
If the deal is reached, it would be the third troubled bank Santander has agreed to buy in the last year.
It's reached an agreement to buy Alliance & Leicester (UK:AL: news, chart, profile) as well as the retail deposit business and the branch network of nationalized lender Bradford & Bingley, both of which are based in Britain.
Santander bought a 24.9% stake in Wyomissing, Pa.-based Sovereign three years ago. Terms of that acquisition require Santander to pay $38-a-share for the entire bank, but the Journal report said Santander's directors appeared likely to waive that condition.
Sovereign last week named Paul Perrault as chief executive, replacing Joseph Campanelli, who ran the bank following the ouster of long-time head Jay Sidhu.
Sovereign shares, which have fallen 78% in the last year, fell 0.5% on Monday.
Santander's U.S. shares have dropped a relatively limited 33% over the last year. In U.S. trading Monday, the shares rose 1.2%, to $13.18.
Friday, October 3, 2008
Depression Or Recession ??
Crisis Hits Main Street as Employers Cut More Jobs (Update3)
By S. Chandra and R.Miller
(Bloomberg) -- U.S. payrolls plunged in September, signaling the economy may be heading for its worst recession in at least a quarter century as the 13-month-old credit crisis on Wall Street finally hits home on Main Street.
Employers cut the most jobs in five years in September as cash-squeezed companies pulled back in an effort to bolster pinched profits. In its last employment report before Americans choose their next president, the Labor Department said the unemployment rate was 6.1 percent, a climb of 1.4 percentage points from a year before.
``If credit markets remain dysfunctional, the current recession could turn out to be as severe as any in the postwar period,'' said former Federal Reserve governor Lyle Gramley, now senior economic adviser at the Stanford Group Co. in Washington.
The spreading crisis is also having reverberations on the campaign trail, as polls show anxious voters increasingly see Democrat Barack Obama as the candidate best placed to see the U.S. through its economic travails. The unemployment rate has only risen twice in the year leading up to elections since World War II, and in each case the incumbent party lost.
`This country can't afford Senator McCain's plan to give America four more years of the same policies that have devastated our middle class and our economy for the last eight,'' Obama, 47, said in a statement.
McCain's Reaction
Arizona Senator John McCain, 72, took the opportunity to paint his opponent as a tax-and-spend liberal, whose prescriptions would exacerbate the crisis.
``Unlike Senator Obama, I do not believe we will create one single American job by increasing taxes, going on a massive spending binge, and closing off markets,'' McCain said in a statement. ``Our nation cannot afford Senator Obama's higher taxes.''
Job losses accelerated as the credit crisis deepened last month, forcing the failure or government takeovers of Lehman Brothers Holdings Inc., Fannie Mae, Freddie Mac and American International Group Inc.
The figures came hours before the House of Representatives passed a $700 billion rescue plan for the U.S. financial industry pushed by Treasury Secretary Henry Paulson. The Senate approved the legislation two days ago after the House rejected an initial version of the bill Sept. 29.
Market Reaction
Stocks rose and Treasury securities fell. The Standard & Poor's 500 index climbed 1.8 percent to 1,134.6 at 1:39 p.m. in New York. The yield on the benchmark 10-year note rose to 3.71 percent from 3.63 percent late yesterday.
Today's report showed that hours worked -- considered a good proxy for the state of the overall economy -- matched the lowest level since records began in 1964. That indicates the likely current recession may be at least as severe as the 1981-82 slump, during which gross domestic product shrank by 2.7 percent.
Payrolls fell by 159,000 in September, the Labor Department said in Washington. Aside from a 9,000 gain in government payrolls, all major categories showed declines except education and healthcare.
``The really bad news here is that job losses are now widespread,'' said Nariman Behravesh, chief economist at Global Insight Inc., a Lexington, Massachusetts, forecasting firm. ``The problems in housing and manufacturing are now spreading everywhere. We are in a recession, there is no debate about that.''
Health Services
Even the vibrant health-services industry is showing signs of succumbing to the economy's troubles. Health care employment rose 17,000, about half the average monthly gain for the prior 12 months.
Walgreen Co., the largest U.S. drugstore chain, reported Sept. 29 that its profits rose less than analysts estimated after it posted its smallest sales increase in a decade.
A private report today showed that services-industry growth remained stagnant in September. The Institute of Supply Management's non-manufacturing index slipped to 50.2 from 50.6 the month before. Fifty is the dividing line between growth and expansion.
Total payrolls were forecast to drop 105,000 after declining by a previously estimated 84,000 in August, according to the median of 76 economists surveyed by Bloomberg News. The jobless rate was projected to remain at 6.1 percent.
Rate Forecasts
Jan Hatzius, chief U.S. economist at Goldman Sachs Group Inc. in New York, said the unemployment rate may eventually rise to more than 7 percent as the credit crunch takes its toll on the economy. If that happens, that would make the overall rise in unemployment the biggest since the early 1980's.
Edelmira Clark, 53, of Chicago, said she was concerned about losing her job as a hotel housekeeper. Her company has already cut her work hours to two days a week.
``I'm trying to find a part-time job in the morning to balance, because I can't do only two days of work,'' said Clark, who immigrated to Chicago from Belize in 1997. ``But a lot of people, my friends, have lost their jobs for good.''
Workers' average hourly wages rose 3 cents, or 0.2 percent, to $18.17 from the prior month. Hourly earnings were 3.4 percent higher than September 2007. Economists surveyed by Bloomberg had forecast a 0.3 percent increase from August and a 3.6 percent gain for the 12-month period.
After today, the total decline in payrolls so far this year has reached 760,000. The economy created 1.1 million jobs in 2007.
Americans will go to the polls on Nov. 4 and the October jobs report is due Nov. 7.
`Angry' Voters
``Voters are extremely angry, and they want someone to blame,'' said Scott Anderson, senior economist at Wells Fargo & Co. in Minneapolis.
Obama has opened up a lead over Republican rival John McCain in the aftermath of their first debate and amid growing concerns about the economy, according to a Pew Research Center survey taken Sept. 27 to Sept. 29. A mid-September poll from Washington- based Pew had shown the candidates were in a statistical tie.
Earlier in September, a Bloomberg/Los Angeles Times poll showed more respondents said Obama would do a better job handling the financial crisis than McCain, and almost half of the voters believed he had better ideas to strengthen the economy than his rival.
Factory Firings
Factory payrolls fell 51,000 after decreasing 56,000 in August. Economists had forecast a drop of 57,000.
Today's report also reflected the housing slump. Payrolls at builders declined 35,000 after falling 13,000. Financial firms decreased payrolls by 17,000, the most since November last year.
Service industries, which include banks, insurance companies, restaurants and retailers, subtracted 82,000 workers after eliminating 16,000 in the previous month. Retail payrolls slid by 40,100 after a 25,400 drop.
In the past month, Hewlett-Packard Co., the world's largest personal-computer maker, announced it will cut 24,600 jobs, and auto-parts maker Federal-Mogul Corp. said it would eliminate 4,000 positions globally.
Marriott International Inc., the world's largest hotel chain, yesterday reported third-quarter profit fell 28 percent as U.S. companies and consumers cut back on travel.
Without action from Congress, ``the resulting credit squeeze could threaten businesses,'' Chief Financial said on a conference call. There are ``tens of thousands of jobs at stake in our company alone, and we are typical.''
Mounting job cuts will further limit consumer spending, which accounts for more than two-thirds of the economy. A Bloomberg survey in September predicted spending will be unchanged this quarter, the weakest performance since 1991.
The ISM on Oct. 1 said manufacturing shrank in September at the fastest pace since the last recession in 2001. The odds the central bank will lower its benchmark rate by a half percentage point, to 1.5 percent, were almost 100 percent today, up from 32 percent a week ago.
By S. Chandra and R.Miller
(Bloomberg) -- U.S. payrolls plunged in September, signaling the economy may be heading for its worst recession in at least a quarter century as the 13-month-old credit crisis on Wall Street finally hits home on Main Street.
Employers cut the most jobs in five years in September as cash-squeezed companies pulled back in an effort to bolster pinched profits. In its last employment report before Americans choose their next president, the Labor Department said the unemployment rate was 6.1 percent, a climb of 1.4 percentage points from a year before.
``If credit markets remain dysfunctional, the current recession could turn out to be as severe as any in the postwar period,'' said former Federal Reserve governor Lyle Gramley, now senior economic adviser at the Stanford Group Co. in Washington.
The spreading crisis is also having reverberations on the campaign trail, as polls show anxious voters increasingly see Democrat Barack Obama as the candidate best placed to see the U.S. through its economic travails. The unemployment rate has only risen twice in the year leading up to elections since World War II, and in each case the incumbent party lost.
`This country can't afford Senator McCain's plan to give America four more years of the same policies that have devastated our middle class and our economy for the last eight,'' Obama, 47, said in a statement.
McCain's Reaction
Arizona Senator John McCain, 72, took the opportunity to paint his opponent as a tax-and-spend liberal, whose prescriptions would exacerbate the crisis.
``Unlike Senator Obama, I do not believe we will create one single American job by increasing taxes, going on a massive spending binge, and closing off markets,'' McCain said in a statement. ``Our nation cannot afford Senator Obama's higher taxes.''
Job losses accelerated as the credit crisis deepened last month, forcing the failure or government takeovers of Lehman Brothers Holdings Inc., Fannie Mae, Freddie Mac and American International Group Inc.
The figures came hours before the House of Representatives passed a $700 billion rescue plan for the U.S. financial industry pushed by Treasury Secretary Henry Paulson. The Senate approved the legislation two days ago after the House rejected an initial version of the bill Sept. 29.
Market Reaction
Stocks rose and Treasury securities fell. The Standard & Poor's 500 index climbed 1.8 percent to 1,134.6 at 1:39 p.m. in New York. The yield on the benchmark 10-year note rose to 3.71 percent from 3.63 percent late yesterday.
Today's report showed that hours worked -- considered a good proxy for the state of the overall economy -- matched the lowest level since records began in 1964. That indicates the likely current recession may be at least as severe as the 1981-82 slump, during which gross domestic product shrank by 2.7 percent.
Payrolls fell by 159,000 in September, the Labor Department said in Washington. Aside from a 9,000 gain in government payrolls, all major categories showed declines except education and healthcare.
``The really bad news here is that job losses are now widespread,'' said Nariman Behravesh, chief economist at Global Insight Inc., a Lexington, Massachusetts, forecasting firm. ``The problems in housing and manufacturing are now spreading everywhere. We are in a recession, there is no debate about that.''
Health Services
Even the vibrant health-services industry is showing signs of succumbing to the economy's troubles. Health care employment rose 17,000, about half the average monthly gain for the prior 12 months.
Walgreen Co., the largest U.S. drugstore chain, reported Sept. 29 that its profits rose less than analysts estimated after it posted its smallest sales increase in a decade.
A private report today showed that services-industry growth remained stagnant in September. The Institute of Supply Management's non-manufacturing index slipped to 50.2 from 50.6 the month before. Fifty is the dividing line between growth and expansion.
Total payrolls were forecast to drop 105,000 after declining by a previously estimated 84,000 in August, according to the median of 76 economists surveyed by Bloomberg News. The jobless rate was projected to remain at 6.1 percent.
Rate Forecasts
Jan Hatzius, chief U.S. economist at Goldman Sachs Group Inc. in New York, said the unemployment rate may eventually rise to more than 7 percent as the credit crunch takes its toll on the economy. If that happens, that would make the overall rise in unemployment the biggest since the early 1980's.
Edelmira Clark, 53, of Chicago, said she was concerned about losing her job as a hotel housekeeper. Her company has already cut her work hours to two days a week.
``I'm trying to find a part-time job in the morning to balance, because I can't do only two days of work,'' said Clark, who immigrated to Chicago from Belize in 1997. ``But a lot of people, my friends, have lost their jobs for good.''
Workers' average hourly wages rose 3 cents, or 0.2 percent, to $18.17 from the prior month. Hourly earnings were 3.4 percent higher than September 2007. Economists surveyed by Bloomberg had forecast a 0.3 percent increase from August and a 3.6 percent gain for the 12-month period.
After today, the total decline in payrolls so far this year has reached 760,000. The economy created 1.1 million jobs in 2007.
Americans will go to the polls on Nov. 4 and the October jobs report is due Nov. 7.
`Angry' Voters
``Voters are extremely angry, and they want someone to blame,'' said Scott Anderson, senior economist at Wells Fargo & Co. in Minneapolis.
Obama has opened up a lead over Republican rival John McCain in the aftermath of their first debate and amid growing concerns about the economy, according to a Pew Research Center survey taken Sept. 27 to Sept. 29. A mid-September poll from Washington- based Pew had shown the candidates were in a statistical tie.
Earlier in September, a Bloomberg/Los Angeles Times poll showed more respondents said Obama would do a better job handling the financial crisis than McCain, and almost half of the voters believed he had better ideas to strengthen the economy than his rival.
Factory Firings
Factory payrolls fell 51,000 after decreasing 56,000 in August. Economists had forecast a drop of 57,000.
Today's report also reflected the housing slump. Payrolls at builders declined 35,000 after falling 13,000. Financial firms decreased payrolls by 17,000, the most since November last year.
Service industries, which include banks, insurance companies, restaurants and retailers, subtracted 82,000 workers after eliminating 16,000 in the previous month. Retail payrolls slid by 40,100 after a 25,400 drop.
In the past month, Hewlett-Packard Co., the world's largest personal-computer maker, announced it will cut 24,600 jobs, and auto-parts maker Federal-Mogul Corp. said it would eliminate 4,000 positions globally.
Marriott International Inc., the world's largest hotel chain, yesterday reported third-quarter profit fell 28 percent as U.S. companies and consumers cut back on travel.
Without action from Congress, ``the resulting credit squeeze could threaten businesses,'' Chief Financial said on a conference call. There are ``tens of thousands of jobs at stake in our company alone, and we are typical.''
Mounting job cuts will further limit consumer spending, which accounts for more than two-thirds of the economy. A Bloomberg survey in September predicted spending will be unchanged this quarter, the weakest performance since 1991.
The ISM on Oct. 1 said manufacturing shrank in September at the fastest pace since the last recession in 2001. The odds the central bank will lower its benchmark rate by a half percentage point, to 1.5 percent, were almost 100 percent today, up from 32 percent a week ago.
Monday, September 29, 2008
Bail out vote at 1pm est. on congress - will it pass??
(CNNMoney.com) -- The House started Monday what was expected to be a short debate ahead of a quick vote on a sweeping $700 bailout of the nation's financial system.
The vote comes after lawmakers and the Bush administration finalized legislation following a weekend of high-stakes negotiations over the controversial measure, which is designed to get battered U.S. credit markets working normally again.
"Today is the decision day," said Barney Frank, D-Mass., on the House floor. "If we defeat this bill today, it will be a very bad day for the financial sector of the American economy and the people who will feel the pain are not the top bankers and top corporate executives but average Americans."
Rep. Gary Miller, R-Calif., also urged passage of the bill, despite reservations he admitted all members had on the proposal.
"I have yet to talk to a member who wants to vote on this today," Miller said. "This is probably the toughest vote any of any of us have taken since we've been in Congress. If you just solely rely on the phone calls we're getting from home, listening to people who don't understand the complexities of our marketplace and what we're dealing with here, the easiest vote for you to make would be a no vote today. You have to go beyond that."
Indeed, with leading House Republicans signing on to the proposal on Sunday after expressing earlier reservations, the bill is now expected to pass. Senate Majority Leader Harry Reid said Sunday he hoped for a vote in that chamber by Wednesday at the latest.
Earlier, President Bush and Federal Reserve Chairman Ben Bernanke hailed the measure and urged Congress to move quickly to pass it.
Bush, speaking at the White House, called the proposed measure "an extraordinary agreement to deal with an extraordinary problem." He said he is confident the measure will win bipartisan support.
"With this strong and decisive legislation, we will help restart the flow of credit so American families can meet their daily needs and American businesses can make purchases, ship goods and meet their payrolls," Bush said. "We'll make clear that the United States is serious about restoring confidence and stability in our financial system."
Bush acknowledged that many voters were opposed to helping out Wall Street with tax dollars, but said there is little choice to move forward with the plan. He said most if not all of the tax money spent to buy distressed mortgage-backed securities should be recouped when the Treasury sells them in the coming years.
"Every member of Congress and every American should keep in mind - a vote for this bill is a vote to prevent economic damage to you and your community," Bush said.
Bernanke, who had spent hours before Congress last week testifying in favor of the measure, issued a brief written statement also promising that it would restore the flow of credit to households and businesses.
"I look forward to swift passage of the legislation," he said.
House Speaker Nancy Pelosi, D-Calif., said the provisions added by Congress will protect taxpayers from having to pay for the bailout.
"We sent a message to Wall Street - the party is over," she said at a press conference with Senate Majority Leader Harry Reid, D-Nev., and other Democratic leaders from the House and Senate.
The core of the bill is based on Treasury Secretary Henry Paulson's request for authority to purchase troubled assets from financial institutions so banks can resume lending and so the credit markets, now virtually frozen, can begin to operate more normally.
But Democrats and Republicans - concerned about the potential cost - have added several conditions and restrictions to protect taxpayers on the down side and give them a chance at some of the potential upside if the companies benefit from the plan. "People have to know that this isn't about a bailout of Wall Street. It's a buy-in so we can turn our economy around," Pelosi said.
Key negotiators for the financial rescue plan were e busy trying to line up votes on Capitol Hill on Sunday. House Majority Leader Steny Hoyer, D-Md., told CNN he believes a majority of representatives on both sides of the aisle can and will support the bill.
On Sunday evening, the House Republican working group, which stringently opposed earlier drafts of the plan and offered a counterproposal, indicated it would support the bill, and its members are encouraging other Republicans in the House to do the same.
"Nobody wants to have to support this bill, but it's a bill that we believe will avert the crisis that's out there," House Minority Leader John Boehner, R-Ohio, told reporters.
Banks and Wall Street firms, worried about both their own needs for cash and the condition of other institutions, essentially stopped loaning money to one another in recent weeks. That choked off the money being made available on Main Street in the form of mortgage loans, business loans and other consumer borrowing.
The basis for the crisis is problems in mortgage-backed securities, which saw their value plunge as home prices have gone into their worst slide since the Great Depression and foreclosures soared to record levels. In turn, the market for trillion of dollars worth of those securities held by major firms evaporated, sending them down to fire sale prices and raising the risk of widespread failures among the nation's major financial firms.
Under the plan, Treasury will buy the mortgage backed securities, either directly from the firms or through an auction process. It may also arrange to provide guarantees for the securities up to their original values in return for premiums they would charge current holders of the securities.
To make the legislation more politically palatable, the bill calls for the government, as an owner of a large number of mortgage securities, to exert influence on loan servicers to modify more troubled loans to help prevent additional foreclosures. It also provides that the government will take equity in the firms that sell the securities to the government, and limits pay packages for top executives.
The legislation comes amid great upheaval in the nation's financial system. On Monday morning, the Federal Deposit Insurance Corp., which insures deposits at failed banks, arranged for the sale of the banking assets of Wachovia (WB, Fortune 500), the nation's No. 4 bank holding company, to Citigroup (C, Fortune 500) for $2.2 billion in stock.
That follows three weeks of other shocks: the Treasury Department's seizure of mortgage finance firms Fannie Mae (FNM, Fortune 500) and Freddie Mac (FRE, Fortune 500); Wall Street firm Lehman Brothers' bankruptcy filing; rival Merrill Lynch (MER, Fortune 500) purchase by Bank of America (BAC, Fortune 500).
In addition, the Fed bailed out insurance giant American International Group (AIG, Fortune 500), loaning it $85 billion in return for a nearly 80% stake. while Washington Mutual (WM, Fortune 500), the nation's largest savings and loan, became the largest bank failure in history.
The vote comes after lawmakers and the Bush administration finalized legislation following a weekend of high-stakes negotiations over the controversial measure, which is designed to get battered U.S. credit markets working normally again.
"Today is the decision day," said Barney Frank, D-Mass., on the House floor. "If we defeat this bill today, it will be a very bad day for the financial sector of the American economy and the people who will feel the pain are not the top bankers and top corporate executives but average Americans."
Rep. Gary Miller, R-Calif., also urged passage of the bill, despite reservations he admitted all members had on the proposal.
"I have yet to talk to a member who wants to vote on this today," Miller said. "This is probably the toughest vote any of any of us have taken since we've been in Congress. If you just solely rely on the phone calls we're getting from home, listening to people who don't understand the complexities of our marketplace and what we're dealing with here, the easiest vote for you to make would be a no vote today. You have to go beyond that."
Indeed, with leading House Republicans signing on to the proposal on Sunday after expressing earlier reservations, the bill is now expected to pass. Senate Majority Leader Harry Reid said Sunday he hoped for a vote in that chamber by Wednesday at the latest.
Earlier, President Bush and Federal Reserve Chairman Ben Bernanke hailed the measure and urged Congress to move quickly to pass it.
Bush, speaking at the White House, called the proposed measure "an extraordinary agreement to deal with an extraordinary problem." He said he is confident the measure will win bipartisan support.
"With this strong and decisive legislation, we will help restart the flow of credit so American families can meet their daily needs and American businesses can make purchases, ship goods and meet their payrolls," Bush said. "We'll make clear that the United States is serious about restoring confidence and stability in our financial system."
Bush acknowledged that many voters were opposed to helping out Wall Street with tax dollars, but said there is little choice to move forward with the plan. He said most if not all of the tax money spent to buy distressed mortgage-backed securities should be recouped when the Treasury sells them in the coming years.
"Every member of Congress and every American should keep in mind - a vote for this bill is a vote to prevent economic damage to you and your community," Bush said.
Bernanke, who had spent hours before Congress last week testifying in favor of the measure, issued a brief written statement also promising that it would restore the flow of credit to households and businesses.
"I look forward to swift passage of the legislation," he said.
House Speaker Nancy Pelosi, D-Calif., said the provisions added by Congress will protect taxpayers from having to pay for the bailout.
"We sent a message to Wall Street - the party is over," she said at a press conference with Senate Majority Leader Harry Reid, D-Nev., and other Democratic leaders from the House and Senate.
The core of the bill is based on Treasury Secretary Henry Paulson's request for authority to purchase troubled assets from financial institutions so banks can resume lending and so the credit markets, now virtually frozen, can begin to operate more normally.
But Democrats and Republicans - concerned about the potential cost - have added several conditions and restrictions to protect taxpayers on the down side and give them a chance at some of the potential upside if the companies benefit from the plan. "People have to know that this isn't about a bailout of Wall Street. It's a buy-in so we can turn our economy around," Pelosi said.
Key negotiators for the financial rescue plan were e busy trying to line up votes on Capitol Hill on Sunday. House Majority Leader Steny Hoyer, D-Md., told CNN he believes a majority of representatives on both sides of the aisle can and will support the bill.
On Sunday evening, the House Republican working group, which stringently opposed earlier drafts of the plan and offered a counterproposal, indicated it would support the bill, and its members are encouraging other Republicans in the House to do the same.
"Nobody wants to have to support this bill, but it's a bill that we believe will avert the crisis that's out there," House Minority Leader John Boehner, R-Ohio, told reporters.
Banks and Wall Street firms, worried about both their own needs for cash and the condition of other institutions, essentially stopped loaning money to one another in recent weeks. That choked off the money being made available on Main Street in the form of mortgage loans, business loans and other consumer borrowing.
The basis for the crisis is problems in mortgage-backed securities, which saw their value plunge as home prices have gone into their worst slide since the Great Depression and foreclosures soared to record levels. In turn, the market for trillion of dollars worth of those securities held by major firms evaporated, sending them down to fire sale prices and raising the risk of widespread failures among the nation's major financial firms.
Under the plan, Treasury will buy the mortgage backed securities, either directly from the firms or through an auction process. It may also arrange to provide guarantees for the securities up to their original values in return for premiums they would charge current holders of the securities.
To make the legislation more politically palatable, the bill calls for the government, as an owner of a large number of mortgage securities, to exert influence on loan servicers to modify more troubled loans to help prevent additional foreclosures. It also provides that the government will take equity in the firms that sell the securities to the government, and limits pay packages for top executives.
The legislation comes amid great upheaval in the nation's financial system. On Monday morning, the Federal Deposit Insurance Corp., which insures deposits at failed banks, arranged for the sale of the banking assets of Wachovia (WB, Fortune 500), the nation's No. 4 bank holding company, to Citigroup (C, Fortune 500) for $2.2 billion in stock.
That follows three weeks of other shocks: the Treasury Department's seizure of mortgage finance firms Fannie Mae (FNM, Fortune 500) and Freddie Mac (FRE, Fortune 500); Wall Street firm Lehman Brothers' bankruptcy filing; rival Merrill Lynch (MER, Fortune 500) purchase by Bank of America (BAC, Fortune 500).
In addition, the Fed bailed out insurance giant American International Group (AIG, Fortune 500), loaning it $85 billion in return for a nearly 80% stake. while Washington Mutual (WM, Fortune 500), the nation's largest savings and loan, became the largest bank failure in history.
Thursday, September 25, 2008
McCain Bail Out??
McCain Stops at Senate en Route to White House
By M. Shear and Lori Montgomery
Sen. John McCain returned to Washington on Thursday after declaring that he has suspended his campaign, but he appeared largely detached from the flurry of negotiations on a $700 billion economic rescue package that appeared to be headed to a successful conclusion.
McCain's "Straight Talk Air" landed at National Airport just after noon, and McCain's motorcade sped toward the Senate. But by then, senior Democrats and Republicans were already announcing that a deal in principle had been reached.
That news appeared to be somewhat premature as House Republican leader John Boehner told his members that "no deal" had yet been reached. McCain arrived at 3:40 p.m. at the White House, where he and his rival, Sen. Barack Obama, were scheduled to meet with President Bush and congressional leaders at 4 p.m.
The leading Democratic negotiator on the Bush administration's $700 bailout plan accused John McCain of undermining the proposal and prodding House Republicans to lay out a wholly different approach that is opposed by the White House.
"This is the presidential campaign of John McCain undermining what Hank Paulson tells us is essential for the country," said Democratic Rep. Barney Frank, (D-Mass.), chairman of the House Financial Services Committee. "This is McCain at the last minute getting House Republicans to undermine the Paulson approach."
Republican leadership aides reacted incredulously to Frank's broadside, saying there was no way McCain's chief economic adviser, Douglas Holtz-Eakin, could undermine a deal with House Republicans that has never had rank-and-file support.
Holtz-Eakin met this morning with Boehner, House Minority Whip Roy Blunt (R-Mo.) and House Republican Conference Chairman Adam Putnam (R-Fla.), but the GOP leaders did virtually all of the talking, and what they told him was how little support the $700 billion package had with their rank-and-file. When McCain emerged from the back door of Boehner's office in the Capitol, both Holtz-Eakin and Sen. Lindsey O. Graham (R-S.C.), a key McCain ally, said they knew very little about the deal.
GOP aides familiar with the alternative proposal said that it had been in a draft stage for several days, with one adviser saying the lawmakers wanted to unveil it yesterday, but that McCain's entree into the deliberations actually made them wait a day.
The White House meeting was in part the result of McCain's stunning pronouncement Wednesday that he would stop campaigning to return to Washington, where he had urged Bush to convene a summit to address the crisis.
But for most of the afternoon, McCain has not visibly been part of the action on the issue. He was not present when House and Senate negotiators emerged from a two-hour meeting to declare success. That announcement was made by Sen. Christopher J. Dodd (D-Conn.), chairman of the Senate Banking Committee, Sen. Robert F. Bennett (Utah) and Frank.
McCain, by contrast, spent some time in his office with several Republican colleagues, briefly stopped at Boehner's office, then left for lunch at the Capitol's Mansfield Room before returning to his office in the Russell Senate Office Building.
Republican Rep. Spencer Bachus (Ala.) said he had spoken to McCain yesterday, had breakfast with two McCain advisers this morning and spoke to McCain again immediately after today's meeting. But, Bachus said, "John's not trying to call the shots for the House caucus, I can tell you that. He's just opposed to the plan in its present form."
Frank reacted angrily to Bachus's statements, insisting that lawmakers were well on their way toward an agreement they could put to a vote, and that this afternoon's meeting at the White House was largely irrelevent.
"We'll be glad to go and tell them there really isn't that much of a deadlock to break," Frank said. "But I'm always glad to go to the White House."
McCain aides expressed cautious optimism, saying that there is "no deal until there's a deal," but McCain made no comments to the reporters trailing him around the Capitol.
Meanwhile, the status of the planned Friday night debate with Obama remained up in the air Thursday afternoon. Senior McCain adviser Mark Salter said, "We've got to see," when asked whether the debate would go on as planned.
McCain said on Wednesday that the debate should be postponed so that the two candidates, the president and the congressional leadership could lock themselves in a room for 100 hours to solve the economic crisis.
Obama arrived in Washington later in the afternoon, accompanied by one Senate staffer. Democrats cried foul when a White House list of attendees indicated that McCain planned to take a campaign aide, former Congressional Budget Office director Doug Holtz-Eakin, with him to the White House meeting.
By M. Shear and Lori Montgomery
Sen. John McCain returned to Washington on Thursday after declaring that he has suspended his campaign, but he appeared largely detached from the flurry of negotiations on a $700 billion economic rescue package that appeared to be headed to a successful conclusion.
McCain's "Straight Talk Air" landed at National Airport just after noon, and McCain's motorcade sped toward the Senate. But by then, senior Democrats and Republicans were already announcing that a deal in principle had been reached.
That news appeared to be somewhat premature as House Republican leader John Boehner told his members that "no deal" had yet been reached. McCain arrived at 3:40 p.m. at the White House, where he and his rival, Sen. Barack Obama, were scheduled to meet with President Bush and congressional leaders at 4 p.m.
The leading Democratic negotiator on the Bush administration's $700 bailout plan accused John McCain of undermining the proposal and prodding House Republicans to lay out a wholly different approach that is opposed by the White House.
"This is the presidential campaign of John McCain undermining what Hank Paulson tells us is essential for the country," said Democratic Rep. Barney Frank, (D-Mass.), chairman of the House Financial Services Committee. "This is McCain at the last minute getting House Republicans to undermine the Paulson approach."
Republican leadership aides reacted incredulously to Frank's broadside, saying there was no way McCain's chief economic adviser, Douglas Holtz-Eakin, could undermine a deal with House Republicans that has never had rank-and-file support.
Holtz-Eakin met this morning with Boehner, House Minority Whip Roy Blunt (R-Mo.) and House Republican Conference Chairman Adam Putnam (R-Fla.), but the GOP leaders did virtually all of the talking, and what they told him was how little support the $700 billion package had with their rank-and-file. When McCain emerged from the back door of Boehner's office in the Capitol, both Holtz-Eakin and Sen. Lindsey O. Graham (R-S.C.), a key McCain ally, said they knew very little about the deal.
GOP aides familiar with the alternative proposal said that it had been in a draft stage for several days, with one adviser saying the lawmakers wanted to unveil it yesterday, but that McCain's entree into the deliberations actually made them wait a day.
The White House meeting was in part the result of McCain's stunning pronouncement Wednesday that he would stop campaigning to return to Washington, where he had urged Bush to convene a summit to address the crisis.
But for most of the afternoon, McCain has not visibly been part of the action on the issue. He was not present when House and Senate negotiators emerged from a two-hour meeting to declare success. That announcement was made by Sen. Christopher J. Dodd (D-Conn.), chairman of the Senate Banking Committee, Sen. Robert F. Bennett (Utah) and Frank.
McCain, by contrast, spent some time in his office with several Republican colleagues, briefly stopped at Boehner's office, then left for lunch at the Capitol's Mansfield Room before returning to his office in the Russell Senate Office Building.
Republican Rep. Spencer Bachus (Ala.) said he had spoken to McCain yesterday, had breakfast with two McCain advisers this morning and spoke to McCain again immediately after today's meeting. But, Bachus said, "John's not trying to call the shots for the House caucus, I can tell you that. He's just opposed to the plan in its present form."
Frank reacted angrily to Bachus's statements, insisting that lawmakers were well on their way toward an agreement they could put to a vote, and that this afternoon's meeting at the White House was largely irrelevent.
"We'll be glad to go and tell them there really isn't that much of a deadlock to break," Frank said. "But I'm always glad to go to the White House."
McCain aides expressed cautious optimism, saying that there is "no deal until there's a deal," but McCain made no comments to the reporters trailing him around the Capitol.
Meanwhile, the status of the planned Friday night debate with Obama remained up in the air Thursday afternoon. Senior McCain adviser Mark Salter said, "We've got to see," when asked whether the debate would go on as planned.
McCain said on Wednesday that the debate should be postponed so that the two candidates, the president and the congressional leadership could lock themselves in a room for 100 hours to solve the economic crisis.
Obama arrived in Washington later in the afternoon, accompanied by one Senate staffer. Democrats cried foul when a White House list of attendees indicated that McCain planned to take a campaign aide, former Congressional Budget Office director Doug Holtz-Eakin, with him to the White House meeting.
Friday, September 19, 2008
No Short Selling Or Go To Jail ??
SEC bans short selling in 799 financial stocks
Regulator says ban is needed to protect market integrity
By S. Kennedy
LONDON (MarketWatch) -- The Securities and Exchange Commission early Friday issued an emergency order temporarily banning short selling in the shares of 799 financial institutions.
The regulator said it was acting in concert with the U.K.'s Financial Services Authority, which announced a similar ban on Thursday, and added the move was needed "to protect the integrity and quality of the securities market and strengthen investor confidence."
The ban takes effect immediately and runs until midnight on Oct. 2. The SEC said it may extend the order if it's necessary to protect investors, but it won't last more than 30 days. See full list of companies.
Financial services stocks soared in Europe following the U.K. ban, with Barclays (UK:BARC: news, chart, profile) (BCS:
Barclays PLC
Last: 27.93+5.33+23.58%4:00pm 09/18/2008Delayed quote data
Sponsored by:
BCS 27.93, +5.33, +23.6%) , the bank that is buying part of Lehman Brothers, up over 30%.
U.S. stock market futures also surged. Dow industrial futures jumped 313 points and S&P 500 futures were up 46.50 points.
In pre-market trading, Goldman Sachs (GS:
Goldman Sachs Group, Inc
Last: 108.00-6.50-5.68%4:02pm 09/18/2008Delayed quote data
Sponsored by:
GS 108.00, -6.50, -5.7%) and Morgan Stanley (MS:
morgan stanley com new
Last: 22.55+0.80+3.68%8:03am 09/19/2008Delayed quote data
Sponsored by:
MS 22.55, +0.80, +3.7%) were both up over 10%.
"The commission is committed to using every weapon in its arsenal to combat market manipulation that threatens investors and capital markets," said SEC Chairman Christopher Cox in a statement.
"The emergency order temporarily banning short selling of financial stocks will restore equilibrium to markets. This action, which would not be necessary in a well-functioning market, is temporary in nature and part of the comprehensive set of steps being taken by the Federal Reserve, the Treasury and the Congress," he added.
U.S. authorities are reportedly trying to find a way to move toxic assets off the balance sheets of major U.S. firms in a bid to find a longer-term solution to the credit crisis. See full story.
Alongside the bar on short selling, the SEC introduced other temporary measures requiring institutional money managers to reveal short positions in certain securities and easing restrictions on the ability of securities issuers to re-purchase their own shares.
Allowing companies to more-easily buy back their own shares will help restore liquidity, the regulator argued.
European regulators take action
Following the move from the U.S. and U.K. watchdogs, some European regulators were also beginning to take action Friday.
The Irish regulator said it has banned anyone except market makers from entering a trade with the aim of profiting from a fall in the shares of Irish banks. That move helped drive the main Irish index up nearly 12%.
Other regulators didn't change their rules, but indicated they would be taking a tougher stance of monitoring and enforcing them.
The Swiss Federal Bank Commission and SWX Swiss Exchange both issued statements emphasizing that naked short selling -- where a stock is sold without making arrangement to borrow it first -- is not permitted and contravenes the code of conduct on market abuse.
France's Autorite des Marches Financiers similarly warned anyone selling shares in France that they must deliver the stock within three days and said it will crack down on anyone breaching that rule.
A spokeswoman for Germany's regulator, the BaFin, said short selling is not banned in Germany but declined to comment on the situation for naked short selling or whether it is considering a temporary restriction.
The Wall Street Journal also reported that large shareholders had already begun to cut back on their lending of shares -- a crucial element of short selling.
Among the investors reigning-in lending is Calpers, the largest U.S. public pension fund, which had stopped lending out shares of Goldman Sachs, Morgan Stanley and Wachovia Corp. (WB:
Wachovia Corp
Sponsored by:
WB 14.50, +5.38, +59.0%) even before the SEC's announcement
Here is the list of Companies !
ATLANTIC AMERICAN CORP
AANB
ABIGAIL ADAMS NATL BANCORP INC
ABBC
ABINGTON BANCORP INC PA
ABCB
AMERIS BANCORP
ABCW
ANCHOR BANCORP WISCONSIN INC
ABK
AMBAC FINANCIAL GROUP INC
ABNJ
AMERICAN BANCORP OF NJ INC
ABVA
ALLIANCE BANKSHARES CORP
ACAP
AMERICAN PHYSICIANS CAPITAL INC
ACBA
AMERICAN COMMUNITY BNCSHRS INC
ACE
ACE LTD
ACFC
ATLANTIC COAST FED CORP
ACGL
ARCH CAPITAL GROUP LTD NEW
ADVNA
ADVANTA CORP
ADVNB
ADVANTA CORP
AEG
AEGON N V
AEL
AMERICAN EQUITY INVT LIFE HLDG C
AET
AETNA INC NEW
AF
ASTORIA FINANCIAL CORP
AFFM
AFFIRMATIVE INSURANCE HLDGS INC
AFG
AMERICAN FINANCIAL GROUP INC NEW
AFL
A F L A C INC
AGII
ARGO GROUP INTL HLDGS LTD
AGO
ASSURED GUARANTY LTD
AGP
AMERIGROUP CORP
AGX
ARGAN INC
AHD
ATLAS PIPELINE HOLDINGS L P
AHL
ASPEN INSURANCE HOLDINGS LTD
AIB
ALLIED IRISH BANKS PLC
AIG
AMERICAN INTERNATIONAL GROUP INC
AINV
APOLLO INVESTMENT CORP
AIZ
ASSURANT INC
ALL
ALLSTATE CORP
ALLB
ALLIANCE BANCORP INC PA
ALNC
ALLIANCE FINANCIAL CORP NY
AMCP
AMCOMP INC NEW
AMFI
AMCORE FINANCIAL INC
AMG
AFFILIATED MANAGERS GROUP INC
AMIC
AMERICAN INDEPENDENCE CORP
AMNB
AMERICAN NATIONAL BANKSHARES INC
AMP
AMERIPRISE FINANCIAL INC
AMPH
AMERICAN PHYSICIANS SVC GROUP
AMRB
AMERICAN RIVER BANKSHARES
AMSF
AMERISAFE INC
AMTD
T D AMERITRADE HOLDING CORP
ANAT
AMERICAN NATIONAL INS CO
ANNB
ANNAPOLIS BANCORP INC
AOC
AON CORP
APAB
APPALACHIAN BANCSHARES INC
AROW
ARROW FINANCIAL CORP
ASBI
AMERIANA BANCORP
ASFI
ASTA FUNDING INC
ASFN
ATLANTIC SOUTHERN FINL GROUP INC
ASRV
AMERISERV FINANCIAL INC
ATBC
ATLANTIC BANCGROUP INC
ATLO
AMES NATL CORP
AUBN
AUBURN NATIONAL BANCORP
AWBC
AMERICAN WEST BANCORPORATION
AWH
ALLIED WORLD ASSUR CO HLDGS LTD
AXA
A X A UAP
AXG
ATLAS ACQUISITION HOLDINGS CORP
AXS
AXIS CAPITAL HOLDINGS LTD
BAC
BANK OF AMERICA CORP
BANF
BANCFIRST CORP
BANR
BANNER CORP
BARI
BANCORP RHODE ISLAND INC
BAYN
BAY NATIONAL CORP
BBNK
BRIDGE CAPITAL HOLDINGS
BBT
B B & T CORP
BBX
BANKATLANTIC BANCORP INC
BCA
CORPBANCA
BCAR
BANK OF THE CAROLINAS CORP
BCBP
B C B BANCORP INC
BCP
BROOKE CAPITAL CORP
BCS
BARCLAYS PLC
BCSB
B C S B BANCORP INC
BDGE
BRIDGE BANCORP INC
BEN
FRANKLIN RESOURCES INC
BERK
BERKSHIRE BANCORP INC DEL
BFF
B F C FINANCIAL CORP
BFIN
BANKFINACIAL CORP
BFNB
BEACH FIRST NATL BANCSHARES INC
BHB
BAR HARBOR BANKSHARES
BHBC
BEVERLY HILLS BANCORP INC
BHLB
BERKSHIRE HILLS BANCORP INC
BK
ANK OF NEW YORK MELLON CORP
BKBK
BRITTON & KOONTZ CAPITAL CORP
BKMU
BANK MUTUAL CORP NEW
BKOR
OAK RIDGE FINANCIAL SERVICES INC
BKSC
BANK SOUTH CAROLINA CORP
BKUNA
A BANKUNITED FINANCIAL CORP
BLX
BANCO LATINOAMERICANO DE EXP SA
BMRC
BANK OF MARIN BANCORP
BMTC
BRYN MAWR BANK CORP
BNCL
BENEFICIAL MUTUAL BANCORP INC
BNCN
B N C BANCORP
BNS
BANK OF NOVA SCOTIA
BNV
BEVERLY NATIONAL CORP
BOCH
BANK OF COMMERCE HOLDINGS
BOFI
B OF I HOLDING INC
BOFL
BANK OF FLORIDA CORP NAPLES
BOH
BANK OF HAWAII CORP
BOKF
B O K FINANCIAL CORP
BOMK
BANK MCKENNEY VA
BOVA
BANK OF VIRGINIA
BPFH
BOSTON PRIVATE FINL HLDS INC
BPSG
BROADPOINT SECURITIES GROUP INC
BRK
BERKSHIRE HATHAWAY INC DEL
BRK
BERKSHIRE HATHAWAY INC DEL
BRKL
BROOKLINE BANCORP INC
BSRR
SIERRA BANCORP
BTFG
BANCTRUST FINANCIAL GROUP INC
BUSE
FIRST BUSEY CORP
BWINA
A BALDWIN & LYONS INC
BWINB
B BALDWIN & LYONS INC
BX
LACKSTONE GROUP L P
BXS
BANCORPSOUTH INC
BYFC
BROADWAY FINANCIAL CORP DEL
C
CITIGROUP INC
CAC
CAMDEN NATIONAL CORP
CACB
CASCADE BANCORP
CADE
CADENCE FINANCIAL CORP
CAFI
CAMCO FINANCIAL CORP
CAPB
CAPITALSOUTH BANCORP
CAPE
CAPE FEAR BANK CORP
CART
CAROLINA TRUST BANK
CARV
CARVER BANCORP INC
CASB
CASCADE FINANCIAL CORP
CASH
META FINANCIAL GROUP INC
CATY
CATHAY GENERAL BANCORP
CB
HUBB CORP
CBAN
COLONY BANKCORP INC
CBBO
COLUMBIA BANCORP ORE
CBC
CAPITOL BANCORP LTD
CBIN
COMMUNITY BANK SHRS INDIANA INC
CBKN
CAPITAL BANK CORP NEW
CBNK
CHICOPEE BANCORP INC
CBON
COMMUNITY BANCORP
CBU
COMMUNITY BANK SYSTEM INC
CCBD
COMMUNITY CENTRAL BANK CORP
CCBG
CAPITAL CITY BANK GROUP
CCBP
COMM BANCORP INC
CCFH
C C F HOLDING COMPANY
CCNE
C N B FINANCIAL CORP PA
CCOW
CAPITAL CORP OF THE WEST
CEBK
CENTRAL BANCORP INC
CFBK
CENTRAL FEDERAL CORP
CFFC
COMMUNITY FINANCIAL CORP
CFFI
C & F FINANCIAL CORP
CFFN
CAPITOL FEDERAL FINANCIAL
CFNL
CARDINAL FINANCIAL CORP
CFR
CULLEN FROST BANKERS INC
CHCO
CITY HOLDING CO
CHEV
CHEVIOT FINANCIAL CORP
CHFC
CHEMICAL FINANCIAL CORP
CI
I G N A CORP
CIA
CITIZENS INC
CINF
CINCINNATI FINANCIAL CORP
CITZ
C F S BANCORP INC
CIZN
CITIZENS HOLDING CO
CJBK
CENTRAL JERSEY BANCORP
CLBH
CAROLINA BANK HOLDINGS INC
CLFC
CENTER FINANCIAL CORP
CLMS
CALAMOS ASSET MANAGEMENT INC
CMA
COMERICA INC
CME
C M E GROUP INC
CMFB
COMMERCEFIRST BANCORP INC
CMGI
C M G I INC
CMSB
C M S BANCORP INC
CNA
C N A FINANCIAL CORP
CNAF
COMMERCIAL NATIONAL FINL CORP
CNB
COLONIAL BANCGROUP INC
CNBC
CENTER BANCORP INC
CNBKA
A CENTURY BANCORP INC
CNC
CENTENE CORP DEL
CNLA
COMMUNITY NATL BANK LAKEWAY AREA
CNO
CONSECO INC
CNS
COHEN & STEERS INC
COBH
PENNSYLVANIA COMMERCE BANCORP IN
COBZ
COBIZ FINANCIAL INC
COLB
COLUMBIA BANKING SYSTEM INC
COOP
COOPERATIVE BANCSHARES INC
CORS
CORUS BANKSHARES INC
COWN
COWEN GROUP INC
CPBC
COMMUNITY PARTNERS BANCORP
CPBK
COMMUNITY CAPITAL CORP
CPF
CENTRAL PACIFIC FINANCIAL CORP
CPHL
CASTLEPOINT HOLDINGS LTD
CRBC
CITIZENS REPUBLIC BANCORP INC
CRFN
CRESCENT FINANCIAL CORP
CRMH
C R M HOLDINGS LTD
CRRB
CARROLLTON BANCORP
CRVL
CORVEL CORP
CSBC
CITIZENS SOUTH BANKING CORP DEL
CSBK
CLIFTON SAVINGS BANCORP INC
CSFL
CENTERSTATE BANKS OF FLORIDA INC
CSHB
COMMUNITY SHORES BANK CORP
CSNT
CRESCENT BANKING CO
CTBC
CONNECTICUT BANK & TRUST CO
CTBI
COMMUNITY TRUST BANCORP INC
CTBK
CITYBANK LYNNWOOD WASHINGTON
CTZN
CITIZENS FIRST BANCORP INC
CVBF
C V B FINANCIAL CORP
CVBK
CENTRAL VIRGINIA BANKSHARES INC
CVCY
CENTRAL VALLEY COMM BANCORP
CVH
COVENTRY HEALTH CARE INC
CVLL
COMMUNITY VALLEY BANCORP
CVLY
CODORUS VALLEY BANCORP INC
CWBC
COMMUNITY WEST BANCSHARES
CWBS
COMMONWEALTH BANKSHARES INC
CWLZ
COWLITZ BANCORPORATION
CZFC
CITIZENS FIRST CORP
CZWI
CITIZENS CMNTY BANCORP INC MD
DB
EUTSCHE BANK AG
DCOM
DIME COMMUNITY BANCSHARES
DEAR
DEARBORN BANCORP INC
DFG
DELPHI FINANCIAL GROUP INC
DGICA
A DONEGAL GROUP INC
DGICB
B DONEGAL GROUP INC
DHIL
DIAMOND HILL INVESTMENT GRP INC
DLLR
DOLLAR FINANCIAL CORP
DR
ARWIN PROFESSIONAL UNDERWRITERS
DSL
DOWNEY FINANCIAL CORP
DUF
DUFF & PHELPS CORP NEW
EBSB
MERIDIAN INTERSTATE BANCORP INC
EBTX
ENCORE BANCSHRES INC
ECBE
E C B BANCORP INC
EGBN
EAGLE BANCORP INC
EIHI
EASTERN INSURANCE HOLDINGS INC
EII
ENERGY INFRASTRUCTURE ACQUI CORP
EMCI
E M C INSURANCE GROUP INC
EMITF
F ELBIT IMAGING LTD
ENH
ENDURANCE SPECIALTY HOLDINGS LTD
ESBF
E S B FINANCIAL CORP
ESBK
ELMIRA SAVINGS BANK FSB NY
ESGR
ENSTAR GROUP LTD
ETFC
E TRADE FINANCIAL CORP
EV
ATON VANCE CORP
EVBN
EVANS BANCORP INC
EVBS
EASTERN VIRGINIA BANKSHARES INC
EVR
EVERCORE PARTNERS INC
EWBC
EAST WEST BANCORP INC
FABK
FIRST ADVANTAGE BANCORP
FAC
FIRST ACCEPTANCE CORP
FAF
FIRST AMERICAN CORP CALIF
FBC
FLAGSTAR BANCORP INC
FBCM
F B R CAPITAL MARKETS CORP
FBIZ
FIRST BUSINESS FINL SVCS INC
FBMI
FIRSTBANK CORP
FBMS
FIRST BANCSHARES INC MS
FBNC
FIRST BANCORP NC
FBP
FIRST BANCORP P R
FBSI
FIRST BANCSHARES INC MO
FBSS
FAUQUIER BANKSHARES INC
FBTC
FIRST BANCTRUST
FCAL
FIRST CALIFORNIA FINL GROUP INC
FCAP
FIRST CAPITAL INC
FCBC
FIRST COMMUNITY BANCSHARES INC
FCCO
FIRST COMMUNITY CORP SC
FCCY
1ST CONSTITUTION BANCORP
FCFL
FIRST COMMUNITY BANK CORP AMER
FCNCA
A FIRST CITIZENS BANCSHARES INC NC
FCVA
FIRST CAPITAL BANCORP INC VA
FCZA
FIRST CITIZENS BANC CORP
FDEF
FIRST DEFIANCE FINANCIAL CORP
FDT
FEDERAL TRUST CORP
FED
FIRSTFED FINANCIAL CORP
FFBC
FIRST FINANCIAL BANCORP OHIO
FFBH
FIRST FEDERAL BANCSHARES ARK INC
FFCH
FIRST FINANCIAL HOLDINGS INC
FFCO
FEDFIRST FINANCIAL CORP
FFDF
F F D FINANCIAL CORP
FFFD
NORTH CENTRAL BANCSHARES INC
FFG
F B L FINANCIAL GROUP INC
FFH
FAIRFAX FINL HOLDINGS LTD
FFHS
FIRST FRANKLIN CORP
FFIC
FLUSHING FINANCIAL CORP
FFIN
FIRST FINANCIAL BANKSHARES INC
FFKT
FARMERS CAPITAL BANK CORP
FFKY
FIRST FINANCIAL SERVICE CORP
FFNM
FIRST FED NORTHN MI BANCORP INC
FFNW
FIRST FINANCIAL NORTHWEST INC
FFSX
FIRST FEDERAL BANKSHARES INC DEL
FHN
FIRST HORIZON NATIONAL CORP
FIFG
1ST INDEPENDENCE FNL GROUP INC
FIG
FORTRESS INVESTMENT GROUP L L C
FII
FEDERATED INVESTORS INC PA
FISI
FINANCIAL INSTITUTIONS INC
FKFS
FIRST KEYSTONE FINANCIAL INC
FLIC
FIRST LONG ISLAND CORP
FMAR
FIRST MARINER BANCORP
FMBI
FIRST MIDWEST BANCORP DE
FMER
FIRSTMERIT CORP
FMFC
FIRST M & F CORP
FNB
F N B CORP PA
FNBN
F N B UNITED CORP
FNFG
FIRST NIAGARA FINL GROUP INC NEW
FNLC
FIRST BANCORP INC ME
FNM
FEDERAL NATIONAL MORTGAGE ASSN
FNSC
FIRST NATIONAL BANCSHARES INC SC
FPBI
F P B BANCORP INC
FPBN
1ST PACIFIC BANCORP CA
FPFC
FIRST PLACE FINANCIAL CORP NM
FPIC
F P I C INSURANCE GROUP INC
FPTB
FIRST PACTRUST BANCORP INC
FRBK
REPUBLIC FIRST BANCORP INC
FRE
FEDERAL HOME LOAN MORTGAGE CORP
FRGB
FIRST REGIONAL BANCORP
FRME
FIRST MERCHANTS CORP
FSBI
FIDELITY BANCORP INC
FSBK
FIRST SOUTH BANCORP INC
FSGI
FIRST SECURITY GROUP INC
FSNM
FIRST STATE BANCORPORATION
FTBK
FRONTIER FINANCIAL CORP
FULT
FULTON FINANCIAL CORP PA
FUNC
FIRST UNITED CORP
FWV
FIRST WEST VIRGINIA BANCORP INC
FXCB
FOX CHASE BANCORP INC
GABC
GERMAN AMERICAN BANCORP INC
GAN
GAINSCO INC
GBCI
GLACIER BANCORP INC NEW
GBH
GREEN BUILDERS INC
GBL
GAMCO INVESTORS INC
GBNK
GUARANTY BANCORP
GBTS
GATEWAY FINANCIAL HLDGS INC
GCA
GLOBAL CASH ACCESS HOLDINGS INC
GFED
GUARANTY FEDERAL BANCSHARES INC
GFIG
G F I GROUP INC
GFLB
GREAT FLORIDA BANK
GGAL
GRUPO FINANCIERO GALICIA S A
GHL
GREENHILL & CO INC
GIW
WILBER CORP
GLBZ
GLEN BURNIE BANCORP
GLRE
GREENLIGHT CAPITAL RE LTD
GNW
GENWORTH FINANCIAL INC
GOV
GOUVERNEUR BANCORP INC
GRAN
BANK GRANITE CORP
GRNB
GREEN BANKSHARES INC
GROW
U S GLOBAL INVESTORS INC
GS
OLDMAN SACHS GROUP INC
GSBC
GREAT SOUTHERN BANCORP INC
GSLA
G S FINANCIAL CORP
GTS
TRIPLE S MANAGEMENT CORP
HABC
HABERSHAM BANCORP INC
HAFC
HANMI FINANCIAL CORP
HALL
HALLMARK FINANCIAL SERVICES INC
HARL
HARLEYSVILLE SAVINGS FINAN CORP
HAXS
HEALTHAXIS INC
HBAN
HUNTINGTON BANCSHARES INC
HBHC
HANCOCK HOLDING CO
HBNK
HAMPDEN BANCORP INC
HBOS
HERITAGE FINANCIAL GROUP
HCBK
HUDSON CITY BANCORP INC
HCC
H C C INSURANCE HOLDINGS INC
HEOP
HERITAGE OAKS BANCORP
HFBC
HOPFED BANCORP INC
HFFC
H F FINANCIAL CORP
HFWA
HERITAGE FINANCIAL CORP WA
HGIC
HARLEYSVILLE GROUP INC
HIFS
HINGHAM INSTITUTION FOR SVGS MA
HMN
HORACE MANN EDUCATORS CORP NEW
HMNF
H M N FINANCIAL INC
HMPR
HAMPTON ROADS BANKSHARES INC
HNBC
HARLEYSVILLE NATIONAL CORP PA
HNT
HEALTH NET INC
HOMB
HOME BANCSHARES INC
HOME
HOME FEDERAL BANCORP INC MD
HRZB
HORIZON FINANCIAL CORP WASH
HS
EALTHSPRING INC
HTBK
HERITAGE COMMERCE CORP
HTH
HILLTOP HOLDINGS INC
HTLF
HEARTLAND FINANCIAL USA INC
HUM
HUMANA INC
HWBK
HAWTHORN BANCSHARES INC
HWFG
HARRINGTON WEST FINANCIAL GRP IN
IAAC
INTERNATIONAL ASSETS HLDG CORP
IBCA
INTERVEST BANCSHARES CORP
IBCP
INDEPENDENT BANK CORP MICH
IBKC
IBERIABANK CORP
IBKR
INTERACTIVE BROKERS GROUP INC
IBNK
INTEGRA BANK CORP
IBOC
INTERNATIONAL BANCSHARES CORP
ICE
INTERCONTINENTALEXCHANGE INC
ICH
INVESTORS CAPITAL HOLDINGS LTD
IFC
IRWIN FINANCIAL CORP
IFSB
INDEPENDENCE FEDERAL SAVINGS BK
IHC
INDEPENDENCE HOLDING CO NEW
IMP
IMPERIAL CAPITAL BANCORP INC
INCB
INDIANA COMMUNITY BANCORP
INDB
INDEPENDENT BANK CORP MA
ING
I N G GROEP N V
IPCC
INFINITY PROPERTY & CASUALTY COR
IPCR
I P C HOLDINGS LTD
IRE
IRELAND BANK
ITC
I T C HOLDINGS CORP
ITG
INVESTMENT TECHNOLOGY GP INC NEW
ITIC
INVESTORS TITLE CO
JAXB
JACKSONVILLE BANCORP INC FL
JEF
JEFFERIES GROUP INC NEW
JFBC
JEFFERSONVILLE BANCORP
JFBI
JEFFERSON BANCSHARES INC TENN
JLI
JESUP & LAMONT INC
JMP
J M P GROUP INC
JNS
JANUS CAP GROUP INC
JPM
JPMORGAN CHASE & CO
JXSB
JACKSONVILLE BANCORP INC
KCLI
KANSAS CITY LIFE INS CO
KENT
KENT FINANCIAL SERVICES INC
KEY
KEYCORP NEW
KFED
K FED BANCORP
KFFB
KENTUCKY FIRST FEDERAL BANCORP
KFS
KINGSWAY FINANCIAL SERVICES INC
KRNY
KEARNY FINANCIAL CORP
L
LOEWS CORP
LAB
LABRANCHE & CO INC
LABC
LOUISIANA BANCORP INC
LARK
LANDMARK BANCORP INC
LAZ
LAZARD LTD
LBBB
LIBERTY BELL BK CHERRY HILL NJ
LBCP
LIBERTY BANCORP INC MO
LEGC
LEGACY BANCORP INC
LEH
LEHMAN BROTHERS HOLDINGS INC
LFC
CHINA LIFE INSURANCE CO LTD
LION
FIDELITY SOUTHERN CORP NEW
LKFN
LAKELAND FINANCIAL CORP
LNC
LINCOLN NATIONAL CORP IN
LNCB
LINCOLN BANCORP IND
LPSB
LAPORTE BANCORP INC
LSBI
L S B FINANCIAL CORP
LSBK
LAKE SHORE BANCORP INC
LSBX
L S B CORP
LTS
LADENBURG THALMANN FIN SVCS INC
LUK
LEUCADIA NATIONAL CORP
LYG
LLOYDS TSB GROUP PLC
MAIN
MAIN STREET CAPITAL CORP
MASB
MASSBANK CORP
MBFI
M B FINANCIAL INC NEW
MBHI
MIDWEST BANC HOLDINGS INC
MBI
M B I A INC
MBP
MID PENN BANCORP INC
MBR
MERCANTILE BANCORP INC
MBRG
MIDDLEBURG FINANCIAL CORP
MBTF
M B T FINANCIAL CORP
MBVA
MILLENNIUM BANKSHARES CORP
MBVT
MERCHANTS BANCSHARES INC
MBWM
MERCANTILE BANK CORP
MCBF
MONARCH COMMUNITY BANCORP INC
MCBI
METROCORP BANCSHARES INC
MCGC
M C G CAPITAL CORP
MCY
MERCURY GENERAL CORP NEW
MER
MERRILL LYNCH & CO INC
MERR
MERRIMAN CURHAN FORD GROUP INC
MF
MF GLOBAL LTD
MFC
MANULIFE FINANCIAL CORP
MFLR
MAYFLOWER BANCORP INC
MFNC
MACKINAC FINANCIAL CORP
MFSF
MUTUALFIRST FINL INC
MGYR
MAGYAR BANCORP INC
MHLD
MAIDEN HOLDNGS LTD
MI
MARSHALL & ILSLEY CORP NEW
MIG
MEADOWBROOK INSURANCE GROUP INC
MIGP
MERCER INSURANCE GROUP INC
MKL
MARKEL CORP
MKTX
MARKETAXESS HLDGS INC
MNRK
MONARCH FINANCIAL HOLDINGS INC
MOFG
MIDWESTONE FINANCIAL GRP INC NEW
MOH
MOLINA HEALTHCARE INC
MORN
MORNINGSTAR INC
MRH
MONTPELIER RES HOLDINGS LTD
MROE
MONROE BANCORP
MS
ORGAN STANLEY DEAN WITTER & CO
MSBF
M S B FINANCIAL CORP
MSFG
MAINSOURCE FINANCIAL GROUP INC
MSL
MIDSOUTH BANCORP INC
MTG
M G I C INVESTMENT CORP WIS
MTU
MITSUBISHI UFJ FINANCIAL GP INC
MXGL
MAX CAPITAL GROUP LTD
NAHC
NATIONAL ATLANTIC HOLDINGS CORP
NAL
NEWALLIANCE BANCSHARES INC
NARA
NARA BANCORP INC
NATL
NATIONAL INTERSTATE CORP
NAVG
NAVIGATORS GROUP INC
NBBC
NEWBRIDGE BANCORP
NBN
NORTHEAST BANCORP
NBTB
N B T BANCORP INC
NBTF
N B & T FINANCIAL GROUP INC
NCBC
NEW CENTURY BANCORP INC NC
NCC
NATIONAL CITY CORP
NDAQ
NASDAQ O M X GROUP INC
NEBS
NEW ENGLAND BANCSHARES INC
NECB
NORTHEAST COMMUNITY BANCORP INC
NEWT
NEWTEK BUSINESS SVCS INC
NFBK
NORTHFIELD BANCORP INC
NFS
NATIONWIDE FINANCIAL SERVICES IN
NFSB
NEWPORT BANCORP INC
NHTB
NEW HAMPSHIRE THRIFT BNCSHRS INC
NICK
NICHOLAS FINANCIAL INC
NITE
KNIGHT CAPITAL GROUP INC
NKSH
NATIONAL BANKSHARES INC
NMR
NOMURA HOLDINGS INC
NMX
NYMEX HOLDINGS INC
NOVB
NORTH VALLEY BANCORP
NPBC
NATIONAL PENN BANCSHARES INC
NRIM
NORTHRIM BANCORP INC
NSEC
NATIONAL SECURITY GROUP INC
NSFC
NORTHERN STATES FINANCIAL CORP
NSH
NUSTAR G P HOLDINGS LLC
NTQ
N T R ACQUISITION CO
NTRS
NORTHERN TRUST CORP
NVSL
NAUGATUCK VLY FINANCIAL CORP
NWFL
NORWOOD FINANCIAL CORP
NWLIA
A NATIONAL WESTERN LIFE INS CO
NWSB
NORTHWEST BANCORP INC PA
NXTY
NEXITY FINANCIAL CORP
NYB
NEW YORK COMMUNITY BANCORP INC
NYM
N Y M A G I C INC
NYX
N Y S E EURONEXT
OCFC
OCEANFIRST FINANCIAL CORP
OFG
ORIENTAL FINANCIAL GROUP INC
OKSB
SOUTHWEST BANCORP INC OKLA
OLBK
OLD LINE BANCSHARES
OLCB
OHIO LEGACY CORP
ONB
OLD NATIONAL BANCORP
ONFC
ONEIDA FINANCIAL CORP
OPHC
OPTIMUMBANK HOLDINGS INC
OPOF
OLD POINT FINL CORP
OPY
OPPENHEIMER HOLDINGS INC
ORH
ODYSSEY RE HOLDINGS CORP
ORI
OLD REPUBLIC INTERNATIONAL CORP
ORIT
ORITANI FINANCIAL CORP
OSBC
OLD SECOND BANCORP INC
OSBK
OSAGE BANCSHARES INC
OSHC
OCEAN SHORE HOLDING CO
OVBC
OHIO VALLEY BANC CORP
OXPS
OPTIONSXPRESS HOLDINGS INC
OZM
OCH ZIFF CAPITAL MANGMNT GRP LLC
OZRK
BANK OF THE OZARKS INC
PABK
P A B BANKSHARES INC
PACW
PACWEST BANCORP DE
PBCI
PAMRAPO BANCORP INC
PBCT
PEOPLES UNITED FINANCIAL INC
PBHC
PATHFINDER BANCORP INC
PBIB
PORTER BANCORP INC
PBIP
PRUDENTIAL BANCORP INC PA
PBKS
PROVIDENT BANKSHARES CORP
PBNY
PROVIDENT NEW YORK BANCORP
PCBC
PACIFIC CAPITAL BANCORP NEW
PCBI
PEOPLES COMMUNITY BANCORP INC
PCBK
PACIFIC CONTINENTAL CORP
PCBS
PROVIDENT COMMUNITY BANCSHRS INC
PEBK
PEOPLES BANCORP NC INC
PEBO
PEOPLES BANCORP INC
PFBC
PREFERRED BANK LOS ANGELES
PFBI
PREMIER FINANCIAL BANCORP INC
PFBX
PEOPLES FINANCIAL CORP
PFED
PARK BANCORP INC
PFG
PRINCIPAL FINANCIAL GROUP INC
PFS
PROVIDENT FINANCIAL SVCS INC
PGR
PROGRESSIVE CORP OH
PHLY
PHILADELPHIA CONSOLIDATED HLG CO
PICO
P I C O HOLDINGS INC
PJC
PIPER JAFFRAY COMPANIES
PKBK
PARKE BANCORP INC
PL
ROTECTIVE LIFE CORP
PLCC
PAULSON CAPITAL CORP
PLFE
PRESIDENTIAL LIFE CORP
PMACA
A P M A CAPITAL CORP
PMBC
PACIFIC MERCANTILE BANCORP
PMI
P M I GROUP INC
PNBC
PRINCETON NATIONAL BANCORP INC
PNBK
PATRIOT NATIONAL BANCORP INC
PNC
P N C FINANCIAL SERVICES GRP INC
PNFP
PINNACLE FINANCIAL PARTNERS INC
PNSN
PENSON WORLDWIDE INC
PNX
PHOENIX COS INC
PPBI
PACIFIC PREMIER BANCORP INC
PRA
PROASSURANCE CORP
PRE
PARTNERRE LTD
PRK
PARK NATIONAL CORP
PROS
PROCENTURY CORP
PROV
PROVIDENT FINANCIAL HOLDINGS INC
PRSP
PROSPERITY BANCSHARES INC
PRU
PRUDENTIAL FINANCIAL INC
PRWT
PREMIERWEST BANCORP
PSBC
PACIFIC STATE BANCORP
PSBH
PSB HOLDINGS INC
PSEC
PROSPECT CAPITAL CORP
PTA
PENN TREATY AMERICAN CORP
PTP
PLATINUM UNDERWRITERS HLDGS LTD
PUK
PRUDENTIAL PLC
PULB
PULASKI FINANCIAL CORP
PVFC
P V F CAPITAL CORP
PVSA
PARKVALE FINANCIAL CORP
PVTB
PRIVATEBANCORP INC
PWOD
PENNS WOODS BANCORP INC
PZN
PZENA INVESTMENT MANAGEMENT INC
QCRH
Q C R HOLDINGS INC
QNTA
QUANTA CAPITAL HOLDINGS LTD
RAMR
R A M HOLDINGS LTD
RBCAA
REPUBLIC BANCORP INC KY
RBNF
RURBAN FINANCIAL CORP
RBPAA
ROYAL BANCSHARES PA INC
RBS
ROYAL BANK SCOTLAND GROUP PLC
RCBK
RIVER CITY BANK
RCKB
ROCKVILLE FINANCIAL INC
RDN
RADIAN GROUP INC
RE
EVEREST RE GROUP LTD
RF
REGIONS FINANCIAL CORP NEW
RGA
REINSURANCE GROUP OF AMERICA INC
RIVR
RIVER VALLEY BANCORP
RJF
RAYMOND JAMES FINANCIAL INC
RKH
REGIONAL BANK HOLDRS TRUST
RLI
R L I CORP
RNR
RENAISSANCERE HOLDINGS LTD
RNST
RENASANT CORP
RODM
RODMAN & RENSHAW CAP GRP INC NEW
ROMA
ROMA FINANCIAL CORP
ROME
ROME BANCORP INC
RPFG
RAINIER PACIFIC FINL GROUP INC
RVSB
RIVERVIEW BANCORP INC
RY
ROYAL BANK CANADA MONTREAL QUE
SAF
SAFECO CORP
SAFT
SAFETY INSURANCE GROUP INC
SAL
SALISBURY BANCORP INC
SAMB
SUN AMERICAN BANCORP
SASR
SANDY SPRING BANCORP INC
SAVB
SAVANNAH BANCORP INC
SBBX
SUSSEX BANCORP
SBCF
SEACOAST BANKING CORP FLA
SBIB
STERLING BANCSHARES INC
SBKC
SECURITY BANK CORP
SBNY
SIGNATURE BANK NEW YORK N Y
SBP
SANTANDER BANCORP
SBSI
SOUTHSIDE BANCSHARES INC
SCA
SECURITY CAPITAL ASSURANCE LTD
SCB
COMMUNITY BANKSHARES INC S C
SCBT
S C B T FINANCIAL CORP
SCHW
SCHWAB CHARLES CORP NEW
SCMF
SOUTHERN COMMUNITY FINCL CORP
SEAB
SEABRIGHT INSURANCE HOLDINGS INC
SF
STIFEL FINANCIAL CORP
SFG
STANCORP FINANCIAL GROUP INC
SFNC
SIMMONS 1ST NATIONAL CORP
SFST
SOUTHERN FIRST BANCSHARES INC
SGB
SOUTHWEST GEORGIA FINANCIAL CORP
SHG
SHINHAN FINANCIAL GROUP CO LTD
SIEB
SIEBERT FINANCIAL CORP
SIFI
SI FINANCIAL GROUP INC
SIGI
SELECTIVE INSURANCE GROUP INC
SIVB
S V B FINANCIAL GROUP
SLF
SUN LIFE FINANCIAL INC
SLM
S L M CORP
SMBC
SOUTHERN MISSOURI BANCORP INC
SMCG
MILLENNIUM INDIA ACQUISIT CO INC
SMHG
SANDERS MORRIS HARRIS GROUP INC
SMMF
SUMMIT FINANCIAL GROUP INC
SMTB
SMITHTOWN BANCORP INC
SNBC
SUN BANCORP INC
SNV
SYNOVUS FINANCIAL CORP
SOCB
SOUTHCOAST FINANCIAL CORP
SOMH
SOMERSET HILLS BANCORP
SONA
SOUTHERN NATIONAL BANCORP VA INC
SOV
SOVEREIGN BANCORP INC
SRCE
1ST SOURCE CORP
SSBI
SUMMIT STATE BANK
SSBX
SILVER STATE BANCORP
SSFN
STEWARDSHIP FINANCIAL CORP
STBA
S & T BANCORP INC
STBC
STATE BANCORP INC NY
STBK
STERLING BANKS INC
STEL
STELLARONE CORP
STFC
STATE AUTO FINANCIAL CORP
STI
SUNTRUST BANKS INC
STL
STERLING BANCORP
STSA
STERLING FINANCIAL CORP WASH
STT
STATE STREET CORP
STU
STUDENT LOAN CORP
SUAI
SPECIALTY UNDERWRITERS ALL INC
SUBK
SUFFOLK BANCORP
SUFB
SUFFOLK FIRST BANK VA
SUPR
SUPERIOR BANCORP
SUR
C N A SURETY CORP
SUSQ
SUSQUEHANNA BANCSHARES INC PA
SVBI
SEVERN BANCORP INC MD
SWS
S W S GROUP INC
SYBT
S Y BANCORP INC
TAMB
TAMALPAIS BANCORP
TAQ
TRANSFORMA ACQUISITION GROUP INC
TAYC
TAYLOR CAPITAL GROUP INC
TBBK
BANCORP INC
TBHS
BANK HOLDINGS THE
TCB
T C F FINANCIAL CORP
TCBI
TEXAS CAPITAL BANCSHARES INC
TCBK
TRICO BANCSHARES
TCHC
21ST CENTURY HOLDING CO
TDBK
TIDELANDS BANCSHARES INC
TFIN
TEAM FINANCIAL INC
TFSL
TFS FINANCIAL CORP
TGIC
TRIAD GUARANTY INC
THFF
FIRST FINANCIAL CORP IN
THG
HANOVER INSURANCE GROUP INC
THRD
T F FINANCIAL CORP
TIBB
T I B FINANCIAL CORP
TIL
TRANS INDIA ACQUISITION CORP
TMCV
TEMECULA VALLEY BANCORP INC
TMK
TORCHMARK CORP
TMP
TOMPKINS FINANCIAL CORP
TNCC
TENNESSEE COMMERCE BANCORP INC
TOFC
TOWER FINANCIAL CORP
TONE
TIERONE CORP
TOWN
TOWNEBANK
TRH
TRANSATLANTIC HOLDINGS INC
TROW
T ROWE PRICE GROUP INC
TRST
TRUSTCO BANK CORP NY
TRUE
CENTRUE FINANCIAL CORP NEW
TRV
TRAVELERS COMPANIES INC
TSBK
TIMBERLAND BANCORP INC
TSFG
SOUTH FINL GROUP INC
TSH
TECHE HOLDING CO
TWGP
TOWER GROUP INC
TWPG
THOMAS WEISEL PARTNERS GROUP INC
UAM
UNIVERSAL AMERICAN CORP
UB
UNIONBANCAL CORP
UBCP
UNITED BANCORP INC
UBFO
UNITED SECURITY BANKSHARES
UBNK
UNITED FINANCIAL BANCORP INC MD
UBOH
UNITED BANCSHARES INC
UBS
U B S AG
UBSH
UNION BANKSHARES CORP
UBSI
UNITED BANKSHARES INC
UCBA
UNITED COMMUNITY BANCORP
UCBH
U C B H HOLDINGS INC
UCBI
UNITED COMMUNITY BANKS INC GA
UCFC
UNITED COMMUNITY FINL CORP OHIO
UFCS
UNITED FIRE & CAS CO
UMBF
U M B FINANCIAL CORP
UMPQ
UMPQUA HOLDINGS CORP
UNAM
UNICO AMERICAN CORP
UNB
UNION BANKSHARES INC
UNH
UNITEDHEALTH GROUP INC
UNIB
UNIVERSITY BANCORP INC
UNM
UNUM GROUP
UNTY
UNITY BANCORP INC
USB
U S BANCORP DEL
USBI
UNITED SECURITY BANCSHARES INC
UTR
UNITRIN INC
UVSP
UNIVEST CORP OF PENNSYLVANIA
UWBK
UNITED WESTERN BANCORP INC
VBFC
VILLAGE BANK AND TRUST FINL CORP
VCBI
VIRGINIA COMMERCE BANCORP
VIST
V I S T FINACIAL CORP
VLY
VALLEY NATIONAL BANCORP
VNBC
VINEYARD NATIONAL BANCORP
VPFG
VIEWPOINT FINANCIAL GROUP
VR
VALIDUS HOLDINGS LTD
VSBN
V S B BANCORP INC NY
VYFC
VALLEY FINANCIAL CORP VA
WABC
WESTAMERICA BANCORPORATION
WAIN
WAINWRIGHT BANK & TRUST CO BOSTN
WAL
WESTERN ALLIANCE BANCORPORATION
WASH
WASHINGTON TRUST BANCORP INC
WAUW
WAUWATOSA HOLDINGS INC
WAYN
WAYNE SAVINGS BANCSHARES INC NEW
WB
ACHOVIA CORP 2ND NEW
WBCO
WASHINGTON BANKING COMPANY
WBNK
WACCAMAW BANKSHARES INC
WBS
WEBSTER FINL CORP WATERBURY CONN
WCBO
WEST COAST BANCORP ORE NEW
WCG
WELLCARE HEALTH PLANS INC
WDR
WADDELL & REED FINANCIAL INC
WFBC
WILLOW FINANCIAL BANCORP INC
WFC
WELLS FARGO & CO NEW
WFD
WESTFIELD FINANCIAL INC
WFSL
WASHINGTON FEDERAL INC
WGNB
W G N B CORP
WHG
WESTWOOD HOLDINGS GROUP INC
WHI
W HOLDING CO INC
WIBC
WILSHIRE BANCORP INC
WL
WILMINGTON TRUST CORP
WLP
WELLPOINT INC
WM
WASHINGTON MUTUAL INC
WPL
STEWART W P & CO LTD
WRB
BERKLEY W R CORP
WSB
W S B HOLDINGS INC
WSBC
WESBANCO INC
WSFG
W S B FINANCIAL GROUP
WSFS
WSFS FINANCIAL CORP
WTBA
WEST BANCORPORATION INC
WTFC
WINTRUST FINANCIAL CORPORATION
WTM
WHITE MOUNTAINS INS GROUP INC
WTNY
WHITNEY HOLDING CORP
WVFC
WVS FINANCIAL CORP
XL
XL CAPITAL LTD
Y
ALLEGHANY CORP DE
YAVY
YADKIN VALLEY FINANCIAL CORP
ZION
ZIONS BANCORP
ZNT
ZENITH NATIONAL INSURANCE CORP
Regulator says ban is needed to protect market integrity
By S. Kennedy
LONDON (MarketWatch) -- The Securities and Exchange Commission early Friday issued an emergency order temporarily banning short selling in the shares of 799 financial institutions.
The regulator said it was acting in concert with the U.K.'s Financial Services Authority, which announced a similar ban on Thursday, and added the move was needed "to protect the integrity and quality of the securities market and strengthen investor confidence."
The ban takes effect immediately and runs until midnight on Oct. 2. The SEC said it may extend the order if it's necessary to protect investors, but it won't last more than 30 days. See full list of companies.
Financial services stocks soared in Europe following the U.K. ban, with Barclays (UK:BARC: news, chart, profile) (BCS:
Barclays PLC
Last: 27.93+5.33+23.58%4:00pm 09/18/2008Delayed quote data
Sponsored by:
BCS 27.93, +5.33, +23.6%) , the bank that is buying part of Lehman Brothers, up over 30%.
U.S. stock market futures also surged. Dow industrial futures jumped 313 points and S&P 500 futures were up 46.50 points.
In pre-market trading, Goldman Sachs (GS:
Goldman Sachs Group, Inc
Last: 108.00-6.50-5.68%4:02pm 09/18/2008Delayed quote data
Sponsored by:
GS 108.00, -6.50, -5.7%) and Morgan Stanley (MS:
morgan stanley com new
Last: 22.55+0.80+3.68%8:03am 09/19/2008Delayed quote data
Sponsored by:
MS 22.55, +0.80, +3.7%) were both up over 10%.
"The commission is committed to using every weapon in its arsenal to combat market manipulation that threatens investors and capital markets," said SEC Chairman Christopher Cox in a statement.
"The emergency order temporarily banning short selling of financial stocks will restore equilibrium to markets. This action, which would not be necessary in a well-functioning market, is temporary in nature and part of the comprehensive set of steps being taken by the Federal Reserve, the Treasury and the Congress," he added.
U.S. authorities are reportedly trying to find a way to move toxic assets off the balance sheets of major U.S. firms in a bid to find a longer-term solution to the credit crisis. See full story.
Alongside the bar on short selling, the SEC introduced other temporary measures requiring institutional money managers to reveal short positions in certain securities and easing restrictions on the ability of securities issuers to re-purchase their own shares.
Allowing companies to more-easily buy back their own shares will help restore liquidity, the regulator argued.
European regulators take action
Following the move from the U.S. and U.K. watchdogs, some European regulators were also beginning to take action Friday.
The Irish regulator said it has banned anyone except market makers from entering a trade with the aim of profiting from a fall in the shares of Irish banks. That move helped drive the main Irish index up nearly 12%.
Other regulators didn't change their rules, but indicated they would be taking a tougher stance of monitoring and enforcing them.
The Swiss Federal Bank Commission and SWX Swiss Exchange both issued statements emphasizing that naked short selling -- where a stock is sold without making arrangement to borrow it first -- is not permitted and contravenes the code of conduct on market abuse.
France's Autorite des Marches Financiers similarly warned anyone selling shares in France that they must deliver the stock within three days and said it will crack down on anyone breaching that rule.
A spokeswoman for Germany's regulator, the BaFin, said short selling is not banned in Germany but declined to comment on the situation for naked short selling or whether it is considering a temporary restriction.
The Wall Street Journal also reported that large shareholders had already begun to cut back on their lending of shares -- a crucial element of short selling.
Among the investors reigning-in lending is Calpers, the largest U.S. public pension fund, which had stopped lending out shares of Goldman Sachs, Morgan Stanley and Wachovia Corp. (WB:
Wachovia Corp
Sponsored by:
WB 14.50, +5.38, +59.0%) even before the SEC's announcement
Here is the list of Companies !
ATLANTIC AMERICAN CORP
AANB
ABIGAIL ADAMS NATL BANCORP INC
ABBC
ABINGTON BANCORP INC PA
ABCB
AMERIS BANCORP
ABCW
ANCHOR BANCORP WISCONSIN INC
ABK
AMBAC FINANCIAL GROUP INC
ABNJ
AMERICAN BANCORP OF NJ INC
ABVA
ALLIANCE BANKSHARES CORP
ACAP
AMERICAN PHYSICIANS CAPITAL INC
ACBA
AMERICAN COMMUNITY BNCSHRS INC
ACE
ACE LTD
ACFC
ATLANTIC COAST FED CORP
ACGL
ARCH CAPITAL GROUP LTD NEW
ADVNA
ADVANTA CORP
ADVNB
ADVANTA CORP
AEG
AEGON N V
AEL
AMERICAN EQUITY INVT LIFE HLDG C
AET
AETNA INC NEW
AF
ASTORIA FINANCIAL CORP
AFFM
AFFIRMATIVE INSURANCE HLDGS INC
AFG
AMERICAN FINANCIAL GROUP INC NEW
AFL
A F L A C INC
AGII
ARGO GROUP INTL HLDGS LTD
AGO
ASSURED GUARANTY LTD
AGP
AMERIGROUP CORP
AGX
ARGAN INC
AHD
ATLAS PIPELINE HOLDINGS L P
AHL
ASPEN INSURANCE HOLDINGS LTD
AIB
ALLIED IRISH BANKS PLC
AIG
AMERICAN INTERNATIONAL GROUP INC
AINV
APOLLO INVESTMENT CORP
AIZ
ASSURANT INC
ALL
ALLSTATE CORP
ALLB
ALLIANCE BANCORP INC PA
ALNC
ALLIANCE FINANCIAL CORP NY
AMCP
AMCOMP INC NEW
AMFI
AMCORE FINANCIAL INC
AMG
AFFILIATED MANAGERS GROUP INC
AMIC
AMERICAN INDEPENDENCE CORP
AMNB
AMERICAN NATIONAL BANKSHARES INC
AMP
AMERIPRISE FINANCIAL INC
AMPH
AMERICAN PHYSICIANS SVC GROUP
AMRB
AMERICAN RIVER BANKSHARES
AMSF
AMERISAFE INC
AMTD
T D AMERITRADE HOLDING CORP
ANAT
AMERICAN NATIONAL INS CO
ANNB
ANNAPOLIS BANCORP INC
AOC
AON CORP
APAB
APPALACHIAN BANCSHARES INC
AROW
ARROW FINANCIAL CORP
ASBI
AMERIANA BANCORP
ASFI
ASTA FUNDING INC
ASFN
ATLANTIC SOUTHERN FINL GROUP INC
ASRV
AMERISERV FINANCIAL INC
ATBC
ATLANTIC BANCGROUP INC
ATLO
AMES NATL CORP
AUBN
AUBURN NATIONAL BANCORP
AWBC
AMERICAN WEST BANCORPORATION
AWH
ALLIED WORLD ASSUR CO HLDGS LTD
AXA
A X A UAP
AXG
ATLAS ACQUISITION HOLDINGS CORP
AXS
AXIS CAPITAL HOLDINGS LTD
BAC
BANK OF AMERICA CORP
BANF
BANCFIRST CORP
BANR
BANNER CORP
BARI
BANCORP RHODE ISLAND INC
BAYN
BAY NATIONAL CORP
BBNK
BRIDGE CAPITAL HOLDINGS
BBT
B B & T CORP
BBX
BANKATLANTIC BANCORP INC
BCA
CORPBANCA
BCAR
BANK OF THE CAROLINAS CORP
BCBP
B C B BANCORP INC
BCP
BROOKE CAPITAL CORP
BCS
BARCLAYS PLC
BCSB
B C S B BANCORP INC
BDGE
BRIDGE BANCORP INC
BEN
FRANKLIN RESOURCES INC
BERK
BERKSHIRE BANCORP INC DEL
BFF
B F C FINANCIAL CORP
BFIN
BANKFINACIAL CORP
BFNB
BEACH FIRST NATL BANCSHARES INC
BHB
BAR HARBOR BANKSHARES
BHBC
BEVERLY HILLS BANCORP INC
BHLB
BERKSHIRE HILLS BANCORP INC
BK
ANK OF NEW YORK MELLON CORP
BKBK
BRITTON & KOONTZ CAPITAL CORP
BKMU
BANK MUTUAL CORP NEW
BKOR
OAK RIDGE FINANCIAL SERVICES INC
BKSC
BANK SOUTH CAROLINA CORP
BKUNA
A BANKUNITED FINANCIAL CORP
BLX
BANCO LATINOAMERICANO DE EXP SA
BMRC
BANK OF MARIN BANCORP
BMTC
BRYN MAWR BANK CORP
BNCL
BENEFICIAL MUTUAL BANCORP INC
BNCN
B N C BANCORP
BNS
BANK OF NOVA SCOTIA
BNV
BEVERLY NATIONAL CORP
BOCH
BANK OF COMMERCE HOLDINGS
BOFI
B OF I HOLDING INC
BOFL
BANK OF FLORIDA CORP NAPLES
BOH
BANK OF HAWAII CORP
BOKF
B O K FINANCIAL CORP
BOMK
BANK MCKENNEY VA
BOVA
BANK OF VIRGINIA
BPFH
BOSTON PRIVATE FINL HLDS INC
BPSG
BROADPOINT SECURITIES GROUP INC
BRK
BERKSHIRE HATHAWAY INC DEL
BRK
BERKSHIRE HATHAWAY INC DEL
BRKL
BROOKLINE BANCORP INC
BSRR
SIERRA BANCORP
BTFG
BANCTRUST FINANCIAL GROUP INC
BUSE
FIRST BUSEY CORP
BWINA
A BALDWIN & LYONS INC
BWINB
B BALDWIN & LYONS INC
BX
LACKSTONE GROUP L P
BXS
BANCORPSOUTH INC
BYFC
BROADWAY FINANCIAL CORP DEL
C
CITIGROUP INC
CAC
CAMDEN NATIONAL CORP
CACB
CASCADE BANCORP
CADE
CADENCE FINANCIAL CORP
CAFI
CAMCO FINANCIAL CORP
CAPB
CAPITALSOUTH BANCORP
CAPE
CAPE FEAR BANK CORP
CART
CAROLINA TRUST BANK
CARV
CARVER BANCORP INC
CASB
CASCADE FINANCIAL CORP
CASH
META FINANCIAL GROUP INC
CATY
CATHAY GENERAL BANCORP
CB
HUBB CORP
CBAN
COLONY BANKCORP INC
CBBO
COLUMBIA BANCORP ORE
CBC
CAPITOL BANCORP LTD
CBIN
COMMUNITY BANK SHRS INDIANA INC
CBKN
CAPITAL BANK CORP NEW
CBNK
CHICOPEE BANCORP INC
CBON
COMMUNITY BANCORP
CBU
COMMUNITY BANK SYSTEM INC
CCBD
COMMUNITY CENTRAL BANK CORP
CCBG
CAPITAL CITY BANK GROUP
CCBP
COMM BANCORP INC
CCFH
C C F HOLDING COMPANY
CCNE
C N B FINANCIAL CORP PA
CCOW
CAPITAL CORP OF THE WEST
CEBK
CENTRAL BANCORP INC
CFBK
CENTRAL FEDERAL CORP
CFFC
COMMUNITY FINANCIAL CORP
CFFI
C & F FINANCIAL CORP
CFFN
CAPITOL FEDERAL FINANCIAL
CFNL
CARDINAL FINANCIAL CORP
CFR
CULLEN FROST BANKERS INC
CHCO
CITY HOLDING CO
CHEV
CHEVIOT FINANCIAL CORP
CHFC
CHEMICAL FINANCIAL CORP
CI
I G N A CORP
CIA
CITIZENS INC
CINF
CINCINNATI FINANCIAL CORP
CITZ
C F S BANCORP INC
CIZN
CITIZENS HOLDING CO
CJBK
CENTRAL JERSEY BANCORP
CLBH
CAROLINA BANK HOLDINGS INC
CLFC
CENTER FINANCIAL CORP
CLMS
CALAMOS ASSET MANAGEMENT INC
CMA
COMERICA INC
CME
C M E GROUP INC
CMFB
COMMERCEFIRST BANCORP INC
CMGI
C M G I INC
CMSB
C M S BANCORP INC
CNA
C N A FINANCIAL CORP
CNAF
COMMERCIAL NATIONAL FINL CORP
CNB
COLONIAL BANCGROUP INC
CNBC
CENTER BANCORP INC
CNBKA
A CENTURY BANCORP INC
CNC
CENTENE CORP DEL
CNLA
COMMUNITY NATL BANK LAKEWAY AREA
CNO
CONSECO INC
CNS
COHEN & STEERS INC
COBH
PENNSYLVANIA COMMERCE BANCORP IN
COBZ
COBIZ FINANCIAL INC
COLB
COLUMBIA BANKING SYSTEM INC
COOP
COOPERATIVE BANCSHARES INC
CORS
CORUS BANKSHARES INC
COWN
COWEN GROUP INC
CPBC
COMMUNITY PARTNERS BANCORP
CPBK
COMMUNITY CAPITAL CORP
CPF
CENTRAL PACIFIC FINANCIAL CORP
CPHL
CASTLEPOINT HOLDINGS LTD
CRBC
CITIZENS REPUBLIC BANCORP INC
CRFN
CRESCENT FINANCIAL CORP
CRMH
C R M HOLDINGS LTD
CRRB
CARROLLTON BANCORP
CRVL
CORVEL CORP
CSBC
CITIZENS SOUTH BANKING CORP DEL
CSBK
CLIFTON SAVINGS BANCORP INC
CSFL
CENTERSTATE BANKS OF FLORIDA INC
CSHB
COMMUNITY SHORES BANK CORP
CSNT
CRESCENT BANKING CO
CTBC
CONNECTICUT BANK & TRUST CO
CTBI
COMMUNITY TRUST BANCORP INC
CTBK
CITYBANK LYNNWOOD WASHINGTON
CTZN
CITIZENS FIRST BANCORP INC
CVBF
C V B FINANCIAL CORP
CVBK
CENTRAL VIRGINIA BANKSHARES INC
CVCY
CENTRAL VALLEY COMM BANCORP
CVH
COVENTRY HEALTH CARE INC
CVLL
COMMUNITY VALLEY BANCORP
CVLY
CODORUS VALLEY BANCORP INC
CWBC
COMMUNITY WEST BANCSHARES
CWBS
COMMONWEALTH BANKSHARES INC
CWLZ
COWLITZ BANCORPORATION
CZFC
CITIZENS FIRST CORP
CZWI
CITIZENS CMNTY BANCORP INC MD
DB
EUTSCHE BANK AG
DCOM
DIME COMMUNITY BANCSHARES
DEAR
DEARBORN BANCORP INC
DFG
DELPHI FINANCIAL GROUP INC
DGICA
A DONEGAL GROUP INC
DGICB
B DONEGAL GROUP INC
DHIL
DIAMOND HILL INVESTMENT GRP INC
DLLR
DOLLAR FINANCIAL CORP
DR
ARWIN PROFESSIONAL UNDERWRITERS
DSL
DOWNEY FINANCIAL CORP
DUF
DUFF & PHELPS CORP NEW
EBSB
MERIDIAN INTERSTATE BANCORP INC
EBTX
ENCORE BANCSHRES INC
ECBE
E C B BANCORP INC
EGBN
EAGLE BANCORP INC
EIHI
EASTERN INSURANCE HOLDINGS INC
EII
ENERGY INFRASTRUCTURE ACQUI CORP
EMCI
E M C INSURANCE GROUP INC
EMITF
F ELBIT IMAGING LTD
ENH
ENDURANCE SPECIALTY HOLDINGS LTD
ESBF
E S B FINANCIAL CORP
ESBK
ELMIRA SAVINGS BANK FSB NY
ESGR
ENSTAR GROUP LTD
ETFC
E TRADE FINANCIAL CORP
EV
ATON VANCE CORP
EVBN
EVANS BANCORP INC
EVBS
EASTERN VIRGINIA BANKSHARES INC
EVR
EVERCORE PARTNERS INC
EWBC
EAST WEST BANCORP INC
FABK
FIRST ADVANTAGE BANCORP
FAC
FIRST ACCEPTANCE CORP
FAF
FIRST AMERICAN CORP CALIF
FBC
FLAGSTAR BANCORP INC
FBCM
F B R CAPITAL MARKETS CORP
FBIZ
FIRST BUSINESS FINL SVCS INC
FBMI
FIRSTBANK CORP
FBMS
FIRST BANCSHARES INC MS
FBNC
FIRST BANCORP NC
FBP
FIRST BANCORP P R
FBSI
FIRST BANCSHARES INC MO
FBSS
FAUQUIER BANKSHARES INC
FBTC
FIRST BANCTRUST
FCAL
FIRST CALIFORNIA FINL GROUP INC
FCAP
FIRST CAPITAL INC
FCBC
FIRST COMMUNITY BANCSHARES INC
FCCO
FIRST COMMUNITY CORP SC
FCCY
1ST CONSTITUTION BANCORP
FCFL
FIRST COMMUNITY BANK CORP AMER
FCNCA
A FIRST CITIZENS BANCSHARES INC NC
FCVA
FIRST CAPITAL BANCORP INC VA
FCZA
FIRST CITIZENS BANC CORP
FDEF
FIRST DEFIANCE FINANCIAL CORP
FDT
FEDERAL TRUST CORP
FED
FIRSTFED FINANCIAL CORP
FFBC
FIRST FINANCIAL BANCORP OHIO
FFBH
FIRST FEDERAL BANCSHARES ARK INC
FFCH
FIRST FINANCIAL HOLDINGS INC
FFCO
FEDFIRST FINANCIAL CORP
FFDF
F F D FINANCIAL CORP
FFFD
NORTH CENTRAL BANCSHARES INC
FFG
F B L FINANCIAL GROUP INC
FFH
FAIRFAX FINL HOLDINGS LTD
FFHS
FIRST FRANKLIN CORP
FFIC
FLUSHING FINANCIAL CORP
FFIN
FIRST FINANCIAL BANKSHARES INC
FFKT
FARMERS CAPITAL BANK CORP
FFKY
FIRST FINANCIAL SERVICE CORP
FFNM
FIRST FED NORTHN MI BANCORP INC
FFNW
FIRST FINANCIAL NORTHWEST INC
FFSX
FIRST FEDERAL BANKSHARES INC DEL
FHN
FIRST HORIZON NATIONAL CORP
FIFG
1ST INDEPENDENCE FNL GROUP INC
FIG
FORTRESS INVESTMENT GROUP L L C
FII
FEDERATED INVESTORS INC PA
FISI
FINANCIAL INSTITUTIONS INC
FKFS
FIRST KEYSTONE FINANCIAL INC
FLIC
FIRST LONG ISLAND CORP
FMAR
FIRST MARINER BANCORP
FMBI
FIRST MIDWEST BANCORP DE
FMER
FIRSTMERIT CORP
FMFC
FIRST M & F CORP
FNB
F N B CORP PA
FNBN
F N B UNITED CORP
FNFG
FIRST NIAGARA FINL GROUP INC NEW
FNLC
FIRST BANCORP INC ME
FNM
FEDERAL NATIONAL MORTGAGE ASSN
FNSC
FIRST NATIONAL BANCSHARES INC SC
FPBI
F P B BANCORP INC
FPBN
1ST PACIFIC BANCORP CA
FPFC
FIRST PLACE FINANCIAL CORP NM
FPIC
F P I C INSURANCE GROUP INC
FPTB
FIRST PACTRUST BANCORP INC
FRBK
REPUBLIC FIRST BANCORP INC
FRE
FEDERAL HOME LOAN MORTGAGE CORP
FRGB
FIRST REGIONAL BANCORP
FRME
FIRST MERCHANTS CORP
FSBI
FIDELITY BANCORP INC
FSBK
FIRST SOUTH BANCORP INC
FSGI
FIRST SECURITY GROUP INC
FSNM
FIRST STATE BANCORPORATION
FTBK
FRONTIER FINANCIAL CORP
FULT
FULTON FINANCIAL CORP PA
FUNC
FIRST UNITED CORP
FWV
FIRST WEST VIRGINIA BANCORP INC
FXCB
FOX CHASE BANCORP INC
GABC
GERMAN AMERICAN BANCORP INC
GAN
GAINSCO INC
GBCI
GLACIER BANCORP INC NEW
GBH
GREEN BUILDERS INC
GBL
GAMCO INVESTORS INC
GBNK
GUARANTY BANCORP
GBTS
GATEWAY FINANCIAL HLDGS INC
GCA
GLOBAL CASH ACCESS HOLDINGS INC
GFED
GUARANTY FEDERAL BANCSHARES INC
GFIG
G F I GROUP INC
GFLB
GREAT FLORIDA BANK
GGAL
GRUPO FINANCIERO GALICIA S A
GHL
GREENHILL & CO INC
GIW
WILBER CORP
GLBZ
GLEN BURNIE BANCORP
GLRE
GREENLIGHT CAPITAL RE LTD
GNW
GENWORTH FINANCIAL INC
GOV
GOUVERNEUR BANCORP INC
GRAN
BANK GRANITE CORP
GRNB
GREEN BANKSHARES INC
GROW
U S GLOBAL INVESTORS INC
GS
OLDMAN SACHS GROUP INC
GSBC
GREAT SOUTHERN BANCORP INC
GSLA
G S FINANCIAL CORP
GTS
TRIPLE S MANAGEMENT CORP
HABC
HABERSHAM BANCORP INC
HAFC
HANMI FINANCIAL CORP
HALL
HALLMARK FINANCIAL SERVICES INC
HARL
HARLEYSVILLE SAVINGS FINAN CORP
HAXS
HEALTHAXIS INC
HBAN
HUNTINGTON BANCSHARES INC
HBHC
HANCOCK HOLDING CO
HBNK
HAMPDEN BANCORP INC
HBOS
HERITAGE FINANCIAL GROUP
HCBK
HUDSON CITY BANCORP INC
HCC
H C C INSURANCE HOLDINGS INC
HEOP
HERITAGE OAKS BANCORP
HFBC
HOPFED BANCORP INC
HFFC
H F FINANCIAL CORP
HFWA
HERITAGE FINANCIAL CORP WA
HGIC
HARLEYSVILLE GROUP INC
HIFS
HINGHAM INSTITUTION FOR SVGS MA
HMN
HORACE MANN EDUCATORS CORP NEW
HMNF
H M N FINANCIAL INC
HMPR
HAMPTON ROADS BANKSHARES INC
HNBC
HARLEYSVILLE NATIONAL CORP PA
HNT
HEALTH NET INC
HOMB
HOME BANCSHARES INC
HOME
HOME FEDERAL BANCORP INC MD
HRZB
HORIZON FINANCIAL CORP WASH
HS
EALTHSPRING INC
HTBK
HERITAGE COMMERCE CORP
HTH
HILLTOP HOLDINGS INC
HTLF
HEARTLAND FINANCIAL USA INC
HUM
HUMANA INC
HWBK
HAWTHORN BANCSHARES INC
HWFG
HARRINGTON WEST FINANCIAL GRP IN
IAAC
INTERNATIONAL ASSETS HLDG CORP
IBCA
INTERVEST BANCSHARES CORP
IBCP
INDEPENDENT BANK CORP MICH
IBKC
IBERIABANK CORP
IBKR
INTERACTIVE BROKERS GROUP INC
IBNK
INTEGRA BANK CORP
IBOC
INTERNATIONAL BANCSHARES CORP
ICE
INTERCONTINENTALEXCHANGE INC
ICH
INVESTORS CAPITAL HOLDINGS LTD
IFC
IRWIN FINANCIAL CORP
IFSB
INDEPENDENCE FEDERAL SAVINGS BK
IHC
INDEPENDENCE HOLDING CO NEW
IMP
IMPERIAL CAPITAL BANCORP INC
INCB
INDIANA COMMUNITY BANCORP
INDB
INDEPENDENT BANK CORP MA
ING
I N G GROEP N V
IPCC
INFINITY PROPERTY & CASUALTY COR
IPCR
I P C HOLDINGS LTD
IRE
IRELAND BANK
ITC
I T C HOLDINGS CORP
ITG
INVESTMENT TECHNOLOGY GP INC NEW
ITIC
INVESTORS TITLE CO
JAXB
JACKSONVILLE BANCORP INC FL
JEF
JEFFERIES GROUP INC NEW
JFBC
JEFFERSONVILLE BANCORP
JFBI
JEFFERSON BANCSHARES INC TENN
JLI
JESUP & LAMONT INC
JMP
J M P GROUP INC
JNS
JANUS CAP GROUP INC
JPM
JPMORGAN CHASE & CO
JXSB
JACKSONVILLE BANCORP INC
KCLI
KANSAS CITY LIFE INS CO
KENT
KENT FINANCIAL SERVICES INC
KEY
KEYCORP NEW
KFED
K FED BANCORP
KFFB
KENTUCKY FIRST FEDERAL BANCORP
KFS
KINGSWAY FINANCIAL SERVICES INC
KRNY
KEARNY FINANCIAL CORP
L
LOEWS CORP
LAB
LABRANCHE & CO INC
LABC
LOUISIANA BANCORP INC
LARK
LANDMARK BANCORP INC
LAZ
LAZARD LTD
LBBB
LIBERTY BELL BK CHERRY HILL NJ
LBCP
LIBERTY BANCORP INC MO
LEGC
LEGACY BANCORP INC
LEH
LEHMAN BROTHERS HOLDINGS INC
LFC
CHINA LIFE INSURANCE CO LTD
LION
FIDELITY SOUTHERN CORP NEW
LKFN
LAKELAND FINANCIAL CORP
LNC
LINCOLN NATIONAL CORP IN
LNCB
LINCOLN BANCORP IND
LPSB
LAPORTE BANCORP INC
LSBI
L S B FINANCIAL CORP
LSBK
LAKE SHORE BANCORP INC
LSBX
L S B CORP
LTS
LADENBURG THALMANN FIN SVCS INC
LUK
LEUCADIA NATIONAL CORP
LYG
LLOYDS TSB GROUP PLC
MAIN
MAIN STREET CAPITAL CORP
MASB
MASSBANK CORP
MBFI
M B FINANCIAL INC NEW
MBHI
MIDWEST BANC HOLDINGS INC
MBI
M B I A INC
MBP
MID PENN BANCORP INC
MBR
MERCANTILE BANCORP INC
MBRG
MIDDLEBURG FINANCIAL CORP
MBTF
M B T FINANCIAL CORP
MBVA
MILLENNIUM BANKSHARES CORP
MBVT
MERCHANTS BANCSHARES INC
MBWM
MERCANTILE BANK CORP
MCBF
MONARCH COMMUNITY BANCORP INC
MCBI
METROCORP BANCSHARES INC
MCGC
M C G CAPITAL CORP
MCY
MERCURY GENERAL CORP NEW
MER
MERRILL LYNCH & CO INC
MERR
MERRIMAN CURHAN FORD GROUP INC
MF
MF GLOBAL LTD
MFC
MANULIFE FINANCIAL CORP
MFLR
MAYFLOWER BANCORP INC
MFNC
MACKINAC FINANCIAL CORP
MFSF
MUTUALFIRST FINL INC
MGYR
MAGYAR BANCORP INC
MHLD
MAIDEN HOLDNGS LTD
MI
MARSHALL & ILSLEY CORP NEW
MIG
MEADOWBROOK INSURANCE GROUP INC
MIGP
MERCER INSURANCE GROUP INC
MKL
MARKEL CORP
MKTX
MARKETAXESS HLDGS INC
MNRK
MONARCH FINANCIAL HOLDINGS INC
MOFG
MIDWESTONE FINANCIAL GRP INC NEW
MOH
MOLINA HEALTHCARE INC
MORN
MORNINGSTAR INC
MRH
MONTPELIER RES HOLDINGS LTD
MROE
MONROE BANCORP
MS
ORGAN STANLEY DEAN WITTER & CO
MSBF
M S B FINANCIAL CORP
MSFG
MAINSOURCE FINANCIAL GROUP INC
MSL
MIDSOUTH BANCORP INC
MTG
M G I C INVESTMENT CORP WIS
MTU
MITSUBISHI UFJ FINANCIAL GP INC
MXGL
MAX CAPITAL GROUP LTD
NAHC
NATIONAL ATLANTIC HOLDINGS CORP
NAL
NEWALLIANCE BANCSHARES INC
NARA
NARA BANCORP INC
NATL
NATIONAL INTERSTATE CORP
NAVG
NAVIGATORS GROUP INC
NBBC
NEWBRIDGE BANCORP
NBN
NORTHEAST BANCORP
NBTB
N B T BANCORP INC
NBTF
N B & T FINANCIAL GROUP INC
NCBC
NEW CENTURY BANCORP INC NC
NCC
NATIONAL CITY CORP
NDAQ
NASDAQ O M X GROUP INC
NEBS
NEW ENGLAND BANCSHARES INC
NECB
NORTHEAST COMMUNITY BANCORP INC
NEWT
NEWTEK BUSINESS SVCS INC
NFBK
NORTHFIELD BANCORP INC
NFS
NATIONWIDE FINANCIAL SERVICES IN
NFSB
NEWPORT BANCORP INC
NHTB
NEW HAMPSHIRE THRIFT BNCSHRS INC
NICK
NICHOLAS FINANCIAL INC
NITE
KNIGHT CAPITAL GROUP INC
NKSH
NATIONAL BANKSHARES INC
NMR
NOMURA HOLDINGS INC
NMX
NYMEX HOLDINGS INC
NOVB
NORTH VALLEY BANCORP
NPBC
NATIONAL PENN BANCSHARES INC
NRIM
NORTHRIM BANCORP INC
NSEC
NATIONAL SECURITY GROUP INC
NSFC
NORTHERN STATES FINANCIAL CORP
NSH
NUSTAR G P HOLDINGS LLC
NTQ
N T R ACQUISITION CO
NTRS
NORTHERN TRUST CORP
NVSL
NAUGATUCK VLY FINANCIAL CORP
NWFL
NORWOOD FINANCIAL CORP
NWLIA
A NATIONAL WESTERN LIFE INS CO
NWSB
NORTHWEST BANCORP INC PA
NXTY
NEXITY FINANCIAL CORP
NYB
NEW YORK COMMUNITY BANCORP INC
NYM
N Y M A G I C INC
NYX
N Y S E EURONEXT
OCFC
OCEANFIRST FINANCIAL CORP
OFG
ORIENTAL FINANCIAL GROUP INC
OKSB
SOUTHWEST BANCORP INC OKLA
OLBK
OLD LINE BANCSHARES
OLCB
OHIO LEGACY CORP
ONB
OLD NATIONAL BANCORP
ONFC
ONEIDA FINANCIAL CORP
OPHC
OPTIMUMBANK HOLDINGS INC
OPOF
OLD POINT FINL CORP
OPY
OPPENHEIMER HOLDINGS INC
ORH
ODYSSEY RE HOLDINGS CORP
ORI
OLD REPUBLIC INTERNATIONAL CORP
ORIT
ORITANI FINANCIAL CORP
OSBC
OLD SECOND BANCORP INC
OSBK
OSAGE BANCSHARES INC
OSHC
OCEAN SHORE HOLDING CO
OVBC
OHIO VALLEY BANC CORP
OXPS
OPTIONSXPRESS HOLDINGS INC
OZM
OCH ZIFF CAPITAL MANGMNT GRP LLC
OZRK
BANK OF THE OZARKS INC
PABK
P A B BANKSHARES INC
PACW
PACWEST BANCORP DE
PBCI
PAMRAPO BANCORP INC
PBCT
PEOPLES UNITED FINANCIAL INC
PBHC
PATHFINDER BANCORP INC
PBIB
PORTER BANCORP INC
PBIP
PRUDENTIAL BANCORP INC PA
PBKS
PROVIDENT BANKSHARES CORP
PBNY
PROVIDENT NEW YORK BANCORP
PCBC
PACIFIC CAPITAL BANCORP NEW
PCBI
PEOPLES COMMUNITY BANCORP INC
PCBK
PACIFIC CONTINENTAL CORP
PCBS
PROVIDENT COMMUNITY BANCSHRS INC
PEBK
PEOPLES BANCORP NC INC
PEBO
PEOPLES BANCORP INC
PFBC
PREFERRED BANK LOS ANGELES
PFBI
PREMIER FINANCIAL BANCORP INC
PFBX
PEOPLES FINANCIAL CORP
PFED
PARK BANCORP INC
PFG
PRINCIPAL FINANCIAL GROUP INC
PFS
PROVIDENT FINANCIAL SVCS INC
PGR
PROGRESSIVE CORP OH
PHLY
PHILADELPHIA CONSOLIDATED HLG CO
PICO
P I C O HOLDINGS INC
PJC
PIPER JAFFRAY COMPANIES
PKBK
PARKE BANCORP INC
PL
ROTECTIVE LIFE CORP
PLCC
PAULSON CAPITAL CORP
PLFE
PRESIDENTIAL LIFE CORP
PMACA
A P M A CAPITAL CORP
PMBC
PACIFIC MERCANTILE BANCORP
PMI
P M I GROUP INC
PNBC
PRINCETON NATIONAL BANCORP INC
PNBK
PATRIOT NATIONAL BANCORP INC
PNC
P N C FINANCIAL SERVICES GRP INC
PNFP
PINNACLE FINANCIAL PARTNERS INC
PNSN
PENSON WORLDWIDE INC
PNX
PHOENIX COS INC
PPBI
PACIFIC PREMIER BANCORP INC
PRA
PROASSURANCE CORP
PRE
PARTNERRE LTD
PRK
PARK NATIONAL CORP
PROS
PROCENTURY CORP
PROV
PROVIDENT FINANCIAL HOLDINGS INC
PRSP
PROSPERITY BANCSHARES INC
PRU
PRUDENTIAL FINANCIAL INC
PRWT
PREMIERWEST BANCORP
PSBC
PACIFIC STATE BANCORP
PSBH
PSB HOLDINGS INC
PSEC
PROSPECT CAPITAL CORP
PTA
PENN TREATY AMERICAN CORP
PTP
PLATINUM UNDERWRITERS HLDGS LTD
PUK
PRUDENTIAL PLC
PULB
PULASKI FINANCIAL CORP
PVFC
P V F CAPITAL CORP
PVSA
PARKVALE FINANCIAL CORP
PVTB
PRIVATEBANCORP INC
PWOD
PENNS WOODS BANCORP INC
PZN
PZENA INVESTMENT MANAGEMENT INC
QCRH
Q C R HOLDINGS INC
QNTA
QUANTA CAPITAL HOLDINGS LTD
RAMR
R A M HOLDINGS LTD
RBCAA
REPUBLIC BANCORP INC KY
RBNF
RURBAN FINANCIAL CORP
RBPAA
ROYAL BANCSHARES PA INC
RBS
ROYAL BANK SCOTLAND GROUP PLC
RCBK
RIVER CITY BANK
RCKB
ROCKVILLE FINANCIAL INC
RDN
RADIAN GROUP INC
RE
EVEREST RE GROUP LTD
RF
REGIONS FINANCIAL CORP NEW
RGA
REINSURANCE GROUP OF AMERICA INC
RIVR
RIVER VALLEY BANCORP
RJF
RAYMOND JAMES FINANCIAL INC
RKH
REGIONAL BANK HOLDRS TRUST
RLI
R L I CORP
RNR
RENAISSANCERE HOLDINGS LTD
RNST
RENASANT CORP
RODM
RODMAN & RENSHAW CAP GRP INC NEW
ROMA
ROMA FINANCIAL CORP
ROME
ROME BANCORP INC
RPFG
RAINIER PACIFIC FINL GROUP INC
RVSB
RIVERVIEW BANCORP INC
RY
ROYAL BANK CANADA MONTREAL QUE
SAF
SAFECO CORP
SAFT
SAFETY INSURANCE GROUP INC
SAL
SALISBURY BANCORP INC
SAMB
SUN AMERICAN BANCORP
SASR
SANDY SPRING BANCORP INC
SAVB
SAVANNAH BANCORP INC
SBBX
SUSSEX BANCORP
SBCF
SEACOAST BANKING CORP FLA
SBIB
STERLING BANCSHARES INC
SBKC
SECURITY BANK CORP
SBNY
SIGNATURE BANK NEW YORK N Y
SBP
SANTANDER BANCORP
SBSI
SOUTHSIDE BANCSHARES INC
SCA
SECURITY CAPITAL ASSURANCE LTD
SCB
COMMUNITY BANKSHARES INC S C
SCBT
S C B T FINANCIAL CORP
SCHW
SCHWAB CHARLES CORP NEW
SCMF
SOUTHERN COMMUNITY FINCL CORP
SEAB
SEABRIGHT INSURANCE HOLDINGS INC
SF
STIFEL FINANCIAL CORP
SFG
STANCORP FINANCIAL GROUP INC
SFNC
SIMMONS 1ST NATIONAL CORP
SFST
SOUTHERN FIRST BANCSHARES INC
SGB
SOUTHWEST GEORGIA FINANCIAL CORP
SHG
SHINHAN FINANCIAL GROUP CO LTD
SIEB
SIEBERT FINANCIAL CORP
SIFI
SI FINANCIAL GROUP INC
SIGI
SELECTIVE INSURANCE GROUP INC
SIVB
S V B FINANCIAL GROUP
SLF
SUN LIFE FINANCIAL INC
SLM
S L M CORP
SMBC
SOUTHERN MISSOURI BANCORP INC
SMCG
MILLENNIUM INDIA ACQUISIT CO INC
SMHG
SANDERS MORRIS HARRIS GROUP INC
SMMF
SUMMIT FINANCIAL GROUP INC
SMTB
SMITHTOWN BANCORP INC
SNBC
SUN BANCORP INC
SNV
SYNOVUS FINANCIAL CORP
SOCB
SOUTHCOAST FINANCIAL CORP
SOMH
SOMERSET HILLS BANCORP
SONA
SOUTHERN NATIONAL BANCORP VA INC
SOV
SOVEREIGN BANCORP INC
SRCE
1ST SOURCE CORP
SSBI
SUMMIT STATE BANK
SSBX
SILVER STATE BANCORP
SSFN
STEWARDSHIP FINANCIAL CORP
STBA
S & T BANCORP INC
STBC
STATE BANCORP INC NY
STBK
STERLING BANKS INC
STEL
STELLARONE CORP
STFC
STATE AUTO FINANCIAL CORP
STI
SUNTRUST BANKS INC
STL
STERLING BANCORP
STSA
STERLING FINANCIAL CORP WASH
STT
STATE STREET CORP
STU
STUDENT LOAN CORP
SUAI
SPECIALTY UNDERWRITERS ALL INC
SUBK
SUFFOLK BANCORP
SUFB
SUFFOLK FIRST BANK VA
SUPR
SUPERIOR BANCORP
SUR
C N A SURETY CORP
SUSQ
SUSQUEHANNA BANCSHARES INC PA
SVBI
SEVERN BANCORP INC MD
SWS
S W S GROUP INC
SYBT
S Y BANCORP INC
TAMB
TAMALPAIS BANCORP
TAQ
TRANSFORMA ACQUISITION GROUP INC
TAYC
TAYLOR CAPITAL GROUP INC
TBBK
BANCORP INC
TBHS
BANK HOLDINGS THE
TCB
T C F FINANCIAL CORP
TCBI
TEXAS CAPITAL BANCSHARES INC
TCBK
TRICO BANCSHARES
TCHC
21ST CENTURY HOLDING CO
TDBK
TIDELANDS BANCSHARES INC
TFIN
TEAM FINANCIAL INC
TFSL
TFS FINANCIAL CORP
TGIC
TRIAD GUARANTY INC
THFF
FIRST FINANCIAL CORP IN
THG
HANOVER INSURANCE GROUP INC
THRD
T F FINANCIAL CORP
TIBB
T I B FINANCIAL CORP
TIL
TRANS INDIA ACQUISITION CORP
TMCV
TEMECULA VALLEY BANCORP INC
TMK
TORCHMARK CORP
TMP
TOMPKINS FINANCIAL CORP
TNCC
TENNESSEE COMMERCE BANCORP INC
TOFC
TOWER FINANCIAL CORP
TONE
TIERONE CORP
TOWN
TOWNEBANK
TRH
TRANSATLANTIC HOLDINGS INC
TROW
T ROWE PRICE GROUP INC
TRST
TRUSTCO BANK CORP NY
TRUE
CENTRUE FINANCIAL CORP NEW
TRV
TRAVELERS COMPANIES INC
TSBK
TIMBERLAND BANCORP INC
TSFG
SOUTH FINL GROUP INC
TSH
TECHE HOLDING CO
TWGP
TOWER GROUP INC
TWPG
THOMAS WEISEL PARTNERS GROUP INC
UAM
UNIVERSAL AMERICAN CORP
UB
UNIONBANCAL CORP
UBCP
UNITED BANCORP INC
UBFO
UNITED SECURITY BANKSHARES
UBNK
UNITED FINANCIAL BANCORP INC MD
UBOH
UNITED BANCSHARES INC
UBS
U B S AG
UBSH
UNION BANKSHARES CORP
UBSI
UNITED BANKSHARES INC
UCBA
UNITED COMMUNITY BANCORP
UCBH
U C B H HOLDINGS INC
UCBI
UNITED COMMUNITY BANKS INC GA
UCFC
UNITED COMMUNITY FINL CORP OHIO
UFCS
UNITED FIRE & CAS CO
UMBF
U M B FINANCIAL CORP
UMPQ
UMPQUA HOLDINGS CORP
UNAM
UNICO AMERICAN CORP
UNB
UNION BANKSHARES INC
UNH
UNITEDHEALTH GROUP INC
UNIB
UNIVERSITY BANCORP INC
UNM
UNUM GROUP
UNTY
UNITY BANCORP INC
USB
U S BANCORP DEL
USBI
UNITED SECURITY BANCSHARES INC
UTR
UNITRIN INC
UVSP
UNIVEST CORP OF PENNSYLVANIA
UWBK
UNITED WESTERN BANCORP INC
VBFC
VILLAGE BANK AND TRUST FINL CORP
VCBI
VIRGINIA COMMERCE BANCORP
VIST
V I S T FINACIAL CORP
VLY
VALLEY NATIONAL BANCORP
VNBC
VINEYARD NATIONAL BANCORP
VPFG
VIEWPOINT FINANCIAL GROUP
VR
VALIDUS HOLDINGS LTD
VSBN
V S B BANCORP INC NY
VYFC
VALLEY FINANCIAL CORP VA
WABC
WESTAMERICA BANCORPORATION
WAIN
WAINWRIGHT BANK & TRUST CO BOSTN
WAL
WESTERN ALLIANCE BANCORPORATION
WASH
WASHINGTON TRUST BANCORP INC
WAUW
WAUWATOSA HOLDINGS INC
WAYN
WAYNE SAVINGS BANCSHARES INC NEW
WB
ACHOVIA CORP 2ND NEW
WBCO
WASHINGTON BANKING COMPANY
WBNK
WACCAMAW BANKSHARES INC
WBS
WEBSTER FINL CORP WATERBURY CONN
WCBO
WEST COAST BANCORP ORE NEW
WCG
WELLCARE HEALTH PLANS INC
WDR
WADDELL & REED FINANCIAL INC
WFBC
WILLOW FINANCIAL BANCORP INC
WFC
WELLS FARGO & CO NEW
WFD
WESTFIELD FINANCIAL INC
WFSL
WASHINGTON FEDERAL INC
WGNB
W G N B CORP
WHG
WESTWOOD HOLDINGS GROUP INC
WHI
W HOLDING CO INC
WIBC
WILSHIRE BANCORP INC
WL
WILMINGTON TRUST CORP
WLP
WELLPOINT INC
WM
WASHINGTON MUTUAL INC
WPL
STEWART W P & CO LTD
WRB
BERKLEY W R CORP
WSB
W S B HOLDINGS INC
WSBC
WESBANCO INC
WSFG
W S B FINANCIAL GROUP
WSFS
WSFS FINANCIAL CORP
WTBA
WEST BANCORPORATION INC
WTFC
WINTRUST FINANCIAL CORPORATION
WTM
WHITE MOUNTAINS INS GROUP INC
WTNY
WHITNEY HOLDING CORP
WVFC
WVS FINANCIAL CORP
XL
XL CAPITAL LTD
Y
ALLEGHANY CORP DE
YAVY
YADKIN VALLEY FINANCIAL CORP
ZION
ZIONS BANCORP
ZNT
ZENITH NATIONAL INSURANCE CORP
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