Financial Roundup: 16 Regionals Get U.S. Funds, Bailout Managers Scarce, "Mark to Market" Under Review, and More
Regional banks to get federal money — At least sixteen regional banks are lined up to get more than $30 billion in stock investments by the Treasury Department. Leading the list are PNC Financial Group with $7.7 billion; Capital One Financial with $3.6 billion; and SunTrust Banks with $3.5 billion. [Source: istockanalyst.com]
A good bailout manager is hard to find — The Treasury Department is having trouble finding firms to oversee its $700 billion bailout program. Problems include questions over fees, shortstaffing at Treasury and strategy shifts from buying bad loans to purchasing bank shares. [Source: WSJ]
Market to market accounting gets review — The Securities & Exchange Commission will hold a high level meeting this week to explore possible changes to “fair value” or “mark to market” accounting rules. The accounting method values assets such as loans at current market prices and has been blamed for making the finanical crisis worse. [Source: Washington Post]
Barclays to get Russian bailout? — Barclays PLC is talking with Russia’s state-backed VTB and Sberbank about getting investments to help it meet British government capital benchmarks. [Source: WSJ]
Peter Galuszka is a Virginia-based journalist with more than three decades of experience, including 15 years at BusinessWeek, during which he was twice Moscow Bureau Chief and International News Editor in New York.
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