Credit Research News - September, 2008

Dorsey & Whitney Announces Formation of Financial Crisis Working Group

With businesses and financial institutions facing increasing challenges as the financial crisis deepens, the international law firm of Dorsey & Whitney

Citi Infrastructure Investors, Vancouver Airport Services and John Hancock Win Concession and Lease

The Midway Investment and Development Corporation ("MIDCo"), comprised of Citi Infrastructure Investors, Vancouver Airport Services (YVRAS)

Robert G. Miller Named Managing Director of Underwriting Services

Examination Management Services, Inc. (EMSI), a leading provider of comprehensive underwriting solutions to the life insurance and life settlement industries

Wolters Kluwer Financial Services Publishes its First FINRA Manual

Wolters Kluwer Financial Services announced today the availability of its first edition of the "Financial Industry Regulatory Authority (FINRA) Manual

Societe Generale Launches Website for Structured Products in the U.S.

Societe Generale Corporate & Investment Banking, one of the global leaders in equity derivatives and pioneering forces

Current Financial Crisis Has Executives Weighing Risk Management Practices over Liquidity and Other

Banks’ Risk Management Practices Seen as Main Factor in Current Economic Climate, but Most Finance Leaders Say Downturn Will Not Hamper Their Firms’ Financial Results

Ballmer: Congress must 'stabilize' financial crisis

Microsoft CEO Steve Ballmer expressed hope on Tuesday that the U.S. Congress will take action to address a deepening financial crisis

Financial crisis: The tech innovations at risk

Analytics, SOA, storage networking, and cloud computing providers face huge fallouts as financial customers wither

No Celebration for Lobbyists

Lobbyists for the financial industry worked hard in the run-up to Monday's vote to weaken elements of the financial-rescue package

CEO pay takes a hit in bailout plan

The draft of the government's controversial $700 billion financial rescue plan released Sunday makes it clear

Bailout vote stuns Washington, markets

World financial markets reeled as stunned lawmakers groped for their next move Monday after House Republicans abandoned President Bush

Sun Life Financial announces executive management changes

Sun Life Financial Inc. (TSX/NYSE: SLF) today announced three additions and other movements in its executive management team.

GigaTrust Secures $11 Million Investment Led by Stanford Financial Group

GigaTrust, the market leader in Enterprise Rights Management (ERM) security solutions that extend Microsoft's Windows Rights Management Services (RMS)

Political Pulse blog: U.S. House votes down $700 billion financial services industry bailout

The U.S. House rejected a $700 billion financial intervention bill today (Sept. 29) on a vote of 228-205.

Hartford Financial Services Group Leads Friday's AMBG as Global Insurance Index Dips 0.97%

The AMBG closed Friday, Sept. 26, at 998.42 (-0.97%). Of the 15 A.M. Best stock indexes, eight rose and seven declined.

Financial News: Three Banks In Frame For Resolution IPO

Three banks are expected to win the mandate to advise Resolution over its expected GBP1 billion initial public offering

Dodd inherited problems, did he do enough?

When Chris Dodd took control of the Senate Banking Committee in January 2007 the seeds of today's financial disaster had long since been sown.

Discover Financial Services: Not on my watch list

Can't say I'm a huge fan of Discover Financial Services (NYSE: DFS). Nothing against the company, of course, but when it comes to credit-card stocks

Rep. Frank Front And Center In Financial Crisis

Rep. Barney Frank didn't miss a beat when the topic turned to the demise of once-mighty investment banks.

Financial services

One might expect the collateral damage from Wall Street’s crisis to ravage firms like Fiserv Inc. that serve the nation’s finance sector.

Vaultus Mobile Technologies Offers Solutions to Financial Services Companies

Vaultus Mobile Technologies, a provider that extends business-critical applications to handheld devices

U.S. Banker Ranks the 25 Most Powerful Women in Banking(TM)

Heidi Miller of JPMorgan Chase, Barbara Desoer of Bank of America and Carrie Tolstedt of Wells Fargo Top the Exclusive "Influence" Ranking

A Frank look at the market meltdown

Chairman of the House Financial Services Committee, he's at the center of efforts to address the financial market meltdown.

Utilise Price Management in Financial Services and Design Professional and Versatile Pricing Process

Research and Markets has announced the addition of the "Price Management in Financial Services" report to their offering.

Financial Services Leaders Meet to Further Innovative Practices

CFSI Gathering in Chicago First Ever Joint Session of its Roundtables; Progress In Underbanked Strategies Continues to Show Promise

Silanis Intl wins financial services contract with U.S. student loan authority

Silanis International Ltd. said its electronic signature provider Silanis Technology Inc. has won a contract from a U.S.-based higher education

Bailout Plan Stalls After Day of Talks; Paulson Heads Back to Capitol Hill

The status of a rescue plan for the nation’s financial system was in doubt on Thursday, at least for the moment, as lawmakers emerged from a meeting

Financial Services Bullish on Online Ads

First-half shocker: Financial services cracked open the piggybank to advertise online during earlier this year despite troubles in the sector.

Frank Says House, Senate Democrats Have Financial Rescue Deal

House Financial Services Committee Chairman Barney Frank said House and Senate Democrats have reached a deal on legislation to implement the U.S. Treasury

Congressional leaders say they have made progress. Paulson agrees to pay limits.

The debate over a proposed $700 billion government bailout of the nation's financial system raced forward on Wednesday

Pledge to Deliver Access to Financial Services Aims to Bank 5 Million Worldwide in 5 Years

MPOWER Ventures and MPOWER Labs Join Clinton Global Initiative Mobile Banking Call to Action

Calendar of major business events Thursday

Major business events and economic events scheduled for Thursday:

Summit Financial Services Group, Inc., Names Dennis Kaminski to Lead Marketing and Business

Summit Financial Services Group, Inc., is pleased to announce that Dennis Kaminski has joined its wholly-owned subsidiary

Paulson agrees to address financial execs' pay in bailout bill

The White House is relenting on Congress' demands that financial company executives face restrictions on compensation

New York Law School Announces New Academic Center on Financial Services Law

New York Law School today announced the creation of its eighth specialized academic center, the Center on Financial Services Law

Rothstein Kass Announces Principal Promotions to Financial Services / Commercial Services Groups

CPA firm Rothstein Kass (www.rkco.com) today announced that it has promoted 10 senior professionals to the position of Principal

Vaultus Mobile Technologies Making Every Second Count for Financial Services Companies

When it comes to maximizing time and resources, an increasing number of financial services firms are turning to mobility.

Stocks struggle higher

Wall Street up as the Senate hearing about the proposed $700 billion bailout plan gets underway.

Financial Services Firms Turn to Azaleos for Remotely Managed E-Mail

iStar Financial, KRG Capital, and Church Pension Group Join Growing List of Financial Companies that Use Secure on-Premise Alternative to Hosting

SEC short ban list now covers more than 900 firms

The New York Stock Exchange and Nasdaq on Monday added more than 130 stocks of companies involved in financial services

Stocks get smacked

Dow slides 373 points on spiking oil and unease about bank bailout plan

US Financial 15 Split Corp.: Change in Investment Holdings

US Financial 15 Split Corp. ("US Financial 15") announces it has added PNC Bank to its 15 core holdings as a replacement to Lehman Brothers Holdings.

Lawmakers Battle Over Rescue Plan

Lawmakers are scrambling to put their mark on the Bush administration's $700 billion plan to save financial markets

Banks Rush to Shape Rescue Plan

With as few as 72 hours before Congress votes on a federal financial-markets rescue, the financial industry has launched a ferocious effort

Rich Mayfield presented another column of misinformation (SDN, Sept. 20) when he blamed the Republic

As part of the Securities and Exchange Commission’s third annual Seniors Summit held in Washington today, the staff of the SEC

Wayne Powell: Dems had a hand in financial meltdown

Rich Mayfield presented another column of misinformation (SDN, Sept. 20) when he blamed the Republican administration

Agreements On Oversight, Foreclosure Mitigation

House Democrats will move their massive financial-market bailout as a stand-alone bill - not packaged with other priorities

New era begins in financial-services industry

There has been another historic change in the global financial-services industry with the disappearance of the giant U.S. investment banks

Chrysler Financial Selects Trintech's AssureNET GL to Automate and Control Key Accounting Activities

Trintech Group Plc , a leading global provider of integrated financial governance, transaction risk management, and compliance solutions

Financial stress beginning to tax mental-health services, too

A tidal wave of anxiety is washing over America, from Wall Street's concrete canyons to the lettuce fields of California

Big Financiers Start Lobbying for Wider Aid

Even as policy makers worked on details of a $700 billion bailout of the financial industry, Wall Street began looking for ways to profit from it.

Civic center seeks formula for success

The Roanoke Civic Center will cost city taxpayers nearly $3 million in 2008. Roanoke officials are looking for a solution that will help the facility hold its own.

Consumers Wary Of More Debt

While Friday's flurry of regulatory rescue actions on Wall Street should help loosen the ever-tightening restrictions on consumer credit

U.S. Bailout Plan Calms Markets, But Struggle Looms Over Details

The federal government is asking Congress for $700 billion to buy up distressed assets as part of its plan to help halt

Treasury Officials Briefing Hill Staffers On Plan

With details of the the Treasury Department's proposed $700 billion bailout plan for Wall Street just leaking out this morning

Temporary ban on short-selling put into place

The SEC hopes to help the flagging financial services industry. Some local firms are among the 800 affected stocks.

What should financial services reform deliver?

Guest columnist Robert Brusca is the chief economist for Fact and Opinion Economics and the former chief of the New York Fed's international financial markets division.

Nuveen Investments Testifies before House Committee on Financial Services

Nuveen Investments, a leading global provider of investment services to institutions and high-net-worth investors

The Principal Financial Group Ranks High on Annual List of Innovative Users of Technology

The Principal Financial Group(R) has once again made the InformationWeek 500 -- a prestigious list of the most innovative users of information

Amscot Financial Contributes to Citrus Center Boys & Girls Club, Supporting Programs for Disadvantag

Amscot Financial, a leading provider of convenient, consumer-oriented financial services, invites all to come out and have fun

BMW Financial Services Extends Flexible Payment Options to Those Impacted by Hurricane Ike

More than 14,000 customers of BMW Financial Services of North America in Texas and Louisiana may be eligible for flexible payment options

Mass. delegation feels shock

Members of Massachusetts’ congressional delegation were stunned by the historical magnitude of yesterday’s proposed government intervention

Financial Services Firms' Ads Mum on Wall St. Chaos

Despite this week's stunning chain of events on Wall Street, including the collapse of Lehman Bros. and Merrill Lynch

SEC To Temporarily Ban Short-Sales: Report

The Securities and Exchange Commission plans to temporarily prevent short-selling in an attempt to stem some of the worst stock-market slides in years

Industry Lobbyists Go After Candidates

Top lobbyists for the financial-services industry are feverishly working connections inside both presidential campaigns

Hartford Financial Services Reveals Investment Holdings In Lehman And AIG - Update

Thursday, insurance and financial service provider Hartford Financial Services Group Inc. (HIG: News ) revealed its aggregate debt and equity exposures at GAAP

New Center to Foster Financial Inclusion of World's Poor through Private-Sector Engagement

'Center for Financial Inclusion' Will Advance Commercial Microfinance While Ensuring Interests, Needs of Poor Households

Wells Fargo Adds Stafford as Account Executive in Redwood City Insurance Office

Wells Fargo Insurance Services, Inc. has added Clay D.W. Stafford as Account Executive in its ABD Financial Services

Norkom and IBM to Deliver Financial Crime and Compliance Solutions for the Financial Services Ind.

Norkom Technologies today announced it is partnering with IBM to deliver new Financial Crime and Compliance (FCC) software solutions

McKinley Financial Services, Inc., one of the sponsors of Vista Game of the Week

In keeping with his personal vision of helping the young people in the community, Jim McKinley, owner and founder of McKinley Financial Services (MFS)

Cooley launches financial services firm in Madison

Chris Cooley recently launched Cooley and Associates, a financial services firm formed to help fulfill the financial resource needs

Bibby Financial Services Announces Appointment of Blake Kennedy, Vice President of Sales and Market

Bibby Financial Services (BFS) is pleased to announce the appointment of Blake Kennedy as Vice President of Sales and Marketing for the Atlanta region.

OutsourceWorld Holds the Cure for The Black Monday Blues

OutsourceWorld provides answers on how the diversification of strategic business processes can alleviate the risks evidenced by the financial services industry

Black Coaches & Administrators Announce Partnership with BCA Financial

Partnership to Bring Variety of Financial Services to Members

Omni Financial Services cuts work force 20 percent

Two of the 10 employees at the Tampa office of Omni Financial Services Inc. were laid off as part of a reduction in work force by the company.

Pegasystems' Enhanced Solution Framework for Financial Institutions Helps Reduce Operational Costs

Financial Services Industry Foundation Enables Servicing Backbones that Cut Costs, Drive Revenue Growth and Improve Customer Experience

Congress Mulls '80s-Style Resolution Trust

Sen. Chris Dodd (D., Conn.), chairman of Senate Committee on Banking, and Rep. Barney Frank (D., Mass.), chairman of the House Financial Services Committee, have both mentioned the idea of reviving an institution from the 1980s, the Resolution Trust Corporation.

Key Congressional Committee Votes to Clarify Internet Gambling Ban

Legislation would ease burden for U.S. financial services institutions

EZCORP Announces New Agreement to Acquire Value Financial Services

EZCORP, Inc. announced today that it has entered into a new merger agreement to acquire 100% of the equity ownership of Value Financial Services, Inc.

Discover Financial Services Names Additional Board Director, Declares Quarterly Dividend

Discover Financial Services today announced that Thomas G. Maheras has joined Discover's Board of Directors.

Wall Street Fall-out: Why the Financial Crisis is a Blow to Tech

This Friday, as I sat in my office on the 43rd floor of 1221 6th Avenue, just around the corner from the fancy new headquarters of Lehman Brothers

Hamish McRae: Lehman's fall is not all bad news

It would be terrible if this were to wreck a fragile world economy. Mercifully that does not look likely

Bush: Economy Strong Enough to Handle Turmoil

President Bush today lamented what he described as "painful" adjustments in U.S. financial markets following the collapse of the Lehman Brothers investment firm

Earn Continuing Education Credits with Highline Data Education Services

Highline Data Education Services now offers Continuing Education (CE) credits with every program.

Progress Software Announces Artix Data Services Awarded SWIFTReady Messaging Data Services Label

Rigorous accreditation process validates leadership in financial messaging and supporting SWIFT standards

Financial, Defense Lead Area Industries in Political Giving

Executives and employees of financial services firms and defense contractors have given the most money to the two major political parties

Bank of America Buys Merrill Lynch Creating Unique Financial Services Firm

Combines leading global wealth management, capital markets and advisory company with largest consumer and corporate bank in U.S.

BAC: Conference call regarding Creating Unique Financial Services Firm @ 08:00 ET Today [delayed]

Bank of America Corporation (NYSE : BAC | Quote | Chart | News | PowerRating) will host a conference call regarding Creating Unique Financial Services Firm.

Financial Deals Industry Insight - Financial Services July 2008

Analysis and opinion on monthly deal activity, along with the trend for the last six months for merger and acquisition (M&A)

Upcoming business events and economic reports

Major business events and economic events scheduled for the coming week (some dates are tentative):

Planet Merchant Processing Announces Technology Partnership with EVO Merchant Services

Planet Merchant Processing, ("Planet") a leading provider of payment processing services and payment-enabling solutions

Eagle Financial Services, Inc. Reports Holdings of Fannie Mae and Freddie Mac Preferred Stocks

Eagle Financial Services, Inc. , the holding company for Bank of Clarke County, reported today that it anticipates a significant impairment charge

On demand call center helps financial services firm beat the bear trend

This Best Practice is part of a collection of advice provided by information technology professionals on how they have solved various challenges, and addressed IT priorities within their organizations.

The Co-operative Financial Services H1 profit up

The Co-operative Financial Services has reported that its total shareholder profit before tax, significant items and short-term investment fluctuations was GBP73.4 million

Financial Services Chairman Moves to Protect Financial Service Industry and Clarify Lawful Internet

House Committee on Financial Services Chairman Barney Frank (D-Mass.) today introduced the Payments System Protection Act of 2008

Discover Financial Services Announces Third Quarter 2008 Earnings Release and Conference Call

Discover Financial Services plans to report its third quarter 2008 results before the market opens on Thursday, Sept. 25, 2008.

Bibby Financial Services Announces Launch of Bibby International Trade Finance Division

Bibby Financial Services is pleased to announce the opening of its newest, full service North American division, Bibby International Trade Finance

CDI IT Solutions Joins Financial Institution Shared Assessments Program

CDI IT Solutions (CDI), a division of engineering and IT outsourcing leader CDI Corp. , today announced that it has joined the BITS Financial Institution Shared Assessments

Suit alleges Sunset Financial misused $1M investment

An Arizona couple has sued Kansas City-based Sunset Financial Services Inc. and one its agents for allegedly

Avolve Software Corporation Announces Availability of Financial Services for Government Agencies

New Service Allows Agencies to Begin Benefiting from ProjectDox ePlan Submission and Review Solutions Today

Deloitte Launches Leadership Group for the Anti-Money Laundering Industry

The anti-money laundering (AML) environment continues to evolve quickly. To provide compliance officers the tools they may need to establish and maintain an AML

First East Side Savings Bank Selects Wolters Kluwer Financial Services' ComplianceOne Solution

Wolters Kluwer Financial Services announced today that First East Side Savings Bank of Tamarac, Fla. has implemented the company's ComplianceOne solution.

Blackstone - please pull your punches

Buyout firms get a bad rap and there isn’t enough perception of the good that the private equity industry does

HP Helps Drive IT for Fast-Growing India Retail Leader

HP today announced that it has won a financing and asset management services contract from Subhiksha, India's largest supermarket,

Financial Services Firms Outline 4Q Hiring Plans

A survey by Manpower Inc. of Milwaukee shows that the hiring outlook for next quarter is the weakest in more than 16 years in the finance

After the Bailout: Caution on Financial Stocks

S&P keeps its underweight rating on the sector, pending signs of recovery in financial firms' results and the housing market

IBM Extends Lead in Business Event Processing Software With New Products, Services

IBM today extended its leadership in business event processing, introducing new products and services and mapping out a vision for the future

Financial Tracking Expands Insider Trading Detection Services

Financial Tracking Technologies, LLC, the First to Know™ Solutions company, announces the expansion of services included in MarketACE™,

Arrow ECS to Provide EMC Global Financial Services Leasing Solutions for Resellers

Arrow Enterprise Computing Solutions, a business segment of Arrow Electronics Inc. [NYSE: ARW], today announced an agreement with EMC Corporation

Bank of Commerce Holdings(TM) Adds New Consultant to its Financial Services Team

Patrick J. Moty, President & CEO of Bank of Commerce Holdings , a $630 million financial services holding company

Component Changes Made to Dow Jones Financial Services Titans 30 Index

Dow Jones Indexes, a leading global index provider, today announced component changes in the Dow Jones Financial Services Titans 30 Index.

Sector roundup: Homebuilders, financial services

Among the sector activity stories for Monday, Sept. 8, from AP Financial News:

IT Services Contracts Quarterly Analysis, Q2 2008 Analyses the Potential Impact

Research and Markets ( http://www.researchandmarkets.com/research/8712b1/it_services_contra) has announced the addition of the "IT Services Contracts

Wolters Kluwer Financial Services Joins Forces With Safe Banking Systems to Enhance Identity

Wolters Kluwer Financial Services announced today it has integrated Safe Banking Systems' SAFE Advanced Solutions(R) suite of software

U.S. Seizes Mortgage Giants

In its most dramatic market intervention in years, the U.S. government seized two of the nation's largest financial companies

Time to Get In on This Outsourcer

Cognizant Technologies, a big outsourcer to financial-services providers has been unfairly tarred along with its clients. Now it's ultra-cheap.

Targeting the Masses

There's no shortage of retirement-savings services for the affluent. But for those who fall in the middle of the wage scale or lower, it's a different story.

Housing disaster left S.J. in pieces

Katrina comparisons drawn at Congressional hearing on foreclosures in Stockton

Discover Financial Services: Can it Buck the Trend? (DFS)

Discover Financial Services (DFS) may be an interesting stock to watch over the near term.

GMAC Financial Services job cuts

Job loss hits Mid-Michigan again, we saw it first with Fannie Mae and Freddie Mac.

Pacific Capital Bancorp To Present at Lehman Brothers Global Financial Services Conference

Pacific Capital Bancorp announced today that George Leis, President and Chief Executive Officer, will present at the Lehman Brothers Global Financial Services

'Consumer' Groups Get an 'F' for Phony Scorecard

Consumer Federation of America, National Consumer Law Center Deceive Media with Fatuous Grading of State Laws The Consumer Federation of America (CFA)

Spotlight on Miles Financial Services. Inc.

Many people may know Randy Miles and his wife Jan because of their involvement in the community through the Rotary Club of Tyrone.

Williams Mullen Financial Services Litigation Attorney Receives Business Leader Award

Williams Mullen partner, Camden Webb, a commercial and financial services litigation attorney has been awarded the honor of 2008 Triangle Mover and Shaker by Business Leader Magazine for his impact on ensuring the success of the firm and his clients.

Trustwave's Chief Financial Officer Presents at the Piper Jaffray Financial Services Private Equity

Trustwave, the leading provider of on-demand data security and payment card industry compliance management solutions

Regions Financial Scheduled to Participate in the 2008 Lehman Brothers Financial Services Conference

Regions Financial Corporation is scheduled to present at the 2008 Lehman Brothers Financial Services Conference.

Infinite Group, Inc. Awarded L3 Vertex Aerospace Contract

Infinite Group, Inc. , today announced that it has been awarded a contract by L3 Vertex Aerospace (L3 Vertex); a subsidiary of L-3 Communications

Million Dollar Round Table Uses Internap Content Delivery Network to Power Multimedia site

Internap develops custom video player and network solution for prestigious, 81-year-old organization to deliver training and development videos to 39,000 members in 78 countries

GMAC Financial Services To Close All Retail Offices

Lender GMAC Financial Services said Wednesday that it will close all of its 200 retail offices and lay off about 5,000 employees

Cathay General Bancorp to Participate at the Lehman Brothers Global Financial Services Conference

Cathay General Bancorp announced that Chairman and Chief Executive Officer Dunson K. Cheng and Executive Vice President

U.S. Bancorp to Present at the Lehman Brothers Global Financial Services Conference

U.S. Bancorp announced today that Richard K. Davis, chairman, president and chief executive officer, is scheduled to present at the Lehman Brothers Global Financial Services

RenaissanceRe to Participate in the 2008 Lehman Brothers Global Financial Services Conference

RenaissanceRe Holdings Ltd. announced today that Fred R. Donner, Executive Vice President and Chief Financial Officer

M&T Bank Corporation to Participate in Lehman Brothers Financial Services Conference

M&T Bank Corporation ("M&T") will participate in the Lehman Brothers Financial Services Conference being held in New York City.

H&R Block Reports Fiscal 2009 First Quarter Results

Company Reports Net Loss From Continuing Operations of $0.40 per Share Compared to Prior Period Loss of $0.34 per Share; Consolidated Loss Improves to $0.41 per Share; Loss From Discontinued Operations Improves Significantly

STREET MOVES:Wachovia Names Invest Officer For Advisory Services

Wachovia Corp.'s (WB) securities division named Tom McManus chief investment officer and director of its advisory services group.

Hallmark Financial Services Acquires Heath Group

Hallmark Financial Services Inc. acquired 80 percent of the outstanding membership interests in Heath XS LLC and Hardscrabble Data Solutions LLC

Microsoft Fills Top Global Financial Services Spot

Microsoft Corp. has promoted from within for its VP of worldwide financial services position, naming Susan Hauser