Hints and tips:
...A separate lawsuit filed against PwC by the FDIC and Colonial’s bankruptcy trustee is pending in Alabama federal court....
...PwC had for years signed off on the books of Colonial BancGroup, the bank’s parent company....
...The firm had given the bank’s parent, Colonial BancGroup, a clean audit for years before it emerged that huge chunks of Colonial’s loans to TBW were secured against assets that did not exist....
...The group had given the bank’s parent, Colonial BancGroup, a clean audit for years before it emerged that huge chunks of Colonial’s loans to TBW were secured against assets that did not exist....
...PwC gave the bank’s parent, Colonial BancGroup, a clean audit opinion every year from 2002 until it collapsed in 2009, when it emerged that most of its loans to TBW were secured against assets that did not...
...PwC gave the bank’s parent, Colonial BancGroup, a clean audit opinion for six years until it collapsed in 2009, when it emerged that huge chunks of its loans to TBW were secured against assets that did not...
...A round up of some of the week’s most significant corporate events and news stories. US court told PwC cut corners in Colonial audit Control+C, Control+V....
...Meanwhile, here in America we’ll be celebrating our victory over tyranny and oppression in the Revolutionary War (possibly better known to my British colleagues as the War of Colonial Secession)....
...‘Golden Spider Silk’, V&A Studio Gallery, January 25 – June 5...
...And here’s the I-don’t-care-about-watching-Ghana v Uruguay version (emphasis FT Alphaville’s): The Miller-Moore provision, which was included in the House bill last year, never made it into the Senate version...
...Colonial BancGroup, a troubled Alabama-based bank with $26bn in assets, said it had received a search warrant from Treasury regulators that oversee the US bank rescue programme....
...And, don’t look now, but three-month dollar Libor rates are back on the rise in the aftermath of the seizure of Colonial BancGroup (bringing the number of failed banks this year to 77 … hello, the credit...
...No buy-out fund is believed to have bid for Colonial, an Alabama-based bank that was sold to BB&T, another regional lender, last week....
...Already, the year’s three biggest failures – BankUnited Financial Corp in May, Colonial BancGroup and Guaranty Financial Group in August – have collectively cost the fund roughly $10.7bn....
...News of the potential capital shortfall could increase pressure on many of the 7,900 US banks that form the backbone of the US financial system....
...BBVA was involved last week in the FDIC-run auction for Colonial Bank, an Alabama-based bank that was significantly larger than Guaranty in terms of assets, with $25bn....
...The FDIC, which is juggling failing banks around the US in an effort to minimise the fallout to consumers, had initially wanted to resolve Guaranty’s problems before Colonial’s by arranging a sale of Guaranty...
...But if losses from the Colonial assets are less than $5bn, BB&T also has agreed to pay some money to the FDIC – on October 15 2019 – in a new feature for bank rescues....
...The latest bank failure will cost the FDIC $3bn in insurance funds. Through the agreement, the FDIC and BBVA will share in the losses of a, $11bn pool of Guaranty’s assets....
...Fears that the FDIC’s fund, which protects depositors, may run out are unfounded....
...LeFrak Organization, Inc; The Wellcome Trust; Greenaap Investments Ltd.; and East Rock Endowment Fund. The consortium, which is led by Wilbur Ross, will inject $900m of fresh capital into the bank....
...Colonial BancGroup shares fell, dropping 10.2 per cent to $8.91, after it cut its dividend by half and revealed plans to sell 25m shares to raise capital....
...In addition to Prosperity, the bank’s top holdings include stakes in Peoples, Cullen Frost, Compass, Keycorp, PNC Financial, M&T, Colonial Bancgroup and US Bancorp....
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