Banks need to reform accounting practices
The piece argues reforming banking rules requires overhauling accounting standards. It cites the Bank of New England collapse and asks how much of its 22 billion in assets were real or inflated or uncollectable. It notes real estate lending and collateral valuation concerns and signals White House and Congress will push fundamental reforms.
MENTIONED IN THIS ARTICLE
New York
Bank of New England
White House
Congress
John Dingell
Banks face music on bad assets as overbuilding roils banks
The piece argues banks should write down troubled assets rather than mislead regulators and the public. It cites Bank of New England’s rapid growth fueled by commercial real estate lending in the mid-1980s, with over a third of loans in real estate, many speculative. It notes economists’ view that banks let overvalued assets linger while real estate deteriorated.
MENTIONED IN THIS ARTICLE
Bank of New England
New England
Edward Yardeni
Prudential Bache Securities
Sundlun Debuts Plan To Repay Rhode Island Depositors
Governor Bruce Sundlun proposes a four year plan to restore most or all funds for depositors at 16 banks and credit unions whose accounts were frozen after a bank holiday. The plan relies on loans from nine Rhode Island banks totaling 150 million dollars to partially repay, with IOUs issued for remaining amounts and early checks to depositors.
MENTIONED IN THIS ARTICLE
Providence
R.I
Bruce G. Sundlun
Rhode Island
Sundlun
United States
FCNB
FDIC bailouts scrutinized by New York AG amid Harlem bank row
New York Attorney General Robert Abrams accuses the FDIC of uneven protections for depositors after the Bank of New England takeover and Harlem minority bank failures. He cites Freedom National Bank losses and a plan to bail out uninsured deposits as evidence of bias and policy inconsistency.
MENTIONED IN THIS ARTICLE
New York
U.S
Bank of New England
Harlem
Robert Abrams
The
Federal Deposit Insurance Corp
Freedom National Bank
Substantial losses expected in RTC Maryland actions
The Resolution Trust Corp. announced the transfer of Liberty Savings Bank deposits to Royal Oak Savings Bank at a $13 million loss, as Royal Oak assumes Liberty's 5,000 insured accounts and the failed Royal Oak Federal Savings and Loan Association. RTC expects total losses around $13.5 million on the transaction. Royal Oak, based in Randallstown, is a USB Holding Co. Inc. subsidiary. Liberty assets total $31 million with liabilities of $37.1 million.
MENTIONED IN THIS ARTICLE
Randallstown
Savings and Loan
Liberty Savings Bank
Royal Oak Savings Bank
Liberty
Royal Oak Federal Savings and Loan Association
Resolution Trust Corp
Resolution Trust
Royal Oak
Federal Savings Association
USB Holding Co. Inc
Nanuet
N.Y
Cockeysville
Royal Savings and Loan
Federal Corporation
Royal Oak Bank
David Cooke
Liberty Savings
Royal Savings
Royal Oak Savings and Loan Association
Also Mentioned on This Page
John Cunniff
Rhode Islanders
FDIC
Washington
Treasury
Treasury Department
Nikkei Down
Tokyo
Persian Gulf
Stock Exchange
Wilmington, del
Prnewswire
Wilmington Trust Co
Bancorp Report
Baltimore
Allanfed Bancorp Inc
Abrams
Freedom
Roosevelt
Mr. Sundlun
Depositors Economic Protection Corp
Sundiun
Citizens Savings Bank
Bethesda
Chevy Chase
Damascus
Flower Hill
Frederick
Metro
Gaithersburg
Kensington
Olney
Potomac
Quince Orchard
Rockville
Fenton Street
Silver Spring
CSB
Wheaton-Glenmont
White Oak
Fdic Wea
RTC
Maryland
Woodshorn Savings Bank
R N. Main ST
Woodsboro
Frederick County
National Bank
Vle
Pat
Prrhiy
Io Cirrus
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