Daily Report for Executives Index-Summary

BAHAMAS

– Pay TV content from U.S., Bahamas to restore copyright protection, USTR Kirk says, 188:A–9 (10/1/09)

BALANCE OF TRADE

– Current account, foreign purchases of U.S. long-term securities

See SECURITIES

– Deficit, Aug., Commerce Dep't report, 195:EE–1 (10/13/09); text of Aug. data, 195:E–1 (10/13/09)

BANGLADESH

– U.S. pursues negotiations on potential Trade and Investment Framework Agreement, 200:A–4 (10/20/09)

BANKING

– Auto parts suppliers still having difficulty getting banks to provide them with credit they need to fund their operations and expand into new sectors, Senate Banking panel told, 195:EE–3 (10/13/09)
– Bad debts of acquisitions, Cal. decouples from IRS Notice 2008-83, 196:H–1 (10/14/09)
– Bank of America's acquisition of Merrill Lynch

See FINANCIAL INDUSTRY STABILIZATION

– Capital accord on treatment of trading book exposures, Basel Comm. maintaining its changes to Basel II, 198:EE–8 (10/16/09)
– Capital levels should be increased to guard against repeat of crisis, former Fed Chrm. Greenspan says, 198:EE–5 (10/16/09); banks concerned about capital requirements in response to asset consolidation changes, 199:EE–15 (10/19/09)
– Check fraud detection, patent claim by Advanced Software Design against several regional Fed banks must be brought in federal claims court (Fed. Cir.), 190:A–14 (10/5/09)
– Checking account overdraft charge curbs

See LEGISLATION, FEDERAL, S 1799

– Commercial real estate loans, most underwritten by federally insured and well-supervised depository institutions, BNA Special Report, 191:C–1 (10/6/09)
– Community banks for business lending, Obama admin. targets new TARP funds, 202:EE–17 (10/22/09)
– Credit cards

See CREDIT CARDS

– Credit unions

See CREDIT UNIONS

– Deposit interest rates, unemployment key factor in setting, bank study finds, 207:EE–3 (10/29/09)
– Derivatives

See DERIVATIVES

– Enforcement at unprecedented level from DOJ and states should be expected, attorney says, 201:EE–15 (10/21/09)
– Failures

– – Corus Bank, FDIC sells 40 percent stake to commercial REIT investment consortium, 193:EE–1 (10/8/09)
– – Regulators expect commercial real estate defaults to sustain pace of bank failures, 197:EE–12 (10/15/09)
– – Total for 2009 reaches 98 with failures of 2 state banks and small national bank, 191:EE–12 (10/6/09); 7 failures increase 2009 total to 106, cost insurance fund $356.7M, 205:EE–2 (10/27/09)

– Fair-value accounting

See ACCOUNTING

– Federal support for financial institutions

See FINANCIAL INDUSTRY STABILIZATION

– FHLBanks

See GOVERNMENT-SPONSORED ENTERPRISES (GSEs)

– Foreign accounts, FBAR reporting

See INFORMATION REPORTING

– Gambling online, House lawmakers urge Obama admin. to delay enforcing federal rules that make financial firms responsible for blocking “illegal” internet gambling payments, 190:A–22 (10/5/09)
– GMAC to offer $2.9B of senior fixed-rate notes, guaranteed by FDIC under Temporary Liquidity Guarantee Program, talks with Treasury about additional aid, 207:EE–7 (10/29/09)
– Improved loss mitigation efforts to enhance fair lending programs would shield loan servicers from increased litigation and regulatory risks, speakers say, 201:EE–20 (10/21/09)
– Lending by large international banks, second quarter, Bank for Intl. Settlements report, 203:EE–3 (10/23/09)
– Loan delinquencies, second quarter, ABA report, 189:EE–12 (10/2/09)
– Mexico's Senate delays decision on legality of Citigroup control of Banamex, 188:EE–7 (10/1/09); majority of political parties in Senate agrees to challenge Citigroup, 193:EE–2 (10/8/09); Senate votes to bring constitutional challenge before Supreme Court, 197:EE–7 (10/15/09)
– Money laundering

See MONEY LAUNDERING

– Mortgages

See MORTGAGES

– Notary fee, Ga. Supreme Ct. asked whether lender can be subject to private civil suits, and even criminal penalties, for charging more that $4 allowed under state law (11th Cir.), 190:EE–6 (10/5/09)
– Offshore financial accounts, disclosure

See OFFSHORE HAVENS

– Privacy notice form to meet Gramm-Leach Bliley Act customer notice requirements, FDIC board approves, 207:EE–5 (10/29/09)
– Public-Private Investment Program, Invesco and TCW Group poised to begin buying bad bank assets, Treasury announces, 188:EE–14 (10/1/09); more firms raise required PPIP funds, as TARP IG's criticism continues, 191:EE–16 (10/6/09)
– Real estate loans, banks can trade interest for share in limited-liability company formed to hold, manage, and dispose of property, OCC announces, 206:EE–4 (10/28/09)
– Recapitalizing troubled banks, N.Y. FRBank's Dudley says regulators should consider imposing contingency capital requirements on financial institutions, 196:EE–10 (10/14/09)
– Regulatory reform

– – Fed Chrm. Bernanke tells lawmakers central bank should share powers for overseeing systemic risk, 189:EE–17 (10/2/09); Bernanke calls for developing capital and prudential requirements for large, complex firms, 204:EE–5 (10/26/09)
– – House Financial Services Comm. aims for mid-Oct. vote on Consumer Financial Protection Agency, as rifts persist on preemption and new agency's authority, 188:EE–15 (10/1/09); further action, see LEGISLATION, FEDERAL, HR 3126
– – International cooperation noted, Fed and Treasury officials acknowledge that significant hurdles likely to remain in some key areas, 189:EE–8 (10/2/09); ending “too big to fail” takes global effort, Treasury Asst. Sec'y Barr says in outline of reforms, 189:EE–12 (10/2/09)
– – Natl. Economic Council Dir. Summers criticizes financial firms that are fighting federal efforts to institute new protections for consumers, 196:EE–2 (10/14/09); Summers provides checklist of essential components that should be included in plan, 199:EE–16 (10/19/09)
– – Senate may vote on reform before Thanksgiving, Dodd (D-Conn) says, 192:EE–5 (10/7/09)
– – Sweeping legislative and regulatory changes, OCC's Dugan and FDIC Chrm. Bair warn bankers to prepare, 205:EE–3 (10/27/09)
– – Too big to fail must stay “front and center” of reform, Fed's Tarullo says, 202:EE–13 (10/22/09); House Judiciary panel discusses bankruptcy and antitrust issues in too big to fail regime, 203:EE–12 (10/23/09); regulators taking their own steps to address systemic risk problems through existing powers, policy experts say, 204:EE–10 (10/26/09); House Financial Services Comm. and Treasury offer draft bill dealing with too-big-to-fail firms, 206:EE–13 (10/28/09); committee to hear testimony on crafting systemic risk legislation, 207:EE–13 (10/29/09); concerns emerge about unchecked powers and funding as Treasury Sec'y Geithner touts systemic risk plan, 208:EE–10 (10/30/09)
– – Treasury Sec'y Geithner calls for swift passage of reforms for U.S. and global financial systems, 189:EE–10 (10/2/09); Geithner discusses overarching themes of push for reform, 199:EE–16 (10/19/09)

– Risks

– – IMF says threats to system remain, but risks subsiding, 188:EE–4 (10/1/09)
– – Weaknesses in risk management include executive pay, report says, 202:EE–19 (10/22/09)

– Secrecy

See LEGISLATION, FEDERAL, HR 3933, S 1934
– – Swiss bank UBS

See SWITZERLAND

– TARP

See TROUBLED ASSET RELIEF PROGRAM (TARP)

– Temporary Liquidity Guarantee Program, FDIC phase-out rule includes high barrier emergency extension, 201:EE–11 (10/21/09)

BANKRUPTCY

– American Bankruptcy Institute's “Bankruptcy 2009: Views from the Bench” conference report, 192:C–1 (10/7/09)
– Distress terminations in Chapter 11 bankruptcy, attorney discusses court precedents challenging PBGC, 196:EE–4 (10/14/09)
– Hertz Global Holdings pursuing and instigating “frivolous” litigation in retaliation for study on bankruptcy probabilities, research firm Audit Integrity says (N.J. Super. Ct.), 195:EE–7 (10/13/09); correction, 196:EE–11 (10/14/09)
– Medical debt, Senate Judiciary panel hears conflicting testimony on whether Bankruptcy Code reforms needed to help individuals, 201:A–23 (10/21/09)
– Municipalities filing under Chapter 9, attorneys do not expect wave, but do foresee long-term problems if certain legacy costs not addressed, 193:A–33 (10/8/09)
– Nortel Networks, portion of IRS's $3B claim resolved (Bankr. D. Del.), 196:K–2 (10/14/09); text of stipulation, 196:TaxCore (10/14/09)
– Pensions, Official Comm. of Unsecured Creditors of Chapter 11 debtor Freedom Communications Holdings joins PBGC motion to compel debtor to produce confidential documents to PBGC (Bankr. D. Del.), 191:A–21 (10/6/09)
– PT-1 Communications, government denied interlocutory appeal of tax ruling (E.D.N.Y.), 197:K–1 (10/15/09); decision text, 197:TaxCore (10/15/09)
– Tax refunds, court rules on valuing prepetition interest (S.D. Ill.), 188:K–1 (10/1/09); decision text, 188:TaxCore (10/1/09)
– Tousa Chapter 11 filing, lenders must disgorge $403M, plus interest, according to ruling in adversary proceeding (S.D. Fla.), 199:EE–13 (10/19/09)

BEER

See ALCOHOLIC BEVERAGE INDUSTRY

BELARUS

– International investors, new tax breaks pledged in 2010, 197:I–1 (10/15/09)
– State-run media offered new tax breaks, 207:I–1 (10/29/09)
– WTO accession to take longer due to customs union with Belarus and Kazakhstan, Russian official concedes, 189:A–4 (10/2/09); countries still looking to join WTO as customs union, Kazakhstan official says, 193:A–11 (10/8/09); Russia, Belarus, and Kazakhstan drop plans to join WTO together as customs union, 198:A–15 (10/16/09); Belarus officials still favor joint accession, 206:A–7 (10/28/09)

BELGIUM

– Liechtenstein signs tax information exchange pact with Belgium, 205:I–1 (10/27/09)
– Tax treaty with U.S., competent authorities unveil agreement on beneficiaries, 198:I–3 (10/16/09); text, 198:TaxCore (10/16/09)

BIOTECHNOLOGY

– Alfalfa, Monsanto, Forage Genetics Intl., and 2 farmers seek review of decision that bars Roundup Ready product (U.S., rev sought), 206:A–19 (10/28/09)
– Biosimilars pathway, governors urge Congress to include in final health care reform legislation, 188:A–4 (10/1/09); Senate HELP Comm. bill includes provision to create pathway, 4 senators urge inclusion in final bill, 196:A–7 (10/14/09)
– Combination products, FDA proposes rule on postmarket safety reporting, 189:A–2 (10/2/09)
– Eggplant, Indian government panel approves modified strain, final say rests with Environment Ministry, 197:A–9 (10/15/09)
– Mexico awards 15 contracts to Monsanto Mexico and Dow AgroScience/PHI Mexico for experimental planting of corn crop, 204:A–9 (10/26/09)
– Nanomaterials

See NANOTECHNOLOGY

BNA ANALYSIS AND PERSPECTIVE

– Accounting

– – Bonus “clawback,” SEC suit shifts calculus on financial restatements, 191:J–1 (10/6/09)
– – Uncertain tax positions, private entities might not be ready for FIN 48, correction, 188:G–14 (10/1/09)

– City finance officers projecting no growth or declines in revenue sources, Natl. League of Cities reports, 192:J–1 (10/7/09)
– Supreme Ct. to tackle RICO's application in cigarette tax case, patent law challenge, 190:J–1 (10/5/09)
– Tax havens, states take variety of approaches regarding compliance issues, 194:J–1 (10/9/09)

BONDS, EXEMPT

– Financing nation's infrastructure, CBO, JCT issue report on use of bonds, 205:G–2 (10/27/09); text, 205:TaxCore (10/27/09)
– Municipal securities

– – Bond ballot contributions, MSRB agrees to amend pay-to-play rule to require municipal bond dealers to publicly disclose, 200:EE–11 (10/20/09)
– – Enhanced regulation needed of municipal bond markets, SEC's Walter says, 208:EE–4 (10/30/09)
– – Monoline insurance company, Municipal and Infrastructure Assurance, to be operational no later than Dec. 31, executive says, 188:EE–18 (10/1/09)

– Private activity bonds

– – AMT, coalition of transportation, education groups seek permanent exemption for interest, 195:G–1 (10/13/09)
– – State volume limits, TIGTA reviews IRS oversight, 199:G–6 (10/19/09)

BONDS, TAXABLE

– Build America Bond program not aimed at halting exempt financing, House tax counsel says, 188:G–12 (10/1/09)
– Clean Renewable Energy Bonds, Treasury allocates $2.2B in CREBs, 206:G–8 (10/28/09)
– Fraud, jury concludes representations made about bonds issued by Parmalat Finanziaria affiliate did not disclose use of bond proceeds and awarded bond purchasers $24M (N.Y. Sup. Ct.), 205:EE–8 (10/27/09)

BRAZIL

– Agriculture exports could increase dramatically if unnecessary sanitary and phytosanitary barriers were removed, industry representative says, 188:A–1 (10/1/09)
– Automobiles, Brazil begins process to eliminate excise tax credits, 188:I–2 (10/1/09)
– Bank liquidations, central bank releases proposal for new procedure, 206:EE–8 (10/28/09)
– Cotton subsidies, Brazil set to unveil list of U.S. goods that may be subject to punitive import duties, 208:A–19 (10/30/09)
– Exports, government decree sets payment terms for IPI excise tax debts, 199:I–4 (10/19/09)
– Foreign investments in securities, stocks, Brazil to tax, 201:I–4 (10/21/09)
– Income tax refunds delayed to cover government expenses, 195:I–2 (10/13/09); Brazil reverses decision on delay, 199:I–4 (10/19/09)
– Tax haven crackdown begins, 191:I–3 (10/6/09)

BUDGET, U.S.

See also specific agencies and departments
– Afghanistan strategy under review at White House could cost nearly $1T over next decade, House Appropriations Comm. Chrm. Obey (D-Wis) says, 194:A–12 (10/9/09)
– Debt ceiling may have to be raised in Nov., Sen. Budget Comm. Chrm. Conrad (D-ND) says, 202:A–30 (10/22/09)
– Deficit, government should “pre-commit” to reduction as economy recovers in order to reassure investors, experts say, 188:A–3 (10/1/09); CBO maintains forecast for record FY2009 deficit of about $1.4T, 193:A–36 (10/8/09); experts worry more focus should be placed on projected rising level of federal debt due to current and past deficits, 197:AA–1 (10/15/09); text of FY2009 data, 199:E–14 (10/19/09); record-setting $1.417T posted in FY2009, Treasury Dep't report, 199:EE–3 (10/19/09)
– FY2010, continuing resolution

See LEGISLATION, FEDERAL, HR 2918*

– FY2011 budget process, OMB announces initiative aimed at improving evaluations of federal programs, 193:A–1 (10/8/09)
– Health care reform necessary step to making progress on bleak long-term budget outlook, CEA Chrm. Romer says, 205:A–19 (10/27/09)
– Pay-as-you-go statute, House Majority Leader Hoyer (D-Md) stands firm, Senate Budget Chrm. Conrad (D-ND) sees need for “larger negotiation,” 201:G–9 (10/21/09)
– Treasury Inflation-Protected Securities (TIPS) program, Treasury asks for input on changes, decision likely at next refunding, 204:A–19 (10/26/09)

BURMA

See MYANMAR

BUSES AND TRUCKS

See MOTOR CARRIERS

BUSINESS EXPENSES

See TRADE OR BUSINESS EXPENSES