- “The Administration today released the September 2008 Monthly Treasury Statement of Receipts and Outlays of the United States Government. The statement shows the actual budget totals for the fiscal year that ended September 30, 2008, as follows:
- A deficit of $455 billion, or 3.2 percent of Gross Domestic Product (GDP)
- total receipts of $2,524 billion, or 17.8 percent of GDP; and
- total outlays of $2,979 billion, or 21.0 percent of GDP.”
- Related postings on financial system
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Daily Archives: October 14, 2008
New on LLRX.com – Review of CiteGenie
Review of CiteGenie – Automatic Bluebook citations when using Westlaw: Attorney Marc Hershovitz reviews CiteGenie, a new extension for the Firefox web browser that, as its website promises, “automagically” creates Bluebook formatted pinpoint citations when copying from Westlaw. Continue Reading
Commercial Buildings Newly Release of the 2003 End-Use Consumption Data Tables
Commercial Buildings Newly Release of the 2003 End-Use Consumption Data Tables (10/14/2008): “End-use consumption data tables for the 2003 Commercial Buildings Energy Consumption Survey (CBECS) are now available. The tables (in PDF, Excel, and HTML formats) show major end-use consumption for electricity, natural gas, fuel oil, district heat, and major fuels for all commercial buildings… Continue Reading
Bipartisan Committee Report Criticizes Presidents Assertion of Executive Privilege
“A bipartisan report circulated today by House Committee on Oversight Chairman Henry A. Waxman and Ranking Member Tom Davis finds that President Bush made a legally unprecedented and an inappropriate use of executive privilege when he directed Attorney General Mukasey to withhold Special Counsel Patrick Fitzgeralds interview of Vice President Cheney from the Committee. A… Continue Reading
New GAO Reports: Risk-Based Capital, SSA Info Tech, Nonprofit Hospitals
Risk-Based Capital: New Basel II Rules Reduced Certain Competitive Concerns, but Bank Regulators Should Address Remaining Uncertainties, GAO-08-953, September 12, 2008 Information Technology: SSA Has Taken Key Steps for Managing Its Investments, but Needs to Strengthen Oversight and Fully Define Policies and Procedures, GAO-08-1020, September 12, 2008 Nonprofit Hospitals: Variation in Standards and Guidance Limits… Continue Reading
Federal Regulators Take Actions to Stabilize Financial Markets
News release: “The President’s Working Group on Financial Markets made a statement Tuesday on a series of comprehensive actions to strengthen public confidence in our financial institutions and restore functioning of our credit markets.” Statement by Secretary Henry M. Paulson, Jr. on Actions to Protect the U.S. Economy Joint Statement by Treasury, Federal Reserve and… Continue Reading
Updated Version of SEC Enforcement Manual
Securities and Exchange Commission Division of Enforcement, Enforcement Manual, Office of Chief Counsel, October 6, 2008: “The Enforcement Manual (Manual) is an electronic document designed to be a reference for the staff in the U.S. Securities and Exchange Commissions (SEC) Division of Enforcement (Division or Enforcement) in the investigation of potential violations of the federal… Continue Reading
2008 Litigation Trends Survey
Fulbright & Jaworski LLP 2008 Litigation Trends Survey, 253 pages, PDF, prepared by Greenwood Surveys, July 2008. [Note: there were 358 participants in this study: 251 in the U.S. and 100 in the UK] “Following two straight years of reporting declines in the number of new lawsuits and regulatory proceedings including a drop in… Continue Reading
FASB Issues Final Guidance on Fair Value Of Financial Assets in Inactive Markets
FASB Issues FASB Staff Position No. 157-3, Determining the Fair Value of a Financial Asset When the Market for That Asset Is Not Active, October 10, 2008 Related postings on financial system Continue Reading
FDIC Simplifies Coverage Rules for Mortgage Servicing Accounts
News release: “The FDIC Board of Directors today adopted an interim final rule, effective immediately, to simplify the deposit insurance rules for accounts held at FDIC-insured institutions by mortgage servicers…Under the interim rule [effective October 10, 2008], coverage will be provided to the lenders/investors, as a collective group, based on the cumulative amount of the… Continue Reading
SECs Oversight of Bear Stearns and Related Entities: Broker-Dealer Risk Assessment Program
Securities and Exchange Commission, Office of Inspector General – SECs Oversight of Bear Stearns and Related Entities: Broker-Dealer Risk Assessment Program, September 25, 2008, Report No. 446-B SEC’s Division of Trading and Markets (TM)…”is not fulfilling its obligations in accordance with the underlying purpose of the Broker-Dealer Risk Assessment program in several respects. First, TM… Continue Reading
