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Washington
Inside Washington (10/20/2008)
* WASHINGTON (10/21/08)--The Treasury announced a third program last week that would provide direct assistance to systemically significant failing institutions. The terms would be negotiated on a case-by-case basis, the agency said in a release regarding executive compensation standards. “In situations where the Treasury provides assistance under the systemically significant failing institutions programs, golden parachutes will be defined more strictly to prohibit any payments to departing senior executives.” The Treasury also announced Monday new details regarding the capital purchase program ... * WASHINGTON (10/21/08)--Accounting and securities regulators are ready to clarify that banks participating in the recapitalization plan can record their efforts as equity. A letter sent to David Nason, Treasury assistant secretary for financial institutions, top officials from the Financial Accounting Standards Board (FASB) and the Securities and Exchange Commission (SEC) said they would not object if the warrants were classified as permanent equity (American Banker Oct. 19). The letter was signed by Russell Golden, FASB technical director, and James Kroecker, SEC deputy chief accountant. Technical problems arose Friday when bank executives realized warrants could be treated as liabilities, which could have hurt capital levels ...


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