Securities (11 - 20 of 328 items)
Troubled Asset Relief Program: Government's Exposure to AIG Lessens as Equity Investments Are Sold
GAO-12-574: Published: May 7, 2012. Publicly Released: May 7, 2012.
Since GAOs last report in July 2011, more of the assistance provided by the Department of the Treasury (Treasury) and the Board of Governors of the Federal Reserve System (Federal Reserve) to benefit American International Group, Inc. (AIG) has been repaid. As of March 22, 2012, the remaining assistance to AIG was $46.3 billion, including unpaid dividends and accrued interest. This amount in...
Financial Audit: Federal Deposit Insurance Corporation Funds' 2011 and 2010 Financial Statements
GAO-12-416: Published: Apr 19, 2012. Publicly Released: Apr 19, 2012.
In GAOs opinion, the Federal Deposit Insurance Corporation (FDIC) fairly presented, in all material respects, the 2011 and 2010 financial statements for the two funds it administersthe Deposit Insurance Fund (DIF) and the Federal Savings and Loan Insurance Corporation (FSLIC) Resolution Fund (FRF). Also, in GAOs opinion, although certain internal controls related to the DIF shoul...
Credit Rating Agencies: Alternative Compensation Models for Nationally Recognized Statistical Rating Organizations
GAO-12-240: Published: Jan 18, 2012. Publicly Released: Jan 18, 2012.
As of January 2012, GAO identified seven alternative models for compensating NRSROs (see table below). These models generally were designed to address the conflict of interest in the issuer-pays model, better align the NRSROs interest with users of ratings, or improve incentives NRSROs have to produce reliable and high-quality ratings. However, the amount of detail currently available for ea...
Dodd-Frank Act: Hybrid Capital Instruments and Small Institution Access to Capital
GAO-12-237: Published: Jan 18, 2012. Publicly Released: Jan 18, 2012.
Tier 1 hybrid capital instruments, particularly trust preferred securities, have been heavily used by bank holding companies because of their financial advantages, but they are not as effective in absorbing losses as traditional forms of Tier 1 capital, such as common equity. As of December 31, 2010, almost two-thirds of all top-level bank holding companies that were subject to capital requirement...
Securities Research: Additional Actions Could Improve Regulatory Oversight of Analyst Conflicts of Interest
GAO-12-209: Published: Jan 12, 2012. Publicly Released: Jan 12, 2012.
Existing research and stakeholder views suggest that the Global Settlement and other regulatory actions have helped to address conflicts faced by equity research analysts. The results of the empirical studies that GAO reviewed generally suggest that the Global Settlement and equity research rules adopted by the SROs were associated with improvements in analysts stock recommendations. FINRA o...
Ginnie Mae: Risk Management and Cost Modeling Require Continuing Attention
GAO-12-49: Published: Nov 14, 2011. Publicly Released: Dec 1, 2011.
The Government National Mortgage Association (Ginnie Mae) has increased its role in the secondary mortgage market significantly. Ginnie Mae is a wholly owned government corporation in the Department of Housing and Urban Development (HUD). It guarantees the timely payment of principal and interest of mortgage-backed securities (MBS) backed by pools of federally insured or guaranteed mortgage loans,...
Financial Crisis: Review of Federal Reserve System Financial Assistance to American International Group, Inc.
GAO-11-616: Published: Sep 30, 2011. Publicly Released: Oct 31, 2011.
In September 2008, the Board of Governors of the Federal Reserve System (Federal Reserve Board) approved emergency lending to American International Group, Inc. (AIG)--the first in a series of actions that, together with the Department of the Treasury, authorized $182.3 billion in federal aid to assist the company. Federal Reserve System officials said that their goal was to avert a disorderly fai...
Federal Reserve System: Opportunities Exist to Strengthen Policies and Processes for Managing Emergency Assistance
GAO-12-122T: Published: Oct 4, 2011. Publicly Released: Oct 4, 2011.
The Dodd-Frank Wall Street Reform and Consumer Protection Act directed GAO to conduct a one-time audit of the emergency loan programs and other assistance authorized by the Board of Governors of the Federal Reserve System (Federal Reserve Board) during the recent financial crisis. This testimony summarizes the results of GAO's July 2011 report (GAO-11-696) examining the emergency actions taken by...
Securities Fraud Liability of Secondary Actors
GAO-11-664: Published: Jul 21, 2011. Publicly Released: Jul 21, 2011.
This report responds to the mandate in section 929Z of the Dodd-Frank Wall Street Reform and Consumer Protection Act directing GAO to study the impact of authorizing a private legal right of action against any person who aids or abets another in violation of the securities laws. The report includes a description of the legal and factual background of such "secondary actor" liability, as well as a...
Troubled Asset Relief Program: The Government's Exposure to AIG Following the Company's Recapitalization
GAO-11-716: Published: Jul 18, 2011. Publicly Released: Jul 18, 2011.
Assistance provided by the Department of the Treasury (Treasury) under the Troubled Asset Relief Program (TARP), and the Board of Governors of the Federal Reserve System (Federal Reserve) to American International Group, Inc. (AIG) represented one of the federal government's largest investments in a private sector institution. AIG is a holding company that, through its subsidiaries, engages in a b...