Mon, May 14, 2012
ATHENS (Reuters) - Greece's anti-bailout, radical leftist SYRIZA party rejected on Monday a proposal by the country's president for the creation of a ...
Mon, May 14, 2012
By Harry Papachristou and Peter Graff
ATHENS (Reuters) - Greek voters are returning to the establishment parties that negotiated its bailout, a poll showed on ...
Wed, May 09, 2012
From WENN.com
Obama has called for those who make more than $1 million (£625,000) a year to pay at least 30 per ...
Tue, May 08, 2012
From WENN.com
Obama has called for those who make more than $1 million (£625,000) a year to pay at least 30 per ...
Thu, May 03, 2012
By Ayesha Rascoe
WASHINGTON (Reuters) - The Obama administration wants to clamp down on shale gas drilling on public lands and set standards that proponents ...
Sat, April 28, 2012
By Melissa Akin and Gleb Bryanski
MOSCOW (Reuters) - Chinese energy officials signaled on Saturday they were keen to pursue a major gas deal with ...
Mon, April 23, 2012
By Kyle Peterson
(Reuters) - The union representing seven work groups at bankrupt American Airlines will vote starting next week on the carrier's best ...
Mon, April 16, 2012
The Australian actress has urged officials to reconsider a proposal to remove tax breaks for charitable giving, and warns it could mean a ""potential ...
Mon, April 09, 2012
Romance bloomed in the Flower State this past Saturday, April 7, as hometown country star Jake Owen got engaged. Owen, 30, was in the ...
Wed, March 21, 2012
By Jasmin Melvin
WASHINGTON (Reuters) - Communications regulators proposed on Wednesday a path for making satellite airwaves available for mobile broadband use, a rulemaking that ...
Mon, March 19, 2012
By Jessica Toonkel
NEW ORLEANS (Reuters) - The Labor Department is not going to let push-back from the financial services industry delay its fiduciary rule ...
Tue, March 13, 2012
By Karen Pierog and John D. Stoll
DETROIT (Reuters) - Governor Rick Snyder continued his push for a consent agreement to save Detroit from the ...
Mon, March 12, 2012
By Leika Kihara
TOKYO (Reuters) - The Bank of Japan kept monetary policy on hold on Tuesday, overruling a lone proposal for more stimulus and ...
Wed, March 07, 2012
By David Lawder
WASHINGTON (Reuters) - Senate leaders struck a deal on Wednesday to move forward on stalled transportation legislation that now will include votes ...
Sun, March 04, 2012
With The Bachelor finale less than two weeks away, the internet is swarming with theories as to which girl Bachelor Ben Flajnik will ask ...
Fri, March 02, 2012
(Reuters) - The head of the United Nations body that oversees civil aviation said on Friday that his agency still plans to have a proposal ...
Sat, February 11, 2012
BEIRUT/UNITED NATIONS (Reuters) - U.N. Secretary-General Ban Ki-moon said he had received "grisly reports" that Syrian government forces were arbitrarily executing, imprisoning and ...
Thu, February 09, 2012
SAN FRANCISCO (Reuters) - Calpers, the largest U.S. pension fund, is seeking support for a longstanding proposal to get Apple Inc to require a ...
Mon, January 23, 2012
By Alister Bull
WASHINGTON (Reuters) - President Barack Obama will release his 2013 budget proposal on February 13, the White House said on Monday, delaying ...
Tue, January 17, 2012
By Dave Clarke
WASHINGTON (Reuters) - Bank regulators on Tuesday voted to release a proposal for how banks with more than $10 billion in assets ...
Fri, January 13, 2012
By Nicole Neroulias
SEATTLE (Reuters) - A bipartisan group of lawmakers on Friday introduced a bill to legalize same sex marriage in Washington state, which ...
Tue, January 10, 2012
By Aman Ali
NEW YORK (Reuters) - Real estate developer Donald Trump wants to build a top level golf course on a former New York ...
Wed, January 04, 2012
WASHINGTON (Reuters) - The United States supports a European proposal to ban purchases of Iranian crude and believes Tehran's oil revenues can be choked ...
Tue, December 20, 2011
By Dave Clarke
WASHINGTON (Reuters) - The Federal Reserve proposed new rules on Tuesday to restrain risk-taking by the largest U.S. banks as it ...
Thu, December 15, 2011
By Susan Cornwell
WASHINGTON (Reuters) - Congress would allow American economic aid to the Palestinians to continue next year so long as Palestine is not ...
Fri, December 09, 2011
By Richard Cowan and Rachelle Younglai
WASHINGTON (Reuters) - President Barack Obama signed into law a two-month payroll tax cut extension on Friday, capping a ...
Fri, December 09, 2011
WASHINGTON (Reuters) - The White House rejected on Friday the latest proposal from Republicans in Congress on a payroll tax cut, saying its costs needed ...
Wed, November 30, 2011
WASHINGTON (Reuters) - Democratic members of a divided U.S. labor board succeeded on Wednesday in advancing a politically charged proposal that could make it ...
Wed, November 30, 2011
WASHINGTON (Reuters) - A pay freeze for federal workers would be extended for another three years as part of a Senate Republican plan offered on ...
Wed, November 16, 2011
By Reed Stevenson and Praveen Menon
DUBAI (Reuters) - A long-awaited French deal for Dassault
Mon, October 03, 2011
By Leila Abboud and Robert-Jan Bartunek
BRUSSELS (Reuters) - Telecom operators hit out at a new European Union proposal that aims to spur investment in ...
Thu, August 25, 2011
BANGALORE (Reuters) - The Obama administration is working on proposals to prop up the weak housing market and may back a plan to refinance government-backed ...
Wed, August 24, 2011
VINEYARD HAVEN, Massachusetts (Reuters) - President Barack Obama had a conference call with the chief executives of General Electric
Thu, August 18, 2011
By Edward Taylor and Harro ten Wolde
FRANKFURT (Reuters) - Banks operating in the European Union dismissed a Franco-German proposal for a tax on financial ...
Wed, August 10, 2011
By Sarah N. Lynch
WASHINGTON (Reuters) - Standard & Poor's, whose unprecedented downgrade of U.S. debt triggered a worldwide stocks sell-off, is pushing back against a U.S. government proposal that would require credit raters to disclose "significant errors" in how they calculate their ratings.
S&P, which was accused by the Obama administration of making an error in its calculations leading to Friday's downgrade, raised concern about the proposed new corrections policy and other issues in an 84-page letter to the Securities and Exchange Commission, dated August 8.
The SEC is weighing sweeping new rules designed to improve the quality of ratings after their poor performance in the financial crisis.
The 517-page proposal includes a requirement that ratings agencies post on their websites when a "significant error" is identified in their methodology for a credit rating action.
The letter was sent three days after the Treasury Department accused S&P of miscalculating -- by some $2 trillion -- the U.S. debt in the next 10 years. That calculation was in a draft press release announcing a downgrade in the government's credit rating from AAA to AA-plus.
S&P vehemently denied it had made an error, but acknowledged that it changed its long-term economic assumptions after discussions with the Treasury Department. It switched to another economic scenario that resulted in a debt load $2 trillion smaller by 2021. But it said that did not affect its decision to downgrade the U.S. debt.
S&P's criticism of the "significant error" proposal is part of a broader concern that the SEC's reforms prompted by the Dodd-Frank financial oversight law could give the U.S. government undue influence over its ratings decisions.
S&P in particular is facing a tense relationship with Washington. Its downgrade sparked a backlash from Administration officials and lawmakers from both sides of the aisle. A Senate Banking Committee aide on Monday said the panel has begun looking into S&P's decision to downgrade the U.S. credit rating.
WHAT'S AN ERROR?
The SEC's proposal, issued in May, contains a wide range of provisions, including requiring credit raters to disclose more about their internal controls, to protect against conflicts of interest, and to reveal more about their rating methods.
But one issue that really rubbed Standard & Poor's the wrong way was the proposed requirement that raters disclose when a "significant error" is identified in a procedure or methodology -- and especially, who should define what that is.
The SEC's proposal asks questions about whether the SEC should define the term "significant error."
"If the commission were to define the term significant error ... we believe it would effectively be substituting its judgment" for the credit-rating agency's, S&P President Deven Sharma said in the letter.
He said S&P's own error correction policy "has proven to be effective and, where errors have occurred, our practice of reacting swiftly and transparently has benefited the market."
Barbara Roper, director of investor protection for the Consumer Federation of America, said that policy has proven inadequate.
"What was their correction policy on their Enron rating? What was their correction policy on their Lehman rating? What was their correction policy on their Bear Stearns rating? They don't have an error correction policy -- they have an error denial policy, and the SEC is absolutely right to step in," Roper said.
McGraw Hill's Standard & Poor identifies numerous issues with the SEC's proposal, including concerns about competition and that rules are consistent globally.
Of the big three raters -- S&P, Moody's Corp and Fimalac SA's Fitch Ratings -- S&P was the only one to raise major concerns in its letter to the SEC about the "significant error" provision.
The measure was tucked into Dodd-Frank after the rating firms gave glowing ratings to toxic subprime mortgage-backed securities and then were slow to downgrade them.
A Senate investigations panel issued a report earlier this year faulting S&P and Moody's for triggering the financial crisis with their flawed ratings and subsequent decision to downgrade them en masse.
The big three ratings agencies have spent well over $1 million lobbying Congress and federal agencies since January as they press for changes to the regulations, according to data from OpenSecrets.org.
Roper said S&P's pushback to the "significant error" proposal underscores the need for tougher reforms.
"If anything, their letter suggests it is absolutely essential that the SEC define it because absent a definition, these guys will obfuscate," she said.
(Reporting by Sarah N. Lynch, with additional reporting by Andrea Shalal-Esa; Editing by Karey Wutkowski, Gary Hill)
Tue, August 09, 2011
By Sarah N. Lynch
WASHINGTON (Reuters) - Standard & Poor's, whose unprecedented downgrade of U.S. debt triggered a worldwide stocks sell-off, is pushing back against a U.S. government proposal that would require credit raters to disclose "significant errors" in how they calculate their ratings.
S&P, which was accused by the Obama administration of making an error in its calculations leading to Friday's downgrade, raised concern about the proposed new corrections policy and other issues in an 84-page letter to the Securities and Exchange Commission, dated August 8.
The SEC is weighing sweeping new rules designed to improve the quality of ratings after their poor performance in the financial crisis.
The 517-page proposal includes a requirement that ratings agencies post on their websites when a "significant error" is identified in their methodology for a credit rating action.
The letter was sent three days after the U.S. Treasury Department accused S&P of miscalculating -- by some $2 trillion -- the U.S. debt in the next 10 years. That calculation was in a draft press release announcing a downgrade in the government's credit rating from AAA to AA-plus.
S&P vehemently denied it had made an error, but acknowledged that it changed its long-term economic assumptions after discussions with the Treasury Department. It switched to another economic scenario that resulted in a debt load $2 trillion smaller by 2021. But it said that did not affect its decision to downgrade the U.S. debt.
S&P's criticism of the "significant error" proposal is part of a broader concern that the SEC's reforms prompted by the Dodd-Frank financial oversight law could give the U.S. government undue influence over its ratings decisions.
S&P in particular is facing a tense relationship with Washington. Its downgrade sparked a backlash from Administration officials and lawmakers from both sides of the aisle. A Senate Banking Committee aide on Monday said the panel has begun looking into S&P's decision to downgrade the U.S. credit rating.
WHAT'S AN ERROR?
The SEC's proposal, issued in May, contains a wide range of provisions, including requiring credit raters to disclose more about their internal controls, to protect against conflicts of interest, and to reveal more about their rating methods.
But one issue that really rubbed Standard & Poor's the wrong way was the proposed requirement that raters disclose when a "significant error" is identified in a procedure or methodology -- and especially, who should define what that is.
The SEC's proposal asks questions about whether the SEC should define the term "significant error."
"If the commission were to define the term significant error ... we believe it would effectively be substituting its judgment" for the credit-rating agencies, S&P President Deven Sharma said in the letter.
He said S&P's own error correction policy "has proven to be effective and, where errors have occurred, our practice of reacting swiftly and transparently has benefited the market."
Barbara Roper, director of investor protection for the Consumer Federation of America, said that policy has proven inadequate.
"What was their correction policy on their Enron rating? What was their correction policy on their Lehman rating? What was their correction policy on their Bear Stearns rating? They don't have an error correction policy -- they have an error denial policy, and the SEC is absolutely right to step in," Roper said.
McGraw Hill's Standard & Poor identifies numerous issues with the SEC's proposal, including concerns about competition and that rules are consistent globally.
Of the big three raters -- S&P, Moody's Corp and Fimalac SA's Fitch Ratings -- S&P was the only one to raise major concerns in its letter to the SEC about the "significant error" provision.
The measure was tucked into Dodd-Frank after the rating firms gave glowing ratings to toxic subprime mortgage-backed securities and then were slow to downgrade them.
A Senate investigations panel issued a report earlier this year faulting S&P and Moody's for triggering the financial crisis with their flawed ratings and subsequent decision to downgrade them en masse.
The big three ratings agencies have spent well over $1 million lobbying Congress and federal agencies since January as they press for changes to the regulations, according to data from OpenSecrets.org.
Roper said S&P's pushback to the "significant error" proposal underscores the need for tougher reforms.
"If anything, their letter suggests it is absolutely essential that the SEC define it because absent a definition, these guys will obfuscate," she said.
(Reporting by Sarah N. Lynch, with additional reporting by Andrea Shalal-Esa; Editing by Karey Wutkowski, Gary Hill)
Sun, June 26, 2011
PARIS (Reuters) - The French government and banks have agreed on a proposal to make a Greek debt rollover more palatable to creditors, a banking ...
Thu, June 09, 2011
By Nick Brown
NEW YORK (Reuters) - Creditors of Lehman Brothers Holdings Inc
Thu, May 19, 2011
By Debra Sherman
OAK BROOK, Illinois (Reuters) - McDonald's Corp spurned calls to assess the impact of its food on childhood obesity, and said ...
Sun, May 15, 2011
By Pav Jordan and Solarina Ho
TORONTO (Reuters) - A proposal by a group of Canadian banks and pension funds to take over the operator ...
Mon, May 02, 2011
By Andrea Shalal-Esa
WASHINGTON (Reuters) - Lockheed Martin's <LMT.N> proposal for the latest batch of F-35 fighter jets shows the price per plane ...
Tue, April 26, 2011
MADISON, Wis. (WTAQ) - Governor Scott Walker’s proposed state budget will start getting a facelift Tuesday.
The Legislature’s Joint Finance Committee will start ...
Thu, April 21, 2011
MADISON, Wis. (WTAQ) - The Legislature’s finance committee has removed 21 items from the proposed state budget that have nothing to do with state ...
Tue, April 19, 2011
By Dave Clarke
WASHINGTON (Reuters) - Lenders would be required to make sure prospective borrowers have the ability to repay their mortgages before giving them ...
Fri, April 15, 2011
STEVENS POINT, Wis (WSAU) All Wisconsin high school football teams would be in the playoffs under a plan recommended by an ad-hoc committee.
The ...
Thu, April 14, 2011
NEENAH, Wis. (WTAQ) - Over 200 people testified in Neenah Wednesday at the fourth and final official hearing on the governor’s proposed state budget ...
Fri, April 01, 2011
Inaba was a guest co-host on Live With Regis and Kelly when her partner of two years, accountant Jesse Sloan, appeared on set, got ...
Fri, April 01, 2011
DODGE COUNTY, Wis. (WTAQ) - Critics are raising eyebrows, after Wisconsin’s two top legislative leaders helped kill a proposal to consolidate dairy farms run ...
Tue, March 22, 2011
NASHVILLE (Reuters) - A bill to limit Tennessee teacher's unions' abilities to negotiate for their members took a leap forward on Tuesday when it ...
Fri, March 18, 2011
MADISON (WRN) Less than a year after a bill allowing it was vetoed, raw milk sales are back on the agenda at the Capitol ...
Thu, March 17, 2011
Amurri tells the new issue of the men's publication that partner Kyle Martino was very impressed by his wife-to-be's sexy poses.
She ...
Mon, March 14, 2011
Bertinelli would like to relive the 2010 moment her then-boyfriend asked her to be his wife - because she wouldn't have been so grumpy ...
Fri, March 11, 2011
WASHINGTON (Reuters) - Maryland's same sex marriage proposal was shelved on Friday, in a setback for gay rights supporters who expected this legislative session ...
Wed, February 23, 2011
SAN FRANCISCO (Reuters) - Almost a third of Apple shareholder votes cast were in favor of a proposal to disclose a succession plan for Chief ...
Sat, February 19, 2011
MADISON, Wisconsin (Reuters) - Wisconsin's Republican governor vowed on Friday to press ahead with legislation to curb the union bargaining rights ...
Wed, February 16, 2011
ATLANTA (Reuters) - EADS <EAD.PA> North America said it submitted a final proposal in the politically charged U.S. tanker competition against Boeing Co ...
Tue, February 15, 2011
SIOUX FALLS, South Dakota (Reuters) - South Dakota will consider on Wednesday a proposed law that supporters say would protect pregnant women from attack and ...
Fri, February 11, 2011
SAN FRANCISCO (Reuters) - Pension fund Calpers' proposal to require a majority vote to elect unopposed candidates to the board of Apple Inc <AAPL.O ...
Fri, February 04, 2011
By Cyntia Barrera Diaz
MEXICO CITY (Reuters) - Telcel, the commercial brand of tycoon Carlos Slim's cell phone giant America Movil, proposed new, lower ...
Thu, January 27, 2011
By Missy Ryan
WASHINGTON (Reuters) - A proposal to quickly build up Afghanistan's military, key to a planned drawdown of U.S. troops, would ...
Wed, January 26, 2011
By Bruce Olson
ST. LOUIS (Reuters) - An ambitious proposal was unveiled on Wednesday that would send a swinging aerial gondola across the Mississippi River ...
Tue, January 25, 2011
TERRE HAUTE, Ind. (WIBQ) - After more than 12 years of planning, the City of Terre Haute may soon have a resolution to it's ...
Fri, January 21, 2011
The British actress was one of Disney's biggest young stars in the 1960s, winning acclaim for her roles in The Parent Trap and ...
Thu, January 13, 2011
By Michael Martina and Steve Gutterman
BEIJING/MOSCOW (Reuters) - Iran's proposal for a tour of its nuclear sites floundered on Thursday after China ...
Tue, January 04, 2011
By Faith Hung and Ben Berkowitz
TAIPEI/NEW YORK (Reuters) - American International Group's <AIG.N> protracted sale of its Taiwan unit was further ...
Sat, December 11, 2010
Washington, DC(WSAU) Several Wisconsin Congress members are getting behind a proposal to allow Hmong veterans to be buried in national cemeteries. Many Hmong ...
Tue, November 30, 2010
By Andy Sullivan
WASHINGTON (Reuters) - The Senate on Tuesday rejected a proposed ban on the pet spending projects known as earmarks that have become ...
Mon, November 08, 2010
LONDON/WASHINGTON (Reuters) - The world's largest economies should consider gold as an indicator to help set foreign exchange rates, the head of the ...
Sat, October 30, 2010
The actress/singer was stunned when the young boy dropped to one knee and asked her to marry him after her concert in Colombia ...
Fri, October 22, 2010
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Mon, October 18, 2010
By Huw Jones
LONDON (Reuters) - Pre-arranged "bail ins" of banks offer a promising solution to the problem of how to shore up troubled lenders ...
Mon, September 13, 2010
The couple has been dating since they shot the pilot for the vampire series in the summer of 2007, and they got engaged while ...
Thu, September 09, 2010
Republican Rick Snyder is saying thanks but no thanks to Democrat Virg Bernero’s request that they both sign a letter supporting President Obama ...
Mon, August 30, 2010
MILWAUKEE, Wis. (WTAQ) - The state’s largest teachers’ union says it would fight a proposal to make teachers join the state employees’ health insurance ...
Wed, August 18, 2010
The Ocean's Eleven star, who has been dating the Italian model/TV presenter since last summer (09), sparked rumours he was heading to ...
Tue, August 03, 2010
MADISON, Wis. (WTAQ) - Ninety-three percent of Wisconsin’s school nurses have four-year college degrees – but a proposal to require them is still proving to ...
Tue, July 27, 2010
(Washington, DC) -- Persistance may be paying off for Michigan's congressional delegation and Detroit's Big Three automakers when it comes to a South ...
Wed, June 30, 2010
WASHINGTON/NEW YORK (Reuters) - Hundreds of additional stocks and 344 exchange-traded funds face trading curbs under a proposed expansion of the circuit breakers that ...
Fri, June 25, 2010
Terre Haute (WIBQ)-Vigo county residents on well water can breath at least a small sigh of relief, after officials said last night they ...
Mon, June 07, 2010
By Alister Doyle, Environment Correspondent
OSLO (Reuters) - The world could generate 95 percent of electricity from renewable energies by 2050 in a drastic shift ...
Mon, May 24, 2010
By Steve Holland
WASHINGTON (Reuters) - The White House on Monday backed a proposal that would put the United States on a path toward repeal ...
Thu, May 06, 2010
WASHINGTON (Reuters) - The Senate Thursday rejected a proposal that would split up the six largest banks in an effort to ensure that large financial ...
Thu, May 06, 2010
Seelyville (WIBQ)-A rezoning proposal to bring a bakery into one Wabash Valley neighborhood comes to a close. Some residents of Seelyville had proposed ...
Thu, April 01, 2010
By Paritosh Bansal
NEW YORK (Reuters) - General Growth Properties Inc <GGP.N> filed an eagerly awaited plan to exit bankruptcy on its own and ...
Tue, March 30, 2010
TERRE HAUTE (WIBQ)-The Vigo County School Corporation takes the next step in creating an on-site wellness clinic.
Board members were nearly split on ...
Mon, February 15, 2010
WASHINGTON (Reuters) - The United States denied on Monday an Iranian report that it had made new proposals along with France and Russia on a ...
Mon, February 08, 2010
A proposal to install sewers in Indiana's only county seat without a municipal sewer system is getting an unfavorable reception from residents who ...
Tue, February 02, 2010
SHEBOYGAN, Wis. (WHBL) - A proposal by City of Sheboygan Mayor Bob Ryan to establish a Table of Organization will be presented to the City ...
Sat, January 30, 2010
FRANKFURT (Reuters) - Commerzbank's <CBKG.DE> Chief Executive cautiously welcomed Barack Obama's proposals for tougher banking rules, as politicians and regulators accuse bankers ...
Fri, January 08, 2010
WASHINGTON D.C. (WTAQ) - The federal EPA has proposed stricter limits on ground level ozone. And it said 19 new Wisconsin counties would not ...
Sun, December 20, 2009
DUBAI (Reuters) - Dubai World <DBWLD.UL> will not make any specific proposals on a debt standstill at Monday's meeting with creditors, a source ...
Wed, December 16, 2009
WASHINGTON (Reuters) - The Pentagon will evaluate concerns raised by companies seeking to build the next-generation refueling tanker for the Air Force and will revise ...
Fri, November 27, 2009
LONDON (Reuters) - British singer Robbie Williams "proposed" to his actress girlfriend, Ayda Field, live on Australian radio on Friday, but his spokesman then said ...
Tue, November 24, 2009
By Stephen Brown
ROME (Reuters) - Food-loving Italy responded with indignation on Tuesday to a minister's comments that lunchbreaks -- still a sit-down ritual for ...
Thu, October 29, 2009
(Reuters) - National Mediation Board, a U.S. federal labor-management relations agency, is considering a proposal to allow airline workers to form unions with the ...
Tue, October 13, 2009
By Ali Sawafta
RAMALLAH, West Bank (Reuters) - Palestinian President Mahmoud Abbas' Fatah party accepted Tuesday Egypt's plan for separate signings of a reconciliation ...
Tue, September 15, 2009
By Susan Kelly
CHICAGO (Reuters) - The Republican governor of Minnesota has written to the state's U.S. senators asking them to stop a ...
Tue, September 08, 2009
By Irene Klotz
CAPE CANAVERAL, Florida (Reuters) - A NASA strategy proposal shifts the U.S. human space program away from returning to the moon ...
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