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Regulators

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NEWS
August 10, 1991 | By EDWIN M. YODER JR
In the Bank of Credit and Commerce International scandal, as in other scams of our age of go-go finance (including the S&L debacle), it would appear that regulators everywhere took their sweet time detecting the pollution. As usual there is in BCCI's exposure and indictment as a criminal enterprise the sound of barn doors resolutely slammed behind long-escaped horses. BCCI, in case you missed the details, is the huge international banking operation - founded in Pakistan, chartered in Luxembourg and the Cayman Islands, and headquartered in the City of London - whose operations bank regulators shut down earlier this month.
BUSINESS
June 15, 1991 | By Andrew Cassel, Inquirer Staff Writer
Federal regulators yesterday took over Springfield Federal Savings & Loan Association, removing the Delaware County S&L's top officers and installing a management team from the Resolution Trust Corp., the federal agency that runs or closes failed thrifts. The Office of Thrift Supervision said it had acted because Springfield Federal had been "operating in an unsafe and unsound condition" and had nearly run out of capital. The federal agency blamed Springfield's problems on "inadequate internal controls" as well as "losses on poorly underwritten commercial loans" and loans for real estate development.
BUSINESS
November 15, 2003 | By Todd Mason INQUIRER STAFF WRITER
State regulators closed the Pulaski Savings Bank in Philadelphia yesterday, saying that fraudulent loan activity had made the small institution insolvent. The bank's only office, on Orthodox Street in the Northeast, will reopen Monday as a branch of Earthstar Bank, Southampton, Bucks County. Pulaski held deposits of $9 million. William Schenck, the state's secretary of banking, declined to elaborate on the fraudulent loans. "It was senior management," he said late yesterday.
NEWS
April 27, 1988 | By George Anastasia, Inquirer Staff Writer
Casino gambling has gone corporate and New Jersey's gaming regulators might be better served with a degree from the Wharton School rather than one from the state police academy. That was the message yesterday from Anthony J. Parrillo, director of the New Jersey Division of Gaming Enforcement, in an appearance at the monthly Atlantic City Press Club luncheon. "Pending sales, new partnerships, corporate mergers and financial restructurings - all reflecting a period of consolidation and reorganization in a maturing casino industry - have brought to the fore new areas of concern for regulators," Parrillo said.
NEWS
April 21, 2000 | By Ken Dilanian, INQUIRER HARRISBURG BUREAU
A small political flap has erupted over a planned meeting in Detroit of utility company executives and top regulatory officials from Michigan, Pennsylvania and several other states. Environmental advocacy groups - none of which were invited - contend the meeting was put together by Republicans who want to weaken environmental enforcement standards if Texas Gov. George W. Bush wins the presidency. Bush aides and state officials say this is nonsense. "There they go again," said Deb Callahan, president of the League of Conservation Voters.
NEWS
September 10, 2010 | ASSOCIATED PRESS
RICHMOND, Va. - Virginia regulators have approved FirstEnergy Corp.'s proposed acquisition of Allegheny Energy Inc. The companies announced the deal's approval by the State Corporation Commission on Friday. Akron, Ohio-based FirstEnergy announced in February that it was buying Greensburg, Pa.-based Allegheny Energy in a stock deal that would form one of the biggest power companies in the country, made up of 10 utilities serving 6.1 million customers from Ohio to New Jersey. The companies sought approval from Virginia regulators because Allegheny Energy owns transmission assets in Virginia through Potomac Edison and the Trans-Allegheny Interstate Line Company.
NEWS
February 17, 1994 | By Andrew Cassel, INQUIRER STAFF WRITER Inquirer correspondent Cindy Anders also contributed to this report
State insurance regulators have seized and closed a West Chester life insurance company that they said had been insolvent for nearly three years. Commonwealth Court had allowed Corporate Life Insurance Co., based at 893 S. Matlack St., West Chester, to continue selling policies until this week. Officials of the Pennsylvania Department of Insurance took over Corporate Life, a $275 million company, Tuesday evening, dismissed its officers and its lawyers and announced that the company would be liquidated.
BUSINESS
April 10, 2012
Parke Bank, of Sewell, said it reached agreements with federal and state regulators that require it to clean up its balance sheet by eliminating assets from its books that have already been classified as a loss, among other measures. The bank entered into the consent orders with the Federal Deposit Insurance Corp. and the New Jersey Department of Banking and Insurance after a recent regulatory examination. Parke had net loans of $605.79 million on Dec. 31 and reported net income of $7.27 million for the year.
NEWS
January 16, 1992 | By Edward Engel, Special to The Inquirer
Consider this: A stream of raw sewage stealthily wending its way down the Delaware River and its tributaries. Two recent state loans - totaling $2.64 million - to the Camden County Municipal Utilities Authority (CCMUA) are designed to wipe that image from your mind and improve water quality during the next two years along towns bordering the Delaware River south of Philadelphia. The money from the New Jersey Department of Environmental Protection and Energy (DEPE) will be used to repair and upgrade 29 regulator gates in Gloucester City and Camden through which 5 million to 6 million gallons of raw sewage is dumped daily into the Delaware.
NEWS
June 13, 2010
Joseph E. Stiglitz is a Nobel laureate in economics, and author of Freefall: Free Markets and the Sinking of the Global Economy It has taken almost two years since the collapse of Lehman Bros., and more than three years since the beginning of the global recession brought on by the financial sector's misdeeds for the United States and Europe to reform financial regulation. Perhaps we should celebrate the regulatory victories. After all, there is almost universal agreement that the crisis the world is facing - and is likely to continue to face for years - is a result of the excesses of the deregulation movement begun under Margaret Thatcher and Ronald Reagan 30 years ago. Unfettered markets are neither efficient nor stable.
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BUSINESS
April 22, 2016 | By Jonathan Takiff, Staff Writer
Comcast customers annoyed at monthly charges for cable-box rentals may have gotten some good news from an unexpected source Wednesday: Comcast itself. Later this year, Comcast's Xfinity TV programming will be directly tunable on Roku streaming devices (selling for less than $100), as well as Roku software-enabled television sets and 2016 model Samsung Smart TVs, the company said. And that's just the start, suggested Comcast senior vice president Mark Hess. The Xfinity TV Partner Program will "expand the range of retail devices our customers can use to access TV cable service without the need to lease a set-top box," he said.
NEWS
February 28, 2016 | By Andrew Maykuth, STAFF WRITER
Washington, D.C., utility regulators on Friday rejected Exelon Corp.'s $6.8 billion bid to take over Pepco Holdings Inc., but they proposed an alternative plan to combine the companies and gave the parties 14 days to approve. The District of Columbia's Public Service Commission voted, 2-1, to reject a settlement that was approved by the two companies and the city's mayor. In August, the commission voted down the merger plan, and Exelon responded by boosting its financial commitment to District ratepayers from $14 million to $78 million.
BUSINESS
February 25, 2016 | By Harold Brubaker, STAFF WRITER
New Jersey gambling regulators on Tuesday published temporary rules for skill-based gaming in Atlantic City casinos. The New Jersey Division of Gaming Enforcement defined the genre as any "approved casino game where game outcome is dependent in whole or in part upon the player's physical dexterity and/or mental ability. " Think Angry Birds, X-Box type games, or even old-time Asteroids, a casino executive said last year. Blowing up more asteroids than others would give the player a better chance of winning a jackpot, for example.
NEWS
February 21, 2016
Innovation, Privatization, and the Birth of a New Network By Shane Greenstein Princeton University Press. 474 pp. $35. Reviewed by Glenn C. Altschuler In 1994, Charles Ferguson, a founder of Vermeer, a company aspiring to develop software tools and Internet applications for the newly emerging World Wide Web, had a difficult time attracting investors. In about a year, however, Vermeer auctioned itself off in a bidding war between Microsoft and Netscape, making Ferguson - and the company's investors - immensely wealthy.
NEWS
February 19, 2016 | By Howard Gensler
California's Division of Occupational Safety and Health was scheduled to vote on new regulations affecting the porn industry following a hearing last night in Oakland. The issue of course is safer sex, but porn industry officials say the proposed restrictions go too far and could result in actors having to wear not only condoms but also dental dams when engaging in oral sex and safety goggles when engaging in . . . ? Huh? When the sex is explosive it can cause retinal damage or when the sex is performed near a power saw?
NEWS
February 14, 2016 | By Linda Loyd, STAFF WRITER
GlaxoSmithKline, with major U.S. operations in the Philadelphia area, was fined $54.5 million, or 37.6 million pounds, Friday by a British competition authority for allegedly preventing less-expensive generic versions of its anti-depressant drug Seroxat from entering the market. GlaxoSmithKline has commercial operations primarily for vaccines and pharmaceuticals at the Navy Yard in South Philadelphia, and research and development sites in Upper Merion and Upper Providence, Montgomery County.
REAL_ESTATE
February 8, 2016
The source of this information is IHS Global Insight, and it's reliable enough for me to repeat it here: Sales of previously owned homes fell in November, but the reason was not weakness in the housing market. Rather, it was the advent of regulations designed to protect the borrower in home-purchase transactions. As I have reported several times, November was the first month that sales agreements were closed under the new Truth in Lending Act and Real Estate Settlement Procedures Act integrated-disclosure rules.
NEWS
January 30, 2016 | By Aubrey Whelan and Julia Terruso, STAFF WRITERS
After outrage from First Amendment advocates, the music community, and what seemed like half of Twitter users, Councilman Mark Squilla said he would dial back a bill to revamp the city's music venue licensing rules. The bill, as drafted, would require venue operators to provide names and addresses of performers to the police at their request. The police would have final say on which venues get special assembly occupancy licenses - which are required to host shows attended by more than 50 people, according to the bill.
NEWS
December 28, 2015 | By Donald W. Light, For The Inquirer
Over the last weeks, we have learned that major companies that make products we trust, like Volkswagen's diesel engines and Takata's air bags, have devised ways to rig test results so they look cleaner and safer than they really are. Yet far more widespread manipulation of test results is being done by pharmaceutical companies to get drugs approved by the U.S. Food and Drug Administration that turn out not to be as safe as promised. In the pharmaceutical industry, virtually every company has been rigging tests for years to make the drugs we take look safer than they really are. Some of the techniques for rigging clinical trials are described in a recent assessment published by BMJ (formerly known as the British Medical Journal)
NEWS
December 24, 2015
I WRITE to set the record straight on comments made by the Taxi Workers Alliance of Pennsylvania regarding Senate Bill 984, my bill authorizing Transportation Network Companies such as Uber and Lyft to operate statewide. The Senate's recent bipartisan passage of my bill does not reward illicit behavior. To the contrary, SB 984 is intended to ensure TNCs are held to the same or a higher standard above that which is currently required of the traditional taxi cab industry under the Pennsylvania Public Utility Commission.
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