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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
May 9, 2015 | By Joseph N. DiStefano, Inquirer Staff Writer
One of the bank bosses accused of lying to investors and regulators says it was a long-standing practice at the former Wilmington Trust Corp. to claim that millions of dollars in "turd loans" to developers were being paid - even when they were not. It wasn't the only bank that collapsed amid the late 2000s financial crisis. Lehman Bros., Wachovia, National City and others were also overwhelmed by bad loans. But Wilmington Trust, the biggest bank still based in the Philadelphia area when regulators forced its discount sale to M&T Bank Corp.
BUSINESS
April 25, 2015 | By Andrew Maykuth, Inquirer Staff Writer
State regulators are seeking a special inquiry into a new Peco Energy Co. rate proposal that would affect commercial customers who produce some of their own power. The Pennsylvania Public Utility Commission on Thursday voted to investigate Peco's $190 million electric rate filing, a routine action that guarantees the proposal will be assigned to an administrative law judge for hearings and undergo scrutiny for up to seven months. In a joint statement, Chairman Robert F. Powelson and Commissioner Gladys M. Brown raised specific questions about Peco's proposal to replace the Auxiliary Service Rider in its existing rates with a new Capacity Reservation Rider.
BUSINESS
April 19, 2015 | By Jonathan Tamari, Inquirer Washington Bureau
WASHINGTON - Comcast critics cautiously cheered Friday after a report that federal antitrust lawyers may soon recommend blocking the Philadelphia company's proposed merger with Time Warner Cable. Justice Department staffers are nearing a recommendation to oppose the $45 billion deal that would combine the nation's largest and second-largest cable and Internet companies, Bloomberg News reported, citing unnamed sources familiar with the antitrust review. But a Comcast spokeswoman said "there is no basis for a lawsuit to block the transaction," which the company says will not reduce competition.
BUSINESS
April 5, 2015 | By Mason Levinson, Bloomberg News
The rapid evolution of fantasy sports from casual season-long recreation to high-stakes daily Internet games has given U.S. professional sports another source of revenue as well as a headache in determining player-participation policies. Over the last year, all four major sports leagues signed sponsorship deals with daily fantasy websites through players, teams, or the league itself. They are now promoting a business that, while legal in most of the United States, resembles sports gambling because participants profit by correctly predicting success.
BUSINESS
March 28, 2015 | By Jeff Gelles, Inquirer Staff Writer
Stepping gingerly into one of the finance industry's longest-running controversies, the Consumer Financial Protection Bureau said Thursday that it has begun shaping rules to govern payday loans and other small, short-term credit offered at triple-digit interest rates - products that consumer advocates have for years labeled debt traps. The agency's announcement - quickly embraced by President Obama, blasted by lenders' lobbyists, and hesitantly welcomed by advocacy groups - was long foreseen.
NEWS
March 25, 2015 | By Marie McCullough, Inquirer Staff Writer
In the eight months since Pennsylvania's indoor tanning law took effect, the state health department has sent letters informing nearly 2,800 facilities that they must register, pay annual fees, and comply with new rules designed to protect consumers, especially teens. So far, only 133 facilities, less than 5 percent, have signed up. That may not be surprising, since the state won't start annual inspections and enforcement until next year. But two medical groups that lobbied for the law are calling attention to the apparent recalcitrance.
BUSINESS
March 14, 2015 | By Harold Brubaker, Inquirer Staff Writer
It's been nearly two years since a group of Philadelphia-area investors led by insurance executive Manuel Stamatakis and Penn National Gaming Inc. applied for a slots license at a harness-racing track in western Pennsylvania. Yet Pennsylvania Gaming Control Board officials are still waiting for information needed to complete their investigation of Endeka Entertainment L.P., Gaming Board chairman William H. Ryan Jr. said Thursday at a budget hearing in Harrisburg. "I will also tell you that the board is hopeful that we can make a decision by the end of this calendar year," Ryan said in response to a question from Michael H. O'Brien (D., Phila.)
BUSINESS
March 9, 2015 | By Jeff Gelles, Inquirer Columnist
Wayne attorney Edmond Tiryak doesn't much dwell on telecommunications law, though he thinks the FCC did right last month when it backed net neutrality. That's the rule that says network owners like Comcast and Verizon can't block or discriminate when handling Internet traffic - say, to offer other businesses access to higher-priced "fast lanes. " As Tiryak sees it, data "should be like water - you can't get purer water if you pay more. " But Tiryak has his own telecom story to tell - and his analogy suggests an intriguing question.
NEWS
February 28, 2015 | By Bob Fernandez, Inquirer Staff Writer
The Federal Communications Commission on Thursday approved regulating the Internet as a utility in a 3-2 partisan vote, handing a big victory to Net neutrality proponents who lobbied for a decade for tough rules to protect consumers. The FCC's action forbids telecom companies from blocking websites, and slowing or speeding up some Internet traffic. This means that all Internet streams should be treated the same, or neutrally, without preferences. The FCC also voted to make it easier for municipally run Internet providers to expand and compete with Comcast and other private telecom companies, a move lauded by activist groups.
BUSINESS
February 8, 2015 | By Bob Fernandez, Inquirer Staff Writer
After months of delays, New York utility commissioners have yet to vote on Comcast Corp.'s proposed $45 billion deal for Time Warner Cable Inc. The state's Public Service Commission now says it could vote at its Feb. 26 meeting. One opponent of the deal said he thought the New York action might be perpetually postponed while the Federal Communications Commission and the Justice Department review the proposed transaction. This would allow the independent state agency to base its action on what the federal agencies do. Comcast announced the proposed megamerger last February.
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