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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
May 8, 2016 | $util.encode.html($!item.byline), STAFF REPORT
First CornerStone Bank of King of Prussia was closed Friday by the Pennsylvania Department of Banking and Securities. To protect customers, the Federal Deposit Insurance Corp., which was named receiver, has entered into an agreement with First-Citizens Bank & Trust Co., of Raleigh, N.C., to assume all deposits at First CornerStone's six branches in suburban Philadelphia, which will reopen as First-Citizens branches. Customers should continue to use their current branch and can continue to access their money by writing checks or using ATM or debit cards.
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.
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BUSINESS
August 17, 2016 | By Chris Mondics, Staff Writer
Keith Zakarin has a tough argument to make, but that is, after all, what lawyers are paid to do. Zakarin is a partner at Center City's Duane Morris, where he chairs a practice group that represents more than a hundred career schools and colleges and industry groups. The firm is one of a handful nationwide that have made the sector a thriving, profitable practice. Its clients are largely vocational and occupational training programs; they teach a variety of trades and skills from cosmetology to nursing to criminal justice, among many others, with degree programs of up to four years.
BUSINESS
August 14, 2016 | By Jane M. Von Bergen, Staff Writer
Big companies headquartered here? Many people might think the list begins and ends with Comcast Corp., which is now busy broadcasting the Olympics. But in the Philadelphia region, the gold-medal winner, at least by revenue, is a quiet operator in the world of drug distribution. Chief executive Steven Collis, 55, leads AmerisourceBergen Corp. The company, with 18,000 employees worldwide and about 1,000 in the region, ranks 12th on the Fortune 500 list, with $136 billion in annual revenue, compared with Comcast, ranked 37th with $74.5 billion.
REAL_ESTATE
August 8, 2016 | By Alan J. Heavens, REAL ESTATE WRITER
The Consumer Product Safety Commission staff is tackling a very interesting problem. The National Floor Safety Institute has petitioned it to require floor covering manufacturers to label their products to indicate that there is a possibility of slips and falls that could result in injury. "Slips and falls are one of the leading causes of injuries, of which 55 percent are caused by unsafe floors," said the institute president, Russ Kendzior. "However, when it comes to buying a floor, most consumers are in the dark and assume all floors are safe, only to find out that they are not once they are injured," he said.
NEWS
August 4, 2016
By Antony Davies and James R. Harrigan Forty-eight percent of millennials believe the American dream is dead, according to a 2015 Harvard University Institute of Policy study. Their pessimism is understandable, especially if we believe the American dream is that one can achieve success through hard work. In 1995, 62 percent of Americans with high school diplomas had jobs. Today, only 54 percent do. That's 5.7 million jobless high school graduates who, 20 years ago, would have had jobs.
BUSINESS
July 10, 2016 | By Andrew Maykuth, Staff Writer
Two administrative law judges have recommended that the Pennsylvania Public Utility Commission penalize an electric supplier $5 million for charging its variable-rate customers high prices during the 2014 Polar Vortex. The order Thursday by Administrative Law Judges Elizabeth H. Barnes and Joel H. Cheskis against Blue Pilot Energy L.L.C. is the latest punitive action taken against a competitive energy supplier after power markets went haywire during that harsh winter. The judges found that Blue Pilot, based in Las Vegas, failed to provide accurate pricing information, charged prices that did not conform to its disclosure statement, misleadingly and deceptively promised savings, and lacked good faith in its handling of consumer complaints.
NEWS
June 29, 2016 | By Maddie Hanna, TRENTON BUREAU
TRENTON - Lawmakers on Monday passed legislation intended to spur sales of so-called smart guns and prevent Gov. Christie's administration from making it easier to get permits to carry guns. A third gun-related vote - to override the Republican governor's veto of a bill that would require domestic violence offenders and subjects of domestic violence restraining orders to surrender firearms - was postponed until Thursday because a Democratic senator was absent. Monday's gun votes were largely along party lines in the Democratic-controlled Legislature, with both houses approving a measure that would require gun retailers to sell at least one type of smart gun in stores.
BUSINESS
June 11, 2016 | By Andrew Maykuth, Staff Writer
A chastened Pennsylvania Public Utility Commission on Thursday revised its proposed "net-metering" regulations to bring them into alignment with a directive from the Pennsylvania Independent Regulatory Review Commission, which said the PUC had overstepped its bounds. Net-metering is the practice of incentivizing customer generators with the full retail price for any surplus power they generate, rather than the wholesale price given to commercial generators. By a 4-0 vote, the PUC revised the rules that set limits for customers who are paid the retail price of electricity for any surplus power they generate from sources such as solar panels.
BUSINESS
June 11, 2016 | By Andrew Maykuth, Staff Writer
Philadelphia Gas Works will raise rates about 85 cents a month per customer over the next two years for the "limited purpose" of recovering $11.4 million it spent on infrastructure improvements last year. The Pennsylvania Public Utility Commission approved the increase to PGW's distribution system improvement charge on Thursday, allowing the city utility to recoup money it spent on pipeline replacements but was unable to collect through its existing improvement surcharge. "While there is no good time to raise rates, PGW has established that the need to do so for a limited purpose is compelling," Commissioners Gladys M. Brown and Robert F. Powelson said in a joint statement.
BUSINESS
June 9, 2016 | By Harold Brubaker, STAFF WRITER
A New Jersey appeals court backed the decision last year by New Jersey Department of Banking and Insurance to approve Horizon's two-tiered Omnia health plan, which has lower out-of-pocket costs at Tier One hospitals. Ten health systems not included in the lower-cost tier, including Kennedy Health, Our Lady of Lourdes Health Care Services, and Virtua, appealed the insurance department's approval of Ominia. They argued to the Superior Court of New Jersey's appellate division that Omnia did not meet various standards for network adequacy, was not in the public interest, and was approved in a rushed review.
NEWS
May 25, 2016 | By Carley Mossbrook, Staff Writer
By the time they head off for summer vacations, some Pennsylvania parents might have to comply with stricter car-seat rules for their children. A bill on its way to Gov. Wolf would require children to ride in rear-facing car seats until age 2. Those who outgrow the height and weight requirements designated by the car-seat manufacturer would be exempted. Current state laws require drivers to secure children under 4, but do not specify which direction the car seats must face. The bill, which advocates say will help keep children safer in accidents, cruised to approval in the House on Monday.
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