Regions Bank executives could come under fire if an investigation by the bank’s own board finds that they shielded bad loans from investors and the public for too long amid the financial crisis.
Citing a report from The Wall Street Journal, financial blog The Street says the execs came under scrutiny after the Federal Reserve raised concerns about the bank practices and people within the company. The Regions Financial audit committee is trying to find out whether top dogs at Regions delayed the relabeling of loans that were likely not going to be repaid:
Investigators are looking at so-called extend-and-pretend cases, in which a bank gives a borrower more time and delays reclassifying a souring loan, the Journal explained, as well as at “troubled-debt restructurings,” where a bank breaks up a nonperforming loan and labels a portion of it as performing, the newspaper said.
According to the Baton Rouge Business Report’s daily web headlines, bad loans force banks to move more money to cash reserves, thus lowering their profit margins.
Regions, the 12th largest bank in the country and the only one of its size still receiving government assistance stemming from the recession, may also be on the verge of a $200 million settlement with the SEC to answer to civil charges of “defrauding investors in subprime securities,” The Street reports.
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OCT 1 Bobby Jindal is sure doing his best to court the far right; this post on TIME magazine says he'll be over in Oklahoma today to stand beside the billionaires who own Hobby Lobby while they announce a Bible "museum." In Washington D.C. (Wonder if there will be an exhibit on Matthew 19:24?)
OCT 1 Blogger Ian McGibboney is taking a look at the penalty call that is causing a stir. During a Monday NFL game, a player for the Chiefs executed a Muslim prayer gesture following a touchdown. The NFL has announced that the call was wrong, but Ian's not so sure.
OCT 1 Looks like hoards of whining college students and (extremely unflattering) satire can make a difference: The Advocate reports here that lease talks have reopened for Highland Coffees, a coffee shop near the north gates of LSU. Earlier this week, dismay was unleashed when the paper reported that the shop would be closing because its landlord had other plans for the space.
OCT 1 Blogger Mike Deshotels is outlining the flaws he sees in the so-called "Value Added Model" of teacher evaluation. It basically seeks to pay teachers according to how their students do on tests. (Sure hope they don't start using that model for doctors!) He's got a lot of information here, not just about the plan but about the people involved - and their history.
OCT 1 Columnist Jim Beam breaks down the difference between ISIS and ISIL, along with origins of each group and what has been reported about them over the years. It's a good clear primer if you're one of those continually confused by the names being thrown around.
OCT 1 Blogger Tom Aswell brings us up to date on the latest mess surrounding the Office of Group Benefits, which handles health insurance for state employees. It ain't pretty, and it has left Tom pleading for anyone who might be remotely competent in the Division of Administration to get in touch with him.
OCT 1 Look out! Some enterprising individual, who knows how to register a domain, has pulled off a stunning bit of hilarity here. Not long ago, blogger Lamar White Jr. gave us a post on Louisiana Family Forum, and how it is not a charity but is instead a tax shelter for a lobby. If you go to the interwebs and type in "louisianafamilyforum.com" you will find Lamar's story. Heh.
SEP 30 Here's another story that makes Louisiana look backward; blogger Manny Schewitz writes about a church that won't allow AA to use its facilities because those boozers might track in some gay. Every time he sees one of these, as he calls them "Whiskey Tango Foxtrot" type of stories, he always starts wishing: "Please don't let it be Louisiana... Please don't let it be Louisiana..."
SEP 30 This post on PoliticusUSA, an extremely liberal blog, takes aim at Bobby Jindal's disingenuous attempts to play both sides against the middle on the evolution/creationism issue. Jindal is "dutifully serving his Koch masters" on the climate change issue as well, blogger Rmuse writes.
SEP 30 Ever wonder what goes on in a football locker room following a game like Sunday's embarrassment? Here's a post on ESPN about the "reality check" the Saints had. Among the comments: "Right now we're not a very good football team."
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