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Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum
GLD 389.75+0.5%4:00 PM EST
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To: Maurice Winn who wrote (25843)11/29/2007 10:54:09 PM
From: elmatador   of 218131
 
"Is the whole housing panic just a fizzer?"
SEC analyzing recent U.S. banks' financial disclosures

By Kenneth Maxwell
Last update: 11:02 p.m. EST Nov. 6, 2007Print E-mail RSS Disable Live Quotes

TOKYO (MarketWatch) -- U.S. Securities and Exchange Commission Chairman Christopher Cox said Wednesday that the SEC is analyzing recent financial disclosure at U.S. banks.
Cox told reporters at a news conference here that the SEC "is concerned with disclosure" by U.S. banks in light of recent concerns over exactly how much they are exposed to subprime mortgage lending.
He added that the SEC's analysis of the situation is ongoing and involves various agencies.
"We're still at the analysis stage, but obviously our enforcement department never rests," he said.
The official's comments come a few days after Citigroup Inc., the biggest U.S. bank by assets under management, said that it will write off between $8 billion and $11 billion to reflect the declining value of subprime-mortgage-related securities since Sept. 30.
Sunday Citigroup said that exposure to subprime mortgages in its capital markets and investment banking unit totals $55 billion - more than four times the $13 billion it indicated on a conference call with analysts three weeks previously.

marketwatch.com
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