The Sunshine Report

Veritas Financial Partners
Information about finance, the economy and business. Entertaining and informative. Seeking Alpha Certified Mark Sunshine Chairman & CEO

  1. SEC Is Bothering With 2007 Citigroup Disclosure" rel="bookmark">Why The SEC Is Bothering With 2007 Citigroup Disclosure

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    Last week while appear­ing on FOX Busi­ness Net­work I was repeat­edly asked why the SEC was both­er­ing with a civil enforce­ment action against Cit­i­group for alleged bad 2007 mort­gage port­fo­lio dis­clo­sure. My FOX Busi­ness friends thought that the SEC’s action was dumb because the U.S. Gov­ern­ment is the largest stake­holder in Cit­i­group and effec­tively con­trols […] [read full story]

    Posted in: economy, Finance, FOX BUSINESS NETWORK, Politics, REGULATION, SEC

  2. Securitization Accounting Rules Are Changing

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    Accoun­tants are chang­ing the rules gov­ern­ing most of the shadow bank­ing sys­tem and almost no one is notic­ing. About 10 days ago the Finan­cial Account­ing Stan­dards Board con­firmed that by year end “secu­ri­ti­za­tion account­ing” will be dif­fer­ent and the changes are likely to have a big­ger effect on finan­cial insti­tu­tions than mark to mar­ket account­ing. […] [read full story]

    Posted in: Accounting, economy, FAS 140, FIN 46, Finance, Public Policy, Securitization

  3. SEC Declares War On Capital Market’s Criminals" rel="bookmark">The SEC Declares War On Capital Market’s Criminals

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    It didn’t take long for the “new SEC” to begin enforc­ing the law and declar­ing war on white col­lar crim­i­nals that have preyed on the cap­i­tal mar­kets. A cou­ple of weeks ago the SEC filed an insider trad­ing civil suit against two for­mer traders in con­nec­tion with trad­ing in credit default swaps using insider infor­ma­tion […] [read full story]

    Posted in: Cox, Credit Default Swaps, economy, Finance, Mary Schapiro, Public Policy, REGULATION, Regulatory Reform, SEC

  6. Banking’s Dirty Little Compensation Secret

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    Banking’s dirty lit­tle com­pen­sa­tion secret is that most of the fury over bank exec­u­tive pay lim­its is fake. Since the for­ma­tion of the FDIC dur­ing the Great Depres­sion Fed­eral reg­u­la­tors have had the legal author­ity to limit bank pay and have reg­u­larly used that author­ity. But vocal Admin­is­tra­tion crit­ics seem to be inten­tion­ally mis­lead­ing the […] [read full story]

    Posted in: Bank Compensation, BANKS, economy, Finance, Obama, Politics, Public Policy, REGULATION

  7. Obama’s Stress Tests Are Designed To Help Banks Raise Capital

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    Most crit­ics of the Stress Test have missed the point of the tests and under­es­ti­mate the Obama Administration’s clev­er­ness in help­ing banks raise cap­i­tal. The Stress Tests weren’t about reg­u­la­tory super­vi­sion and cer­tainly weren’t an excuse for the Obama Admin­is­tra­tion to nation­al­ize the banks. The tests were designed to pro­vide stan­dard­ized bench­marks, assump­tions and pro­jec­tions […] [read full story]

    Posted in: BANKS, Confidence, Credit Crisis, economy, Finance, Obama, Politics, Public Policy, REGULATION

  8. TALF Isn’t Working And Needs To Be Fixed" rel="bookmark">TALF Isn’t Working And Needs To Be Fixed

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    TALF isn’t work­ing and needs to be fixed. It was sup­posed to repair the secu­ri­ti­za­tion and struc­tured finance bond mar­ket with $1 tril­lion of U.S. gov­ern­ment fund­ing, but instead TALF has been a non-event and an irrel­e­vant pro­gram. Appli­cants to the TALF pro­gram are hard to find and the secu­ri­ti­za­tion and struc­tured finance mar­ket remains […] [read full story]

    Posted in: BANKS, Credit Crisis, economy, Finance, Politics, Public Policy, Securitization, TALF

  9. Mark to Market Accounting Is Still Out Of Control And Is Spreading To Main Street

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    The account­ing pro­fes­sion still hasn’t got­ten mark to mar­ket account­ing right. The rules and their appli­ca­tion remain a seri­ous dan­ger to the econ­omy and gov­ern­ment inter­ven­tion is needed to save Main Street from being the next vic­tim of fair value account­ing. On April 9, 2009 the most recent changes to mark to mar­ket account­ing were […] [read full story]

    Posted in: CITIGROUP, Economic Statistics, economy, FAS 141R, FAS 157, FAS 159, FASB, Finance, Mark to market accounting, Morgan Stanley, Politics, Public Policy

  10. Why First Capital Supports The 9/11 HelpAmerica Foundation

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    I want to tell let every­one know why First Cap­i­tal con­tin­ues to sup­port the 911 Hel­pAmer­ica Foun­da­tion.  We sup­port the Foun­da­tion because it sup­ports Amer­i­cans sol­diers who sac­ri­ficed them­selves for their coun­try and, as a result, need our help. No mat­ter how hard the U.S. Gov­ern­ment tries to help all of the wounded vet­er­ans and […] [read full story]

    Posted in: 9-11 HelpAmerica Foundation
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