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SWS Group, Inc. Message Board

catalprod 5 posts  |  Last Activity: Jan 28, 2015 11:16 AM Member since: Jun 20, 1999
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  • Reply to

    FDIC FHLB noose tightening 8k today

    by catalprod Jan 28, 2015 10:17 AM
    catalprod catalprod Jan 28, 2015 11:16 AM Flag

    last I saw there were over $1 billion in FHLB advances to Doral

  • The FHLB also notified the Bank that as a safe and sound practice and in order to comply with the FHLB’s regulatory guidelines, the FHLB could not extend credit to a capital-deficient member that has positive tangible capital if it receives written notice from the appropriate federal banking agency (in the case of the Bank, the Federal Deposit Insurance Corporation (the “FDIC”)) that the member’s use of the FHLB’s advances is prohibited. To the Company’s knowledge the FDIC has not provided any such notice to the FHLB. The FHLB periodically checks the Bank’s status with the FDIC with its next scheduled check to occur on or about February 22, 2015. After February 22, 2015, the Company understands that the FHLB anticipates that it will thereafter seek guidance from the FDIC for each overnight advance requested by the Bank before making such advance. The Bank is currently assessing the materiality and magnitude of the impact of these changes in its liquidity forecasts.
    Prompt Corrective Action Directive
    On January 26, 2015, the Board of Directors (the “Board”) of the Bank received a letter dated January 26, 2015 from the FDIC notifying the Board that on January 26, 2015 the FDIC, acting under its discretionary authority, had issued against the Bank a Prompt Corrective Action Directive (the “Directive”). The Directive became effective immediately upon its receipt by the Bank.
    The Directive directs the Bank to promptly (i) increase the amount of its Tier 1 capital to a level sufficient to restore the Bank to the capital category of “adequately capitalized” under Section 38(b)(1)(B) of the Federal Deposit Insurance Act; and/or (ii) accept an offer to combine with another insured depositary institution.

    Sentiment: Strong Sell

  • The new type of debt would build upon the $10 billion private-activity bond market by including funding for airports, ports, mass transit, water and sewer initiatives.

    Obama Proposes New Muni Bonds for Public-Private Infrastructure

    By Brian Chappatta - Jan 16, 2015

    President Barack Obama is proposing a new class of municipal bonds to spur public-private partnerships in U.S. infrastructure projects.

    The program, called Qualified Public Infrastructure Bonds, wouldn’t expire, and there’d be no cap on issuance, the administration said in a statement Friday. The debt also wouldn’t be subject to the Alternative Minimum Tax, which limits the tax benefits and exemptions that high-earning individuals can claim to reduce their levies.

    “QPIBs will extend the benefits of municipal bonds to public private partnerships, like partnerships that involve long-term leasing and management contracts, lowering the cost of borrowing and attracting new capital,” the administration said in the statement. The bonds will serve “as a permanent lower cost financing tool to increase private participation in building our nation’s public infrastructure.”
    The proposal for a new type of security in the $3.6 trillion municipal market is part of a broader White House plan calling for more investment in roads, bridges and other infrastructure in advance of the administration’s budget proposal that will be released Feb. 2.

    The market contracted in 2014 for an unprecedented fourth straight year as local officials refrained from borrowing even as tax-exempt interest rates were close to generational lows. The last time the market expanded was in 2010, the final year of the federal Build America Bonds program. That program provided municipalities a subsidy on interest costs for issuing taxable debt to finance infrastructure work.
    Building Block

    The new type of debt would build upon the $10 billion private-activity bond market by including funding for airports, ports, mass transit, water and sewer initiatives. The bonds couldn’t be used to privatize public systems or finance privately owned facilities.
    America’s federal, state and local governments need to spend $3.6 trillion through 2020 to put the nation’s critical systems in adequate shape, according to a 2013 report from the American Society of Civil Engineers. Without higher spending, the group projects the costs of travel delays, power and water outages will reach $1.8 trillion by 2020.

    Sentiment: Strong Buy

  • The U.S. Army Corps of Engineers, Philadelphia District, has just awarded a $128.17 million contract to Great Lakes Dredge and Dock, Co., LLC, Oak Brook, Illinois for the Long Beach Island shore protection project.

    GLDD won the contract, with options, for beachfill and completion of initial construction, from Barnegat Inlet to Little Egg Inlet, Long Beach Island, New Jersey, with an estimated completion date of August 11, 2017, according to the defense.gov

    Long Beach Island is an 18-mile barrier island in southern Ocean County, New Jersey. This area regularly suffers damages from coastal storms, hurricanes and northeasters. The shore protection project is designed to reduce erosion and property damages associated with these events.

    A Feasibility Report Completed in September of 1999 recommended a 22 foot high dune with a 125 foot long berm at an elevation of 8 feet above the water line to protect the island from wave and storm damage.

    Approximately 11,000,000 cubic yards of sand was planed for the initial construction. A periodic nourishment cycle will contribute an additional 2,000,000 cubic yards every 7 years.

    Dredging Today Staff

    Sentiment: Strong Buy

  • SEC website posting-
    Statement on Court’s Final Judgment in Case Against Life Partners Holdings, Brian Pardo, and R. Scott Peden
    Andrew Ceresney
    Director, Division of Enforcement
    Dec. 2, 2014

    We are pleased that the court today ordered Life Partners, Pardo, and Peden to pay over $46.8 million. In ordering this significant monetary relief, the Court recognized the egregious nature of their misconduct, noting that the Defendants engaged in ‘serious violations’ of the securities laws, that they ‘deprived the investing public of the information it needed to make a fully informed decision about whether to invest in Life Partners.’

    Sentiment: Strong Sell

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