from the Securities and Exchange Commission
The Securities and Exchange Commission today announced charges against a Houston-based oil-and-gas exploration and production company and its CEO for making fraudulent claims about the company’s oil reserves. An SEC enforcement investigation found that Houston American Energy Corp. and John F. Terwilliger fraudulently claimed that a Colombian exploration concession in which Houston American only owned a fractional interest held between 1 billion and 4 billion barrels of oil reserves, and that the reserves were worth more than $100 per share to Houston American’s investors.
from the Federal Reserve
The July 2014 Senior Loan Officer Opinion Survey on Bank Lending Practices addressed changes in the standards and terms on, and demand for, bank loans to businesses and households over the past three months. This summary is based on the responses from 75 domestic banks and 23 U.S. branches and agencies of foreign banks. The July survey results showed a continued easing of lending standards and terms for many types of loan categories amid a broad-based pickup in loan demand. Domestic banks generally continued to ease their lending standards and various terms for commercial and industrial (C&I) loans.. In contrast, foreign banks reported little change in standards and in most of the surveyed terms for C&I loans on net.
from National Association of Home Builders (NAHB)
Each $1,000 increase in the cost of a new median-priced home price forces 206,000 prospective buyers out of the marketplace. The number of households affected varies across states and metro areas and largely depends on their population, income distribution and new home prices.
by Tobias Adrian, Daniel Covitz, and Nellie Liang - Liberty Street Economics, Federal Reserve Bank of New York
In a recently released New York Fed staff report, we present a forward-looking monitoring program to identify and track time-varying sources of systemic risk. Our program distinguishes between shocks, which are difficult to prevent, and the vulnerabilities that amplify shocks, which can be addressed. Drawing on a substantial body of research, we identify leverage, maturity transformation, interconnectedness, complexity, and the pricing of risk as the primary vulnerabilities in the financial system. The monitoring program tracks these vulnerabilities in four sectors of the economy: asset markets, the banking sector, shadow banking, and the nonfinancial sector. The framework also highlights the policy trade-off between reducing systemic risk and raising the cost of financial intermediation by taking pre-emptive actions to reduce vulnerabilities.
SPRING HIRING SURGE MAY HAVE STUNTED SUMMER JOB PROSPECTS FOR 16- TO 19-YEAR-OLDS
from Challenger Gray and Christmas
More teenagers found jobs in July compared to a year ago, but it was not enough to lift the overall summer hiring total above last year’s levels. Employment among the nation’s 16- to 19-year-olds increased by 419,000 in July, a 16 percent improvement from the 361,000 teens hired in July 2013.