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Holding Companies

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BUSINESS
June 11, 1988 | Associated Press
Takeover strategist Carl C. Icahn said Friday that he was forming a holding company to act as his sole vehicle for acquisitions, including a possible hostile takeover bid for Texaco Inc. Icahn, Texaco's biggest shareholder, said the holding company intended to raise up to $3.25 billion through an offering of $500 million to $750 million in common stock and about $2.5 billion in debt securities. The Icahn group of companies also will contribute equity to the holding company, including its 36.
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BUSINESS
July 9, 2013 | By Jim Puzzanghera
WASHINGTON - The nation's eight largest banks would have to meet tougher financial ratios than required under international standards as part of proposed rules designed to protect taxpayers from another financial crisis. Under the plan, Bank of America Corp., JPMorgan Chase & Co., Citigroup Inc., Wells Fargo & Co. and four other U.S. bank holding companies designated as "systemically important financial institutions" would each have to hold capital equal to at least 5% of total assets.
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BUSINESS
May 28, 1985 | GREG JOHNSON, Times Staff Writer
Based on the track records of two California public utilities that created holding companies and subsequently branched out into non-regulated businesses, San Diego Gas & Electric Co., which last week announced a plan to create a holding company, will remain heavily anchored in energy-related endeavors.
BUSINESS
September 20, 2010 | By Karen E. Klein
Dear Karen : My home-based business sells $25,000 annually. My clients want credit card payment options, but is that financially viable? Answer: Here's the real question: Can you afford to lose current and prospective clients because you don't accept credit cards? Fees, which will probably run 2% to 4% per transaction, can be built into your pricing structure, says Paul Nisenbaum, a credit card consultant with PaymentMaven.com. "Setting up your business to receive online credit card transactions will involve some initial paperwork, but once your system is in place, it is not complicated for you or your clients," Nisenbaum said.
BUSINESS
June 6, 1991 | From Times Staff and Wire Reports
House Banking Committee members are considering a plan to reorganize the banking regulatory bureaucracy that would increase the influence of the Treasury Department and the Federal Deposit Insurance Corp. at the expense of the Federal Reserve Board. It calls for a new Treasury Department agency to regulate nationally chartered banks and S&Ls and their holding companies. All state banks and S&Ls and their holding companies would be regulated by the FDIC.
BUSINESS
November 26, 1998
U.S. Bancorp, one of the nation's largest bank holding companies, has completed its purchase of a 16% stake in New Century Financial Corp., an Irvine-based provider of sub-prime mortgage loans to borrowers with less than stellar credit, the companies said Wednesday. Minneapolis-based U.S. Bancorp acquired $20 million of New Century's preferred stock, which is convertible into common stock. New Century shares closed Wednesday at $9.63, up 25 cents, on the Nasdaq market.
BUSINESS
December 8, 1998 | From Associated Press
Saturn, the small-car unit of General Motors Corp., plans to create a holding company that would allow it to retain control of some of its dealerships and avoid legal problems in states where auto makers are barred from owning their own stores. Saturn confirmed the plans Monday but declined to give details, pending meetings this week with its franchised dealers.
BUSINESS
May 24, 2001
Amplicon Inc., a Santa Ana computer equipment leasing company, said it has reorganized itself into a bank holding company called California First National Bancorp. CalFirst, in turn, now owns the Amplicon business as well as California First National Bank, which it acquired. It invested $20 million in the bank so it could begin operations.
BUSINESS
October 31, 1997
Bank of Yorba Linda shareholders have approved plans to form a holding company, BYL Bancorp, the bank said Thursday. The bank will become a unit of the holding company once the move is completed next month. Bank of Yorba Linda said its shares will become BYL Bancorp shares and continue trading on Nasdaq under the symbol BOYL.
BUSINESS
April 17, 1987 | DONALD WOUTAT, Times Staff Writer
Southern California Edison, coming off its best financial year, stepped up diversification efforts Thursday by announcing plans to create a holding company to increase its reliance on businesses other than making and selling electricity to the public. Rosemead-based Edison also announced a dip in profit for the first quarter, the result of a $66-million writeoff on two nuclear plants that wasn't quite offset by an accounting change shifting certain revenue from one quarter to another.
BUSINESS
January 21, 2010 | By Jim Puzzanghera
Taking aim at what he called Wall Street's "huge, reckless risks in pursuit of quick profits and massive bonuses," President Obama today proposed the toughest new restrictions yet on the nation's largest banks in the aftermath of the financial crisis. Obama's plan seeks to reconstruct a barrier similar to that erected during the Great Depression, but repealed in 1999, to limit the risks that banks could take with depositors' money. The proposal also would restrict the future growth of large banks so none could have too large a share of the U.S. financial system.
CALIFORNIA | LOCAL
December 24, 2009 | Valerie J. Nelson
James Gurley, a virtuoso guitarist with Big Brother & the Holding Company, the psychedelic rock band that launched Janis Joplin to stardom, died Sunday, two days before his 70th birthday. Gurley was pronounced dead at a Palm Springs hospital after suffering a heart attack at his Palm Desert home, according to the band. "James was the spirit and the essence of the band in its early days," Sam Andrew, a Big Brother singer-guitarist, wrote on the band's website . "James was the most unusual person I ever met, a pioneer, a real original.
BUSINESS
October 28, 2009 | Jim Puzzanghera
The cost of future government rescues of huge financial institutions would be paid by their surviving rivals while the troubled firms' management would be fired, their unsecured creditors would face losses and their shareholders could be wiped out, according to a proposal released Tuesday by the Obama administration and a key House panel chairman. The legislation tries to address the issue of large bank holding companies and other complex financial firms, such as American International Group Inc., that have been deemed "too big to fail" because of the damaging effect that a bankruptcy filing by one of them could have on the overall economy.
NATIONAL
March 10, 2009 | DeeDee Correll, Correll writes for The Times.
Like a lot of other boys from his high school, John Vincent went to work in Wyoming's oil fields the day after graduation, hauling mud, unloading pipe and erecting rigs. One winter night, the older roughnecks sent him out into the cold to clean up after a drilling fluid accident. "I was flopping around in the wind and mud, and that's when I thought maybe my mother was right and school wasn't such a bad idea," he said. Vincent went on to college and eventually law school.
BUSINESS
December 25, 2008 | associated press
General Motors Corp.'s chances of survival improved Wednesday after its financing arm became eligible to tap federal bailout funds. The Federal Reserve approved GMAC Financial Services' request to become a bank holding company, allowing it to apply for a portion of the $700-billion bailout fund and get emergency loans directly from the Fed.
BUSINESS
October 30, 2008 | Ken Bensinger and Kendra Marr, Bensinger is a Times staff writer. Marr writes for the Washington Post.
GMAC, the financing arm of General Motors Corp., is taking steps to become a bank holding company, potentially giving it greater access to the government's $700-billion financial bailout package, according to sources familiar with the matter. The lender, 49% owned by GM, is currently regulated as an industrial bank by the Federal Deposit Insurance Corp.
CALIFORNIA | LOCAL
August 22, 2000
Countrywide Credit Industries Inc. and Countrywide Financial Holding Co. of Calabasas, in conjunction with Effinity Financial Corp., have applied to the Federal Reserve Board to become bank holding companies with financial holding company status. The application is being submitted in conjunction with EFC's efforts to acquire Treasury Bank, a Washington, D.C.-chartered commercial bank. Countrywide recently purchased a majority interest in EFC to expand Countrywide's banking services.
BUSINESS
July 13, 1988 | GREG JOHNSON, Times Staff Writer
Home Federal Savings & Loan hopes to form a holding company that would house its existing S&L as well as "permit expansion into a broader range of financial services and other business activities," according to proxy materials released Tuesday.
BUSINESS
October 14, 2008 | Meg James, Times Staff Writer
Billionaire Sumner Redstone's National Amusements Inc. said Monday that it had sold $233 million worth of stock in Viacom Inc. and CBS Corp. to raise cash to comply with debt covenants -- $167 million less than the company said three days earlier that it would need.
BUSINESS
March 20, 2007 | Joseph Menn, Times Staff Writer
Three-dimensional movies have another believer: Roy E. Disney's Shamrock Holdings Inc. Shamrock's Capital Growth Fund is expected to announce this week that it is putting $50 million into Real D, which has equipped more than 700 movie screens with 3-D systems. The investment will give Shamrock and its partners a minority stake in the Beverly Hills company. Real D's overall value is believed to be more than $200 million. Neither company would confirm the figure.
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