Bankruptcy Blogs

Citi Fooled by Old Tricks in Hack Attack

06/14/11

Citigroup has so far come off looking good in how it has fought off its website breach - 99% of its cardholders were unaffected, and a recent New York Times story portrayed Citi as the victim of "a team of sophisticated thieves" - but the approach of Citi's foes wasn't all that sophisticated.

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Stress Tests for Community Banks Would Be Mission Creep

06/14/11

Internal stress-testing is a good practice, but regulatory use of hypothetical results to determine supervisory ratings or required capital levels would be destructive.

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Bankruptcy Court Declares DOMA Unconstitutional

06/14/11

A California bankruptcy court Monday ruled that the Defense of Marriage Act violates the equal-protection guarantee of the U.S. Constitution.

In a decision Monday signed in Los Angeles by 20 judges of the U.S. Bankruptcy Court for the Central District of California, the court found that “there is no valid governmental basis for DOMA.” Read the full decision here.

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OLA and Too Big to Fail

06/14/11

I'm off to D.C. this morning to talk with the House Financial Services Subcommittee on Financial Institutions regarding my thoughts on Dodd-Frank’s Orderly Liquidation Authority. My written testimony is here.

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CDCB Rules that DOMA Is Not "Cause" for Dismissal of Married Gay Couple's Joint Petition

06/13/11

In a landmark decision, written by Judge Thomas Donovan and signed by 19 other members of the court, the Central District of California Bankruptcy Court has ruled that same-sex partners who are legally married in California may file a joint...

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Fed bankruptcy court may lose Will County courtroom space

06/13/11

"JOLIET — A federal bankruptcy judge soon could be looking for new chambers as Will County eyes his courtroom. The space where the U.S. Bankruptcy Court holds its calls in Joliet is actually owned by Will County. It’s found on...

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Perkins & Marie Callender's Files for Chapter 11 Protection

06/13/11

"Perkins & Marie Callender's Inc. filed for Chapter 11 bankruptcy protection Monday after securing key creditors' support for a plan to slash the company's $440 million debt load. Early papers filed in the U.S. Bankruptcy Court in Wilmington, Del., put...

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Bankruptcy Filings Dip Substantially in May

06/13/11

Bankruptcy filings in May dropped 12.5% on a year-over-year basis. There were almost 123,000 filings in May, which spread over the month's 21 business days, amounted to a daily filing rate of 5,845. That number also represents a 5.4% drop from April 2011. As always, these numbers come courtesy of Epiq Systems.

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