The US government must toughen the monitoring of its $700bn (£468bn)
financial bail-out to ensure banking institutions limit their top executives’
pay and comply with other restrictions, federal auditors said yesterday in the
first comprehensive review of the US government’s $US700bn rescue package.
In an discouraging report, the
Office (GAO) criticised the Treasury Department for not having any mechanism
to track how institutions were using $US150bn of taxpayer money injected into
the banking system last month,
The 72-page report was strong enough to fuel congressional concern that banks
and other institutions were not being properly monitored and failed to use the
money to increase lending.
In a response to the GAO review, Neel Kashkari, head of the Treasury
Department’s Office of Financial Stability, said the agency was developing its
own compliance program and was in disagreement with the need to work with
The Financial Reporting Council has issued guidance regarding the annual reporting of 1,200 large and smaller listed companies. The letter highlighted the key issues and improvements that can be made in the 2016 reporting season
Baldwins Accountancy Group has continued investment in the north-east and appointed David Fish as a director in its corporate finance team
UK M&A activity bounced back strongly in July and August, according to analysis by the deals practice at PwC.
Smith & Williamson has added Jim Clark and Philip Marsden, of Marsden Clark Corporate Finance Limited, to its corporate finance team.