| Will Subprime Crisis Be Impetus for Bankruptcy Reform by Congress?
There is always some appetite in Congress for changes to the U.S. Bankruptcy Code, say those who watch that area closely, but will the subprime mortgage crisis entice enough lawmakers to the table for action this year? In the past few months, the Democratic-controlled Congress has held hearings involving the bankruptcy system on four different fronts, and some of the titles of the hearings leave little doubt about the majority party's concerns. A hearing on the second anniversary of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA) was entitled, "Are consumers really being protected?" And a hearing on the operation of the U.S. Trustee Program was called, "Watchdog or Attack Dog?" Also, there have been two hearings on the mortgage mess and bankruptcy-related solutions, and one on medical debt and bankruptcy.
Constellation Brands to buy rival's U.S. wine business for $885M
Constellation Brands Inc. is staking a bigger claim in the more profitable end of the U.S. wine market with a deal to add Clos du Bois to its collection of $8 to $11 wines led by Robert Mondavi Private Selection. The world's biggest winemaker said Monday it is paying $885 million for the U.S. wine business of Fortune Brands Inc. In addition to top-seller Clos du Bois, the buyout would give Constellation the Wild Horse and Geyser Peak brands, five California wineries and more than 1,500 acres of vineyards in the Napa, Sonoma and Los Carneros grape-growing regions. Even with its latest acquisition, Constellation will control less than 5 percent of the highly fragmented global wine market. But its share of the American market will expand 1 percent to around 20 percent.
HSBC U.S. bad debt charge jumps
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Not on the ballot again
HANOVER -- Although candidates and issues are the main focus just before election time, here in Licking County school operating levies on the ballot have become the norm. I am constantly amazed at the number of school districts, every election, that have to put operating levies on the ballot in order to stay in the black. A number of them have an issue on the ballot almost every year. It is during this time everyone in the Licking Valley Local School District should give thanks. .
BMO takes $320M in debt-market writedowns, $185M MasterCard loyalty hit
TORONTO - The Bank of Montreal (TSX:BMO) said Friday it is booking $320 million in writedowns arising from disorder in world credit markets, joining the list of big banks hurt by the collapse of the U.S. subprime mortgage market. BMO said those charges, to be booked in the fourth quarter ended Oct. 31, are expected to amount to $210 million after tax. The "valuation adjustments" at BMO Capital Markets include $170 million on trading and structured credit-related positions and preferred shares, $135 million on Canadian asset-backed commercial paper and $15 million on Links Finance Corp. and Parkland Finance Corp. structured investment vehicles. The SIV writedown represents 21 per cent of BMO's $70-million investment in Links and Parkland.
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