BRIEF-Charlesbank Capital Partners sells Peacock Foods to Greencore
* Charlesbank Capital Partners sells Peacock Foods to Greencore
Bowsher says unease with mortgage values led to departure-WSJ
CHICAGO, April 4 Charles Bowsher, who resigned last month as chairman of the Federal Home Loan Bank system's Office of Finance, did so because he was uncomfortable with the way banks are valuing their mortgage securities, according to the Wall Street Journal.
In an interview with the Journal, Bowsher said, "I decided I didn't have confidence in the financial statements," confirming remarks he made previously to Bloomberg News, the paper said.
Bowsher, a former partner at the accounting firm of Arthur Andersen, said he felt financial companies, and not just home-loan banks, have too much discretion in valuing assets like securities tied to mortgage.
"They put a lot of assumptions in there," Bowsher told the paper.
Responding to Bowsher's comments, the Federal Housing Finance Agency, which regulates the home-loan banks, told the Journal: "As Mr. Bowsher recognized, the difficulties in establishing valuation in inactive and distressed markets are significant. We are sorry he chose to resign. We will be seeking a replacement who is prepared to work with the 12 banks and FHFA to promote greater rigor and consistency in the valuation process and impairment determinations."
(Reporting by James Kelleher)
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Icahn sweetens offer for Federal-Mogul for third time
Jan 3 Billionaire Carl Icahn's investment firm, Icahn Enterprises LP, sweetened its offer for a third time to buy shares of Federal-Mogul Holdings Corp it does not already own.
BRIEF-Icahn Enterprises announces increase in tender offer price for Federal-Mogul Holdings
* Icahn Enterprises L.P. announces increase in tender offer price to $10.00 per share in cash and extension of tender offer for all outstanding shares of common stock of Federal-Mogul Holdings Corporation; represents best and final price