Paulson unveils financial regulatory restructuring plan
U.S. Treasury Secretary Henry Paulson on Monday unveiled his blueprint to overhaul the nation’s financial regulatory structure.
"Few, if any, will defend our current balkanized system as optimal," Paulson said.
The plan would consolidate financial regulation into three agencies and give new powers to the Federal Reserve Bank to investigate all aspects of the financial markets, including hedge funds, if there is a threat to national financial stability. His plan includes the creation of new regulatory agencies to monitor mortgages and other transactions.
Thompson Plumb Funds launches new mid-cap fund
Madison-based Thompson Plumb Funds Inc. recently launched a new no-load fund named The Thompson Plumb MidCap Fund. The fund will focus on domestic equity securities with market capitalizations between $1 billion and $10 billion, and will be headed by John W. Thompson, CFA.
Thompson Plumb Funds operates two other funds: the Thompson Plumb Growth Fund , and Thompson Plumb Bond Fund. John W. Thompson is owner of Thompson Plumb Funds. He also owns Thompson Investment Management Inc., which serves as advisor to the funds.
For information, visit www.thompsonplumb.com.
MGIC raises $848 million in stock sale, debt offering
MGIC Investment Corp. recently sold 42.9 million shares of its common stock, raising about $483 million, and sold $365 million worth of convertible junior subordinated debentures.
Subordinated debentures usually work as debt that is convertible to shares of stock in the future, Michael Zimmerman, MGIC’s senior vice president of investor relations, said previously.
The company said it will use the proceeds of both the stock offering and the subordinated debentures to fund the company’s operations and expand its volume of business.
MGIC has been battered by the subprime mortgage crisis. The company had a net loss of $1.67 billion in 2007, compared with net income of $564.7 million for 2006. Diluted loss per share for the full year was $20.54, compared with diluted earnings per share of $6.65 in 2006.
Northwestern Mutual to donate $1 million
Northwestern Mutual Insurance Co. Inc. is inviting customers to express their priorities by voting online to determine how much money the Milwaukee company will donate to four national charities.
The company intends to donate $1 million to be divided among: America’s Second Harvest – The Nation’s Food Bank Network; Susan G. Komen for the Cure; Habitat for Humanity in New Orleans, La.; and the YMCA.
Each organization is guaranteed to receive at least $100,000.
To vote on which charity deserves more, visit www.letyourworriesgo.com, an interactive site that empowers people to "let go of their worries" using a medieval catapult, rocket ship, submarine or hot air balloon.
