SEC 'Encouraging' Wall Street To Strengthen Balance Sheets
Wednesday June 4th, 2008 / 23h17
By Judith Burns Of DOW JONES NEWSWIRES WASHINGTON -(Dow Jones)- U.S. securities regulators are encouraging major Wall Street firms to strengthen their balance sheets, Securities and Exchange Commission Chairman Christopher Cox said Wednesday. Since the rapid collapse of Bear Stearns Cos. in mid-March, the SEC has revised its approach to capital adequacy and liquidity at Wall Street firms, Cox said in response to questions from reporters. "We are encouraging all of the firms to strengthen their balance sheets," Cox said. He said each of the firms is responding to the urging "in their own way." Lehman Brothers Holding Inc. (LEH), the smallest of the large Wall Street firms, has seen its stock gyrate recently on rumors it faces capital and liquidity problems. The Wall Street Journal reported Wednesday that Lehman is looking to overseas investors for funding. A Bloomberg News report, citing an unidentified government official, said Lehman isn't being pressured by the Federal Reserve and SEC to boost capital. Bear Stearns has since been acquired by JPMorgan Chase & Co. (JPM). Cox and other SEC officials have said previously that Bear was adequately capitalized before its collapse but faced a sudden loss of liquidity as its usual counterparties fled from doing business with the firm. SEC enforcement division director Linda Thomsen declined to comment Wednesday on reports that the SEC is probing the role of Bear's counterparties in advance of the firm's demise. -By Judith Burns, Dow Jones Newswires; 202-862-6692; Judith.Burns@dowjones.com
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