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Washington Business
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Financial regulators planning worldwide rules to curb risk
The aim, Draghi said, is to New requirements
for large firms aim to end public bailouts
BY HOWARD SCHNEIDER International bank regulators
are planning a freshwave of rules for the world’s most important financial companies in an effort to ensure that firms considered “too big to fail” are better protect- ed from collapse — and that taxpayers are insulated from the fallout if they do. The new regulations could in-
clude demands that such firms— referred to by regulators as “sys- temically important financial in- stitutions” — keep more capital on hand than other banks and companies, draft detailed “living wills” to outline how they could be eased into bankruptcywithout damaging the larger economy, and be subject to more intense government supervision. While many of the details are
still to beworked out, the head of the effort said a general set of 16 recommendations will be pre- sented at a gathering of world leaders nextmonth in Seoul. The companies in question
“are very big and powerful,” said MarioDraghi, head of the central bank of Italy and chairman of the Financial Stability Board, the in- ternational panel working on the new regulations. “There needs to be supervision at the global level. You need supervision up to the challenge.”
create a system where it is less likely for globally important firms to get into trouble. In addi- tion, they want a system where they can be allowed to go out of business, like any other firm, without pressure building for a bailout by taxpayers. Regulation of the world’smost
important financial firms is one of the central questions regula- tors have been grappling with in the wake of the recent financial
“There needs to be supervision at the global level.”
—Mario Draghi, chairman of the Financial Stability Board
crisis. As the crisis unfolded in 2007 and 2008, it became clear that some companies are so inter- twined with the global system that their failure would have unacceptably destructive conse- quences. That realization drove the rescue of companies like in- surance giant American Interna- tional Group, as well as efforts to prop upmajor banks throughout the world. The need for those bailouts is
considereda significant regulato- ry failure—a situationallowed to continue where losses that should have remained private were socialized onto public bal- ance sheets. Draghi, interviewed on the
sidelines of the International MonetaryFundmeeting inWash- ington, would not speculate about how many or which com- panies around the world might fall under the new rules. Part of the work left to do, he said, is to create guidelines fordetermining which banks, insurance compa- nies or other firms ought to be subject to the tougher standards. The new requirements will be
imposed on top of the tougher bank capital requirements re- cently proposed by a panel of central bank governors working out of Basel, Switzerland, and also in addition to any new na- tional regulations that may be approved in the United States and other economic powers. On Sunday, a group of finan-
cial industry leaders said they worriedthat the successivewaves of regulation will have unintend- ed consequences — and particu- larly that they could be a drag on economic growth. Leaders of the Institute of International Fi- nance said they agree regulators should look for ways to guard against broad risks to the finan- cial system, and should pay atten- tionto the roleplayedby themost “interconnected” companies. But the requirements already
pendingwill forcemajor banks to raisemore capital and lendmore conservatively, the group said, cautioning regulators against pil- ing on toomuchmore. “We need to avoid a process
where requirements on banks keep growing,” said Josef Acker- mann, chairman of the IIF and head of Deutsche Bank.
schneiderh@washpost.com
INSIDER TRANSACTIONS
Trading as reported by companies’ directors, presidents, chief financial officers, general counsel, chief executive officers, chairmen and other officers, or by beneficial owners of more than 10 percent of a company’s stock.
Company Amerigroup Cogent Communications Group
Human Genome Sciences Maximus
Saul Centers
Shenandoah Telecommunications Sinclair Broadcast Group
Versar Insider Richard D. Shirk
Jeffrey Karnes Gerard T. Weed
Curran M. Simpson Russell A. Beliveau Akbar M. Piloti David N. Walker B. Francis Saul II
William L. Pirtle Duncan J. Smith
James L. Gallagher Paul W. Kendall
Theodore M. Prociv Joseph J. Tyler
WGL Holdings Douglas A. Staebler Title Director
Officer CFO
Officer Director
Divisional officer CFO CEO
Officer Officer
Director Officer
Director Officer
Divisional officer Date Oct. 1
Oct. 1 Oct. 1
Oct. 1 Oct. 1 Oct. 1 Oct. 4
Sep. 29 to Oct. 4 Sep. 30 Sep. 27 to Sep. 29 Oct. 4 Oct. 5
Sep. 28 to Sep. 30 Oct. 1
Sep. 30
Action Sold
Sold Sold
Sold Sold Sold Sold
Bought
Sold Sold
Bought Sold Sold
Bought Sold
Shares 15,000
625 1,041
22,903 500
1,468 5,500
20,732 3,000 64,000 1,000 4,500
103,508 5,000 6,000
41.48 to 42.30
Price Now holds 26,048
9.41 9.43
29.79 61.45 61.45
59.81 to 61.03 41.74 to 42
18.03 to 18.19 7.05 to 7.10
2.87 3.06
3.02 to 3.05 2.85
38.01
102,216 105,186
25,281 31,826 1,285
12,670 6,526,860
14,570 5,890
12,287 7,337
70,169 8,000 4,591
Thomson Financial
MONDAY, OCTOBER 11, 2010 Google working on self-driving cars
Company says tests, with human backup, have been successful
BY DANIELWAGNER Google is road-testing cars that
steer, stop and start without a human driver, the company says. The goal is to “help prevent
traffic accidents, free up people’s time and reduce carbon emis- sions,” project leader Sebastian Thrun wrote on Google’s corpo- rate blog. The cars are never unmanned,
Thrun wrote. He said a backup driver is always behind the wheel to monitor the software.
It’s not the first signal that
Google wants to change how peo- ple get from place to place. In a speech Sept. 29 at the Tech- Crunch Disrupt conference, Google chief executive Eric Schmidt said: “Your car should drive itself. It just makes sense.” He added, “It’s a bug that cars
were invented before computers.” Thecarshave traveled a total of
140,000 miles on major Califor- nia roads without much human intervention, according to Google’s corporate blog. The cars know speed limits,
traffic patterns and road maps, Thrun’s posting says. They use video cameras, radar sensors and lasers to detect other cars. Driving betweenNorthern Cal- ifornia and Southern California,
APPOINTMENTS
Companies Pragmatics of McLean named
Max Hall chief operating officer and Stephen Hughes chief fi- nancial officer. Echo360 of Dulles named
Steve Fitzgerald, former senior vice president of product devel- opment for Razorsight, chief technology officer. USEC of Bethesda named
Glenn Strausser new director of engineering, procurement and construction for the American Centrifuge Project. Siteworx ofReston namedMe-
lissa Clark vice president of projectmanagement. Sunrise Senior Living of
McLean named Greg Neeb chief investment and administrative officer and David Haddock gen- eral counsel and secretary. Savi Technology of Alexandria
namedWilliamClark senior vice president and chief marketing officer. Greenleaf Health of the Dis-
trict named Heather Rose- crans, former director of the 510(k) pre-market notification staff at the Food and Drug Ad- ministration’s Center for Devices and Radiological Health, senior regulatory adviser. Design + Construction Strate-
gies of the District named Ste- phen Benedict principal. Donohoe Hospitality Services
of the District named Flavia Sampaio generalmanager of the Residence Inn Washington, DC/ Dupont Circle. Loiederman Soltesz Associ-
ates of Rockville named William Reed projectmanager.
Associations/ nonprofits
The Consumer Healthcare
Products Association of the District named ScottM.Melville president.
BANKRUPTCIES These firms recently filed with the U.S. Bankruptcy
Court’s local court clerk’s offices. Under Chapter 11 of the federal bankruptcy code, a
company is protected from claims by creditors while it attempts to reorganize its finances under a plan approved by the court. In a Chapter 7 liquidation, a court trustee sells
assets to pay creditors’ claims. The company then ceases operations.
MARYLANDDISTRICT GREENBELT
Thermopylae LLC 895 Rockville Pike, Rockville, Md. 20852 Type of filing: Chapter 11 reorganization Case number: 10-32452
Date filed: Sept. 30 Attorney: Steven H. Greenfeld, 301-881-8300 Assets: zero to $50,000 Liabilities: 500,001 to $1 million Largest unsecured creditor: Harbor Bank of Maryland, $461,873 Collins Real Estate Enterprise LLC 3107 Kingsway Road, Fort Washington, Md. 20744 Type of filing: Chapter 7 liquidation Case number: 10-32835 Date filed: Oct. 5 Attorney: Pro se Assets: $50,001 to $100,000 Liabilities: $100,001 to $500,000 Largest unsecured creditor: Advanta Bank, $20,942 Star Vacuum Cleaners Inc. 10096 S. Maryland Blvd., Dunkirk, Md. 20752 Type of filing: Chapter 7 liquidation Case number: 10-32933
Date filed: Oct. 6 Attorney: Marla L. Howell, 301-464-1400 Assets: zero to $50,000 Liabilities: $50,001 to $100,000 Largest unsecured creditor: Capital One, $67,534 Birdwell International LLC P.O. Box 540, Walkersville, Md. 21793 Type of filing: Chapter 7 liquidation Case number: 10-32991 Date filed: Oct. 6 Attorney: Niti Crupiti, 301-949-1622 Assets: $100,001 to $500,000 Liabilities: $100,001 to $500,000 Largest unsecured creditor: Not disclosed
— Compiled by Vanessa Mizell
Monday Networking for a Successful Career. Hear from Jerry Schwartz, chief executive for Business Network International of Maryland and D.C., on how to build business relationships and career success through networking and word of mouth. 9:45 to 11:30 a.m., 1718 P St. NW, Suite T2, Washington. Sponsor: 40Plus of Greater
The Mattie Miracle Cancer
Foundation of the District named the following to the board of directors: Ann M. Henshaw, Peter C. Keefe, Tamra Bensten, RobertM.Henshaw,Nita Seibel and Aziza Shad. The Food Marketing Institute
of Arlington named Carol Abel vice president for education and research. One Economy of the District
named Kelley Dunne chief exec- utive. Children’s National Medical
Center of the District named Timothy Kane associate chief of clinical affairs and program di- rector of the pediatric surgery fellowship program in the Jo- seph E. Robert, Jr., Center for Surgical Care. PRS of McLean named Jo-
seph Getch III chief operating officer.
Communications Jaffe PR of the District named
Wayne Trudeau senior vice pres- ident of sales and marketing, Annmarie Edwards and Randy Labuzinski senior account su- pervisors, Melanie Trudeau marketing manager and Aimee Kintner assistant to the presi- dent and chief executive. Maier & Warner PR/Market-
ing of Rockville named Chrys Sbily creative director and Jessi- ca Manionmarketing associate. K-global of the District named
Thomas Frank, former principal and creative director of Project Big Fish, senior vice president and strategic digital architect.
Education American University of the
District named Donna M. Fish dean of the Washington profes- sional development and training division.
FACE TIME
Washington. Contact: 202-387-1582 or
info@40plus-dc.org. Web site:
www.40plus-dc.org. Job Search Support Group. Review practical job search techniques and provide inspiration to help people face challenges. 10:30 a.m. to noon, 401 Hungerford Dr., first floor, Rockville. Sponsor: Montgomery County Commission for Women, Counseling and Career Center. Cost: $50. Contact: 240-777-8300. Web site:
www.montgomerycountymd. gov/cfw.
BUSINESS RESOURCES
Directory Deadline: Thursday 4pm MD: Office Space
MD: Office Space
OFFICE SPACE ALREADY BUILT OUT
324 - 10,000 square feet available
Perfect for company looking to move out of D.C. but stay close
IDEAL BUILD OUT SPACE FOR CHURCH
12,000 square feet available for immediate build-out
Commercial Real Estate Call Pat Jacob 202-334-5703
or fax 202-334-4337, or email
Reclass@washpost.com MD: Office Space
MD:Warehouse Space
IDEAL SPACE FOR RESTAURANT or DELI
1,000 Square feet available for immediate build-out
Cater to our 129 established businesses and their clients
New Hampshire Business Center 6475-95 New Hampshire Avenue • Hyattsville, Maryland
$18 sq. ft. thru end of year Double Broker Fees for 12,000 sq. ft. & above
For additional information or to set up a tour, please contact:
Leslie Lloyd-Holmes
lholmes@blakereal.com
301.270.4400 All Brokers Welcome
Conveniently located one-half mile from DC Takoma Park Red Line & Prince George’s Plaza Green Line nearby
Close proximity to several major area hospitals: Washington Adventist Hospital (1.3 mi) - Providence Hospital (4 mi) - Washington Hospital Center (5 mi) Holy Cross Hospital (5 mi)
Flexible lease terms & competitive rent 1746030 SF Home delivery starts your day off right. 1-800-753-POST
washingtonpost.com/subscribe SF
If only you had
home delivery. 1-800-753-POST
Upper Marlboro To Rent Attention Contractors: 1,800 to 3,600 square feet Warehouse units with office, roll-up garage doors & LOADING DOCK in ideal location right outside of Belt- way.Broker bonus. *Sorry,noautomotive* Built&Managed by J&ABuilders,Inc.
Joseph&Anthony Conte Call: 301-261-8042
Tuesday
Writing a Successful Business Plan. Seminar will explain and illustrate the business format, provide tips on research, marketing, cash flow and more. 6 to 8:30 p.m., Arlington Central Library, 1015 N. Quincy St., Arlington. Sponsor: Arlington Economic Development and Arlington Central Library. Contact: 703-228-0808. Web site:
www.arlingtonvirginiausa.com/ bizlaunch. Women in Business Networking Salon. Explore new business opportunities and form strategic partnerships with other successful professionals. 7 to 9:30 p.m., Science Club, 1136 19th St. NW, Washington. Host: MoxieintheCity. Cost: $5. Web site: moxiewomendc.
eventbrite.com.
Wednesday
Procurement Academy. Workshop on the essential elements to function effectively in today’s procurement arena. 7:30 to 10:30 a.m., Teqcorner, 1616 Anderson Rd., McLean. Sponsor: Fairfax County Economic Development Authority. Contact: Rashenna Wilson,
rwilson@fceda.org or 703-790-0600. Web site:
www.fairfaxcountyeda.org/ procurement-academy.
Thursday Breakfast ConnectionWith Alexandria and Arlington Chambers. Engage in roundtable power networking and develop new prospects. 7:30 to 9 a.m., Knights of Columbus, 5115 Little Falls Rd., Arlington. Sponsor: Cardinal Bank. Contact: 703-525-2400. Web site:
www.arlingtonchamber.org. MetropolitanWashington Airports Authority Business Opportunity Seminar. Learn about current and upcoming contracting opportunities with the Authority. 9 a.m. to 5:30 p.m., Renaissance Washington, DC Hotel, 999 Ninth St. NW, Washington. Sponsor: MWAA. Web site:
www.mwaa.com/2936.htm. Start Your Business. Learn the essential steps for starting a small business. 11 a.m. to 1:30 p.m., Comfort Suites, 80 Prosperity Ave., Leesburg. Sponsor: Loundon Small Business Development Center. Cost: preregistered, $10; at door, $15. Contact: Cathy Campbell, 703-430-7222. Web site: www.
loudounsbdc.org.
Friday
Boot Camp for Growing Companies and Entrepreneurs. Make business contacts and learn about topics critical for start-ups and young companies. 7:45 a.m. to 5 p.m., McLean Hilton, 7920 Jones Branch Dr., McLean. Sponsor: Business Alliance. Cost: $49-$149. Contact: 703-286-0965 or info@
businessalliance.org. Web site: www.
businessalliance.org.
Send potential listings to
facetime@washpost.com at least two weeks in advance. Model your entry on the information above, and put the event date in the subject line.
Financial Baker Tilly of Vienna named
Jeffrey H. Smith principal. PwC of the District named
Michael DiFronzo partner in its Washington national tax services practice. Burke &Herbert Bank of Alex-
andria named Walter C. Clarke vice president, business banking officer. Cardinal Bank of McLean
namedMattAvery vice president and Stacey A. Shaw banking officer.
Legal Thompson Hine of the Dis-
trict named David Christy, for- mer of counsel with DLA Piper, and James Losey, former part- ner at Skadden, Arps, Slate, Meagher & Flom, partners in the international trade and customs practice group. Shulman, Rogers, Gandal,
Pordy&Ecker of Potomac named Tom Southard shareholder in the business and financial servic- es and commercial litigation de- partments. Covington & Burling of the
District named Jim Garland, Tammy Albarrán, Ben Block, Sam Ernst, Keir Gumbs, Don Ridings and Gary Rubman part- ners and Kurt Baca of counsel. Arnold & Porter of the District
named Andrew Varner partner in the corporate and securities practice. Roetzel & Andress of the Dis-
trict named Sunwoo Leemanag- er of the intellectual property practice group. Send information about promotions, appointments and personnel moves in the Washington area to
Appointments, Business News, The
Washington Post, 1150 15th St. NW, Washington, D.C. 20071-5302, or to
appointments@washpost.com.
the cars have navigated San Fran- cisco’s curvy Lombard Street, Los Angeles’s Hollywood Boulevard and the Pacific Coast Highway, the blog says. Google is pursuing many proj-
ects such as the cars that are unrelated to its core business, said Rob Enderle, principal ana- lyst with the Enderle Group in San Jose. “The word ‘focus’ is a word
Google has never learned,” he said, pointing to projects involv- ing electricity distribution, vehi- cle design and artificial intelli- gence.He said cars that can drive themselves would allow commut- ers more time to surf the web, something Google would encour- age.
—Associated Press
Printed using recycled fiber.
NF407 2x.5
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