Social entrepreneurs act as agents for our society seeking to generate social value rather than profits. They identify and solve social problems on a large scale.
"Social entrepreneurs are not content just to give a fish or teach how to fish. They will not rest until they have revolutionized the fishing industry." Bill Drayton, CEO, chair and founder of Ashoka
What's in the Green Stimulus Package for social entrepreneurs?
Tuesday, February 24, 2009
Monday, February 23, 2009
U.S. wants to keep banks private in new rescue plan
February 23, 2009
Joint Statement by the Treasury, FDIC, OCC, OTS and the Federal Reserve
Washington, DC – The U.S. Department of the Treasury, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, the Office of Thrift Supervision, and the Federal Reserve Board today issued the following joint statement:
"A strong, resilient financial system is necessary to facilitate a broad and sustainable economic recovery. The U.S. government stands firmly behind the banking system during this period of financial strain to ensure it will be able to perform its key function of providing credit to households and businesses. The government will ensure that banks have the capital and liquidity they need to provide the credit necessary to restore economic growth. Moreover, we reiterate our determination to preserve the viability of systemically important financial institutions so that they are able to meet their commitments.
"We announced on February 10, 2009, a Capital Assistance Program to ensure that our banking institutions are appropriately capitalized, with high-quality capital. Under this program, which will be initiated on February 25, the capital needs of the major U.S. banking institutions will be evaluated under a more challenging economic environment. Should that assessment indicate that an additional capital buffer is warranted, institutions will have an opportunity to turn first to private sources of capital. Otherwise, the temporary capital buffer will be made available from the government. This additional capital does not imply a new capital standard and it is not expected to be maintained on an ongoing basis. Instead, it is available to provide a cushion against larger than expected future losses, should they occur due to a more severe economic environment, and to support lending to creditworthy borrowers. Any government capital will be in the form of mandatory convertible preferred shares, which would be converted into common equity shares only as needed over time to keep banks in a well-capitalized position and can be retired under improved financial conditions before the conversion becomes mandatory. Previous capital injections under the Troubled Asset Relief Program will also be eligible to be exchanged for the mandatory convertible preferred shares. The conversion feature will enable institutions to maintain or enhance the quality of their capital.
"Currently, the major U.S. banking institutions have capital in excess of the amounts required to be considered well capitalized. This program is designed to ensure that these major banking institutions have sufficient capital to perform their critical role in our financial system on an ongoing basis and can support economic recovery, even under an economic environment that is more challenging than is currently anticipated. The customers and the providers of capital and funding can be assured that as a result of this program participating banks will be able to move forward to provide the credit necessary for the stabilization and recovery of the U.S. economy. Because our economy functions better when financial institutions are well managed in the private sector, the strong presumption of the Capital Assistance Program is that banks should remain in private hands."
Joint Statement by the Treasury, FDIC, OCC, OTS and the Federal Reserve
Washington, DC – The U.S. Department of the Treasury, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, the Office of Thrift Supervision, and the Federal Reserve Board today issued the following joint statement:
"A strong, resilient financial system is necessary to facilitate a broad and sustainable economic recovery. The U.S. government stands firmly behind the banking system during this period of financial strain to ensure it will be able to perform its key function of providing credit to households and businesses. The government will ensure that banks have the capital and liquidity they need to provide the credit necessary to restore economic growth. Moreover, we reiterate our determination to preserve the viability of systemically important financial institutions so that they are able to meet their commitments.
"We announced on February 10, 2009, a Capital Assistance Program to ensure that our banking institutions are appropriately capitalized, with high-quality capital. Under this program, which will be initiated on February 25, the capital needs of the major U.S. banking institutions will be evaluated under a more challenging economic environment. Should that assessment indicate that an additional capital buffer is warranted, institutions will have an opportunity to turn first to private sources of capital. Otherwise, the temporary capital buffer will be made available from the government. This additional capital does not imply a new capital standard and it is not expected to be maintained on an ongoing basis. Instead, it is available to provide a cushion against larger than expected future losses, should they occur due to a more severe economic environment, and to support lending to creditworthy borrowers. Any government capital will be in the form of mandatory convertible preferred shares, which would be converted into common equity shares only as needed over time to keep banks in a well-capitalized position and can be retired under improved financial conditions before the conversion becomes mandatory. Previous capital injections under the Troubled Asset Relief Program will also be eligible to be exchanged for the mandatory convertible preferred shares. The conversion feature will enable institutions to maintain or enhance the quality of their capital.
"Currently, the major U.S. banking institutions have capital in excess of the amounts required to be considered well capitalized. This program is designed to ensure that these major banking institutions have sufficient capital to perform their critical role in our financial system on an ongoing basis and can support economic recovery, even under an economic environment that is more challenging than is currently anticipated. The customers and the providers of capital and funding can be assured that as a result of this program participating banks will be able to move forward to provide the credit necessary for the stabilization and recovery of the U.S. economy. Because our economy functions better when financial institutions are well managed in the private sector, the strong presumption of the Capital Assistance Program is that banks should remain in private hands."
Key stock indexes at '97 levels; traders have 'nowhere to hide'
S&P 500 sinks below November low
Updated
By Adam Shell, USA TODAY
NEW YORK — Investors, not yet convinced that the buying opportunity of a lifetime has arrived, sent stocks tumbling on Monday to their lowest levels in more than 11 years amid a growing crisis of confidence in the government's ability to fix the ailing financial system.
In what amounts to a psychological blow, the Standard & Poor's 500 closed below its November low. It fell 3.5% to 743.33, extending its bear market losses to 52.5%, its biggest decline since the 1930s.
HITTING BOTTOM?: Maybe not yet
Increasingly, jittery investors are unwilling to commit cash to a stock market riddled with economic uncertainty and a lack of a clear, coherent game plan from the government to rejuvenate the banking system and get credit flowing again. Citigroup shares jumped 9.7% to $2.14 and Bank of America rose 3.2% to $3.91 amid more rumors of coming government aid.
"The biggest issue today is the banks," says Timothy Vick of Sanibel Captiva Trust. "In the absence of a bank plan from the government that makes sense to shareholders, I don't think the economy or stock market will get any upward momentum."
Updated
By Adam Shell, USA TODAY
NEW YORK — Investors, not yet convinced that the buying opportunity of a lifetime has arrived, sent stocks tumbling on Monday to their lowest levels in more than 11 years amid a growing crisis of confidence in the government's ability to fix the ailing financial system.
In what amounts to a psychological blow, the Standard & Poor's 500 closed below its November low. It fell 3.5% to 743.33, extending its bear market losses to 52.5%, its biggest decline since the 1930s.
HITTING BOTTOM?: Maybe not yet
Increasingly, jittery investors are unwilling to commit cash to a stock market riddled with economic uncertainty and a lack of a clear, coherent game plan from the government to rejuvenate the banking system and get credit flowing again. Citigroup shares jumped 9.7% to $2.14 and Bank of America rose 3.2% to $3.91 amid more rumors of coming government aid.
"The biggest issue today is the banks," says Timothy Vick of Sanibel Captiva Trust. "In the absence of a bank plan from the government that makes sense to shareholders, I don't think the economy or stock market will get any upward momentum."
Tuesday, February 10, 2009
Week 3
Corporate Social Responsibility- the idea that businesses should be held accountable for any of its actions that affect people, their communities, and their environment
Contributing to the community and environment- "What is good for business must also be good for the environment and people worldwide" Rittenhouse
The following article states how Obama, being the first black president of the United States, is proving how green may be an equally important color. In his inaugural address, he stated how the ways America is currently using energy is damaging our environment. With Obama as our leader, we as a country, should all contribute in "making the US a leader on climate change".
http://www.csrwire.com/news/14338.html
Contributing to the community and environment- "What is good for business must also be good for the environment and people worldwide" Rittenhouse
The following article states how Obama, being the first black president of the United States, is proving how green may be an equally important color. In his inaugural address, he stated how the ways America is currently using energy is damaging our environment. With Obama as our leader, we as a country, should all contribute in "making the US a leader on climate change".
http://www.csrwire.com/news/14338.html
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