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SEC v BANK OF BOSTON CORP.; BRENDA P. MURRAY, et al Click to find out why . . .



Keywords & Phrases
CaseNo: 81, Defendant: Bank Of Boston Corp.; Brenda P. Murray, Chief Administrative Law Judge File No. 3-8270, Plaintiff: SEC, UniqueCaseRef: SEC>81, Real Estate, Occ, Bank, Bob, Loans, Reserve, Reports, Exchange Act, Exam, Review, Real Estate Portfolio, Commission, Div, Securities, Stepanian, Highly Leveraged Transactions, Real Estate Market, Credit, Financials, Non-accruals, Deterioration, Provision Expense, Boston Corporation, Targeted Exams, Proceeding, Loan Loss Reserve, Financial Condition, Classified Assets, Disclosure, Respondent , ContentID: 120245701

Case Documents
1 1995-12-22 SEC ADMINISTRATIVE LAW JUDGE DECISION
[ see first page and extracted highlights below  ] ItemID: 112440
44 pages
TXT
Total Documents: 1 document , 44 pages
Price: $ 19.95


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1 . SEC ADMINISTRATIVE LAW JUDGE DECISION

EXTRACTED KEY WORDS
OCC
BANK
BOB
LOANS
RESERVE
REPORTS
EXCHANGE ACT
EXAM
REVIEW
REAL ESTATE PORTFOLIO
COMMISSION
DIV
SECURITIES
STEPANIAN
HIGHLY LEVERAGED TRANSACTIONS
REAL ESTATE MARKET
CREDIT
FINANCIALS
NON-ACCRUALS
DETERIORATION
PROVISION EXPENSE
BOSTON CORPORATION
TARGETED EXAMS
PROCEEDING
LOAN LOSS RESERVE
FINANCIAL CONDITION
CLASSIFIED ASSETS
DISCLOSURE
RESPONDENT
==========================================START OF PAGE 1======

                           INITIAL DECISION RELEASE NO. 81

                                   ADMINISTRATIVE PROCEEDING
                                   FILE NO. 3-8270





                     UNITED STATES OF AMERICA
                            Before the
                SECURITIES AND EXCHANGE COMMISSION






______________________
                         )
In the Matter of         )
                         )         INITIAL DECISION
BANK OF BOSTON CORP.     )         December 22, 1995
______________________   )











APPEARANCES:   William H. Kuehnle and John J. Carney for the
               Division of Enforcement, Securities and Exchange
               Commission

               Bruce A. Baird and Jeffrey O. Cooper for
               Respondent, Bank of Boston Corporation


BEFORE:        Brenda P. Murray, Chief Administrative Law Judge
==========================================START OF PAGE 2======

SNIPPETS:
  • SECURITIES AND EXCHANGE COMMISSION
  • Division of Enforcement, Securities and Exchange
  • Respondent, Bank of Boston Corporation
  • BOB's internal reports:
  • OCC reviews and targeted exams:
  • Highly leveraged transactions:
  • The New England real estate market
  • Securities Exchange Act of 1934 on January 11,
  • As pertinent to this proceeding,
  • The issue is whether the Bank of Boston Corporation (BOB)
  • commercial real estate portfolio had serious problems prior to
  • I deny admissibility to Div.
  • the Comptroller of the Currency (OCC).
  • Ira Stepanian was BOB's chairman of the Board
  • Credit Losses (Provision Expense).
  • Losses (ALLL or reserve).
  • ---------FOOTNOTES------------ The non-accrual formula took 30 percent of total loans on
  • The classified assets formula took a different percentage of each category of loans that BOB
  • It had more current data on non-accruals but used the last quarter's figures for
  • whether the loan loss reserve was adequate,
  • He could not understand from his review of the record
  • Analysis of Financial Condition and Results of Operations
  • prospective textual disclosure enabling investors and other users
  • financials were misleading,
  • and the evidence was that the deterioration was reasonably likely
  • In addition to these exams, the OCC conducted an additional target exam of BOB's OREO, in
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