From Business Today:
M&T Bank CEO and Chairman Robert Wilmers says the banking world still faces risks. In his annual letter to shareholders, Wilmers cited concerns such as a failure by regulators and lawmakers to distinguish between large and small banks, coupled with increased industry concentration, excessive pay and a reliance on risky trading. He said commercial banks like M&T shouldn't be lumped into the same bucket as the six largest financial institutions, whose riskier behaviors and businesses, Wilmers said, pose a greater threat.
Japan's earthquake, tsunami and nuclear crisis are taking on a toll on producers of auto parts and computer chips. And financial markets in Tokyo and Wall Street have taken a hit. By experts say they expect the impact of Japan's woes on the U.S. and global economies to be short lived. Oil prices have fallen and reconstruction in Japan could provide an economic boost.
Over the years, the Statler Towers has played host to countless weddings, banquets and other special events. Today, at 2 p.m., it plays host to an event for itself, as businessman Mark Croce officially becomes the owner. Croce plans a redevelopment of the landmark building that would unfold in phases.
Statler and Waldorf are not invited to the ceremony today:
-- Matt Glynn