B-Ds: 2010 In Review
SWS Group Inc. canceled a $95 million debt offering it had registered two days earlier. Most of the proceeds of the offering were to be used to shore up its banking unit's capital to bring it into compliance with the Office of Thrift Supervision. The offering was canceled “due to recent volatility and unfavorable market conditions,” the company said in a statement. The statement included no information about the capital requirements at its bank, Southwest Securities FSB, but SWS had to increase loan loss provisions for the bank earlier in the year.
The president signs into law an $858 billion package that will extend for two years the tax cuts enacted under President George W. Bush in 2001 and 2003. The new law also restores the estate tax, but with a rate of 35% and exemptions of up to $5 million for individuals or $10 million for couples.