Albemarle Corp
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Materials : Chemicals | Mid Cap Growth
Company profile

Albemarle Corporation is a developer, manufacturer and marketer of specialty chemicals, which serves its customers across a diverse range of end markets, including energy storage, petroleum refining, consumer electronics, construction, automotive, lubricants, pharmaceuticals and crop protection. It operates through three segments. Lithium segment develops and manufactures a range of basic lithium compounds, including lithium carbonate, lithium hydroxide, lithium chloride, and value-added lithium specialties and reagents, including butyllithium and lithium aluminum hydride. Bromine segment’s business includes products used in fire safety solutions and other specialty chemicals applications. Its fire safety technology enables the use of plastics by enhancing the flame-resistant properties of these materials. Catalysts segment offers three product lines, which includes Clean Fuels Technologies, fluidized catalytic cracking catalysts and additives, and performance catalyst solutions.


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Biden calls for tougher penalties for executives at failed banks

12:51 pm ET March 17, 2023 (MarketWatch)

By Victor Reklaitis

President: 'Congress must act to impose tougher penalties for senior bank executives whose mismanagement contributed to their institutions failing'

President Joe Biden on Friday called for U.S. lawmakers to make it "easier for regulators to claw back compensation from executives, to impose civil penalties, and to ban executives from working in the banking industry again."

His position comes after regulators in recent days closed down Silicon Valley Bank(SIVB) and New York's Signature Bank(SBNY), as well as after big banks on Thursday made an unprecedented $30 billion deposit at First Republic Bank.

"Congress must act to impose tougher penalties for senior bank executives whose mismanagement contributed to their institutions failing," Biden said in a statement released by the White House.

Biden is urging U.S. lawmakers to expand the Federal Deposit Insurance Corp.'s clawback authorities to expressly cover cases like SVB CEO Greg Baker's stock sales just before his bank's closure. The FDIC currently has limited ability to recover gains from such share sales because it comes from a Dodd-Frank Act provision that only applies to the largest financial institutions, according to the White House.

Democratic Sen. Sherrod Brown of Ohio, chairman of the Senate Banking Committee, signaled agreement with Biden, saying in a statement on Friday that his panel will be working on "holding accountable" bank executives as well as "the regulators tasked with overseeing them."

First Republic's stock (FRC) was down more than 20% on Friday as investors remained concerned about the bank despite the big infusion of money, and other bank stocks (KBE) also lost ground.

Now read:Biden says Americans can have confidence that banking system is safe

And see:Banks have borrowed $165 billion from the Fed in past week after SVB failure

Plus:'We need to stop this now.' First Republic support is spreading financial contagion, Ackman says

-Victor Reklaitis

This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.


(END) Dow Jones Newswires

March 17, 2023 12:51 ET (16:51 GMT)

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