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Many people know that the Federal Reserve sets interest rates in order to loan money to other banks so they can keep cash flowing throughout the U.S. financial system. Mostly, this works great for everyone involved. But, sometimes, banks and thrifts need a little extra cash, mostly so they can meet the reserve requirement (the minimum amount of deposits banks need to be considered in good financial shape).
To meet the reserve, the Fed has what's known as the discount window, which allows banks to borrow money for a short period of time at a higher interest rate (called the discount rate) than the official Federal Funds rate.
It's called a window because it used to be an actual teller window, where banks would go to borrow from the federal government. Now, it's used more as a lender of last resort. In fact, banks prefer to borrow from one another than directly from the discount window, since the interest owed can be cheaper and going to the discount window tends to imply that the bank is in a spot of trouble.
The Fed, too, doesn't like banks borrowing this way, which is why the discount rate is always higher than the target rate. It also requires banks to collateralize the loans, meaning they have to turn over liquid assets, such as loans or CDs, to the Fed in order to get the money. As with any loan, the banks get the underlying collateral back when they pay off the balance.
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Monday, July 07, 2008
U.S. Shipping Partners L.P. Announces Availability of Annual Report
Comtex
EDISON, NJ, Jul 07, 2008 (MARKET WIRE via COMTEX) ----U.S. Shipping Partners L.P. (NYSE: USS) (the "Partnership") announced, as required by the rules of the New York Stock Exchange ("NYSE"), that:
-- The Partnership's annual report on Form 10-K for the year ended December 31, 2007 is available on its website, www.usslp.com. -- In 2007, the Partnership submitted an unqualified certification to the NYSE regarding the Partnership's compliance with the NYSE corporate governance listing standards.
About U.S. Shipping Partners L.P.
U.S. Shipping Partners L.P. is a leading provider of long-haul marine transportation services, principally for refined petroleum products, petrochemical and commodity chemical products, in the U.S. domestic "coastwise" trade. The Partnership's existing fleet consists of eleven tank vessels: six integrated tug barge units; one product tanker; three chemical parcel tankers and one articulated tug barge unit ("ATB"). The Partnership has embarked on a capital construction program to build additional ATBs and, through a joint venture, additional tank vessels that upon completion will result in the Partnership having one of the most modern fleets in service. For additional information about U.S. Shipping Partners L.P., please visit www.usslp.com.
Contact Information: Albert Bergeron Chief Financial Officer U.S. Shipping Partners L.P. 1-866-467-2400
SOURCE: U.S. Shipping Partners L.P.
Copyright 2008 Market Wire, All rights reserved. ********************************************************************** As of Thursday, 07-03-2008 23:59, the latest Comtex SmarTrend� Alert, an automated pattern recognition system, indicated a DOWNTREND on 05-13-2008 for USS @ $9.20. For more information on SmarTrend, contact your market data provider or go to www.mysmartrend.com SmarTrend is a registered trademark of Comtex News Network, Inc. Copyright � 2004-2008 Comtex News Network, Inc. All rights reserved.
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