Time Warner Inc . said Wednesday it had created a $ 500 million legal reserve to deal with ongoing federal probes of its America Online division.
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There has been controversy over the code, mostly centered on legal requirement for landowners in the Brazilian Amazon to maintain 80 % of forests as legal reserves.
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Robert Baker, a spokesman for Salomon, said Thursday that " we believe our legal reserves are adequate " to cover potential problems with Ms . Wu's customers.
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In 1905, it began a move to the legal reserve system, a transformation that was completed in 1911.1905 was also the year women were admitted as members.
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Under this system, which is currently practiced throughout the world, the money supply varies with the quantity of legal reserves and the amount of credit issuance by banks.
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Bristol-Myers said in a statement it would pay the settlement out of legal reserves that it boosted earlier this year from $ 150 million to about $ 470 million.
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Citigroup said in its earnings release that it added $ 100 million in the quarter to legal reserves for its European, Middle Eastern and African corporate and investment banking unit.
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Dollars in the system can currently multiply almost nine times for each buck a bank is required to retain as legal reserves to supply customers who show up wanting their money.
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He declined to elaborate when questioned by an analyst, other than to say he did not expect that Citigroup would be forced to add billions of dollars to its already outsize legal reserves.
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While the paper and forest-products giant didn't elaborate on its anticipated per-share earnings level, it disclosed a pretax charge of $ 450 million for additional legal reserves that will affect its bottom line.
