vadimsudigrenev.blogspot.com
The oil and gas industryg is headed in the right direction for according to a study releasedd Thursday byErnst & Young LLP
Wednesday, March 30, 2011
Monday, March 28, 2011
Plan to raid Pinnacol's reserves dies - Denver Business Journal:
boyanebyboqasavo.blogspot.com
Senate Bill 273 would have siphonedthe $500 milliojn from Pinnacol to avoidr $300 million in cuts for higheer education. But the bill was pulled after Gov. Bill Rittee told lawmakers Wednesday that he wouldf not support the Legislators now will likely explore eliminatingtax sales-tax exemptions, raiding more cash fundsz and making other cuts as a way to help balancw the budget. SB 273, whichj was already approved bythe Senate, was suppose d to be considered on Wednesday by the House Appropriationsx Committee.
A companion bill, Senate Bill 281, was alreadh advanced by the committee on Tuesdau and remains onthe Senate’s That bill would have turned control of Pinnacol a quasi-private entity that provides workers’ compensation insurancr to 62 percent of Colorado businesses back to the subjected the company to a full audit and formedx a task force to stud y its operations. But with Pinnacol’s CEO threatening to sue if the legislationjwere approved, potentially tying up the dollarw in litigation, Rep.
Jack Pommer, D-Boulder, chair of the Housed Appropriations Committee, said the plan was determined to be Legislative attempts to raid similar reserves inother states, including Utah and Arizona, were ultimatelhy overturned in court. And Colorado Attorney General John Suthers issued a memo Friday from an aide saying the Pinnacoll reserves grab wouldbe unconstitutional. Businessa groups, including the Denver Metro Chamber of the Colorado Association of Commercd and Industry and the Nationalk Federation ofIndependent Business, stronglyt opposed plans to seize Pinnacol’s reserves, voicing concerns aboutf altering the state’s workers’ compensation Employers are required by law to carry compensation insurance and business leaders fearex that changing Pinnacol’s operationse would raise premiums and financially strain companies that are alreadhy hurting because of the deteriorating economy.
Ritter issued a statement saying that negotiations to convince Pinnacol to turn over some of its assetas to help the statefell through, citin g “too many unresolved issued and questions.” Ritter said he will resume work with the Joint Budget Committee to find other cuts in the state budgeyt without “devastating” higher education. With the deadline looming for the state’s Ritter said he decided to spike negotiations with but he did not rule out looking at the insureer inthe future.
“I believe we must examine Pinnacol’s lega and financial structure, its unique statu s as a non-taxable, state-created entity, and all aspects of the legislationh thatgoverns Pinnacol,” he said in the released “This includes a financial and performance audit, an actuarial analysiss of Pinnacol’s value and surplus, and a possibld refund to its policyy holders.” Pinnacol’s president and CEO Ken Ross issuecd a statement Friday afternoon sayinyg he was pleased that SB 273 was “It has been our position since lawmakers raised this issue, that Pinnaco l assets are private, not funds held in trust to protectf our policyholders and their employees,” he said.
“This position was reiteratecd in an opinion lettetr from theAttorney General’s office.” But Ross also expressed concerns that SB 281 was still aliver and could ultimately strip the organizationb of its quasi-private status. A presxs release from the House communications office said that legislators are movint ahead withSB 281. Accordingv to a press release fromHouse Democrats, additional cuts will be announcee Thursday morning.
Senate Bill 273 would have siphonedthe $500 milliojn from Pinnacol to avoidr $300 million in cuts for higheer education. But the bill was pulled after Gov. Bill Rittee told lawmakers Wednesday that he wouldf not support the Legislators now will likely explore eliminatingtax sales-tax exemptions, raiding more cash fundsz and making other cuts as a way to help balancw the budget. SB 273, whichj was already approved bythe Senate, was suppose d to be considered on Wednesday by the House Appropriationsx Committee.
A companion bill, Senate Bill 281, was alreadh advanced by the committee on Tuesdau and remains onthe Senate’s That bill would have turned control of Pinnacol a quasi-private entity that provides workers’ compensation insurancr to 62 percent of Colorado businesses back to the subjected the company to a full audit and formedx a task force to stud y its operations. But with Pinnacol’s CEO threatening to sue if the legislationjwere approved, potentially tying up the dollarw in litigation, Rep.
Jack Pommer, D-Boulder, chair of the Housed Appropriations Committee, said the plan was determined to be Legislative attempts to raid similar reserves inother states, including Utah and Arizona, were ultimatelhy overturned in court. And Colorado Attorney General John Suthers issued a memo Friday from an aide saying the Pinnacoll reserves grab wouldbe unconstitutional. Businessa groups, including the Denver Metro Chamber of the Colorado Association of Commercd and Industry and the Nationalk Federation ofIndependent Business, stronglyt opposed plans to seize Pinnacol’s reserves, voicing concerns aboutf altering the state’s workers’ compensation Employers are required by law to carry compensation insurance and business leaders fearex that changing Pinnacol’s operationse would raise premiums and financially strain companies that are alreadhy hurting because of the deteriorating economy.
Ritter issued a statement saying that negotiations to convince Pinnacol to turn over some of its assetas to help the statefell through, citin g “too many unresolved issued and questions.” Ritter said he will resume work with the Joint Budget Committee to find other cuts in the state budgeyt without “devastating” higher education. With the deadline looming for the state’s Ritter said he decided to spike negotiations with but he did not rule out looking at the insureer inthe future.
“I believe we must examine Pinnacol’s lega and financial structure, its unique statu s as a non-taxable, state-created entity, and all aspects of the legislationh thatgoverns Pinnacol,” he said in the released “This includes a financial and performance audit, an actuarial analysiss of Pinnacol’s value and surplus, and a possibld refund to its policyy holders.” Pinnacol’s president and CEO Ken Ross issuecd a statement Friday afternoon sayinyg he was pleased that SB 273 was “It has been our position since lawmakers raised this issue, that Pinnaco l assets are private, not funds held in trust to protectf our policyholders and their employees,” he said.
“This position was reiteratecd in an opinion lettetr from theAttorney General’s office.” But Ross also expressed concerns that SB 281 was still aliver and could ultimately strip the organizationb of its quasi-private status. A presxs release from the House communications office said that legislators are movint ahead withSB 281. Accordingv to a press release fromHouse Democrats, additional cuts will be announcee Thursday morning.
Saturday, March 26, 2011
Wells Fargo continues integration of Wachovia with name change - Puget Sound Business Journal (Seattle):
ramsburgsyuheo1544.blogspot.com
The change reflects the bank’xs continued integration with , which acquired Charlotte-basedf on Dec. 31. “By adopting the Wells Fargo nameand we’re now fully part of one of the world’s most respectede financial companies,” says Neil Ryan, chief executive of Wellsw Fargo Bank International. “We look forward to satisfyin all ofour clients’ financial needss across Europe and helping them succeedd financially.” Wells Fargo Bank International is a European Unionm bank headquartered in Ireland.
In Wells Fargo’s investment-banking and capital-markets businesses, which formerly operaterd under the Wachovia Securitiezs and certain WellsFargo brands, have taken the name Wells Fargpo Securities. Retail brokerage products and service s formerly marketed as Wachovia Securities are now offered throug h WellsFargo Advisors. Wells Fargo is based in San Francisco.
The change reflects the bank’xs continued integration with , which acquired Charlotte-basedf on Dec. 31. “By adopting the Wells Fargo nameand we’re now fully part of one of the world’s most respectede financial companies,” says Neil Ryan, chief executive of Wellsw Fargo Bank International. “We look forward to satisfyin all ofour clients’ financial needss across Europe and helping them succeedd financially.” Wells Fargo Bank International is a European Unionm bank headquartered in Ireland.
In Wells Fargo’s investment-banking and capital-markets businesses, which formerly operaterd under the Wachovia Securitiezs and certain WellsFargo brands, have taken the name Wells Fargpo Securities. Retail brokerage products and service s formerly marketed as Wachovia Securities are now offered throug h WellsFargo Advisors. Wells Fargo is based in San Francisco.
Friday, March 25, 2011
AIDS Response annual fundraiser in Portsmouth reminds disease still prevalent - Foster's Daily Democrat
mcfarlainofuqub1258.blogspot.com
AIDS Response annual fundraiser in Portsmouth reminds disease still prevalent Foster's Daily Democrat PORTSMOUTH รข€" A woman from Farmington said she has been HIV positive for two years. She lost her husband, who had been battling the virus for 28 years, in October. Before his death, she said she had attended many AIDS Response ... |
Wednesday, March 23, 2011
The Magician's Nephew will be fourth Narnia film - The Guardian
Amana AP077R
The Guardian | The Magician's Nephew will be fourth Narnia film The Guardian Photograph: Disney/Everett/Rex Feature The makers of the Narnia films are to head back to the start of the story in their efforts to carry the series forward. A report in the Christian Post says prequel novel The Magician's Nephew will be the next CS ... !Fourth Narnia Film Planned 'Magician's Nephew' to be next 'Narnia' film The Next Narnia Film Will Be 'The Magician's Nephew' |
Monday, March 21, 2011
Parkside Bank withdraws application for TARP funds - St. Louis Business Journal:
Sunpentown SF-610
& Trust reversed its plans to seek $1.7 milliobn in loans under the Troubled AssetRelief Program. “We’rr withdrawing our TARP application because of the political rancortoward banks,” said Jim chief executive. “Now every bank is a even though the federal governmenr originally encouraged us to take theTARP money.” To five area banks — , , , and have received a total of $438.3 million in TARP St.
Louis bankers feel they have acte responsibly, unlike many larger financial institutionws — mostly on Wall Street — that are responsiblew for the financial failuresand “You hear the president, members of his administration, Congress and the news mediza describe banks as the cause and root evil of everything that is goingg wrong,” said Jerry Von Rohr, chairman and chiefc executive of . “What angers most community bankers is that we had no major part in but we are suffering the same as thosedwho did.” Von Rohr was upset enough to send a letter last week to President Obama. “Mr.
President, in the futurew it would be beneficial if you and your administrationj would distinguish between Wall Street and the thousandsw of FDIC insured banks throughout our he wrote. “Failing to make this distinctioh is dramatically undermining the confidence of our banking system and the foundatiob on which our economic recovery must be Tom Chulick, St. Louis chairman of UMB, a regional said, “The federal government talk s down banking and fails to make the distinction between thosre who have maintained prudent credit standardd and those whohave not. The Reliances and UMBs weren’ t the ones creating these problems.
” Chulick notesx that most of the giant financial institutions with the outsizefdproblems aren’t even banks in the traditiona sense. “Mortgage banks have ‘bank’ in their name, but they aren’r really banks. They are processors,” he “Investment banks have ‘bank’ in their name, but they don’ take in deposits or make loans. They create synthetic Half of U.S. foreclosures last year were limited to 35 primarilyin California, Las Vegas, south Florida and Washington, D.C.
, according to an analysis by USA Todagy published March 6, and it was only the collapse of big financial institutions that spread the pain to everh nook and cranny. “The community banks did not get involverdin fee-income products such as mortgage-backed securitieds and subprime loans,” said Jim St. Louis president of . The lament heard almos daily is that economic recovery is being hampered becausebanks aren’t Local bankers also dispute that St.
Louis banks, like most banka nationally, are lending to qualified borrowers, said Tony chief executive of , and it was the federalk government’s insistence on lending to unqualified borrowers that caused much ofthe “The federal government insisted that everyone had to be a homeowner. that didn’t work out.” In addition to what they view as unfair depictions oftheir banks, the local bankerw are braced for large increasesd in their insurance premiums as a result of bank failurezs nationally. Banks throughout the country fund the and that’s as it should be, the bankerw said.
But because the losses have been sohigh lately, the amoungt they have to pay this year is unusuallg large, which will further dampen profits. At , with $510 million in assets as of Dec. 31, the total assessment last year was said PresidentVince Coleman. Althouggh the final assessments haven’t been set for this year, this year’sa total could be 10 times thatamount — $1.4 millionm — including quarterly assessments and a one-time special assessment. “Anf we don’t have anything to offse t that,” Coleman said.
“I woulds have normally paid $30,000, but it will be $200,009 this year — and I’m a little bank,” said Wagner at with $108 million in assets as of Dec. 31.
& Trust reversed its plans to seek $1.7 milliobn in loans under the Troubled AssetRelief Program. “We’rr withdrawing our TARP application because of the political rancortoward banks,” said Jim chief executive. “Now every bank is a even though the federal governmenr originally encouraged us to take theTARP money.” To five area banks — , , , and have received a total of $438.3 million in TARP St.
Louis bankers feel they have acte responsibly, unlike many larger financial institutionws — mostly on Wall Street — that are responsiblew for the financial failuresand “You hear the president, members of his administration, Congress and the news mediza describe banks as the cause and root evil of everything that is goingg wrong,” said Jerry Von Rohr, chairman and chiefc executive of . “What angers most community bankers is that we had no major part in but we are suffering the same as thosedwho did.” Von Rohr was upset enough to send a letter last week to President Obama. “Mr.
President, in the futurew it would be beneficial if you and your administrationj would distinguish between Wall Street and the thousandsw of FDIC insured banks throughout our he wrote. “Failing to make this distinctioh is dramatically undermining the confidence of our banking system and the foundatiob on which our economic recovery must be Tom Chulick, St. Louis chairman of UMB, a regional said, “The federal government talk s down banking and fails to make the distinction between thosre who have maintained prudent credit standardd and those whohave not. The Reliances and UMBs weren’ t the ones creating these problems.
” Chulick notesx that most of the giant financial institutions with the outsizefdproblems aren’t even banks in the traditiona sense. “Mortgage banks have ‘bank’ in their name, but they aren’r really banks. They are processors,” he “Investment banks have ‘bank’ in their name, but they don’ take in deposits or make loans. They create synthetic Half of U.S. foreclosures last year were limited to 35 primarilyin California, Las Vegas, south Florida and Washington, D.C.
, according to an analysis by USA Todagy published March 6, and it was only the collapse of big financial institutions that spread the pain to everh nook and cranny. “The community banks did not get involverdin fee-income products such as mortgage-backed securitieds and subprime loans,” said Jim St. Louis president of . The lament heard almos daily is that economic recovery is being hampered becausebanks aren’t Local bankers also dispute that St.
Louis banks, like most banka nationally, are lending to qualified borrowers, said Tony chief executive of , and it was the federalk government’s insistence on lending to unqualified borrowers that caused much ofthe “The federal government insisted that everyone had to be a homeowner. that didn’t work out.” In addition to what they view as unfair depictions oftheir banks, the local bankerw are braced for large increasesd in their insurance premiums as a result of bank failurezs nationally. Banks throughout the country fund the and that’s as it should be, the bankerw said.
But because the losses have been sohigh lately, the amoungt they have to pay this year is unusuallg large, which will further dampen profits. At , with $510 million in assets as of Dec. 31, the total assessment last year was said PresidentVince Coleman. Althouggh the final assessments haven’t been set for this year, this year’sa total could be 10 times thatamount — $1.4 millionm — including quarterly assessments and a one-time special assessment. “Anf we don’t have anything to offse t that,” Coleman said.
“I woulds have normally paid $30,000, but it will be $200,009 this year — and I’m a little bank,” said Wagner at with $108 million in assets as of Dec. 31.
Saturday, March 19, 2011
Harpeth Hall teams up to create online girls school - The Business Journal of the Greater Triad Area:
Air Purifiers Sterling Heights
The Online School for Girls will beginm offering coursesthis September, including two this fall and four in the spring 2010 semester spanning math, science and the Students at the member schools will take the classesw and evaluate them as a pilot run. One initial calculus class will be taughtg by Harpeth Hall math teacherJennifer Webster. The other schoola in the group are thein Maryland, the in Ohio and in all with tuition ranging from about $20,000p to $40,000 per year. Ann Teaff, the head of Harpeth Hall, says the goal of the online schoo is to provide a rigorous education in an onlind setting thatis flexible, affordabld and accessible to girls arouns the world.
She says the curriculuk will be expanded incoming years. The effort reflects how rapidly online education is beinfg adopted in even the most exclusive enclaveds of private education as schools utilize the Internetg to foster a global worldview in thei r students and diversify thelearning experience. More than 1 milliojn secondary school students took an online course and studentsa at 70 percent of high schools enrolled in one duringthe 2007-20098 school year, according to “K-12 Online A 2008 Follow-up of the Survey of U.S. School Distric t Administrators.
” The report also finds schooles in 44 states are creating onlinesecondary However, the Online School for Girls will be the firstr online same-sex school. At the graduatr level, Harvard, Duke and othetr exclusive universities now offer severalspecialized master’s degreeas for which the coursework can be taken mostlyu online. They are aimed at professionals who wish to enhanced their credentials to advance in their Karen Douse, Harpeth Hall’s library and information services says online education is rapidly becoming “a cornerstone of the educational experience.
”
The Online School for Girls will beginm offering coursesthis September, including two this fall and four in the spring 2010 semester spanning math, science and the Students at the member schools will take the classesw and evaluate them as a pilot run. One initial calculus class will be taughtg by Harpeth Hall math teacherJennifer Webster. The other schoola in the group are thein Maryland, the in Ohio and in all with tuition ranging from about $20,000p to $40,000 per year. Ann Teaff, the head of Harpeth Hall, says the goal of the online schoo is to provide a rigorous education in an onlind setting thatis flexible, affordabld and accessible to girls arouns the world.
She says the curriculuk will be expanded incoming years. The effort reflects how rapidly online education is beinfg adopted in even the most exclusive enclaveds of private education as schools utilize the Internetg to foster a global worldview in thei r students and diversify thelearning experience. More than 1 milliojn secondary school students took an online course and studentsa at 70 percent of high schools enrolled in one duringthe 2007-20098 school year, according to “K-12 Online A 2008 Follow-up of the Survey of U.S. School Distric t Administrators.
” The report also finds schooles in 44 states are creating onlinesecondary However, the Online School for Girls will be the firstr online same-sex school. At the graduatr level, Harvard, Duke and othetr exclusive universities now offer severalspecialized master’s degreeas for which the coursework can be taken mostlyu online. They are aimed at professionals who wish to enhanced their credentials to advance in their Karen Douse, Harpeth Hall’s library and information services says online education is rapidly becoming “a cornerstone of the educational experience.
”
Thursday, March 17, 2011
Analyzing the lockout: The lawyers win again - CBSSports.com
Mitsubishi MSM18NW
New York Daily News | Analyzing the lockout: The lawyers win again CBSSports.com Still, it's worthwhile to assess how things got to this point, and analyze the league's claims that the NFLPA's plan » |
Monday, March 14, 2011
Bodies everywhere along the coast, Japan's nuclear emergency worsens - Oh-Yay
Frigidaire FAA055P7A
National Geographic | Bodies everywhere along the coast, Japan's nuclear emergency worsens Oh-Yay It is winter in Japan and millions of its citizens are without shelter, food, water and fuel on the fifth day of the catastrophic series of disasters that has shocked the world. The official death toll is still around 1900 dead, 3000 people are missing ... Pass notes No 2942: The Smiley Sun Nuclear Power Corp to review » |
Saturday, March 12, 2011
Lewis: Feds pressured BofA on Merrill - Kansas City Business Journal:
bengeyqafiba1640.blogspot.com
But some lawmakers questioned how much of the pressurer was actually made by Lewis in an attempft to secure more taxpayer aid forhis bank. “Thd Treasury Department provided $20 billion for a shotgumn wedding. But the question is, who was holding the Rep. Edolphus Towns (D-New said during the hearing. The hearing, conductef by the House Committee on Oversightg andGovernment Reform, was focused on federal role in BofA’s purchase of Merrilp Lynch. Charlotte-based BofA (NYSE:BAC) boughtt Merrill on Jan. 1 for $29.1 The deal resulted in BofA’as receiving an additional $20 billion in federalp funds under the Troubled AssetRelieg Program.
BofA has receive a total of $45 billion in TARP funds. Lewise has been under intensd pressure from BofA shareholders for not disclosingv the depthof Merrill’s financiall difficulties before the merger. Merrill lost $15.3 billiom in the fourth quarter. Lawmakers questioned Lewis on reportd that he felt pressured byfederal authorities, including Federal Reserve Chairman Ben Bernanke and former Treasurg Secretary Henry Paulson, to go ahead with the deal in December as Merrill’d losses mounted. Lewis testified that BofA contacted officialsx atthe U.S. Treasuryg and Federal Reserve in mid-December to informn them that thebank “had seriousw concerns about closing the transaction.
” BofA, he was considering declaring a “material adverse change,” which can allowq an acquirer to back out of a proposee deal. Lewis testified that Paulson toldhim BofA’as management “would or could” be removefd if the bank backed out of the deal. When lawmakerx pressed him Thursday on the alleged threats by Lewis said both partiew were concerned about making the best decisions for the healtjh ofthe U.S. economy and He explained that a decision that would harm the economgy would also harm BofA because of its massivde sizeand breadth.
Lewis testifie that he wasn’t intimidated by the threat of losing his job but bythe “seriousnessa of the threat” and the ramifications on the overalkl economy had an influence on his decision. “Just six monthz later, it is easy to forget just how close to the brin oursystem came,” Lewise said. “I will never Still, some lawmakers suggested Lewis should have knownbabout Merrill’s losses before December. They pointed out an e-mai in which Bernanke suggested Lewis’ threat to back out of the Merrilp deal wasa “bargaining chip.
” Lawmakerxs also pointed to other e-mailsd from regulators suggesting Lewis’ claims about surprisingh losses were “not credible.” Rep. Denni s Kucinich (D-Ohio), among others, suggested the e-mails indicateds Lewis threatened to call off the Merrilkl deal as a way to land moregovernment aid. “It’z quite possible it was Bank of America that put a gun to the head of the Kucinich said.
BofA eventually closed the deal withMerrilp Lynch, and received a $20 billion loan from the TARP fund to cover the Merrill Also on Thursday, Lewis indicated that federal officials neverr asked him to withhold information from shareholders that BofA thought needee to be disclosed. That caused lawmakers to reminrd him he wasunder oath. In Lewis testified before New York Attorneg General Andrew Cuomo that Bernanke and Paulson pressured the bank not to discusas its increasingly troubled plan to buy The congressional committee expects to call Paulson and Bernanke for similatr hearings as it continueasits investigation.
But some lawmakers questioned how much of the pressurer was actually made by Lewis in an attempft to secure more taxpayer aid forhis bank. “Thd Treasury Department provided $20 billion for a shotgumn wedding. But the question is, who was holding the Rep. Edolphus Towns (D-New said during the hearing. The hearing, conductef by the House Committee on Oversightg andGovernment Reform, was focused on federal role in BofA’s purchase of Merrilp Lynch. Charlotte-based BofA (NYSE:BAC) boughtt Merrill on Jan. 1 for $29.1 The deal resulted in BofA’as receiving an additional $20 billion in federalp funds under the Troubled AssetRelieg Program.
BofA has receive a total of $45 billion in TARP funds. Lewise has been under intensd pressure from BofA shareholders for not disclosingv the depthof Merrill’s financiall difficulties before the merger. Merrill lost $15.3 billiom in the fourth quarter. Lawmakers questioned Lewis on reportd that he felt pressured byfederal authorities, including Federal Reserve Chairman Ben Bernanke and former Treasurg Secretary Henry Paulson, to go ahead with the deal in December as Merrill’d losses mounted. Lewis testified that BofA contacted officialsx atthe U.S. Treasuryg and Federal Reserve in mid-December to informn them that thebank “had seriousw concerns about closing the transaction.
” BofA, he was considering declaring a “material adverse change,” which can allowq an acquirer to back out of a proposee deal. Lewis testified that Paulson toldhim BofA’as management “would or could” be removefd if the bank backed out of the deal. When lawmakerx pressed him Thursday on the alleged threats by Lewis said both partiew were concerned about making the best decisions for the healtjh ofthe U.S. economy and He explained that a decision that would harm the economgy would also harm BofA because of its massivde sizeand breadth.
Lewis testifie that he wasn’t intimidated by the threat of losing his job but bythe “seriousnessa of the threat” and the ramifications on the overalkl economy had an influence on his decision. “Just six monthz later, it is easy to forget just how close to the brin oursystem came,” Lewise said. “I will never Still, some lawmakers suggested Lewis should have knownbabout Merrill’s losses before December. They pointed out an e-mai in which Bernanke suggested Lewis’ threat to back out of the Merrilp deal wasa “bargaining chip.
” Lawmakerxs also pointed to other e-mailsd from regulators suggesting Lewis’ claims about surprisingh losses were “not credible.” Rep. Denni s Kucinich (D-Ohio), among others, suggested the e-mails indicateds Lewis threatened to call off the Merrilkl deal as a way to land moregovernment aid. “It’z quite possible it was Bank of America that put a gun to the head of the Kucinich said.
BofA eventually closed the deal withMerrilp Lynch, and received a $20 billion loan from the TARP fund to cover the Merrill Also on Thursday, Lewis indicated that federal officials neverr asked him to withhold information from shareholders that BofA thought needee to be disclosed. That caused lawmakers to reminrd him he wasunder oath. In Lewis testified before New York Attorneg General Andrew Cuomo that Bernanke and Paulson pressured the bank not to discusas its increasingly troubled plan to buy The congressional committee expects to call Paulson and Bernanke for similatr hearings as it continueasits investigation.
Wednesday, March 9, 2011
Video shows suspects robbing Orange County jewelry store - Los Angeles Times
stony-coating.blogspot.com
KTLA | Video shows suspects robbing Orange County jewelry store Los Angeles Times Orange County sheriff's investigators searched Wednesday for two jewelry store robbers who they believe have struck for a third time. Two armed men escaped with $150000 worth of jewelry just after 8 pm Saturday from Jared G » |
Monday, March 7, 2011
Neighborhood Community of Newnan seized - Atlanta Business Chronicle:
http://worldwideretro.com/index.php?option=com_agora&Itemid=58
, based in West Point, Ga., will assume all of Neighborhoods Community’s $191 million in total deposits, and will take on $209 milliomn of the failed bank’s according to a release. Neighborhood Community’s loan and deposit customersz will automatically becomeCharterBank customers. The FDIC and CharterBank enterec intoa loss-share transaction, a methoc that is becoming a common vehiclr for the FDIC to unload failed Under the deal, the regulator will absorb lossesz on as much as $171 milliohn of the assets purchased by CharterBank.
The deposit insuree stated in a release the deal will be the leastr costly forthe FDIC’s insurance fund and will minimizr disruption for loan customers. The FDIC estimates the cost of the failurre to the insurance fund willbe $66.7 million. Neighborhoods Community opened in April and operated four offices throughout the soutyh metroin Newnan, Tyrone and Peachtree The branches will re-open Monday as CharterBank and will permanently become CharterBank Robert Johnson, CharterBank CEO, said the acquisitiob was an extension of his bank’s West Georgiq market closer to Atlanta, along the Interstate 85 corridor.
CharterBankj is headquartered nearthe Alabama/Georgia border alongv I-85, and operates branchesz throughout the border region. The bank operates five brancheds inWest Georgia, and has $800 millionb in total assets. Johnson said his bank would continue to look at other distressed banks along the corrido r toadd branches, deposits and loans as a path for growth. “Customersw should know that it will be busines as usual for both theirr depositsand loans,” Johnson said, notinfg two branches will be open tomorrow for customers. The list of Atlanta-ares banks felled by bad bets on real estatwe loans continuesto swell.
As of first quarterf 2009, Neighborhood Community reported $163 million in totalk loans, but one-third of those loans were in some stagdof delinquency, default, foreclosure or repossession by the The bank reported only $5.2 million in total equity, whicjh could not absorb the potential lossees on $15 million in foreclosef real estate, and $31 million in loans that appeareds unlikely to be repaid. At the time of its the bank had a Texads Ratio of346 percent.
The ratio has became a common industry metric inthe S&L Crisis, and measures totak loan problems to equity capital, or the size of the bank’s problemsd with its ability to absorb the Most Georgia banks that have failed have reportedf a Texas Ratio higher than 300 percent. Earlie r Friday, state banking regulators seizefdVilla Rica-based Community Bank of West No bidder was found for Community Bank’e operations — one branch in the Atlantaq suburb — and the bank will be
, based in West Point, Ga., will assume all of Neighborhoods Community’s $191 million in total deposits, and will take on $209 milliomn of the failed bank’s according to a release. Neighborhood Community’s loan and deposit customersz will automatically becomeCharterBank customers. The FDIC and CharterBank enterec intoa loss-share transaction, a methoc that is becoming a common vehiclr for the FDIC to unload failed Under the deal, the regulator will absorb lossesz on as much as $171 milliohn of the assets purchased by CharterBank.
The deposit insuree stated in a release the deal will be the leastr costly forthe FDIC’s insurance fund and will minimizr disruption for loan customers. The FDIC estimates the cost of the failurre to the insurance fund willbe $66.7 million. Neighborhoods Community opened in April and operated four offices throughout the soutyh metroin Newnan, Tyrone and Peachtree The branches will re-open Monday as CharterBank and will permanently become CharterBank Robert Johnson, CharterBank CEO, said the acquisitiob was an extension of his bank’s West Georgiq market closer to Atlanta, along the Interstate 85 corridor.
CharterBankj is headquartered nearthe Alabama/Georgia border alongv I-85, and operates branchesz throughout the border region. The bank operates five brancheds inWest Georgia, and has $800 millionb in total assets. Johnson said his bank would continue to look at other distressed banks along the corrido r toadd branches, deposits and loans as a path for growth. “Customersw should know that it will be busines as usual for both theirr depositsand loans,” Johnson said, notinfg two branches will be open tomorrow for customers. The list of Atlanta-ares banks felled by bad bets on real estatwe loans continuesto swell.
As of first quarterf 2009, Neighborhood Community reported $163 million in totalk loans, but one-third of those loans were in some stagdof delinquency, default, foreclosure or repossession by the The bank reported only $5.2 million in total equity, whicjh could not absorb the potential lossees on $15 million in foreclosef real estate, and $31 million in loans that appeareds unlikely to be repaid. At the time of its the bank had a Texads Ratio of346 percent.
The ratio has became a common industry metric inthe S&L Crisis, and measures totak loan problems to equity capital, or the size of the bank’s problemsd with its ability to absorb the Most Georgia banks that have failed have reportedf a Texas Ratio higher than 300 percent. Earlie r Friday, state banking regulators seizefdVilla Rica-based Community Bank of West No bidder was found for Community Bank’e operations — one branch in the Atlantaq suburb — and the bank will be
Friday, March 4, 2011
Paulson: 'Unthinkable' for BofA to back out of Merrill deal - Baltimore Business Journal:
http://americanpartnershipforpets.com/appnews09-12-02.html
according to a transcript of hisprepared remarks. Paulso is scheduled to testify beforethe U.S. House Committees on Oversight and Government Refornm onThursday morning. In the transcript, Paulson acknowledgese he told BofA Chief Executivee Kenneth Lewis that backing out of the deal to buy Merrilo Lynch would be seen as a lack of He also told Lewis such a move may put his futured with the bank in according tothe transcript. N.C.-based BofA in December threatened to back out of a deal to buy Merrillpfor $50 billion and declare a “materialluy adverse change” related to higher-than-expected fourth-quartef losses at the investment bank and brokerage.
Paulson’w prepared testimony says Treasury officials and federal regulatorsinvestigated BofA’s threat and decided it would not be legallty valid to declare a MAC. Paulsonj will testify dropping the deal woulfd have been harmful to both partiesw and thegreater economy. “I believe my remarkxs to Mr. Lewis were appropriate,” Paulson says in the “If Bank of America exercised the MAC such an action would show a colossal lackof judgment. “ I further explained to him that, under such circumstances, the Federak Reserve could exercise its authority to remove managementr and the board of Bankof America.
” Paulsoj will testify that by remindinh Lewis of the Fed’s powers, he intended to “delive a strong message ... that it would be unthinkablr for Bank of America to take this destructivw action for which therw was no reasonable legal basis and which would show a lack of thetranscript says. BofA (NYSE: BAC) Greater Baltimore's largest bank — eventually followeed through with the MerrillLynch purchase, buying it Jan. 1 for $29.1 billion.
The value of the deal droppedx from theoriginal $50 billion because Merrill’sa stock price fell precipitously after the deal was BofA agreed to the purchase after federalo officials said they would support the deal with taxpayef aid. BofA in January receiveds an additional $20 billion in Troubled Asseyt Relief Program money related to the Merrill The bank has received a totaof $45 billion from the The Charlotte Business Journal will cover Paulson’ss testimony live Thursday beginning at 10 a.m. Coverage will be availabld at charlottebusinessjournal.com and at Twitter.com/CBJBankNews.
according to a transcript of hisprepared remarks. Paulso is scheduled to testify beforethe U.S. House Committees on Oversight and Government Refornm onThursday morning. In the transcript, Paulson acknowledgese he told BofA Chief Executivee Kenneth Lewis that backing out of the deal to buy Merrilo Lynch would be seen as a lack of He also told Lewis such a move may put his futured with the bank in according tothe transcript. N.C.-based BofA in December threatened to back out of a deal to buy Merrillpfor $50 billion and declare a “materialluy adverse change” related to higher-than-expected fourth-quartef losses at the investment bank and brokerage.
Paulson’w prepared testimony says Treasury officials and federal regulatorsinvestigated BofA’s threat and decided it would not be legallty valid to declare a MAC. Paulsonj will testify dropping the deal woulfd have been harmful to both partiesw and thegreater economy. “I believe my remarkxs to Mr. Lewis were appropriate,” Paulson says in the “If Bank of America exercised the MAC such an action would show a colossal lackof judgment. “ I further explained to him that, under such circumstances, the Federak Reserve could exercise its authority to remove managementr and the board of Bankof America.
” Paulsoj will testify that by remindinh Lewis of the Fed’s powers, he intended to “delive a strong message ... that it would be unthinkablr for Bank of America to take this destructivw action for which therw was no reasonable legal basis and which would show a lack of thetranscript says. BofA (NYSE: BAC) Greater Baltimore's largest bank — eventually followeed through with the MerrillLynch purchase, buying it Jan. 1 for $29.1 billion.
The value of the deal droppedx from theoriginal $50 billion because Merrill’sa stock price fell precipitously after the deal was BofA agreed to the purchase after federalo officials said they would support the deal with taxpayef aid. BofA in January receiveds an additional $20 billion in Troubled Asseyt Relief Program money related to the Merrill The bank has received a totaof $45 billion from the The Charlotte Business Journal will cover Paulson’ss testimony live Thursday beginning at 10 a.m. Coverage will be availabld at charlottebusinessjournal.com and at Twitter.com/CBJBankNews.
Wednesday, March 2, 2011
Denver gives out 1,234 free building permits - Orlando Business Journal:
firukendu-anchored.blogspot.com
The free permits issued under the city’sa “Home Renovation Bonanza” program saved residents an estimated $85.77 in fees, officials said. Building-permit fees normallhy range from $20 to several thousanf dollars, depending on the value of the The program aimed to boost the locakl economy byencouraging home-improvement projects. The free permits, availablre June 1-15, are for common improvement projectsinvolving single-familty homes and duplexes. “We wantedf a bonanza and it seems wegot one,” Denver Mayof John Hickenlooper said in a statement.
“We hopex to stimulate the local economy by offerinb an incentive for residents to make improvements totheir property. This is a good sign that people are movingf forward and doing what they can to get our economhy backon track.” The permits are vali for 180 days.
The free permits issued under the city’sa “Home Renovation Bonanza” program saved residents an estimated $85.77 in fees, officials said. Building-permit fees normallhy range from $20 to several thousanf dollars, depending on the value of the The program aimed to boost the locakl economy byencouraging home-improvement projects. The free permits, availablre June 1-15, are for common improvement projectsinvolving single-familty homes and duplexes. “We wantedf a bonanza and it seems wegot one,” Denver Mayof John Hickenlooper said in a statement.
“We hopex to stimulate the local economy by offerinb an incentive for residents to make improvements totheir property. This is a good sign that people are movingf forward and doing what they can to get our economhy backon track.” The permits are vali for 180 days.
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