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 » |
Thursday, March 17, 2011
Analyzing the lockout: The lawyers win again - CBSSports.com
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Monday, March 14, 2011
Bodies everywhere along the coast, Japan's nuclear emergency worsens - Oh-Yay
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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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