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Talk about money: Housing prices rise in county Oct 11, 2012 | 1482 views | 0 | 9 | | After dropping from 2006 to 2011, home prices in Santa Cruz County have jumped 17 percent in the past year as bargain-hunting investors find that rising rents and rock-bottom interest rates are again making it profitable to be a landlord. It’s not only investors who are driving up prices; demand is also coming from buyers who want a home to live in. But for the first time in many years, investors can buy rental properties with a 25 percent down payment and rent them out for a “positive cash flow,” where the rent is sufficient to cover the cost of the monthly mortgage payment, taxes and other expenses. “Rents are at a premium,” said David Bergman, a Scotts Valley realtor. “Many people have lost their homes through foreclosures and short sales.” They have become renters, he added, and these new renters are driving up rents. In Scotts Valley, “rentals are almost impossible to find,” Bergman said. He and other local realtors say the price increases are primarily in medium-priced neighborhoods, such as Skypark in Scotts Valley, where Bergman says home prices have risen as much as $40,000 this year. “The market is picking up in the lower price range,” said Santa Cruz Realtor Wayne Shaffer. “But we’re not seeing a lot of buyers for million-dollar homes.” Scotts Valley Realtor Kurt Useldinger agreed. “It’s soft at the top,” Useldinger said. “Around $500,000 and below, it’s a really solid market.” High rents are enticing investors to buy rental homes. In Watsonville, Useldinger said, a year ago one could buy a house for $200,000 and rent it out for $1,200 to $1,400 a month. That’s an excellent return for an investor seeking income; plus, those homes have risen in value 15 to 20 percent in the past year. For people who lost their homes to foreclosure, the news adds insult to injury. They used to own a home — and now they have to rent, their rent is going up, and housing values are appreciating after it’s too late for them to benefit from that appreciation. Santa Cruz Realtor Neal Langholz said not everyone who lost a home to foreclosure was financially devastated. “Many people who lost their homes to foreclosure had made their purchase with no money down,” he said. “They were making high payments, and they went through a lot of heartache and stress, but many got to live in the house for two years after they stopped making payments." Langholz still sees opportunities for investors buying rental properties, but that could change. “If interest rates go up, that will make the rental properties I’m selling not affordable,” he said. “Buying rental property with a negative cash flow is punishment.” Bergman predicts another possible danger ahead: If more houses are put up for sale, that could lead to lower selling prices. “Down the road, there’s still a whole bunch of foreclosed properties yet to be released by the banks,” Bergman said. “More inventory may be coming.” - Mark Rosenberg is an investment consultant for Financial West Group in Scotts Valley, a member of FINRA and SIPC. He can be reached at 439-9910 or [email protected]. Talk about money: Property values and the Scotts Valley Middle School bond Unique house overlooking Scotts Valley hits the market Musical production of 'Legally Blonde' set to open at SVHS Joe Shreve Senior Center booming at 25

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Risk Management/Security Check Scanners That Detect Fake I.D.'s Help One Bank Fight Fraud Jonathan CamhiSee more from JonathanConnect directly with Jonathan Bio| Contact Check scanners from CTS North America have been enabled with technology that detects fake I.D.'s that have helped one community bank secure branch transactions and can authenticate remote check deposits. Tags: Fraud, Security, Fake I.D.'s, Check Scanners, Check Processing, RDC, Remote Deposit Capture, CTS North America, Authentication, Branch Fake I.D.'s can be used as a plastic key to to get into a bank's systems in a number of ways, says Perry Forst, CEO and president of Citizens State Bank Norwood Young America, a single-branch community bank in Norwood Young America, Minn. Criminals can and have used fake I.D.'s to cash checks, make deposits, open new accounts and apply for loans. To prevent such fraud attempts the bank ($80 million in assets) has actually been using its check scanners, provided by CTS North America, a banking automation company, to scan government issued I.D.'s in the branch. The I.D.-scanning capability of the check scanners is the result of an integration between CTS's LS40 and LS150 check scanners and I.D.-reader software provided by Identification Verification Systems, which provides I.D.-based authentication solutions. The I.D. reader check scanners can be used both in the branch and as a remote check deposit solution to verify a customer's I.D. Forst explains that the instant authentication of the I.D. allows his bank's employees to move service customers more quickly and efficiently as employees can move on to the important tasks of helping the customer complete their transaction. "The program [for scanning ID's] is just one click on the desktop, so we can determine the validity of any government-formatted I.D. immediately," Forst says. "We know right away our comfort level with the customer and can focus on taking care of that customer's needs." The I.D. verification software, called Snare, uses a magnetic stripe reader and can detect questionable I.D.'s, says John McCullough, the executive vice president of I.V.S. The software also takes an image of the I.D. and saves it, meaning that even if criminals have switched the 2-D Barcodes on the I.D. the software can detect if the QR Code says one thing and the face of the card says another, McCullough explains. So far the Snare technology has yet to be duped by a fake I.D. at one of the company's client banks, McCullough reports. McCullough says that technology is a valuable aid to tellers because it uses the same process that tellers already use for scanning other documents. In addition, he points out, most tellers aren't experts on detecting fake I.D.'s, so many of them are relieved to have that decision taken out of their hands. "We've run a test where we showed a mix of 50 I.D.'s - some fake and some real - to a group of tellers. Most of the experienced tellers will identify the fraudulent ones, but they also tend to think that some of the real I.D.'s are fake. The new tellers don't have a clue," McCullough relates. The integration of I.D. verification with check scanners can also be used to authenticate remote check deposits. McCullough says that I.V.S has already integrated the software with CTS's desktop check scanners, but that capability has just recently been released and none of its clients are using it yet. The company will look to integrate the Snare I.D. authentication software into mobile check deposit as part of the software's next phase of development, possibly by using a card reader that works with the mobile device. This could help verify the identity of customers depositing checks with their mobile device. But the technology has already proven a hit in the branch with the tellers at Citizen State Bank Norwood Young America, Perry Forst reports. "One teller I've spoken with told me 'I'd feel naked without it now,'" Norwood's Forst says.ABOUT THE AUTHORJonathan Camhi is a graduate of the City University of New York's Graduate School of Journalism, where he focused on international reporting and interned at the Hindustan Times in Delhi, ...See more from Jonathan

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Dan Gilbert talks about entrepreneurship and urban revival Blog entry: December 3, 2012, 1:27 pm | Author: SCOTT SUTTELL There's a lot to chew on in this TechCrunch.com interview with Cavaliers owner/Quicken Loans founder Dan Gilbert about entrepreneurship and urban revival.It's a long interview, focused primarily on Mr. Gilbert's business efforts in Detroit. But it has significant resonance for Cleveland, where one of Mr. Gilbert's ventures, startup accelerator Bizdom, is trying to replicate some of the success it has had in the Motor City. Quicken Loans also has become a major job generator in downtown Detroit.Here are some of the highlights of Mr. Gilbert's comments: “I think it's pretty clear to everybody (that people in the 20s and 30s) want to be in urban core, so they just ditch Michigan. When you sit around tables and you listen to people talk about their relatives or their kids or their grand kids or their friends or their friends' kids, they say 'This one is moving to Chicago, this one is moving to New York, this one is moving to San Francisco.' If we're going to keep growing and keep doing the kinds of things we do, we're Quicken Loans, we're a really technology company that happens to do loans.” “(Startups in Detroit) can get some great people, some hardworking, Midwest people who first of all tend to be loyal here; they just do. … (There) is just less competition for the talent, and so you have a better chance and maybe keeping the same group of people with you for a long period of time. And it's exciting and there are startups happening.” “Through Detroit Venture Partners and Rockbridge (a private equity firm) we try to tap into the operational expertise of our business. … We really try to look at it as one company, one business, one family where people can tap in and either recruit other people maybe to come over and help in or even for short periods of time. For instance, we're even going to put what we call our mousetrap. People who just process excellence, we're going to put them in the Casino in Cleveland for a period of time to help them. There's going to be two or three people go over there for 90 days just to help them set-up their process excellence.” “One of the figures I give to people here is that you pay less per square foot for the building than the average rental rate is in New York for a year. So you think about that difference. I'm not bragging, I'm just saying, 'Hey, there's a significant advantage' even in Cleveland where we're active, the real estate prices didn't decline like in Detroit. Get it done Comments from two economic experts from KeyCorp in Cleveland underscore what's at stake in the fiscal cliff negotiations.This MarketWatch.com story notes that the Nasdaq Composite index just scored its first positive November since 2009, even as the political rhetoric over the budget continued with little obvious progress toward a deal.“I don't think there is a politician out there that wants on their watch an adverse economic outcome. But they could wait for the 11th hour,” said Nick Raich, director of Key Private Bank in Cleveland, of the possible repercussions of not reaching an agreement to block billions in automatic spending cuts and tax increases early next year.“Our base case is there will be some sort of solution, but it may not occur by or on Dec. 31, so the market is not pricing completely going off the cliff, but more of a roll down the hill,” Mr. Raich added. This Bloomberg story says the world economy “has recovered to its strongest level in 18 months as China's stimulus measures bolster growth and the U.S. seeks to avoid the so-called fiscal cliff, a Bloomberg Global Poll of investors showed.”One of those polled was Bruce McCain, chief investment strategist at Kay Private Bank.“With so much monetary stimulus around the world, we've taken the brakes off the global economy,” he told Bloomberg. “It should mean improved growth into next year. Officials in Europe and in the U.S. seem to realize that we're on the precipice of some pretty negative outcomes if they don't do something to find better solutions.” This and that Taking it slow: Foreclosures in Ohio take an average of 571 days to complete, making it the ninth-slowest state in the country, according to this story from MarketWatch.com, based on data from RealtyTrac.The slowest state, at 1,072 days, is New York. Also slower than Ohio are Connecticut (661 days), Florida (858) Hawaii (662), Illinois (673), Indiana (603), New Jersey (931) and Pennsylvania (580).Business-friendly Texas will get you through the foreclosure process faster than any other state. It takes only 97 days, on average, to complete a foreclosure there.Move along: The New York Times profiles Dr. Michael Roizen, the chief wellness officer at the Cleveland Clinic, and declares he's “at the forefront of the upright workers movement.”That “movement,” The Times says, “is not a union uprising, but a reference to the growing numbers of office workers who are rising from their chairs to stand, even walk, for health reasons.” (Check out this story about Dr. Roizen, by Crain's Dan Shingler, from January 2011.)Dr. Roizen walks the walk, so to speak. He “typically works at a treadmill desk for hours a day” and follows a 10,000 steps-a-day regimen for better health, The Times says.“For me, this setup is a way around inactivity,” he says. Dr. Roizen has “found he can effectively handle conference calls while walking at 3.3 miles per hour, typing to reply to e-mails at 1.8 mph, and more serious writing at 1.7 mph.”Game on: Worried when you see your kid playing video games more than, say, reading books? Maybe you shouldn't be.“Over the last few years, there's been a lot of research done on the social, emotional, mental and physical benefits of gaming, and the results may surprise you: video games actually have considerable real-world benefits,” USA Today reports.The newspaper cites data from the Entertainment Software Association that finds 62% of gamers play games with others, either in-person or online. These social games “teach kids leadership skills, including delegating responsibility, and working effectively as a team,” according to the story.And research from Ohio State University “finds that players who engage in cooperative play in games show increased cooperative behavior,” the newspaper reports.You also can follow me on Twitter for more news about business and Northeast Ohio. Reader Comments

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Baby boomers felt recession's impact more than most Blog entry: February 4, 2013, 10:45 am | Author: SCOTT SUTTELL The recession was tough on almost everyone, but it was particularly bad for baby boomers, according to this New York Times analysis that includes comments from a Cleveland woman living on the edge economically.The Times reports that the U.S. Department of Labor's latest jobs snapshot and other recent data reports “present a strong case for crowning baby boomers as the greatest victims of the recession and its grim aftermath.”Americans in their 50s and early 60s — those near retirement age who do not yet have access to Medicare and Social Security — “have lost the most earnings power of any age group, with their household incomes 10 percent below what they made when the recovery began three years ago,” The Times notes, citing work done by Sentier Research, a data analysis company. The big problem: Their retirement savings and home values fell sharply at the worst possible time, just before they needed to cash out. They also are supporting both aged parents and unemployed young-adult children.The Times says a recent study by economists at Wellesley College found that people who lost their jobs in the few years before becoming eligible for Social Security “lost up to three years from their life expectancy, largely because they no longer had access to affordable health care.”One such person is Susan Zimmerman, 62, a freelance writer in Cleveland.“If I break my wrist, I lose my house,” she tells The Times. The paper notes that none of the three part-time jobs she has cobbled together pay benefits, and she says she is counting the days until she becomes eligible for Medicare.“In the meantime, Ms. Zimmerman has fashioned her own regimen of home remedies — including eating blue cheese instead of taking penicillin and consuming plenty of orange juice, red wine, coffee and whatever else the latest longevity studies recommend — to maintain her health, which she must do if she wants to continue paying the bills,” the newspaper reports. “I will probably be working until I'm 100,” Ms. Zimmerman says. Not too late to address 'too big to fail' Top U.S. bank regulators and lawmakers, including Sen. Sherrod Brown, D-Avon, are pushing for action to “limit the risk that the government again winds up financing the rescue of one or more of the nation's biggest financial institutions.”Bloomberg reports that these officials, most prominently Sen. Brown, Federal Reserve governor Daniel Tarullo and Dallas Fed president Richard Fisher, “share the view that the 2010 Dodd-Frank Act failed to curb the growth of large banks after promising in its preamble to 'end too big to fail.'”Strategies under consideration “range from legislation that would cap the size of big banks or make them raise more capital to regulatory actions to discourage mergers or require that financial firms hold specified levels of long-term debt to convert into equity in a failure,” according to Bloomberg.Three of the four largest U.S. banks — JPMorgan Chase, Bank of America and Wells Fargo — “are bigger today than they were in 2007, heightening the risk of economic damage if one gets into trouble,” according to Bloomberg. The news service says JPMorgan's 2012 trading loss of more than $6.2 billion from a bet on credit derivatives “raised questions anew about whether the largest institutions have grown too complex for oversight.”That loss is among events that “have proven 'too big to fail' banks are also too big to manage and too big to regulate,” Sen. Brown tells Bloomberg. “The question is no longer about whether these megabanks should be restructured, but how we should do it.”The story notes that Sen. Brown and fellow Banking Committee member David Vitter, R-La., “are considering legislation that would impose capital levels on the largest banks higher than those agreed to by the Basel Committee on Banking Supervision and the Financial Stability Board, which set global standards.” Sen. Brown also plans “to reintroduce a bill he failed to get included in Dodd-Frank or passed in the last Congress that would cap bank size and limit non-deposit liabilities,” Bloomberg notes. This and that Making advances: Have any doubts about the viability of advanced energy? NorTech CEO Rebecca Bagley doesn't.Her latest Forbes.com column extols the virtues of “a diverse energy portfolio, one that combines traditional and advanced energy sources,” calling such a portfolio “a prudent strategy to mitigate long-term risks in our energy needs and supply.”Advanced Energy Economy, a national organization representing the industry, recently released its first analysis of the national and global advanced energy sector, Ms. Bagley writes, and its findings “are promising news for investors interested in the industry.”The report “shows that in 2011 advanced energy was a $1.1 trillion global market, added $145 billion to the U.S. Gross Domestic Product, and generated more than $20.6 billion in federal, state and local taxes,” Ms. Bagley writes. “With $132 billion in U.S. revenue in 2011 and a 19% growth rate estimated for 2012, it's clear that investing in advanced energy is smart business.”The U.S. share of the global advanced energy market was 12% in 2011 and was expected to grow to 15% in 2012, according to AEE. Economic opportunities in the advanced energy sector “become even more obvious when you consider that global energy consumption is expected to rise almost 40% by 2030,” Ms. Bagley writes.Be nice: The manager of the Wyndham Cleveland at PlayhouseSquare gets to offer a bit of advice in this Entrepreneur.com story about the pitfalls of hotel life for frequent business travelers.The piece starts by looking at some of the common complaints travelers have with their lodging — no bathtub, the demise of the clock radio, no local paper, not enough outlets, expensive breakfasts, and so forth.It then asks various hotel managers about how travelers can best address these peeves.In a portion of the piece labeled “be friendly,” Brian Moloney of the Wyndham Cleveland advises guests to be cordial to a front-desk employee — or, even better, a manager — when they check in."Make eye contact, just like we would do with a guest," he says. That way, the story notes, “if you have a problem and call downstairs to rectify it, you're more than a room number.”You also can follow me on Twitter for more news about business and Northeast Ohio. Reader Comments

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Help | Connect | Sign up|Log in Nathan Lewis, Contributor I write about monetary and tax policy for the 21st century. Though It Nearly Strangled Reagan's Revolution, Soft Money Conservatives Revive Friedman's Monetarism In U.S. politics, the Democrats have long supported soft-money policies, while the Republicans have supported hard-money policies. In practice, this meant that the Democrats might be in favor of some sort of currency devaluation or “easy money” solution, while the Republicans would stick to a gold standard system. The 1896 presidential election was fought over exactly this controversy. The Democrats, to relieve farmers of excessive debts, supported “free coinage of silver,” which was in effect a 50% devaluation of the dollar. The Republicans wanted to maintain the value of the dollar at 1/20.67th of an ounce of gold. The Republicans won. In 1980, Ronald Reagan won the presidency with a strong anti-inflation stance, in contrast to president Carter’s history of “accommodation,” which in practice meant accelerating currency decline. Reagan himself wanted to return to a gold standard system, which, in 1980, had been gone for only nine years. Reagan had lived the first sixty years of his life (1911-1971) in the context of a golden dollar. However, by this time, Republican thinking had split. Some, like Reagan, supported a gold standard solution. However, others had become entranced by the newfangled “monetarist” ideas of Milton Friedman. Friedman had made a name for himself by writing a number of books, such as the influential Free to Choose (1980), which was turned into a TV series. Friedman’s writing was mostly libertarian platitudes that would have been familiar to Republicans a hundred years earlier. These were important at the time – they are important today – but it wasn’t much different than what Adam Smith said over two centuries earlier. However, Friedman slipped something new under his cloak of old-time libertarianism: a monetary framework that discarded conservative hard-money principles entirely, and relied instead upon a system of economic management via currency manipulation. Indeed, Friedman cheered the end of the gold standard system in 1971. People who walked the halls of the White House during the early 1980s tell me that Friedman himself stymied every attempt, by Reagan and others, to promote a return to a gold standard system at that time. People took Friedman seriously in those days. Today, I think many have come to realize that Freidman’s “monetarism” is really just Keynesianism with some different clothes. Although the justifications are different – monetary aggregates rather than interest rates – the end result is the same. “Easy money” when the economy is doing poorly and prices have a declining tendency, and “tighter money” when it is doing better and prices have a rising tendency. It is another system to manage the economy via currency distortion. The natural result of this, as is the case for Keynesian methodologies, is a floating fiat currency. Although hypercomplex math became a career-enhancement device for academic economists in the 20th century — whether Keynesian or Monetarist — the basic principles were described by James Denham Steuart in 1767: “[The currency manager] ought at all times to maintain a just proportion between the produce of industry, and the quantity of circulating equivalent [money], in the hands of his subjects, for the purchase of it; that, by a steady and judicious administration, he may have it in his power at all times, either to check prodigality and hurtful luxury, or to extend industry and domestic consumption, according as the circumstances of his people shall require one or the other corrective, to be applied to the natural bent and spirit of the times.” Soft money theory has been around a long time. As you may have noticed, it hasn’t changed much. All the complicated Keynesian and Monetarist arguments amount to lurid justifications to do what Steuart explained in everyday English. Economic Forensics: Who Actually Destroyed The Middle Class? Nathan Lewis To Achieve A Successful Gold Standard, You Don't Need Gold Coins Message to Europe: It's Time For Your Bank Holiday Austerity In Greece? Sure, And There's Snow In Mykonos Too I run a small private investment partnership, which invests globally with a macro theme. I would say the study of economics is best done in the tradition of the gentleman economists of the past, such as David Ricardo, Adam Smith and John Stuart Mill. Previously, I was an economist and macro strategist for a firm that served institutional investors. My book Gold: the Once and Future Money was released in 2007, and is now available in German, Chinese, Korean and Russian. My opinion pieces have appeared in the Financial Times, Asian Wall Street Journal, Dow Jones Newswires, Worth, Daily Yomiuri, Asia Times, Pravda, Huffington Post, and numerous other print and online publications. I also have a personal website at newworldeconomics.com. More from Nathan Lewis Nathan Lewis’ RSS Feed Nathan Lewis’ Profile Nathan Lewis’ Recommended Reading Nathan Lewis’ Website

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U.S. home prices rise in October by most in 6 years By CHRISTOPHER S. RUGABER AP Economics Writer A sign advertising a home for sale and in escrow is seen in Los Angeles. (AP Photo/Reed Saxon) WASHINGTON (AP) - A measure of U.S. home prices rose 6.3 percent in October compared with a year ago, the largest yearly gain since July 2006. The jump adds to signs of a comeback in the once-battered housing market. Core Logic also said Tuesday that prices declined 0.2 percent in October from September, the second drop after six straight monthly increases. The monthly figures are not seasonally adjusted. The real estate data provider says the decline reflects the end of the summer home-buying season. Steady price increases are helping fuel a housing recovery. They encourage more homeowners to sell their homes. And they entice would-be buyers to purchase homes before prices rise further. Home values are rising in more states and cities, according to the report. Prices increased in 45 states in October, up from 43 the previous month. The biggest increases were in Arizona, where prices rose 21.3 percent, and in Hawaii, where they were up 13.2 percent. The five states where prices declined were: Illinois, Delaware, Rhode Island, New Jersey, and Alabama. In 100 large metro areas, only 17 reported price declines. That's an improvement September, when 21 reported declines. Mortgage rates are near record lows, while rents in many cities are rising. That makes home buying more affordable, pushing up demand. And more people are looking to buy or rent a home after living with relatives or friends during and immediately after the Great Recession. At the same time, the number of available homes is at the lowest level in 10 years, according to the National Association of Realtors. The combination of low inventory and rising demand pushes up prices. Last week, an index measuring the number of Americans who signed contracts to buy homes in October jumped to the highest level in almost six years. That suggests sales of previously occupied homes will rise in the coming months. Builders, meanwhile, are more optimistic that the recovery will endure. A measure of their confidence rose to the highest level in six and a half years last month. And builders broke ground on new homes and apartments at the fastest pace in more than four years in October.

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Thomas Kostigen's Impact Investor Oct. 1, 2012, 2:21 p.m. EDT A new Marshall Plan Commentary: Getting to the next stage of development By Thomas Kostigen NEW YORK (MarketWatch)—Wedged between the United Nations General Assembly meeting and the Clinton Global Initiative conference here last week was a small but important gathering held by the Millennium Challenge Corporation to discuss sustainable investing in developing countries. Richard Haass, the president of the Council of Foreign Relations held court, moderating a discussion between the African nation heads of state from Benin and Senegal, as well as the foreign minister from Niger. None of these countries may be well known to the general public never mind the investing public. But as Haass remarked, “The parts of the world I hear least about have the least amount of problems.” To be sure there are problems in Benin, Senegal, and Niger; they are among the world’s poorest nations. But they are not amid war, conflict, or revolution as so many African nations are subject. And it is because of their relative political stability that they are eligible for MCC funding. The MCC mandates that a country abide by certain requirements before it gets aid from the United States through a “compact.” This was born out of President George W. Bush’s desire for countries to enlist transparency mechanisms—such as strong environmental, human rights, labor, and governance laws—so funding wouldn’t be squandered by corruption or coup. And it’s working. Benin has a five-year compact worth $307 million that is going toward land rights, financial services (such as microfinance opportunities for women), judicial reform, and market access (such as procurement contracts for foreign firms). Senegal and Niger, among dozens of other impoverished nations have similar compacts. And they are all improving infrastructure and creating economic growth. In Benin, the MCC’s investment alone has contributed to 2% of its gross domestic product, according to President Boni Yayi. “We have a vision for Africa to be one of the economic hubs of the world,” he said. “And the MCC shares in that vision.” Daniel Yohannes, the MCC’s chief executive, likens the government agency’s work to a new Marshall Plan. By helping nations get to the next stage of economic development “everybody wins,” he says. Here’s how: The developing country becomes more self-reliant and creates jobs and opportunities—for themselves and U.S. companies and investors. When the MCC invests it ensures guidelines are being adhered to. This means risk is mitigated. As well, procurement contracts are then put out for bid. In many cases these are won by U.S. companies. That means increased revenue for the company and more jobs for U.S. workers. “We look at this as a true public-private partnership,” Yohannes says. Those sentiments are echoed by Macky Sall, the president of Senegal. He says public-private partnerships are important in his country to attract capital and create sustainable economic growth. By shoring up infrastructure and the rule of law, the MCC opens the door and lays the groundwork for the private sector to forge ahead. Investors can get access to these markets and opportunities via impact investment funds that operate in many of these countries. The Overseas Private Investment Corporation, or OPIC, has a list of funds advisers that it works with around the world (See opic.gov) ; the Global Impact Investing Network (thegiin.org) has a database of independent investment funds, with listings by geographic locale; and Impact Assets (See impactassets.org) through its list of 50 investment managers makes known where and how these funds invest. By looking at the MCC as a sort of certification for countries, investors and corporations looking to deal in the developing world can lessen the risk of their capital. This gives countries a strong incentive to clean up their act. Malawi, for example, was cut off from its funding after recent political upheaval. It then made amends and reapplied for MCC funding. Such a model for sustainable environmental, social, and governance is timely. As bigger and more developed nations in Europe struggle to attract capital and prove that they can indeed govern their finances wisely, MMC-like guidelines ought to be mandated. If smaller, developing nations can become more transparent and exhibit good governance principles so can and should larger nations. It makes me wish the MCC meeting hadn’t been held between the UN and CGI, but featured at both. This Story has 0 Comments

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« Four PSHS grads spend spring... Marietta ready to mark 225th...» WesBanco executive announces retirement Johnson leaving after 40 years with company April 4, 2013 Save | PARKERSBURG -After spending 40 years in the banking industry in Parkersburg, Larry Johnson has announced his retirement from WesBanco. Johnson is the market president for the Parkersburg region for WesBanco. He has been employed at WesBanco for 40 years, starting May 1, 1973, at the Commercial Banking and Trust Co. He also worked two years for the FDIC. Johnson, who turned 65 in January, said he reached the "magic number." Article Photos Photo by Jody MurphyLarry Johnson, market president for the Parkersburg region for WesBanco, has announced his retirement after 42 years in the banking industry. "I decided 40 years was enough," he said. "I had some other things to do with my time." Johnson's last day of work will be April 30. WesBanco officials will hold a retirement reception at the Market Street offices April 29. Johnson's retirement won't necessarily mean a break from work. "It depends on what you call work," he said. "I won't be employed." "Most bankers are involved in community activities,' Johnson added. "We have had our share." Previously, Johnson served as the Chamber of Commerce president, was a member of the Wood County Board of Education and sat on the board of directors of the Greater Parkersburg Visitors and Convention Bureau. Johnson said he'll remain active in his church and the community. He'll still be involved with Downtown PKB and the Economic Roundtable and will maintain ties with the Lions Club of Parkersburg, where he's served for nearly 40 years. Johnson is a former international director of the Lions and has held numerous local offices. He is presently club treasurer. Johnson said he wants to pursue some things around the house. And he plans to stay in the area - most of the time. "Some of my friends have packed off and headed to The Villages," he said. "I might spend some time in the winter enjoying some southern temperatures." © Copyright 2014 Parkersburg News and Sentinel. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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Section 20 Subsidiaries of Bank Holding Companies Circular No. 11053 How Replacement of "Firewalls" with Operating Standards Affects Inspections To All Section 20 Subsidiaries of Bank Holding Companies, and Others Concerned, in the Second Federal Reserve District: Our Circular No. 10979, dated September 4, 1997, contained an announcement by the Board of Governors of the Federal Reserve System of modifications to the prudential limits ("firewalls") that had applied to bank holding companies engaged in securities underwriting and dealing activities through section 20 subsidiaries. The Board eliminated those restrictions that had proven to be unduly burdensome or unnecessary in light of other laws or regulations, and consolidated the remaining restrictions in a series of eight operating standards. One of the standards was recently clarified, in our Circular No. 11049, dated April 17, 1998. In response to questions raised by banking organizations concerning the ramifications of these changes and their effect on inspections of section 20 subsidiaries, the Federal Reserve has adopted guidelines on the impact of these modifications on inspections. The guidance was developed by a group consisting of staff from the Federal Reserve Bank of New York led by James Keogh, Examining Officer, and Board staff. The letter (SR 98-6) from the Board's Division of Banking Supervision and Regulation contains the guidance and discusses certain recurring issues that have been raised. Questions may be directed, at this Bank, to James Keogh. Multimedia Library

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OECD Home › Regulatory reform › Regulatory reform and competition policy › Economic Survey of Poland 2010: Making the most of globalisation Regulatory reform and competition policy Regulatory policyRegulatory reform and competition policyLiberalisation and competition intervention in regulated sectorsTrade facilitation Economic Survey of Poland 2010: Making the most of globalisation Contents | Executive summary | How to obtain this publication | Additional information | Back to main page | The following OECD assessment and recommendations summarise chapter 3 of the Economic Survey of Poland published on 8 April 2010. Policies to make the most of globalisation cover wide areas Poland has made tremendous progress in increasing international linkages in capital, product and labour markets, as reflected by significant shifts in specialisation towards sectors with underlying comparative advantages. Yet, while maintaining macroeconomic stability is a prerequisite, a wide range of reforms could enhance participation in the globalisation process beyond EU integration, so as to better allocate resources, exploit economies of scale and speed up technology diffusion. These include the product and labour market reforms discussed above that would help to respond to the ongoing structural changes that characterise globalisation. Given that investment needs easily exceed the flow of available domestic saving, attracting FDI is key. However, the positive effects of foreign capital inflows depend on the capacity of domestic firms to absorb them, and an appropriate institutional setting is necessary to extract all the benefits. Also, while globalisation tends to magnify economic inefficiencies, major obstacles that prevent firms from developing their full potential in export markets should be removed. Reducing the role of the state and the administrative burden The privatisation process should be reinvigorated and its credibility strengthened. Poland is the OECD country where the grip of the state on the economy is the tightest, and privatisation was largely stopped in the mid 2000s. While sales of public firms directly attract foreign investors, privatisation also represents a commitment to market economy principles, which tends to raise investors’ confidence. Beyond generating public revenues, greater private ownership would provide more scope to boost investment in a fiscally constrained environment, in addition to improving the governance of state owned enterprises and productive efficiency more generally. The government recently designed an ambitious privatisation programme involving the sale of 802 firms aimed at generating proceeds representing 2.7% of annual GDP between mid 2009 and end 2010. The plan fell short of its objectives for 2009, in part no doubt because of stock-market weakness. To ensure success this year reasonable asking prices will have to be set. In any case, the whole approach should be transparent and consistent and avoid overly generous compensation to the specific interests affected by the sales. Investors might not be inclined to participate in partial privatisations that leave open the possibility of future state intervention. In particular, the “golden veto” legislation by which the Treasury was allowed to maintain a privileged position in strategic state-controlled enterprises for public interest reasons may have de facto restricted FDI and lowered the market value of these companies. The Sejm has just passed a new law that abrogates the 2005 Golden Veto Act, which had been viewed by the European Commission as incompatible with EU law. In its place the new legislation, based on a December 2008 EU Directive, allows the government to implement various measures to protect critical energy infrastructure. Improving the business environment has appropriately received increased attention by policymakers. However, despite the creation of a system of one stop shops, starting a company is still too costly and takes too long because multiple procedures involving numerous decision making entities have been maintained. Formalities to start up a business, get construction permits and register properties are excessive, risking corruption to get around them. Ongoing progress achieved under the implementation of the “Better Regulation” programme, aimed at improving the regulatory environment for doing business, should be extended. More generally, inefficient government bureaucracy hampers economic activity, and tax and legal regulations should be made more transparent and predictable. Developing transport infrastructure and broadband internet Modernising infrastructure would boost potential output growth and allocate resources more efficiently. Insufficient quantity and quality of motorways and under investment in the maintenance of existing transport infrastructure have combined with increasing transportation needs to make the development of road and rail networks a priority in order to reduce costs and attract foreign investors. As 40% of the EU funds allocated for 2007 13 will be used to develop transport, enhancing the capacity to absorb these funds efficiently will be essential. Progress has been made, and should be continued, to improve the legal framework for public procurement and the issuance of building permits; enhancing co ordination between all public and private parties involved in the process; systematically defining project priorities based on cost benefit analysis; and facilitating the issuance of temporary permits for foreign workers to avoid future labour shortages in construction related activities. Broadband internet is insufficiently developed mainly due to the control maintained by the incumbent operator (TPSA) and the inability of the regulator (UKE) to ensure effective competition in the market. Discriminatory treatment of alternative operators limits the use of the incumbent’s infrastructure, and it is too soon to assess whether the recent agreement reached between the incumbent and UKE will succeed in ensuring equal access. Despite recent improvements to the regulatory framework, the power of the regulator should be strengthened further. Moreover, UKE should proceed with the functional separation of the incumbent, the effective unbundling of the local loop and the implementation of a wholesale pricing scheme that is consistent with costs and conducive to long term investments. Reducing the skill mismatch and encouraging human capital deepening The gap between the skills needed by firms and those provided by the education system has grown despite rising educational attainment. Recent measures encourage training at work; however, a comprehensive and flexible lifelong strategy should be developed. Students should be encouraged to study science and technology, and the links between employers and the education system should be strengthened. The currently discussed reform of the higher education system could foster FDI absorption and export performance by: systematically assessing the quality of higher education institutions and putting financing of public and private institutions on an equal footing; simplifying the student-loan scheme; and allocating academic positions based on transparent and competitive procedures. Investment in R&D is low compared with other OECD countries in the region as a result of insufficient linkages between firms and universities and the relatively limited technological content of the industrial specialisation. One direct way to boost R&D expenditure would be to increase tax credits, especially given their currently low levels compared to the OECD average, so long as there is adequate monitoring and evaluation of its efficiency. Also, the quality of public research institutions is instrumental to increase the return on R&D investment. Current efforts to concentrate the public funding of research should be intensified in order to link resources to performance more systematically, thereby helping the best centres to reach a critical mass. Researchers should be encouraged to move in and out of businesses and financial incentives provided to develop scientific partnerships between firms and universities and to promote international research collaboration. Strengthening the foreign investment agency and considering creating a separate agency to focus on export promotion Expanding the financial capacity of the foreign investment agency (PAIiIZ) might boost FDI inflows significantly. PAIiIZ’s resources do not compare favourably with those of its competitors in neighbouring countries, and empirical evidence suggests that the size of such agencies’ budgets contributes heavily to inward FDI, especially when funds are targeted at activities to improve the quality of the investment and business climate. Moreover, PAIiIZ could be turned into an independent agency so as to participate more efficiently in the decision making process, with the power to make binding offers to foreign investors without resorting to lengthy approvals by ministries or other relevant authorities. While the number of export promotion agencies has grown at a fast pace worldwide over the last two decades, this function remains fragmented in Poland. The creation of such an agency would bring together these activities in one place with an exclusive focus on export promotion and branch offices in key trading partner countries. Such an agency could encourage SMEs to co operate to access foreign markets and offer training support to overcome barriers related to managerial skills needed for engaging in export activities and to the acquisition of knowledge of international markets. It could also seek to raise Polish exporters’ awareness of the prohibition against bribing foreign public officials in international business transactions under Polish law and Poland’s commitments to combat such bribery under the OECD’s Anti-Bribery Convention. Also, the web presence of export promotion activities should be aligned with international best practice. Deepening financial development Financial development should be encouraged as a way to channel savings towards the most productive projects. The financial system has already been modernised significantly, in part due to the increasing role of foreign banks, but margins remain large, suggesting that competition is insufficient. Banking infrastructure is underdeveloped in rural areas. Co operative banks should be consolidated to reduce fixed costs and facilitate access to credit. Moreover, the legal framework for collateral suffers from the inefficiency of the commercial court system, which generates huge uncertainties for creditors in recovering pledged assets. Recent legislation aimed at simplifying procedures goes in the right direction, but enforcement should be strengthened and the senior position of the State to call collateral removed. The planned privatisation of the Warsaw Stock Exchange is of key importance, as it has the potential to enhance the Polish market’s integration within the network of European stock exchanges, broaden the listed companies’ shareholders base, improve liquidity and provide greater finance for SMEs. Streamlining support to small and medium sized firms Compared to other OECD countries, including those in Eastern Europe, the distribution of Polish enterprises is heavily skewed toward small firms, suggesting that important obstacles prevent them from developing their businesses. These structural weaknesses might explain why exporters have trouble reaching distant markets. Previous OECD work focusing on Polish SMEs has argued that the fragmentation of support policies among various entities should be reduced and co ordination among them improved. This is particularly the case for the government financing schemes that provide guarantees and facilitate access to finance. The loan and guarantee funds should be rationalised and their operation and fees standardised through consolidation or increased co operation. SMEs often lack basic skills in business and financial management, accounting and marketing. Hence, public support should target these areas for SME training. This applies as well to vocational training for which participation is heavily skewed against SME employees compared to other Eastern European countries. Globalisation trends in Poland As a percentage of GDP 1. Assets + liabilities in absolute terms divided by 2 and by GDP. 2. Imports + exports in absolute terms divided by 2 and by GDP. Source: IMF, Balance of Payments database; OECD, National Accounts database. The Policy Brief (pdf format) can be downloaded in English. It contains the OECD assessment and recommendations The complete edition of the Economic Survey of Poland is available from: List of recent Surveys of Poland OECD Poland For further information please contact the Poland Desk at the OECD Economics Department at [email protected]. The OECD Secretariat's report was prepared by Hervé Boulhol and Rafal Kierzenkowski under the supervision of Peter Jarrett. Research assistance was provided by Patrizio Sicari.

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As income gap balloons, is it holding back growth? Share Tweet E-mail Comments Print By NPR Staff Originally published on Sun July 10, 2011 5:36 pm Listen iStockphoto.com Members of the Federal Reserve Board of Governors tend to speak cautiously: Their words can move markets. Yet last month, Fed governor Sarah Bloom Raskin was remarkably candid about the growing gap between America's rich and poor. "This inequality is destabilizing and undermines the ability of the economy to grow sustainably and efficiently," she said. Income inequality, she continued, "is "anathema to the social progress that is part and parcel of such growth." The income gap in the United States has ballooned: It's wider than any time since 1928, in the days before the stock market crash triggered the Great Depression. The numbers are startling: Top CEO salaries were up 23 percent last year, according to the New York Times; the average worker's pay was up only .5 percent. Meanwhile, the top 0.1 percent of American earners now take in more than 10 percent of the nation's collective income. That puts the U.S. in the same inequality ballpark as developing countries like Cameroon and Ivory Coast. This degree of income inequality has produced plenty of outrage — most of it about the moral implications of the gap. But is income inequality putting the brakes on the stalling economy? And how did the gap between the wealthy and the middle class get so big? A dairy business in Illinois may hold some answers. From Cadillac To Corporate Jet Kenneth Douglas had the good life. He had a three-bedroom house in the Chicago suburbs. He drove a Cadillac to work. He belonged to a country club. Douglas was the CEO of Dean Foods, a dairy company. During his tenure from 1970 to 1987, Dean increased its yearly sales from $165 million to $1.4 billion. Yet his annual salary never topped $1 million. According to Peter Whoriskey of The Washington Post, "The board said, 'We want to give you some more money' " as a reward for the company's success. "And he would say repeatedly, 'No.' He was making enough." Whoriskey reports that the culture of corporate modesty at Dean Foods is a relic. The current CEO, Gregg Engles, lives a much different life. "He has averaged about $10 million a year," Whoriskey tells weekends on All Things Considered host Guy Raz. "He's got a $6 million house in Dallas. He's got property in Vale. He's got membership at four different golf clubs. He's got a corporate jet." "It's a whole new level of executive grandeur that we see today." But while the current CEO of Dean Foods makes 10 times the amount the company's CEO did 30 years ago, the rest of the employees make on average 9 percent less than they would have in the 1970s, after you adjust for inflation. So how do the employees feel about executive pay? "They were resentful of it," says Whoriskey. "But for the most part, they were just trying to figure out how to get by. They honestly said they were just happy to have jobs." Wage Stagnation Nation Economists disagree widely about how the U.S. has gotten to this point. Some blame globalization and technology for eliminating manufacturing jobs. Others say our education system hasn't done enough to keep America competitive. Some argue the power of unions has gradually declined. Jeff Madrick, the author of Age of Greed: The Triumph of Finance and the Decline of America, traces U.S. inequality to changes in U.S. economic policy several decades ago. "In the 1970s, there was an assault on government oversight and regulation," Madrick tells Raz. "And eventually, the financial community stopped playing by the rules. There was an economic theory that kept justifying what they were doing. And the American public was not fully aware of what was going on." The traditional argument for deregulation states that those policies make America richer, and that a rising tide lifts all boats. But Madrick says that for the typical American worker, the wage tide has gone out since 1969. "The typical male worker makes less today, discounted for inflation, than the typical median worker made in 1969," says Madrick. "The idea that people make the same or less today than they made 40 years ago is a stunning historical fact." Financial Failure: Inequality's Dance Partner? David Moss is a professor of economics at Harvard Business School. Back in 2008, he was researching U.S. bank failures from the 19th century to the present. He charted those failures over time and found an interesting pattern. "They peak up in crisis years. They peak in the 1920s," Moss tells Raz. "But then most striking, after 1933, when we saw the introduction of federal banking and financial regulation, these banking crises disappear almost completely. And then it continues very, very low until the 1980s, then they pick back up again." Moss found it striking that banking failures go down after financial regulation and start rising after the introduction of deregulation. Then, one of Moss' colleagues showed him a chart of income inequality over the same period. Moss took that curve and plotted it on the same page as his bank failure curve. "And lo and behold, it was a striking, striking connection," Moss says. As bank failures went up in the 1920s, so did income inequality. As inequality came down in the 1930s, bank failures stayed down. They stayed down together until the advent of deregulation in the 1980s. For Moss, this coincidence raises more questions than it provides answers. He isn't sure what exactly the correlation between income inequality and financial failure means. "Is there a connection especially between extreme inequality and economic growth?" Moss asks. "Does it cut down on demand? Spending not as vibrant? Do we see more borrowing? Do we see more risk taking at excessive levels? Deregulation feedback loops?" These are questions Moss hopes he can answer with future research. Sarah Bloom Raskin, the Federal Reserve governor, points to studies that suggest income inequality could cause economic turmoil. Raskin tells Raz that "growing levels of income inequality are associated with increases in crime, profound strains on households, lower savings rates, poorer health outcomes, diminished levels of trust and people and institutions — those are all forces that have the potential to drag down economic growth." If income inequality can negatively affect the whole economy, then what can be done to combat it? Social Solutions To An Economic Problem One year ago this month, Congress passed the Dodd-Frank financial reform bill, designed to increase oversight and regulation of the financial markets. But so far, unlike the regulations put in place after the Great Depression, Dodd-Frank hasn't done much to shrink the inequality gap. Regulators say they've struggled to implement the bill's many rules. Many are being rolled out well behind schedule. In the meantime, Moss suggests more social-oriented solutions. He says that World War II had a profound effect on how executives saw themselves in American society. "I think that probably led many executives to not even think about asking for the kind of salaries that are now typical," he says. "It wouldn't have seemed right." Moss wonders what sort of programs could foster that same feeling in the CEOs of today. "Could there be some kind of compulsory or voluntary public service at a young age, where people come together across groups that don't normally come together?" Moss asks. "It seems to me that trying to build communities, bring people together from different parts of the spectrum and different parts of the country, probably has, long term, the best likelihood of bringing down inequality."Copyright 2011 National Public Radio. To see more, visit http://www.npr.org/. View the discussion thread.

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Personal Finance > Ask the Expert Lightening the 401(k) load My 401(k) has load funds. I'm concerned they will restrict the growth of my 401(k). Should I worry? September 18, 2002: 1:23 PM EDT NEW YORK (CNN/Money) - My company's 401(k) plan has load funds. I'm concerned that these 5 percent loaded funds will restrict the growth of my 401(k). But when I asked a representative of the fund company about this, he told me the funds offer a higher return because of their aggressive nature. Am I being too particular or should my company be looking for a new fund company that can provide no-load funds for our plan? -- James Blarr, Red Bank, New Jersey I don't think you're being too particular at all. In fact, I think you're asking all the right questions, and I think you deserve better answers than the completely irrelevant one you got from the guy at the fund company. Let's start with the issue of loads. For anyone not familiar with this term, a load is a sales commission. If a fund charges a 5 percent load, as do the ones in your 401(k), that means for each $1,000 you contribute to your plan, $950 gets invested. The remaining $50, the commission, normally would be split between the fund family, which uses the money to pay marketing and distribution costs, and the salesperson -- usually a broker or financial planner -- who sells the fund. My 401(k): Peach or lemon? The lowdown on loads Money 101: Investing in mutual funds In the case of your 401(k), however, I don't see how a financial planner or broker would be involved. Which raises an obvious question: Where does the 5 percent commission go? Does the fund company get the whole thing? Does your employer get a share? I suspect that the load is being used to shelter your employer from some of the cost of providing the 401(k), which is another way of saying it's shifting the cost to the employees. That's not typical -- many plans waive loads for participants. But it's not unheard of, either. Sometimes, in the case of a small company, for instance, when the employer can't afford -- or doesn't want to incur -- the cost of offering a 401(k), the loads are used as a way to pay the provider for administering the plan. Weighing down growth Now let's get to the issue of whether or not paying a 5 percent load restricts the growth of your 401(k). Of course it does! This nonsense about the funds paying a higher return because of their aggressive investing strategy only obfuscates the issue. Let's say you have two identically aggressive funds that earn identical returns, but one charges a load and the other doesn't. Obviously, the account value of the no-load fund would grow faster because 100 percent of your money is going into it as opposed to just 95 percent, which is what you have left to invest in the load fund after paying the 5 percent sales charge. Of course, the purveyor of the load funds you spoke to might argue that my example of two identical funds is nonsense, too. He may say their load funds are so superior that they outperform no-load funds and, thus, more than make up for the load. Is that possible? I suppose. But I know of no evidence that shows load funds perform any better or any worse than no-load funds, or vice versa. And why should they? You pay a load to reimburse the fund company for marketing costs and to pay a salesperson for advice and assistance in choosing a fund. The load isn't an incentive to the manager picking the fund's investments. And even if it were, I know of no evidence showing that a fund manager with such an incentive is likely to outperform other managers. Which brings us to what really bothers me about this load arrangement in your 401(k). I have no problem with someone paying a load for a fund if they are getting good advice or some sort of service. I wouldn't pay a load because I believe I can do my own fund research and build my own portfolio. But for those who can't or won't do it on their own and want professional help, then they've got to pay for that help. The load is one way of doing that. (I think there are plenty of instances where people don't get very good help, but that's another matter.) So my question here is, what help are you getting for the load? Are there seminars or face-to-face meetings with investment counselors? Are they helping you build a portfolio of funds? If the answer is no, then I question what value you're getting for the load. And even if the answer is yes, I question whether a load is a good way to pay for such advice. After all, in your 401(k) everyone pays the load whether he or she wants the advice or not. And everyone pays the load every time he or she invests in the plan's funds. Arm yourself with information If I were you, I first would check out some of the information available from the Department of Labor on 401(k) fees. This will give you a sense of the variety of different arrangements out there and let you know how yours compares. MORE ASK THE EXPERT Ask the Expert: Investing Ask the Expert: Retirement and 401(k) Next, I would talk to someone in your personnel or human resources department about the load issue. It probably wouldn't hurt if you had a group of employees do this, so you don't seem like a lone malcontent trying to stir up trouble. At the very least I would ask for an explanation of why your 401(k) has this arrangement. And I don't see why it would hurt to request that your company add some no-load funds to the lineup. The worst your employer can say is no. Walter Updegrave is the author of "Investing for the Financially Challenged" and can be seen regularly Monday mornings at 8:40 am on CNNfn. --*Disclaimer SPECIAL: More on EXPERT •Is Medicare enough? •Do I owe taxes on fantasy sports winnings? •Should I take out a 401(k) loan to pay off debt?

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hide Fed orders Citigroup to improve money laundering checks Tuesday, March 26, 2013 10:01 a.m. CDT A Citi sign is seen at the Citigroup stall on the floor of the New York Stock Exchange, October 16, 2012. REUTERS/Brendan McDermid By Aruna Viswanatha and David Henry (Reuters) - The Federal Reserve has ordered Citigroup Inc to better police for the risk of money laundering, part of a broad U.S. regulatory crackdown on the potential for illicit money flows. The Fed told Citigroup's board to submit a plan within 60 days to improve its oversight of companywide anti-money laundering compliance, according to a consent order dated March 21, but only made public on Tuesday. The order expands upon similar directives aimed at several Citigroup units in 2012. The board plan should include funding personnel and resources based on the risks of different units - policies that instill a "proactive approach" to identifying and managing money-laundering risks - and measures to ensure employees adhere to those compliance policies, the Fed said. The Fed also ordered Citigroup to submit a plan to improve its compliance operations that deal with anti-money laundering and sanctions requirements, and complete a review of how effective its firmwide compliance program is within 90 days. Citigroup is expected to submit progress reports each quarter detailing the actions it takes to comply with the order, the Fed said. Citigroup said in a statement that it had made "substantial progress" in strengthening its compliance program and addressing risks throughout the company. "Citi continues to take the appropriate steps to address remaining requirements and build a strong and sustainable program," the bank said. U.S. authorities have stepped up enforcement of anti-money laundering laws in an effort to clamp down on conduct ranging from drug trafficking to terrorism, and have entered into cease and desist orders with top banks including JPMorgan Chase and others related to weak internal controls. In December, HSBC Holdings Plc agreed to pay a record $1.9 billion, in part to resolve charges that it failed to detect money from drug trafficking which was flowing from Mexico into the United States. Citibank, Citigroup's consumer and commercial bank, entered into a consent order with the Office of the U.S. Comptroller of the Currency in April 2012 to fix problems with its compliance with the Bank Secrecy Act, the law that requires banks to report suspicious activity to regulators. Last August, the FDIC and the California Department of Financial Institutions also ordered the U.S. arm of Citigroup's Mexican subsidiary, Banamex USA, to address problems with its compliance program. The Fed did not specifically say how much Citi has done to fix the issues raised by the previous orders. It said it is requiring the bank to "continue ongoing enhancements," and said that last year's settlements showed that Citigroup also needed to address compliance weaknesses at the holding company level. "As evidenced by the deficiencies ... that led to the issuance of the OCC and FDIC consent orders ... Citigroup lacked effective systems of governance and internal controls to adequately oversee the activities of the Banks," the Fed said in its order. The Fed did not give specific examples of problems at Citigroup. Citi neither admitted nor denied the Fed's findings under the order, the U.S. central bank said. Citigroup's global reach highlights its potential risks for being used to launder money. In its annual report filed in February, for example, Citigroup disclosed that some of its Citibank branches and ATMs in the United Arab Emirates, Bahrain, Lebanon and Venezuela are required to participate in local government-run clearing and exchange networks that include banks that the U.S. government has sanctioned for ties to Iran. The bank said it was pursuing licenses for the activity from the Treasury Department in order to avoid violating U.S. sanctions laws. Regulators have said that generally, they plan to investigate individuals who contribute to anti-money laundering compliance failures at financial institutions. (Reporting by Aruna Viswanatha and David Henry; Editing by Gary Crosse, Andrew Hay and Tim Dobbyn)

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HomeBlogContact UsAbout UsGiving BackStore Sign Up for Free Weekly NewsletterClick Here Search Media Center BetterInvesting e-Magazine BetterInvesting ICLUBcentral Merger Central BetterInvesting Announces New Chairman of the BoardBetterInvesting Board Also Names New Treasurer and Adds a Director MADISON HEIGHTS, Mich., Jan. 28, 2008 – BetterInvesting (formerly the National Association of Investors Corporation), a national, nonprofit investment education organization, announces the election of Roger H. Ganser as its Chairman. Ganser, of Madison, Wis. and Venice, Fla., is founder and a managing director of Venture Investors LLC, one of the premier providers of seed and early stage venture capital in the Midwest. He is the president and a director of the World Federation of Investors Corporation, and serves on the boards of the University of Wisconsin-Whitewater Foundation and the Medical College of Wisconsin Foundation, and chairs the Letters & Sciences Dean’s Advisory Board at the University of Wisconsin-Whitewater. Until recently, he chaired the BetterInvesting board’s Transition Committee. “I’m proud to be part of BetterInvesting, an organization with a rich history of providing investors of all levels the means to invest successfully,” said Ganser. “Our association is constantly adapting and growing to meet the needs of today’s investors despite the many changes in the markets and in technology.”“The market has been very volatile in recent weeks. With the investment education and tools BetterInvesting offers, our members are positioned to take advantage of such downturns in the market by identifying profitable opportunities when sound companies’ stocks are underpriced. We see the current market situation as a chance to buy good stocks at sale prices if you know what you are doing,” said Ganser. New Treasurer, Director Named Larry Reno, of Atlanta, Ga., has been elected Treasurer of BetterInvesting’s Board. Reno, president of the BetterInvesting Volunteer Advisory Board (BIVAB), has been an active BetterInvesting volunteer for more than 25 years. He was instrumental in forming BIVAB, has started numerous investment clubs and has held several key volunteer positions with BetterInvesting. Tristan Robinson, of Pittsburgh, Pa., is the BetterInvesting Board’s newest Director. Robinson is a contract administrator with Bechtel Corporation, one of the world’s premier engineering, construction, and project management companies. He has been a BetterInvesting member since his early teens. He was chairman of the association’s 2006 CompuFest Youth Committee and has been an instructor at the BetterInvesting National Convention’s youth seminars. He is currently serving on BetterInvesting’s Web Advisory Committee. Re-elected as officers of the organization were Bonnie Reyes, BetterInvesting president and COO, and Chris Dine, board secretary. Editor’s Note: For a photo of BetterInvesting Chairman Roger H. Ganser, please Click here. BetterInvesting is the brand identity of the National Association of Investors Corporation, a national, nonprofit association with members consisting of individual investors and investment clubs. Founded in 1951 and with headquarters in Madison Heights, Mich., BetterInvesting is considered the voice of the individual investor, as well as the pioneer of the modern investment club movement. BetterInvesting is dedicated to providing a sound program of investment education and information to help its members become successful long-term, lifetime investors Learning Events Near You: Learn more about companies supporting BetterInvesting's mission © BetterInvesting - All Rights Reserved HomeBlogContactsMediaPrivacySite MapAdvertisingGivingStore

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How to land a top job on Wall Street By Lauren Said-Moorhouse, for CNN Edith Cooper is executive vice president of investment banking firm Goldman Sachs Since joining in 1996, Cooper has worked her way up the ranks She is also global head of human capital management in charge of finding new talent Editor's note: Leading Women connects you to extraordinary women of our time -- remarkable professionals who have made it to the top in all areas of business, the arts, sport, culture, science and more. New York (CNN) -- When a Goldman Sachs employee unexpectedly wrote a scathing op-ed in the New York Times in March 2012 about why he was leaving the investment bank, he painted a picture of a "toxic" workplace that embraced morally corrupt practices at the expense of their clients. Edith Cooper's reaction wasn't rooted in damage control. Instead, as the firm's global head of human capital management -- overseeing more than 30,000 employees -- she wanted to know why. "It was to figure out why it was that there was an individual who worked at Goldman Sachs who felt that the only way they could voice their experience was to write an op-ed in the New York Times," she recalls to CNN's Poppy Harlow. "We've emerged from what was one of the most challenging periods of financial services history, and we've come into a better, more normalized position ... We've been able to take a step back and really think about the future," says Cooper. Intel president wants more women in tech Blair refused to adjourn her career Alison-Madueke: 'Born into the oil sector' World Bank boss' quest to end poverty As one of Wall Street's most sought after investment banks, named one of Fortune's 100 Best Companies to work for this year, Cooper has led the human capital management department for the past six years and is responsible for recruiting the best and brightest talent for the firm. "We continue to be amazed by the extraordinary talents of this generation. They are smart. They get information instantly. And they ask really tough questions. As a result we've got to stay on our toes. Data drives performance To find the best candidates, she explains, Goldman Sachs uses employee performance metrics. "Value add is being able to mine all the data that's out there. Think about the people landscape right now ... We develop, we invest, we compensate thousands of people every year. How are we using that data to inform our decisions going forward? "If you had asked me 30 years ago, 'would I be on the management committee at Goldman Sachs and be the influence of our success through our people?' Oh no way. And so, I think that I've come to expect the unexpected," she says. As one of the most powerful people on Wall Street, surprisingly Cooper never planned for a career in finance. As a young woman, her ambition was to own her own clothing boutique in New York City. To make her dream a reality, after graduating from Harvard College Cooper decided she needed to go to business school. She took a job at a Chicago bank while attending business school at the same time at Northwestern's Kellogg School of Management. Three decades later, she's still in finance and the clothing store is a fond but distant memory. Broadening horizons Looking back over her career, Cooper credits much of her rise at Goldman Sachs to her time spent working overseas in the firm's London office. "I think in today's economy, operating outside of your comfort zone is really, really important. I can't think of any industry where it's not important to be able to take that risk of stepping forward into the unfamiliar." "We can't be the great firm that we need to be, to be relevant to our clients, if we don't have diversity at every level.Edith Cooper, global head of human capital management, Goldman Sachs She describes moving abroad as an "extraordinary experience" where she reveled in learning how to work with people from all over the world. With some 30,000 employees around the globe, the management skills she honed in London continue to help Cooper in her role today. "I'm responsible for them -- the good, the bad and the not so perfect," says Cooper. "[I] need to make sure that we are continuing to be viewed as a terrific place to work." Cooper is also one of four women on Goldman Sachs' 29-member executive committee. It's a number she says needs to rise and notes diversity in all areas -- not just gender -- is key to success. "There are four women, but I also see that there's other types of diversity as well and we need more of everything." We can't be the great firm that we need to be, to be relevant to our clients, if we don't have diversity at every level." Corporate confidants As she has risen up the ranks, Cooper is well aware of the help she has received from peers along the way. She recalls when she joined the management committee and was pulled aside after the first Monday morning meeting by the bank's president and COO Gary Cohn. "He said, 'You know what? You did not represent what you do and what you know at the management committee this morning. Going forward, every Sunday ... we have a call -- you're going to go through with me what you're going to talk about." Had she failed? Had Goldman Sachs made the wrong decision in promoting her? These questions raced through Cooper's mind. But in retrospect she says it was the guidance she needed. In the end, she had only two calls with Cohn. It was all she needed. "It meant that I wasn't alone in the experience. "A lot of times, mentoring is listening and feeding back to people that they can actually figure it out but they just need the confidence boost to do that," she explains. "I'm successful because other people have gotten behind me. It's my passion to be there for other people as well." CNN's Poppy Harlow contributed to this piece. Part of complete coverage on Leading Women Global workforce facing burnout? updated 12:19 PM EDT, Tue April 1, 2014 In 2007, Arianna Huffington collapsed at her desk. Suffering from a broken cheekbone, the editor-in-chief decided to change her workaholic ways. Is this the 'Oprah of Africa'? updated 12:23 PM EDT, Fri April 18, 2014 Meet Mo Abudu, the talk show host portraying a very different Africa. As a glamorous presenter, she also heads up Ebony Life TV network, based in Nigeria. Women behind the lens Their job is capturing the most horrifying images on Earth -- keeping their eyes open, where others must look away. Meet Kate Brooks and Gerda Taro, the war photographers of today and yesterday. Happy 80th, Gloria Steinem updated 2:19 PM EDT, Tue March 25, 2014 As Gloria Steinem turns 80, Kathleen McCartney highlights the remarkable life of the feminist so far. 'Welcome to the era of women' updated 11:32 AM EST, Sat March 8, 2014 CNN hosted a Tweetchat on gender equality with special guests including Nobel Peace prize laureate Tawakkol Karman. Here's what you missed. What Vivienne Westwood did next updated 6:59 AM EDT, Thu March 13, 2014 From shaving her head for climate change to opting for a sustainable business model, Vivienne Westwood is simply unstoppable. SJP teams up with Manolo Blahnik updated 11:02 AM EDT, Wed April 2, 2014 In what would be a dream come true for her alter ego, Carrie Bradshaw -- Sarah Jessica Parker has turned her love of fashion into a new shoe range with Manolo Blahnik. Is Sandberg wrong on 'bossy' ban? updated 10:39 AM EDT, Wed March 12, 2014 The Facebook COO's latest headline-making action is a new "Ban Bossy" campaign, which aims at getting rid of the word "bossy." From bank teller to CEO updated 10:17 AM EDT, Tue March 18, 2014 Meet Gail Kelly, the woman who started as a bank teller -- and now runs the banks. S. Korea's first female president updated 12:46 AM EST, Thu March 6, 2014 What kind of politician is slashed in the face with a knife, and upon waking up in hospital the first thing they ask about is the election campaign? Why Brad Pitt empowers women updated 11:50 AM EST, Wed February 26, 2014 Former U.S. State Deparment Anne-Marie Slaughter says Brad Pitt is 'posterchild for engaged fatherhood'. A history of power dressing updated 10:25 AM EST, Tue February 25, 2014 Cast your eye across a line-up of world leaders and it might look a little something like this: Man in dark suit, man in dark suit, man in dark suit, Angela Merkel in fire engine red two-piece. From orphan to billionaire updated 8:21 AM EST, Tue February 18, 2014 Meet Margarita Louis-Dreyfus, the chairperson of French commodities giant Louis Dreyfus Holdings, with a net worth estimated at an eye-watering $6 billion. Who is YouTube's new boss, really? updated 6:38 AM EST, Mon February 17, 2014 YouTube has a new boss and she has a "healthy disregard for the impossible" -- according to Google CEO Larry Page. Here are five things you didn't know about her.

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From the September-25, 2002 issue of Credit Union Times Magazine • Subscribe! CUNA's sweeping reorganization of its fee-based operations puts many in new roles with goals of efficiency September 25, 2002 • Reprints MADISON, Wis. - CUNA's recent reorganization of its fee-based operations was in part designed to get its sales and marketing strategy out of the `80s and into today. "What was lacking in terms of our sales and marketing is we had an organization that had been designed to operate in a marketplace that existed 10 to 15 years ago," said CUNA EVP and COO Pete Crear. "We were designed to operate in a marketplace with 20,000 credit unions, now there's 10,000." "We sought to address a broad array of strategic issues that impact financial performance, member satisfaction, league relationships and operational effectiveness. And we're confident the end-result will be improved efficiency on our part and high value-added products and services that will help credit unions achieve superior business performance," said CUNA President/CEO Dan Mica. While CUNA's reorganization of its fee-based operations might just look like some executive musical chairs to outsiders, it says it's really designed to eliminate duplication; improve efficiency; and better serve CUs with consulting-like services. (See sidebar to see what the new department's responsibilities are.) One of the big keys, said Crear, is the sales and marketing professionals are now within the fee-based units. That gives the sales and marketing staffers the ability to know exactly what products to push and to who. "Once we better coordinate that office it's good for us and good for credit unions. No credit union should get 20 or 30 promotional pieces from us," said Crear. Instead things will be more targeted he said. This will eliminate duplication, which costs money. Crear said in the past there were product managers for each product line. If one person's role was to market Googolplex, its children's publication, and another's a specific conference, a credit union may get two separate mailings at the same time from CUNA. "Multiply that another 10 or 15 times and there's a lot of duplication there," said Crear Crear said there will also be more "how to" under the new set-up. CUNA will work with individual CUs as sort of a consultant in conjunction with that CU's league to help them make informed decisions. Instead of just pure research, which CUNA has in droves, Crear said the newly formed Research & Advisory Services will be more of a living, breathing resource for CUs. He said today's CU marketplace is much more segmented than in the past, and CUs need different things. "This market now has a number of different levels. Twenty years ago it was homogenized. Look at this market now and you can see various levels of sophistication," said Crear. He said the bottom line is to get the right information in the hands of CUs who need it before they make big decisions such as charter conversions; mergers; new products, etc. "We continue to look at the decline of credit unions. There ought to be a way for a credit union who wants to take a prescription to take the prescription and get better. There ought to be some treatment and some remedy." CUNA is also trying to cut down on the number of fee-based products in hopes of eliminating duplication. "In some cases we simply merged products together with existing ones," said Crear. For example it eliminated Credit Union Executive, which was both an online and print pub, and it sort of morphed into what is now Credit Union Executive Center, an online resource for credit union execs. As for all of the personnel moves, Crear said they all have significance, but one of the most significant is the move involving Dean Archer. Archer is moving from VP of Meetings & Events to VP of Executive Development, including the CUNA Councils. Archer is legendary for his work on CUNA's conferences, but he will now head executive development in CUNA's Center for Professional Development, which will include the well-known CUNA Councils. "Some of that he already has, like the (CEO) Roundtable. He will now head the councils. I think it's a good move on our part to have a VP level person carry their agendas," said Crear. Crear said CUNA doesn't expect to make money hand over fist because of the reorganization. "What we're more concerned about is to get to break even," he said. He said it will be subsidized for about a year from CUNA, but by the second year it will break even, and could then start to make money. The reorganization was in part a result of the work done by an independent consultant who analyzed the operations. Crear said the consultant started working in August, about three days a week, up until December. The first draft of his report came out in January. CUNA is now having Caroll Beach look at the business offerings of CUNA Strategic Services, Inc., which has undergone a lot of changes in recent years. [email protected]

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King, Sherman Reintroduce Supplemental Capital Bill February 14, 2013 • Reprints Reps. Pete King (R-N.Y.) and Brad Sherman (D-Calif.) Thursday reintroduced a bill that would permit the NCUA to allow healthy and well-managed credit unions to accept supplemental forms of capital. NASCUS said in a release that state credit union regulators have long recognized credit unions are disadvantaged by a capital structure limited to retained earnings. This legislation would provide the solution to this problem, the group said. "NASCUS applauds the introduction of this bill and enthusiastically supports its intent and passage by Congress," said NASCUS President/CEO Mary Martha Fortney. "For NASCUS and state regulators, access to supplemental capital for credit unions has always been a matter of safety and soundness." NAFCU President/CEO Fred Becker said capital reform is one of his organization’s five key points for regulatory relief, making the bill a priority. “We are pleased that the legislation preserves the not-for-profit structure of credit unions and ensures that ownership remains with the credit union’s members,” he said. CUNA President/CEO Bill Cheney said the bill would improve safety and soundness by allowing credit unions to develop a capital cushion, reducing risk to the NCUSIF. H.R. 3993, a supplemental capital bill introduced during the 112th Congress, had 45 co-sponsors but never advanced beyond committee. No companion bill was introduced in the Senate. Show Comments

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Oniqua MRO Analytics Wins Australian Export Award Award honours “best of the best” based on strength of international growth, marketing and financial strategies; recognizes sustainable growth through innovation and commitment Oniqua also first-place winner and finalist in three categories at Premier of Queensland Export Awards December 03, 2012 06:30 PM Eastern Daylight Time BRISBANE, Australia--(BUSINESS WIRE)--Oniqua MRO Analytics (www.oniqua.com), the leading provider of analytics-based MRO optimization solutions for asset-intensive organizations, today announced it won first place at the 50th Australian Export Awards presented at a gala event in Canberra, Australia on 27 November 2012. Oniqua was also a first place winner and finalist in three categories at the Premier of Queensland Export Awards ceremony held in Queensland, Australia. “Our exporters are doing the state proud” Australian Export Award winners demonstrate resilience, ingenuity and a commitment to Australia’s economic future. The Award categories reflect the diversity of the size, industry and variety of Australia’s exporters; and the program rewards and profiles the "best of the best" businesses around the nation. From manufacturing to mining, agribusiness to the arts, tourism and education, businesses across all industries, regardless of size or location are acknowledged. “Our exporters are doing the state proud,” stated Mr. Campbell Newman, the Honourable Premier of Queensland. “I am pleased that the Australian Agricultural Company, BROWNS English Language School and Oniqua MRO Analytics won their categories. That is a tremendous outcome for those Queensland exporters.” The Australian Export Awards is a national program that recognizes and honors Australian companies engaged in international business who have achieved sustainable growth through innovation and commitment. The Awards measure businesses against their peers based on the strength of their international growth, marketing and financial strategies. “On behalf of the entire Oniqua team, we are extremely proud and honored to be the recipients of these first place awards at both the Territory and National level, which acknowledge and recognize our significant achievements in export,” stated Andy Hill, cofounder and CEO, Oniqua MRO Analytics. “These achievements are highlighted by recent global implementations of Oniqua Analytics Solution by many marquee blue-chip clients. Our repeated and consistent success is a result of many years of hard work, a dedicated team and our ability to continually develop and deliver innovative solutions.” Headquartered in Brisbane and founded in 1990, Oniqua began exporting in 1995 and has maintained strong and consistent growth over its 22-year history. Oniqua’s software solutions manage over $6 billion of equipment and assets across hundreds of customer sites around the world. Oniqua’s international success has grown in recent years as companies increasingly turn to solutions that have a proven capability to lower operational costs, minimize waste, enhance service levels and improve overall asset and business performance. With clients located across the world in the Mining, Oil & Gas, Utilities, Manufacturing and Transportation industries, 80 percent of Oniqua’s revenue comes from exports. Many asset-intensive companies around the world rely on Oniqua Analytics Solutions to help minimize costs and maximize efficiencies, including (but not limited to): BHP Billiton – Minera Escondida (Chile), Pampa Norte (Chile), and Cerro Matoso (Columbia) Bermuda Electric Light Company Codelco Drummond Company Freeport McMoRan Copper and Gold Hawaiian Electric Company Nebraska Public Power District Newmont Mining Company Orange County Transportation Authority Xstrata Copper The Awards program is made possible through the collaboration of all the States and Territories, who each independently run their export awards programs. The Awards operates as a two-tier process: exporters first achieve state distinction through their local State and Territory export award program. Local winners then progress as national finalists and are benchmarked against their peers across the country, with winners receiving national recognition for their international success. Oniqua took first place in the Small to Medium Services category at the Queensland Export Awards, and was a finalist in both the Information & Communication Technology and Minerals & Energy categories. Andy Hill, cofounder and CEO of Oniqua, and Chris Wright, cofounder and President of APAC, Oniqua, were presented the first place award at a ceremony held on November 9th. The Premier of Queensland's Export Awards is an annual program that is open to all Queensland exporters, large and small, regional and metropolitan. Exporting companies are renowned for being leaders in seeking opportunities, leading with innovation and creating jobs for Queenslanders. After winning first place at the Premier of Queensland Export Awards, Oniqua was progressed as a national finalist at the Australian Export Awards, where it won first place in the overall Small to Medium Services category. Andy Hill, cofounder and CEO of Oniqua, and Peter Jacob, CFO of Oniqua, were presented the first place award at a recent gala event in the Great Hall at Parliament House in Canberra on Tuesday 27 November 2012. About Oniqua MRO Analytics With operations in the Americas, Africa and Asia-Pacific regions, Oniqua is the world’s leading MRO (Maintenance, Repair and Operations) analytics software company. Oniqua helps organizations maximize profits, savings and efficiencies by minimizing MRO waste, and delivers a positive return on investment in as little as three to six months. Oniqua Analytics Solution (OAS) leverages customers’ transactional data by applying advanced analytics to identify inefficiencies and ensure that their maintenance, inventory and procurement operations run as efficiently as possible. Oniqua is proud to serve the world’s leading companies in the oil and gas, mining, utilities and other asset-intensive industries, including ConocoPhillips, BP, Hawaiian Electric, Nebraska Public Power District, Orange County Transportation Authority, Vale, Codelco, Rio Tinto, Anglo Coal, BHP Billiton, Newmont Mining, Alcoa, Xstrata, Drummond Company, Freeport McMoRan and many others. www.oniqua.com Oniqua MRO AnalyticsAlisson Hoy, +1-303-952-7948Director, Global [email protected] MRO optimization Oniqua Smart Multimedia Gallery View and Share Logo Download Small

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Qualified advisers answering your Financial Questions for FREE within 60 minutes* Home » News & Guides » Insurance fraud peaks at 2300 claims a week Insurance fraud peaks at 2300 claims a week The Association of British Insurers has issued a damning report on the UK insurance arena with confirmation that over 2300 fraudulent insurance claims are being discovered each and every week. It is estimated that these claims account for over £800 million a year which is then passed on to UK consumers who are left yet again to foot the bill. So why are insurance fraud claims rising? While there's no doubt that insurance fraud has been ongoing for ever and a day in the UK, even though monitoring systems have been approved, it is the onset of the recession which has brought home just how difficult the financial situation is in the UK. As a consequence, more and more people are now willing to take the chance that they could be prosecuted for fraudulent insurance claims in the knowledge that many insurance companies will look to avoid expensive legal fees. However, that is not to say that insurance companies will sit by and let insurance fraudsters rule the roost because this would encourage more people to step forward with "borderline" insurance claims in the future. Unfortunately, in the short term it will yet again be law-abiding citizens in the UK who are left to foot the bill for an ever-increasing problem. Share this.. Follow @financialuk Renters urged to take out home contents insurance Renters should ensure they have home contents insurance or risk suffering significant financial losses, an insurer has said. According to a poll conducted by Zurich Insurance, 33 per cent of tenants keep goods worth £10,000 in their accommodation. However, 37 per cent of respondents confessed that they have no home contents insurance - thus leaving themselves at risk of serious loss. Reasons give... Read More UK insurance rates are set to soar in coming years While the banking industry is under serious pressure from the government, the insurance sector is sure to come under close scrutiny over the next couple of years. It is no surprise that insurance companies have seen a major reduction in their incomes in light of the economic slowdown and stock market turmoil, and this reduced income will need to be covered by increased premiums. We... Read More Matalan founder looking to refinance the company John Hargreaves, the founder of discount clothing store Matalan, is rumoured to be looking at a potential refinancing of the company which could see him pocket a £250 million special dividend. The company has been for sale for some time although potential buyers refused to match the £1.5 billion price tag and the sale was pulled some weeks ago. However it is believed that the company is looking... Read More Nottingham residents most likely to be burgled Householders in Nottingham are more likely to be burgled than anyone else in Britain, it has been revealed.A new survey shows that people in the East Midlands city are at an 88.7 per cent increased risk of having their homes broken in to.The claim is made by Endsleigh, which has analysed insurance claims in the UK over the last four years to deduce the riskiest and safest towns in Britain in terms... Read More UK government to challenge EU over insurance rules The UK government is set to challenge the EU commission head-on with regards to solvency II rules which are set to be introduced to the European marketplace in the short term. The UK government believes that these "over conservative" solvency rules will see UK insurance companies having to shore up their reserves by up to £50 billion. There will obviously be a cost to this additional reserve requ... Read More Ask your question now! Ask your question in the box below Contact details are required so we can respond to your question Allow 60 minutes* for a response from our UK qualified advisers Click here to send us your financial question... Our useful calculators can help you get your finances in order: Bankaccounts More than 600,000 switch bank More than 600,000 people have switched to a different current account provider in the last 6 months, following the introduction of a new scheme aimed at making switching banks easier. The scheme enforces new rules that guarantee current account holders to be able to switch providers within seven days, as opposed to previously where it could take up to 30 days. Furthermore, when a customer switches current accounts, the new bank or building society now has to arrange for the transfer of all existing incoming and outgoing payments to be switched to the new account. In total, there were 609,300 people who switched current accounts in the six months to the end of March,.. Read More 3.8m families 'a single pay check from losing their home' Almost 4 million families only have enough savings to pay a single month of mortgage repayments or rent, meaning they would be likely to lose their home if they found themselves out of work. Homeless charity Shelter surveyed 7,500 people and found that many people were living with the prospect of losing their home if they found themselves out of work. Better short-term support The charity has said that the government needs to provide more short-term support to those who lose their job. However, the government stated that it already spends around £94bn a year on benefits to those who are unemployed or on low incomes, including £24bn on housing.. Read More Wages to increase faster than inflation Wages could begin growing faster than inflation as early as this month, according to economic forecaster EY ITEM Club. They predicted that average earnings would increase by 1.7% this year, overtaking average inflation forecasts of 1.6% for 2014. The economic forecaster also predicted that the UK economy will see “decent but unspectacular growth” of 2.9% next year, with the majority of growth being driven by consumer spending. ‘A firmer footing’ EY ITEM Club’s Chief Economic Adviser commented that “the recovery has been financed by a fall in the amount households save, but it appears to be moving to a firmer footing." He also said: "The.. Read More Co-op announces losses of £1.3bn The Co-op bank has apologised to its 4.7 million customers after announcing annual losses of £1.3bn for 2013. Although large losses were expected, the announcement has raised fresh concerns over the future of the bank as it does not expect to make a profit in 2014 or 2015. Niall Booker, Chief Executive of the Co-operative bank was the first to apologise on behalf of the organisation. He said: "We appreciate that customers and other stakeholders continue to feel angry about how past failings placed the future of the business so seriously at risk. "I would like to apologise to them, to thank them for their continued loyalty and to thank colleagues for their commitment.. Read More One in seven to retire without a pension One in seven people in the UK who are planning to retire this year do not have any kind of personal pension, meaning they will be heavily dependant on the State Pension. The figures were uncovered by the Prudential in their annual ‘Class of’ study, which examines the future plans of people who are planning to retire this year. Vince Smith-Hughes, a retirement expert from the Prudential said: “The changes to pensions and how people can take their retirement income announced in the Budget last month will provide savers and retirees with more choices. However they don’t alter the fundamental fact that many people are not saving enough for a comfortable.. Read More Householdbills Level of energy complaints triple The number of complaints to energy companies has tripled in the last year according to the Ombudsman, whilst the biggest concern was billing. There were 10,638 complaints in the first quarter of 2014, three times as many as during the same period last year. Customer frustration and dissatisfaction The main area of concern was billing, followed by customer service issues. In total there were 2,062 complaints about billing, and 1,067 about customer service issues. The Chief Energy Ombudsman, Lewis Shand Smith, said: "Consumer frustration and dissatisfaction is something that we hear about every day and we welcome any attempts by Ofgem to make the energy.. Read More RBS to close 44 branches The Royal bank of Scotland is set to close 44 UK branches, with 14 of those being classed as the “last banks in town.” The closures have been announced despite the bank making a pledge in 2010 not to close its branches. However, an RBS spokeswoman stated “the world has changed since then,” citing a 30% fall in branch transactions since the pledge was originally made. Letting customers down Campaigners have claimed that the bank has let customers down by going back on its pledge. Charlotte Webster of the campaign group, Move Your Money was not surprised by the decision, as she stated: "It's no surprise to see the bank let down its customers once.. Read More New service allows payments via mobile number Account holders will now be able to pay both friends and traders using only their mobile phone numbers from 29th April, it has been announced. The Payments Council has confirmed that consumers will no longer need to exchange bank details, so long as both parties have registered for the free service. Advance registration for Paym – pronounced “Pay Em” – opens from Wednesday 2nd April. The scheme has been met with criticism with fears of potential fraud, but Neil Aitken from the Payments Council silenced these claims by confirming the system will be integrated with already existing banking apps. “The only thing that people will be able to do if they have.. Read More London house price gap largest since records began London house prices are now twice as much as outside the capital. It will now cost an extra £183,000 on average to purchase a home inside London compared to the rest of the UK. Whilst there’s always been a premium paid on house prices in the capital, the gap is now at its largest since detailed records began in 1978. When records first began, the difference was less than 10%, meaning the gulf has risen exponentially in the last three decades. However, it’s generally accepted that this detachment from London and the rest of the UK happened in the early 2000s. This is because the gap dropped back to around 10% in the 1990s due to the housing slump, before rising again.. Read More FCA warns they will “take out” payday lenders The Financial Conduct Authority (FCA) is to take over regulation of credit providers for debt management firms, credit cards, hire purchase, debt management firms and debt advisers. Until now the Office of Fair trading was the regulatory body for these industries. However the FCA has tougher powers such as unlimited fines, ordering refunds and banning misleading advertisements. The regulator subsequently warned payday lenders that over a quarter of them could be forced out of the industry, making it clear that they will need to follow their new rules. Martin Wheatley, chief executive of the FCA said that "Our processes will probably force about a quarter of the firms.. Read More Santander fined for financial advice failings The Financial Conduct Authority has fined Santander £12,377,800 after the bank was found to be failing to offer adequate financial advice to its customers. The FCA reported a concern over Santander’s approach to considering investors’ risk appetites. There was a significant concern that customers were not being given the correct advice based on their appetite for risk. Additionally, some people were not provided with regular checks to ensure investments met their needs, even though this was promised. These concerns were first outlined in 2012, to which Santander UK decided to stop giving financial advice from its branches with immediate effect. This was hoped.. Read More FCA to investigate 30 million financial policies The Financial Conduct Authority (FCA) is set to investigate around 30 million financial policies, all of which penalise customers for switching providers. The investigation will proceed on the basis that there are concerns over customers being subjected to “unfair” conditions. Pensions, endowments, investment bonds and life insurance policies sold between the 1970s and 2000 will be among the policies which will be investigated. Some savers could lose up to half of their savings if they move to another company. The FCA added to this by saying that “zombie” funds, which are closed to new clients could be being abused by insurers in order to pay overheads from.. Read More First stage of pension overhaul begins The first stage of the pension overhaul which was announced by Chancellor George Osborne in his Budget 2014 speech has begun. Pensioners will now have greater access to their pension pots, as they will be able to take up to a maximum of £30,000 from their pension as a lump sum, up from £18,000. The entire overhaul will come into effect as of April 2015, when pensioners will be given “full-flexibility” over their pensions, meaning they are free to do whatever they like with their money. However, some experts have warned that some retirees may make poor decisions with their money due to a lack of adequate advice. It is feared that some may spend their money.. Read More Lloyds Bank under fire over PPI legal loophole A financial loophole allegedly used by Lloyds Banking Group, has allowed tens of millions of pounds to be short-changed from PPI claimants. A recent investigation revealed a little-known regulatory provision known as ‘alternative redress’ has been adopted by the bank, assuming those affected by PPI would have bought a cheaper policy instead. Most recently, Lloyds banking group were fined £4.3 million for mishandling complaints facing severe backlash from consumers, with one horrified expert labelling the revelation as a "scandal coming out of a.. Read More SSE freezes energy prices until 2016 Energy supplier SSE has announced plans to freeze gas and electricity prices until 2016. The move which holds similarities to the Labour energy policy, which promises to freeze energy prices for 20 months if they are elected, is likely to lower profits according to the company. However, the company has said it will offset this loss in profits as much as possible by “streamlining” the business. This would include cutting 500 jobs and scrapping plans to build three offshore wind farms. SSE chief executive Alistair Phillips-Davies claimed that "delivering the lowest possible energy prices" to customers was "central to everything we do". He also claimed that SSE.. Read More Inflation drops to 1.7% The UK’s inflation rate fell to 1.7% in February, down from 1.9% the previous month. The rate of inflation in the UK, which is measured by the Consumer Prices Index (CPI), fell below the Banks of England’s 2% target for the second consecutive month One of the major factors which caused the drop in inflation was the price of petrol and diesel. According the Office for National Statistics (ONS), petrol and diesel prices both fell by 0.8p per litre between January and February. In contrast, during the same period last year, the price of petrol increased by 4p per litre and diesel by 3.7p per litre. Additionally, other factors such as the price of clothing and.. Read More Jobless household numbers falling The number of households in the UK with no working adults between the ages of 16 and 64 continued to fall throughout 2013. According to the Office for National Statistics (ONS), there were 3.4 million jobless households recorded in the last three months of 2013, representing 16.6% of all UK households with an adult of working age. In the same period a year earlier, the figures showed that 17.3% of households with at least one adult of working age were considered to be jobless households. Therefore, the new figures represent a drop of 0.7%, or around 137,000 households. These figures do include households that are jobless due people choosing not to work, or being.. Read More Help to buy scheme extended for new homes until 2020 House builders have been handed a boost by the government today as the chancellor announced that the first stage of the help to buy scheme will be extended until 2020, allowing a further 120,000 houses to be built. The first part of the ‘Help to Buy’ scheme is specifically aimed at helping people buy new build homes, and was originally expected to end in 2016. However, this will now run an extra four years to 2020 in England, with no announcement as of yet about the separate schemes in Scotland and Wales. However, the second part of the scheme which aims to help people buy any home, rather than just new build homes is still set to finish at the end of December.. Read More Minimum wage to increase above the rate of inflation The government has announced that the national minimum wage will increase by 3% to £6.50 an hour. It is the first time that the national minimum wage has increased at a higher rate than inflation in six years, and it expected that it will directly benefit one million workers in the UK. Additionally, minimum wage workers under the age of 21 will also benefit from similar pay rises of 2%, which is around the same as inflation as the Consumer Prices Index (CPI) rate of inflation currently stands at 1.9%. The rate for those aged between 18 and 20 will increase by 10p to £5.13 an hour, whilst 16 and 17 year olds will see the minimum wage rise by 7p to £3.79 an hour... Read More Housing market dying down The rapid growth in demand within the housing market is dying down according to the Royal Institution of Chartered Surveyors (RICS). Although better mortgage deals have helped to satisfy some “pent-up demand” in recent months, leading to an increase in the number of house sales being completed, this surge in demand is “gradually exhausting itself.” Simon Rubinsohn, Chief Economist at RICS said that "The growth in buyer numbers that we've seen for some months started to slow down in February, as the surge in interest sparked towards the end of last summer began to level off." "While this certainly doesn't mean an end to the increasing activity we've been seeing.. Read More Are you prepared for the Mortgage Market Review? As of 26th April, the Mortgage Market Review (MMR) will come into effect. This will affect everybody hoping to apply for a mortgage, including those re-mortgaging their homes. This is because applying for a mortgage will become a more rigorous process. Read more Direct.gov Financial Ombudsman Service Financial Services Compensation Scheme Overdraft limit Interest rates Interest University Credit card Overdraft Divorce Pensions Bank SIPP Debt Pension Income protection Financial advice Investment Mortgages Debt help Offshore Help Financial Investments Jisa Help with pensions Offshore banking Bank accounts Inflation Investment news Saving for retirement Calculator Income Financial Advice Tools Maximum Mortgage Pensions Calculator Investment Returns Calculator Investment Returns Calculator (Range of Return Rates) Loan Status Calculator Debt Consolidation Calculator Financial Advice News Bank accounts news Credit cards news Household bills news Investments news Loans news Mortgages news Pensions news Savings news UK economy news Sign up to our newsletter for all the latest news and updates: © financialadvice.co.uk 2014 *Our office hours are 8:30am to 5pm Monday to Friday. 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Stock Talk TMF Interview With Author Kevin Hassett Format for printing What's the Obsession with Capitulation? Market Blues Continue Motley Fool Radio Show Motley Fool Radio Show Communion of Bulls Communion of Bears Communion of Thoughtful Chickens With David Gardner and Tom Gardner December 7, 2000 Though the market's been blue, there's still optimism out there -- just ask Kevin Hassett, resident scholar at the American Enterprise Institute and former senior economist at the Federal Reserve Board, who along with Jim Glassman wrote a book bearing the words "Dow 36,000" on the cover. Hoping to get a better sense of how the stock market might make such a move possible, Tom and David Gardner spoke with Hassett during the Dec. 2 broadcast of The Motley Fool Radio Show. Here is an edited transcript of that interview. Tom: Kevin, the book Dow 36,000: The New Strategy for Profiting from the Coming Rise in the Stock Market is now coming out in paperback. Did you guys think about changing the title?Hassett: You know, it was kind of funny. Certainly it did just come out in paperback. When we were really in the middle of all the news reports about the market last year, a lot of folks were writing stories about how our book was being disproved by the huge increase in Nasdaq, because our book is sort of about how firms that make money are a great buy at today's prices -- or last year's prices, too -- so when Nasdaq started soaring they said, "Well, you said it's the guys who make money who should be soaring." Now it's on the other side. It just sort of shows how illogical bears can be. They're saying we're wrong because Nasdaq's going down, and so we're wrong because they were going up and we're wrong because they're going down, too. Jim and I stick to our theory, which is that firms that make money and grow that money over time are still really cheap.Tom: When you said Dow 36,000, did you have a particular time-frame in mind for when the index would hit that mark? "I've started to look at a lot of Nasdaq companies because there are companies out there that are sitting on cash and making money... that have really been crushed." Hassett: It's such that we don't know when that's going to happen. We don't claim to be crystal ball gazers. What Jim and I do is work through a simple rational logical valuation procedure and see what a reasonable, rational person ought to be willing to pay for the Dow today. I think that at each step of the way we make pretty conservative assumptions and the really startling thing is that if you're a reader, you sort of go through conservative assumption after conservative assumption and then at the end, we give you a Dow of 36,000. Now, we don't know that it's going to go to 36,000 this year or next year, but we do believe at today's prices that it's okay to run in and buy stocks because they're still cheap.David: You guys are obviously focused on the Dow in your book, but what about the Nasdaq? It has had a rough few months. It's lost nearly half its value since March. I've got to figure even though it's not the Dow, that you have some thoughts about the Nasdaq -- like could we get the Nasdaq 3,600?Hassett: I am a big fan of a lot of the Nasdaq companies, especially the companies that make money. I think that what we're going to see now is a test of the kind of things you guys have been preaching for years, which is that the new economy firms are great businesses. We're going to now really put that to the test. You know, I've started to look at a lot of Nasdaq companies because there are companies out there that are sitting on cash and making money and growing that money at pretty remarkable rates that have really been crushed. I mean there are a lot of price earnings to growth ratio firms out there like in the point one range right now. I mean very good companies, like a company -- I don't own this company -- called ViaSat (Nasdaq: VSAT). Have you guys ever thought about this company?David: Have not.Hassett: Well, it's a company that makes the stuff that satellite companies use and if you just look at the growth of their revenues and the amount of money they have coming in, they look like they are a pretty good company, but they are selling at a P/E that's kind of about what you'd get for a blue-chip, old-economy firm right now, like in the 20's.Tom: Kevin, you're talking about some of these technology companies possibly rebounding and being values now -- a lot of them made of the dot-com shakeout -- and you have companies like Priceline (Nasdaq: PCLN) that have virtually disappeared now over the last six months. Do you have a beat on which of the dot-coms actually have the potential to be around and successful 10 years from now?Hassett: You know that obviously is the hard question. One of the things I think we've learned in the process is that the incumbents -- like Toys 'R' Us (NYSE: TOY) versus eToys (Nasdaq: ETYS) -- can mimic the new guys if they have to in order to survive. You should look for the dot-coms that can't have their business plans stolen very easily, so I would expect, for example, that Amazon.com (Nasdaq: AMZN) is here to stay and if they are here to stay, then you should buy that stock right now. I mean, they are really cheap. They really ought to be able to start making money, but you know it's ultimately going to be a test of management and business plan. If the guys don't start making money, then their value shouldn't go up and so for me, I'm still sitting on the sidelines with the Internet firms that don't make money and trying to wait to see who has the management that can start making money. When I start seeing that, then I'm going to be buying like crazy.David: Earlier in our interview, you mentioned some of the conservative assumptions in your book that lead to a natural conclusion for you and for Jim Glassman of Dow 36,000. Can you just toss out a couple of those conservative assumptions so that we can figure out what you base your optimism on?Hassett: The idea is first of all that when you are buying a stock, you are buying a share in a business. I've heard you guys say this: All you have to do to figure out if you want to buy is just add up the money and see if you are buying more than a dollar for a dollar. And to add up the money, you just add up the cash that the firm's throwing off and then make a present value calculation or add it all up from now off into the future sometime. Then you just need to make growth assumptions because the cash isn't going to stay the same, it's going to grow over time to close the loop. When you do that and you look at the growth that the firms have produced for their profit, you get really, really high valuation numbers very easily because in the aggregate, for example, over the last 10 years, firms have been growing their profits about 12% a year and when they are growing their profits 12% a year, then, shucks, that thing doubles in six years. "I'm still sitting on the sidelines with the Internet firms that don't make money and trying to wait to see who has the management that can start making money." If the profit doubles in six years and the price doesn't move, then the P/E is going to get cut in half and that's the kind of logic that gives you a really high Dow. But the assumption of profit growth that gives you a 36,000 [Dow] is only about 5.5% a year which is half the long-run average. If you think profits are going to grow 5.5% a year in the future, and you discount the cash flows for firms, then you can get a Dow of 36,000. That's what I mean by conservative assumptions.Tom: Okay. Let me create a scenario for you, Kevin, of an investor who began investing, let's say, 30 months ago and is now looking at having made decisions that have led to his or her retirement plan being actually 15 percent in the hole from where they began.Let's put this person in their late forties and say they are beginning to feel the pressure of the decisions that they're making affecting clearly what year they believe they can retire comfortably. What do you say to the person who is sitting there right now looking down at their portfolio in their den listening to the program and thinking, "What the heck should I do given the environment today?"Hassett: I think the most important thing to remember is when you make money in the stock market, it's hard work. It's not free money, and the reason it's hard work is there are times like right now when it's hard to keep holding stocks. It's easy to panic and sell and if you look at the series of events that we've seen over the last 12 months, there's been a bunch of really crazy news like an old-economy Federal Reserve raising interest rates 6 times, more than doubling the price of oil, and now we've even got a constitutional crisis, for gosh sakes. All this bad news is the kind of thing that temporarily -- and historically this has always been true -- moves the market down, but the market has always come back very strongly after that and I don't see why this time should be any different. Indeed, if you look at the fundamentals of valuation like the profits that firms are making, they're still pretty good, and so that person should rest assured that the market's going to come back -- probably soon -- and it's going to do so for good, solid fundamental reasons.Tom: And let me close with this question, Kevin. What is it that makes profits dry up and what is it that make profits expand here in the U.S.?Hassett: Basically, the thing is the world is a changing place and if you've got a cool product and the ability to make cool products, then even if the world changes, you can find some other thing to make to sell to people to make money. In Japan, they basically decided they were going to make a thousand widgets no matter what and when people didn't want widgets any more, they kept making the widgets and losing money doing so. They didn't decide to look for some kind of new product besides widgets. I think that in the U.S. we are always going to be in the front of the wave of new product creation and if you are out there, you ought to be making money.Your Turn:Share your thoughts on this interview on our Motley Fool Radio discussion board. Home

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FreeMarketDuck.com Idaho's Weekly Journal of Local & National Commentary Week 1514 Home • Up • About us • Contact • Glossary • Links Back to Quack Off Quack Off by Free Market Global Monetary Recap - 1944 to 2008 Douglas E. Johnston, Jr. Washington, DC � With the Federal Reserve�s wide-ranging efforts to address the ongoing Credit Crisis through unprecedented money-creation activities, we are now likely witnessing the final phases of the U.S. Dollar�s 64-year reign as the primary global reserve currency. Few Americans understand the implications of this dramatically unfolding global sea-change. The U.S. Dollar was installed as the lynchpin of the international monetary system in July 1944 by and among the 44 Allied nations, and just as the end of WWII was in sight. At that time, the U.S. owned or controlled well over half of the world�s wealth, and the Bretton Woods Agreement (named after the small town in New Hampshire where over 700 representatives of the leading industrialized nations met that summer) created the financial architecture whereby the U.S. Dollar, as backed by and exchangeable into gold at the rate of $35/oz, would function as principal 'reserve currency' in the post-war global monetary system. The dollar debuted in its newly-expanded role via the Marshall Plan and the reconstruction of post-war Europe, when the U.S. paid dollars into the accounts of foreign banks, both to maintain our overseas military bases as well as to rebuild war-ravaged economies. Very importantly, all crude oil transactions throughout the world were also designated to be priced in dollars, regardless of which nations participated in the oil trades. In many ways, the Bretton Woods Agreement can be seen as one of the great 'spoils of war' for the U.S., and the dollar�s acceptance and dominance was subtly reinforced throughout the subsequent Cold War and afterwards by America�s enduring global military supremacy � the so-called 'Pax Americana.' Bretton Woods thus represented an enormous post-War economic advantage for America ever since, yet in mirror fashion it emerged as a major problem for the other countries, primarily because it created the possibility that the dominant U.S. could simply print money, and do so essentially at the expense of diluting the other nations' savings. Gold convertibility was to provide the discipline whereby the U.S., as keeper of the 'reserve currency,' would keep its budget in balance and the dollar as a sound reserve currency. That is, if other nations were uncomfortable with the U.S. spending policies which might dilute the value of their reserve savings, they could convert their dollar savings into gold. But Bretton Woods allowed the U.S. some convenient 'wiggle room.' Over time, the U.S. chose a predictable political path in ignoring key parts of the Agreement, often reminding the less-powerful Europeans who had saved them from the Nazis, who had won WWII, and who was now protecting them from the rising Soviet menace. In due course of the post-World War II era, the U.S. began to spend far beyond its means both for defense and foreign aid purposes, as well as for expanding domestic social programs. By the 1950�s the U.S. undertook the expensive Korean War, and then in the 1960s the U.S. began to spend in earnest for both the Vietnam War as well as for President Lyndon Johnson's 'Great Society' welfare and entitlement programs. These activities were essentially financed by creating new debt and/or new inflated dollars, and these efforts served to plant the seeds for significant dilution and debasement of the other countries� U.S. Dollar reserve accounts. The era of ballooning U.S. deficit spending and rising inflation was well underway by the late 1960s. Over time, the Bretton Woods participants became increasingly frustrated about the debasement of their dollar reserve savings, and French President Charles de Gaulle even announced his intention to send a ship to the U.S. to exchange France�s accumulated U.S. Dollars for gold at the official rate of $35/oz. By 1971, the other European nations were also increasingly uncomfortable, yet the dominant U.S. first downplayed and then later summarily dismissed their concerns through President Richard M. Nixon, when the U.S. officially and unilaterally suspended the gold-convertibility 'promise' of Bretton Woods. In officially closing the so-called 'Gold Window� on August 15, 1971, Nixon's Treasury Secretary John B. Connally rebuffed the Europeans with his now-famous quote: "The dollar is our currency, but it is your problem." So foreign central banks took it badly on both ends � they were unable to keep Congress and the U.S. from spending programs which were diluting their 'dollar reserve currency' savings, and they were also unable to redeem their dollars for gold as promised. With Nixon�s official abandonment of the Bretton Woods gold-convertibility system, the global economy moved thereafter to a 'floating' exchange-rate system where currency rates were no longer fixed against each other and/or backed by gold. The currency world entered a new and more speculative �Relativistic Age� where currency exchange rates instead varied constantly, depending on changing perceptions of the strength of one another�s economies, and especially reflecting their comparative internal structures of interest rates. With the emerging need to 're-cycle' petrodollars following the Arab Oil Embargo of 1973, and with dollar fundamentals further weakened by continuing frequent U.S. trade and budget deficits since the Vietnam era, the global economy became increasingly awash in dollars by the late 1970s. With oil price shocks and deficit-spending combining to produce double-digit inflation by 1979, a 'dollar rescue' of sorts developed in 1980, when U.S. Fed Chairman Paul Volcker dramatically raised Fed Funds rates, eventually pushing the Prime Rate to 21 1/2% by late 1981. Volcker�s Fed tenure represented a painful adjustment period for the U.S. economy, but it won the U.S. great praise around the world for bringing inflation under control. Unfortunately for dollar-holders, the Volcker Era did not last. With escalating social and military spending through the Cold War, plus the dramatic increase in the 'Star Wars' military budgets during the Reagan Administration, the reasons occasionally varied but America�s core political focus remained on greater deficit spending, more borrowing, and a resulting deterioration of the dollar�s fundamentals. The U.S., admired widely for decades as the �Wealthiest Nation on Earth,' quietly transitioned from being a 'net lender' nation to a �net borrower� nation in 1983. By 1985, U.S. Treasury Secretary James A. Baker III initiated the �Plaza Accords� among the so-called �G-5� countries, whereby foreign central banks coordinated to reduce dramatically the floating exchange rate of the dollar. Spending for defense and major declared wars through the 1980�s transitioned after the collapse of the Soviet Union to spending for lesser undeclared wars against terrorism and various other perceived regional threats in Panama, Granada, Libya, and Somalia, and later in Afghanistan and Iraq. During the late 1980�s and early 1990�s, the U.S. Republican-led conservative movement produced another noteworthy rescue round of �sound money� initiatives which had been championed by U.S. Speaker of the House Newt Gingrich, but these 'Balanced Budget' efforts were eventually abandoned under the relentless political pressures of spending to attract votes for defense and for continuing social programs. The U.S. now ranks as the #1 borrower in the world, and our cumulative National Debt now stands at nearly $9.4 Trillion at this writing. The annual net deficits have risen ever faster since the World Trade

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Improving Economy: Job Availability At 4-Year High By Ryan C. Fuhrmann Filed Under: Unemployment Rate On Dec. 12, the Federal Reserve announced an official employment target along with its more traditional goal of controlling inflation. It announced that short-term interest rates would remain around zero until unemployment drops to 6.5% or lower.The steady decline in the unemployment rate, which peaked around October 2009 at 10%, is welcome news for the economy and demonstrates how job availability continues to grow. The rate hovered above 8% for 42 straight months, the longest streak since the Great Depression, but continues to come down as the economy recovers from the Great Recession. SEE: Recession And Depression: They Aren't So BadSlow but SteadyIn a recent speech, Dennis Lockhart, President of the Federal Reserve Bank of Atlanta, provided insight into the economy and recent job growth trends. He pointed out that the U.S. economy has been growing at about 2% since the official recovery from the Great Recession began just over three years ago. He described this as "slow-growth mode" and a primary reason that unemployment remained stubbornly above 8%. This is well above the pre-recession low of 4.4%, which occurred in May 2007, and just before the housing bubble burst.The fact that the unemployment rate has dipped below 8% is highly encouraging. Lockhart attributed the recent strength in large part to improvements in the housing sector. By many measures, the housing market has bottomed and reached a bonafide recovery mode, as evidenced by the clearing of inventory in important markets such as Miami and key coastal areas in California. Housing growth is expected to help the economy grow, which would allow the unemployment rate continue to drop. Energy Another industry that continues to impress with rising and sustainable job availability is energy. The boom in hydraulic fracturing, or fracking in short, has allowed for a renaissance in U.S. oil and gas exploration and production. In particular, natural gas supply remains plentiful, with enough to satisfy domestic demand and leaving huge potential for natural gas exports to supply-constrained regions such as Japan and Europe.The Fed's more specific unemployment targets include a rate as low as 7.4% by the end of 2013, between 6.8% and 7.3% in 2014, and in a range of 6% to 6.6% by the end of 2015. Clearly, these are baby steps and unlikely to be achieved steadily. They also demonstrate just how slow this recovery is progressing. If these targets are achieved, it will have taken around six years for the economy to recover. Yet the unemployment rate will remain a couple of percentage points above its pre-peak levels. SEE: 5 Industries Negatively Affected By An Economic Recovery AutomotiveThe automotive industry also continues to show strength and add jobs. A recent article on Yahoo! Finance suggested that automotive giant General Motors is only finding 500 qualified candidates to fill 2,500 available positions for auto technicians. The trucking industry also remains understaffed and will need an estimated 330,000 workers over the coming decade to fulfill demand for shipping goods across the U.S. Similarly, railroad demand remains strong. Any cyclical industry will likely continue to see a boost if the economy remains in recovery mode and employment trends continue to improve.The Bottom LineThe Fed's move was bold and somewhat unprecedented. Federal Reserve Chairman Ben Bernanke has spoken of the Fed's desire to boost employment along with controlling inflation for some time, but to offer specific details on employment levels is a truly new endeavor. The Fed may receive criticism for keeping monetary policy too loose and potentially stoking inflation and an overheating economy down the road, but that would actually be a nice problem to have and tackle as it would demonstrate the economy has fully recovered from the Great Recession. by Ryan C. Fuhrmann Ryan C. Fuhrmann, CFA, has a background in portfolio management, overseeing assets for high-net-worth individuals and covering a broad array of industries from a generalist perspective. An active student of investing, he focuses on communicating his ideas as an investment writer and learning from the financial community. Ryan is also actively involved with the CFA Institute. Feel free to visit his website at www.rationalanalyst.com. More From Ryan C. Fuhrmann.. Popular Resources for Equity Research and Analysis: A Tutorial The Most Accurate Way To Gauge Returns: The Compound Annual Growth Rate ... Retirement Tax Changes For 2014 Please enable JavaScript to view the comments powered by Disqus. Why Unemployment Rates Matter To Your Retirement Fed’s Yellen Risks Inflation Spiral With Unemployment Target The Unemployment Rate: Get Real What You Need To Know About The Employment Report Trading With The Jobless Claims Report Trading Center

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The Failure of Fed Policy: Why Growth Is Dead By Chris Martenson MAY 13, 2011 9:45 AM A rising stock market, low inflation expectations, and lots and lots of cheap credit for even the riskiest companies. Too bad it's all an illusion. The end of the second round of quantitative easing (QE2) is going to be a complete disaster for the paper markets -- specifically commodities, stocks, and then finally bonds, in that order, with losses of 20% to 50% by the end of October. The only thing that will arrest the plunge will be QE3, although we should remain alert to the likelihood that it will be named something else in an attempt to obscure what it really is. Perhaps it will be known as the "Muni Asset Trust Term Liquidity Facility" or the "American Prime Purchase Program," but whatever it is called, it will involve hundreds of billions of thin-air dollars being printed and dumped into the financial system. A Premature Victory LapBen Bernanke recently stood at a lectern and announced to the assembled audience that the Fed's recent policies could be credited with elevated stock prices and an improved employment statistic while somehow keeping inflation low. It was his own version of a "mission accomplished" speech, just like the one G. W. Bush gave. Similarly, it does not mark the end of significant difficulties, but the probable beginning of a very long period of treacherous economic and financial disruption.Here's one recent version of how the Fed's actions are being interpreted, courtesy of Bloomberg:Bernanke’s QE2 Averts Deflation, Spurs Rally, Expands CreditBen S. Bernanke’s $600 billion strike against deflation is paying off, as stock and debt markets rise, bank lending grows and economists forecast faster growth.The Standard & Poor’s 500 Index has gained 13.5 percent since the Federal Reserve chairman announced on Nov. 3 the plan to buy Treasuries through its so-called quantitative easing policy. Government bond yields show investors expect consumer prices to rise in line with historical averages. The riskiest companies are obtaining credit at the cheapest borrowing costs ever and Fed data show that commercial and industrial loans outstanding are rising for the first time since 2008.“Looking at market indicators, you have to be convinced it’s been a success,” said Bradley Tank, chief investment officer for fixed-income in Chicago at Neuberger Berman Fixed Income LLC, which oversees about $83 billion. “When you get into periods of aggressive central bank easing, and we’re clearly in the most aggressive period of easing that we’ve ever seen, the markets tend to lead the real economy.”A rising stock market, low inflation expectations, and lots and lots of cheap credit for even the riskiest companies. What's not to like?The main problem is that this is all an illusion. If it were truly possible to print one's way to prosperity, history would have already proven that to be possible, yet such efforts have always failed. The reason is simple enough: Money is not wealth; it is a commodity that we use as a temporary store of wealth. Real wealth is the products and services that are made possible by an initial balance of high-quality resources that can be transformed by human effort and ingenuity.For some reason, however, this basic concept has managed to elude the high priests and priestesses of the money temples throughout time. Somehow it always seems compelling to give money printing a try, maybe because this time seems different. But it never is. And it's not different this time, either.Even as the markets are beginning to correct in anticipation of the end of QE2 (which I predicted in my newsletters as early as March 8, 2011), we should note that the Fed is still pumping an average of $89 billion per month into the markets.When we compare the $370 billion that the Fed has printed and placed into the financial system year-to-date against the levels of money flows going into and out of mutual funds, exchange-traded funds (ETFs), and money market funds, we observe that the Fed's actions swamp those flows by a factor of roughly 2:1. That is, the amount the Fed is putting in is quite significant, and its disappearance from the markets is something that needs to be carefully considered.On the plus side, we can all be thankful for the one thing that money printing can do, and has done, which is buy a little more time for everyone. As I consistently advocate, such time should be used, at least in part, to ready oneself for a future of less and to become more resilient against whatever shocks are yet to come.While money printing can so some wondrous things in the short term -- (Hey, give me $2 trillion to spend and I'll throw a nice party, too!) -- it cannot fix the predicament of fundamental insolvency. The United States has lived beyond its means for a couple of decades and promised itself a future that it forgot to adequately fund. The remaining choice is between accepting an unpleasant but relatively steady period of austerity leading to a new lower standard of living -- or a final catastrophe for the dollar. The former is akin to walking down around the side of a cliff, and the latter is jumping off.Too Little Debt! (or, One Chart That Explains Everything)If I were to be given just one chart by which I had to explain everything about why Bernanke's printed efforts have so far failed to really cure anything and why I am pessimistic that further efforts will fall short, it would be this one:There's a lot going on in this deceptively simple chart so let's take it one step at a time. First, "Total Credit Market Debt" covers everything -- financial sector debt, government debt (fed, state, local), household debt, and corporate debt -- and is represented by the bold red line (data from the Federal Reserve). Next, if we start in January 1970 and ask the question, "How long before that debt doubled and then doubled again?" we find that debt has doubled five times in four decades (blue triangles). Then if we perform an exponential curve fit (blue line), we find a nearly perfect fit with an R2 of 0.99 when we round up. That means that debt has been growing in a nearly perfect exponential fashion through the 1970s, the 1980s, the 1990s and the 2000s. In order for the 2010 decade to mirror, match, or in any way resemble the prior four decades, credit market debt will need to double again from $52 trillion to $104 trillion. Finally, note that the most serious departure between the idealized exponential curve fit and the data occurred beginning in 2008 -- and it has not yet even remotely begun to return to its former trajectory.This explains everything.It explains why Bernanke's $2 trillion has not created a spectacular party in anything other than a few select areas (banking, corporate profits) which were positioned to directly benefit from the money. It explains why things don't feel right, or the same, and why most people are still feeling quite queasy about the state of the economy. It explains why the massive disconnect between government pensions and promises, all developed and doled out during the prior four decades, cannot be met by current budget realities.Our entire system of money, and by extension our sense of entitlement and expectations of future growth, were formed in response to and are utterly dependent on exponential credit growth. Of course, as you know, money is loaned into existence and is therefore really just the other side of the credit coin. This is why Bernanke can print a few trillion and not really accomplish all that much. It's because the main engine of growth is expecting, requiring, and otherwise dependent on credit doubling over the next decade.To put that into perspective, a doubling will take us from $52 to $104 trillion, requiring close to $5 trillion in new credit creation during each year of that decade. Nearly three years have passed without any appreciable increase in total credit market debt, which puts us roughly $15 trillion behind the curve.What will happen when credit cannot grow exponentially? We already have our answer, because that's been the reality for the past three years. Debts cannot be serviced, the weaker and more highly leveraged participants get clobbered first (Lehman, Greece, Las Vegas, housing, etc.), and the dominoes topple from the outside in towards the center. Money is piled on, but traction is weak. What begins as a temporary program of providing liquidity becomes a permanent program of printing money, which the system becomes dependent on in order to even function.Editor's Note: Chris Martenson is an economic researcher and futurist specializing in energy and resource depletion. No positions in stocks mentioned. The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice. Copyright 2011 Minyanville Media, Inc. All Rights Reserved.

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Next Rethinking Iceland's Recovery by David Howden Also by David Howden Iceland lapsed into the largest recession of the new millennium more than two years ago. As Philipp Bagus and I argue in our new book, Deep Freeze: Iceland's Economic Collapse, the obvious culprit is an oversized banking system, which at its peak had assets amounting to 11 times the size of the small island's economy. But like many economic events, the key lies not in what is immediately apparent but in those causes and conditions that are veiled. Politicians, pundits and the population of the Icelandic nation have had a difficult time explaining how such a large financial sector could develop in the first place. Like in many other countries of the world, Iceland's large, unstable banking sector developed with the advent of deposit insurance. While the fractional-reserve banking system has a tendency to lead to unstable consequences, this day of reckoning is thought to be offset by ensuring depositors that a backstop exists in times of turmoil. Banks that overissue fiduciary media and face reserve-draining runs are "saved" by an insurance scheme guaranteeing depositors their quickly disappearing funds. While this guarantee may delay a damaging bank run, it also fosters an environment that breeds increasingly risky bank activity. On the one hand, banks can take comfort in knowing that added risks will result in higher profits. Normally the profit-and-loss system limits risk-taking behavior by burdening market participants with any losses of their risky activity. Deposit insurance effectively socializes losses while leaving profits private. This allows banks to seek higher profits through increased risk taking while simultaneously alleviating their fear of losses. On the other hand, a deposit-insurance scheme removes an important monitoring mechanism that disciplines the banking sector. A depositor who is threatened with losses on his deposits in the event that his bank goes bankrupt is keenly interested in its solvency. By removing the possibility that the depositor will not be paid out fully in such an event, there is little reason for a depositor to assess the solvency of a prospective bank. As we outline, the Central Bank of Iceland (CBI) offered a unique deposit-insurance scheme to protect its domestic banking sector. This uniqueness is evident in two ways. The first is that the CBI itself is the provider of this insurance. In many other countries this role is not given to the monetary authority, but is rather undertaken by the fiscal authority. Hence, in the United States, the Federal Deposit Insurance Corporation (FDIC) is a government corporation. In the eurozone, it is not the European Central Bank that provides deposit insurance but the national governments comprising the monetary union. "The era of the omnipotentcentral bank is coming to a close." Leaving aside the question of whether the government has a role at all in providing deposit insurance, we can see a key difference. The government is under a budget constraint (at least in theory) whereby if it needs to fund its insurance scheme it must do so from taxes or debt issuance. In contrast, the central bank has the ability to monetize its own insurance funds as the need arises. We would expect that the government will feel some pain from having to allocate tax dollars to the insurance scheme, or in any case, more pain than the central bank will from monetizing this spending. Indeed, in 2008 the FDIC debated allocating additional funds to its reserves through increased premiums as bankruptcies in the United States mounted. No such debate occurred within the walls of the Central Bank of Iceland. The second difference of Iceland's deposit insurance scheme is that it guarantees not only domestic Icelandic krónur deposits, but also those denominated in foreign currencies. The Central Bank of Iceland's website makes clear that regardless of the denomination of their deposit, a depositor can rest assured that their savings are safe: Does the Fund guarantee deposits in foreign currency? Yes. No distinction is made between deposits in Icelandic krónur and those in other currencies. The Fund can reimburse the value of the deposit balance in Icelandic krónur. Are deposits in foreign branches of Icelandic banks guaranteed by the Fund? Yes. The Fund's guarantees extend to all customers of Icelandic banks and their branches, both domestic and foreign, irrespective of legal address. Foreign deposits with subsidiaries of Icelandic banks are guaranteed by the guarantee funds in the countries concerned. Herein lays one of the main problems that Philipp Bagus and I discuss in chapter 4 of Deep Freeze. As an increasing amount of funding was made in foreign denominations, the CBI was increasingly unable to honor these obligations should they come due. Any central bank has the ability to inflate only the domestic money supply. While it's easy, then, to honor domestically (and nominally) denominated debts, a significant failing occurs when foreign liabilities are added to the mix. Unable to cover its foreign liabilities during the liquidity crisis of 2008, the Central Bank of Iceland effectively went bankrupt. Only bailouts from friendly countries and the IMF staved off a more serious fate — the complete elimination of a central Icelandic monetary authority. While Iceland's reemergence over the last two years has been mostly strong, there are still two unfortunate consequences to address. First, by focusing on consequences and not root causes of its crisis, Icelandic authorities have missed an opportunity to correct one of the crisis's primary causes. The moral hazard of deposit insurance — especially a deposit-insurance scheme that was impossible to honor — allowed for the oversized banking system to develop. Removing such an insurance scheme would do much to rectify this issue. Second, Iceland is not alone in this regard. Several other countries of the world are also at a juncture where large amounts of foreign-denominated liabilities are unable to be funded by the domestic central bank. This in itself would not be a large problem, except for the fact that so many do think that they central bank will be able to solve the eventual funding gap. The era of the omnipotent central bank is coming to a close, as their impotence in staving off these types of crises is exposed. Deep Freeze: Iceland's Economic Collapse provides a case study in one country facing a banking crisis at the hands of its central bank. It provides a roadmap to anyone who wants to understand where these crises stem from, and how to avoid them in the future. David Howden is Chair of the Department of Business and Economics and professor of economics at St. Louis University's Madrid Campus, Academic Vice President of the Ludwig von Mises Institute of Canada, and winner of the Mises Institute's Douglas E. French Prize. Send him mail. See David Howden's article archives. You can subscribe to future articles by David Howden via this RSS feed. David Howden View Author Archive David Howden is Chair of the Department of Business and Economics and professor of economics at St. Louis University's Madrid Campus, Academic Vice President of the Ludwig von Mises Institute of Canada, and winner of the Mises Institute's Douglas E. French Prize.

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The Craziest Tax Write-offs Bankrate.com By Jay MacDonald Have you heard the one about the $300 breast pump? The male model? The pimped-out Amish buggy? That's right -- Bankrate's back with another nine of the craziest tax write-offs you've ever heard of, in the hope it will make paying your 2006 federal income tax a little bit easier. For our last installment of the nine weirdest write-offs, we combed the country collecting stories from certified public accountants about the craziest tax deductions they'd ever seen. The search turned up plenty of ingenious ways in which taxpayers have tried to justify deducting everything from ostrich breeding to sperm donations to dog food. Dogs once again get their due in this year's collection. While our pets may seem like part of the family, as we will see, attempts to treat them as actual dependents -- or more outrageously, subcontractors -- simply won't fly with the Internal Revenue Service. It's never a good idea to tempt fate by trying to slide one by Uncle Sam. Serious consequences may result from underreporting income, filing a false or erroneous claim, or attempting to make up your own personal tax rules. Deductions in the tax code tend to fall into two broad categories, according to John Barghini, a CPA and partner in Hansen, Jergenson, Nergaard & Co. LLP of Minneapolis. "Deductions are primarily related to business activities or where our government wants to reward us for being family people, as in dependent and day care deductions," he says. While it may seem like deductions would be easy to abuse, Barghini says most taxpayers don't consider the reward worth the risk. "I think there is more unreported income than there are overstated deductions," he says. "The deductions where people tend to fudge it are in charitable contributions. And some you can't fudge, because things like mortgage interest or real estate taxes are typically reported to the IRS." Ah, but that doesn't mean we don't try. Daffy deductions Here are nine of the craziest write-offs we've ever heard of. Warning: Don't try these at home! Nine craziest deductions 1. Hidden asset Elizabeth Dittrick of Dittrick & Associates in Cleveland was a staff accountant with Arthur Andersen when she witnessed a particularly uncomfortable client meeting with a married couple. The deduction was legitimate; it was the underlying asset that proved to be the problem. "We were going over their tax information and the tax manager asked the gentleman, 'Now what about the mortgage interest deduction for the condo in Utah?' Unfortunately, the wife didn't know about the condo in Utah, where he had set up his mistress. It was a big 'oops' moment. There was this stony silence in the room. It was absolutely awful," she recalls. 2. Dog-ductions, part 1 What dog lover hasn't melted when man's best friend gives him that baleful look as he heads off to work? One taxpayer decided to create his own tax rule to ease the pain: "There is one individual who tried to deduct a day care expense for their dog," says Barghini. "The person was working and they didn't feel that the dog should be left alone, so they hired somebody to watch the dog, then tried to take a day care tax credit for the doggy-sitting. The dog clearly was an economic dependent, but not for tax purposes. 3. Now THAT'S a super! Sure, it's easy to find bad things to say about landlords, but what about all the good things they do? Dittrick admits that while she liked the sentiment, she wasn't buying this landlord's story for a minute: "There was a guy who had rental property and tried to deduct a limousine charge in the year he got married by claiming that he had taken his renters out for a night on the town, when I knew that it was for the wedding," she says. "I ended up refusing to sign the return." 4. At that price, it should change diapers, too CPA Ruth Ann Michnay of St. Paul, Minn., thought she might have been out of touch with maternity technology on this one: "I once had a young mother as a client who listed a breast pump at over $300," she says. "My kids are grown up but I never remember them being that expensive, so my first reaction was that it must have been some medical situation with the child. You never know. But no, it was strictly for her convenience to operate. She was claiming it as a medical expense. I talked her out of it." 5. Dog-ductions, part 2 You think it's hard to find good help? Tell it to the IRS. Even the CPA source for this one wished to remain anonymous: "A landscaper who was under audit with the IRS had deducted the expense of their dog because he would pull the wagon on landscaping jobs. They felt he was out there helping. He may have been listed as an independent contractor." 6. Me, I'm a freelance food critic There are those taxpayers who mistakenly believe that if their hobbies come anywhere close to their means of making a living, what they spend on it should be deductible as a business expense. And perhaps it is -- on Mars! New York CPA Alan J. Straus knew of a Hollywood set electrician who tried to write off the cost of buying and renting movie videos and DVDs, and a professor of Italian culture and European art who tried to deduct his theater and concert tickets. Then again, sometimes what appears to be a flagrantly crazy write-off on paper will actually turn out to be permissible. Witness this unlikely deduction from Alan Dlugash, a CPA with the New York firm of Marks Paneth & Shron LLP: "A client not only tried to, but properly did deduct several thousands of dollars of comic book purchases. He was a university doctoral student, doing his thesis in his field of expertise ... having to do with the relationship of comic books to the societal values of the era." D'oh! 7. Dog-ductions, part 3 Barghini had one enterprising client who believed he'd found a doggone great way to boost his charitable deduction and thus shave a little off his taxes. "An individual who bred dogs was looking for a tax deduction, so he thought that he would give one of his dogs to the Humane Society and take a deduction for it. They were valuable dogs but he bred it, so he could not take a tax deduction for it." The reason? Barghini explains that the tax code allows you to depreciate over time such breeding stock as cattle, race horses and yes, even show dogs, provided you are breeding them with the intent to sell the offspring. In these instances, you may depreciate the breeding male or female, but not the offspring. 8. Clothes (deductions) make the man Here's a line of thought we've all tried on at one time or another: I have to look professional at work so why shouldn't I deduct the cost of my suits, shoes and ties? And of course that is perfectly allowable -- on Uranus! Here on Earth however, a less generous tax rule applies, as one of Barghini's clients found out: "I was dealing with a male model who wanted to write off his entire wardrobe because he needed to look good all the time. There are very strict rules about writing off clothing. Basically, if you are required to wear a uniform of a nature that you're not going to wear it out in public socially, such as an auto mechanic's blue jumpsuit with a patch that says 'John' or nursing clothes, you can write them off. It's basically clothes that you're only going to wear at work; you'd be embarrassed to go to the bar in them. If it's clothes that you can wear on a daily basis, you cannot write them off. Businessmen or businesswomen trying to write off their suits will not fly." 9. Pimp my buggy This one was so outlandish that Dittrick actually faxed us the two-page itemized receipt to prove it: "We live in an Amish community here and we had an Amish guy who tried to take a deduction for his buggy with velvet interior, the whole works. It was tricked out. He was legitimately Amish, but with all the accoutrements on this buggy, when they're supposed to live the simple life, it was absolutely hilarious," she says. How pimped out was his ride? According to the receipt, this baby came equipped with dash lights, kick plates, tinted windshield, speedometer, hydraulic brakes and dimmer switches. The standard buggy costs $2,675; this pimped-out version ran $3,545. "He could deduct the buggy of course, since it was used for business, but on that one, we had to pick and choose what we were going to deduct," Dittrick says. "But the Amish teenagers do go through a period where they sew their wild oats, so to speak, and put the fuzzy dice and boom boxes in them. Every so often in the police blotters up here you'll see a complaint about a buggy with music playing."

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From: John A. Hlil The Honorable William H. Donaldson 450 Fifth Street Re: S7-03-04 Dear Chairman Donaldson: Although the formal comment period has closed on the SEC proposal to require mutual fund boards to have an independent chair, the issue continues to be the subject of continued debate within the industry, the Congress and apparently within the Commission itself. To the extent that Putnam has been used as evidence by various partisans in this debate, I have decided that it is important to offer some of my own observations regarding the merits of requiring independent chairman for mutual fund boards. For the record, the Board of Trustees of the Putnam Funds supports S7-03-04 in its entirety, but my comments will directed to the requirement for an independent chair. We have had an independent chair since June 2000 when I was elected as the first independent chairperson in the history of the company. Whatever the merits or demerits of the independent chair proposal, my primary concern is that the Commission focus its deliberations on the real -- as opposed to some of the mistaken or theatrical -- concerns and issues that have been advanced in this policy debate. From this vantage point, it is important to recognize that there are many areas where independent and affiliated chairpersons as well as trustees have identical interests, responsibilities and objectives: both sit on the same side of the table on matters of fund performance, client service, and ethical corporate conduct. At the same time, there are also significant areas of concern to both independent and affiliated chairpersons where there is not an identity of interests: advisory fees, soft dollars, 12b-1 fees and other expenses paid by fund shareholders to investment management companies. Independent chairpersons have no direct interest or stake in these fees and costs other than that they be fair and reasonable to shareholders. Affiliated chairpersons, on the other hand, have a direct stake in the form of their own compensation or the value of their management companies if they are also owners of the management company that manage their funds. Given the size of this industry, the dollars involved in these conflicting interests are massive. By way of example, according to data collected by Lipper from public filings, one firm among hundreds had mutual fund assets of 462 billion on February 3, 2004 and an effective advisory fee of .545, resulting in annual revenues at these assets levels of over 2.5 billion per year. These figures do not include soft dollar benefits or 12B-1 revenues retained by this firm or revenues earned from brokerage to the extent that it also provides direct brokerage services to its funds. Although I would be the first to argue that independent chairpersons are no

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Resource Center Current & Past Issues eNewsletters This copy is for your personal, non-commercial use only. To order presentation-ready copies for distribution to your colleagues, clients or customers, click the "Reprints" link at the top of any article. Freddie Mac Sues Banks over Libor Rigging Manipulation of rate may have cost Freddie and Fannie $3 billion, report says. By Tom Schoenberg and Andrew Zajac, Bloomberg March 20, 2013 • Reprints Freddie Mac sued Bank of America Corp., UBS AG, JPMorgan Chase & Co. and a dozen other banks over alleged manipulation of the London interbank offered rate, saying the mortgage financier suffered substantial losses as a result of the companies’ conduct. Government-owned Freddie Mac accuses the banks of acting collectively to hold down the U.S. dollar Libor to “hide their institutions’ financial problems and boost their profits,” according to a complaint filed in federal court in Alexandria, Virginia. “Defendants’ fraudulent and collusive conduct caused USD LIBOR to be published at rates that were false, dishonest, and artificially low,” Richard Leveridge, a lawyer for Freddie Mac, said in the complaint, which was made public yesterday. Manipulation of interest rates by some of the world’s biggest banks has spawned probes by half a dozen agencies on three continents in what has become the industry’s largest and longest-running scandal. More than $300 trillion of loans, mortgages, financial products and contracts are linked to Libor. Libor is calculated by a poll carried out daily by Thomson Reuters Corp. on behalf of the British Bankers’ Association, an industry lobby group that asks firms to estimate how much it would cost to borrow from each other for different periods and in different currencies. The complaint lists 15 banks as defendants as well as the British Bankers’ Association. They include Citigroup Inc., Barclays Plc, Royal Bank of Scotland Group Plc, the Royal Bank of Canada, Deutsche Bank AG and Credit Suisse Group AG. Freddie Mac accuses the banks of fraud, violations of antitrust law and breach of contract. The housing financier is seeking unspecified damages for financial harm, as well as punitive damages and treble damages for violations of the Sherman Act. “To the extent that defendants used false and dishonest USD LIBOR submissions to bolster their respective reputations, they artificially increased their ability to charge higher underwriting fees and obtain higher offering prices for financial products to the detriment of Freddie Mac and other consumers,” the U.S.-owned company said in the complaint. Banks Named Representatives of the banks who declined to comment on the lawsuit were Danielle Romero-Apsilos, a spokeswoman for New York-based Citigroup; Jennifer Zuccarelli, a spokeswoman for New York-based JPMorgan; Brandon Ashcraft, a Barclays spokesman; Bill Halldin, a Bank of America spokesman; Victoria Harmon, a spokeswoman for Credit Suisse; and Ed Canaday, a spokesman for Edinburgh-based Royal Bank of Scotland. Eberhard Roll, a Portigon AG spokesman, didn’t respond to e-mail and phone messages requesting comment. Calls to Bank of Tokyo-Mitsubishi UFJ Ltd. and Norinchukin Bank, both of Tokyo, which also were named in the complaint, weren’t answered on a public holiday. “The BBA is aware of the lawsuit in the United States and is unable to comment,” Brian Mairs, a spokesman for British Bankers’ Associa

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Are These Tech Stocks Value Traps? By David Gould - AAPL, HPQ, INTC David is a member of The Motley Fool Blog Network -- entries represent the personal opinion of the blogger and are not formally edited. I have never been an advocate of shorting stocks. The reason stems from the notion that you are inherently betting against inertia. With that said, there are opportunities when a stock is positioned to drop. One of the riskiest sectors to short is technology, since growth is largely speculative in that area and often a function of short-term emotion. In this article, I look at two tech companies, once Wall Street darlings, now viewed by many to be "value traps." How Hewlett-Packard (NYSE: HPQ) Is Reforming Hewlett-Packard is a tech firm that specializes in producing hardware and software. Commonly known as HP, it was the biggest PC manufacturer in the world until 2012 when it was overtaken by Lenovo, a PC company based in China. HP is a trusted brand in the manufacturing of personal computers, industrial servers, storage gadgets, printers and the software that goes with these products. The company further offers consulting services for the vast majority of its products. In 2002, it joined forces with Compaq and acquired EDS leading to a joint income of $118.4 HP has acquired several other companies in the past which include 3Com in April 2010, Palm in April 2010 at the price of $1.2 billion and 3PAR in September 2010 for $2.07 billion. But unfortunately this growth-through-acquisition strategy hasn't always been smooth. After announcing a 31% decline in profits in mid-2012, HP disclosed that it was accusing Autonomy, a UK software producer HP bought for $10.3 billion, of accounting fraud. Management insists that Autonomy not only inflated its value through accounting tricks but also failed to disclose and even misrepresented financials--a claim it asked the Department of Justice to investigate. In November, HP wrote down $8.8 billion, $5 billion of which was related to the Autonomy scandal. In an attempt to reform the business, the company has effectively moved in the opposite direction of acquisition by downsizing. From laying off 27,000 employees to explicitly expressing an interest in spurning divisions, management is trying to de-risk its business. Certainly, shareholders have become disillusioned into what is increasingly being seen as a "value trap": in the last two years alone, the company saw its share price decline from around $50 to less than $20 today. But the free cash flow yield is now at at a terrific 24%. In the last three years, the company has bought back shares worth $26 billion, and, when you add in a 3.3% dividend yield, the downside looks limited in the long-term. Is Intel (NASDAQ: INTC) a Value Trap Too? Intel is also becoming associated with a "value trap." Despite having 15.9% of the market in 2011 and trading at 9.6x past earning, the bear sentiment is clear: 25 of 41 reporting analysts rate the stock a relatively pessimistic "hold." Even still, 16 call it a "buy" or better, six of which say "strong buy." Though shares have risen 14.4% from the lows, the stock is still down 23.4% from the 52-week high. So what to make of the company? A favorable feature of Intel is its vertical integration. This means that, unlike other chip making companies, Intel does not primarily use third-parties to outsource manufacturing. Instead, it does everything in-house and has put significant emphasis on upcoming technologies in manufacturing. But vertical integration goes both ways: Customers may not need your own products if they can more efficiently create their own. Apple (NASDAQ: AAPL) acquired ARM license and can now produce some of the best mobile processors. This means that Apple won’t need Intel’s Atom product(s) anymore. This situation is further worsened by the fact that Apple has all the resources it requires to manufacture its own specialized chips. And I do not believe the electronics business will be very desirous to start buying Intel's chips in the long-term, since the company prides itself in having everything produced by Apple and for Apple (those interested in purchasing a MacBook, for example, know the typical employee pitch.) When you add in the downside from reduced demand for personal computers as people shift to smartphones and tablets, you have what looks to be like a perfect storm. However, this market attitude has largely been articulated. Investors should thus look at whether there will be upside to the general expectation. In my view, there is. For one, multiples are too low and should they even expand to 13x (and Intel is not dying any time soon), there is 14.6% instant upside on top of a 4.1% annual dividend yield. I recommend buying to take advantage of this opportunity. TakeoverAnalyst has no position in any stocks mentioned. The Motley Fool recommends Apple and Intel. The Motley Fool owns shares of Apple and Intel. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. Is this post wrong? Click here. This article was written by the staff of TakeoverAnalyst, which does not intend on opening a position in the next 48 hours. David Gould TakeoverAnalyst David Gould is a member of The Motley Fool Blog Network Latest Editor's Choice Google's "Android Future" & The Case For Microsoft Facebook Vs. Groupon: Which Has a Brighter Future? Challenges Ahead For This Tech Stock Also On This Topic GOOGLE; Taking lead in the Technology stocks August 28, 2013 Veteran PC makers troubled at the hands of nascent Chinese competitor August 28, 2013

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Press Releases 04/22/2013 Blackstone Announces Acquisition of Credit Suisse’s Strategic Partners Business NEW YORK, April 22, 2013. Blackstone (NYSE:BX) today announced an agreement with Credit Suisse to acquire Strategic Partners, Credit Suisse’s dedicated secondary private equity business with $9 billion in assets under management. The transaction is subject to customary closing conditions and is expected to close by the end of the third quarter 2013. The terms of the deal were not disclosed. Tony James, President and Chief Operating Officer of Blackstone, said, “We are thrilled that the people of Strategic Partners are joining Blackstone. Many of us here at Blackstone were once colleagues of the Strategic Partners team, and this gives us high confidence that it will be a seamless cultural fit here at the firm. Strategic Partners complements Blackstone's existing businesses, and we expect to be able to grow its franchise and help it enter new product areas.” Alastair Cairns, Co-Head of Credit Suisse’s Legacy Asset Management business, added, “Strategic Partners is a leader in the secondary private equity space. We are pleased to have reached this agreement and are confident that with Blackstone, Strategic Partners will continue to build on its excellent track record.” The sale is part of Credit Suisse’s strategic divestment plans that were announced on July 18, 2012. Strategic Partners seeks capital appreciation through the purchase of secondary interests in high quality private equity funds from investors seeking liquidity on a fair, timely and confidential basis. From its start in 2000, it has raised over $11 billion of capital commitments, completed over 700 transactions, and acquired over 1,400 underlying limited partnership interests. Its performance has been top quartile among its peers. Strategic Partners’ team of twenty-six dedicated secondary investment professionals is headed by Stephen Can and Verdun Perry. Press Contacts Peter Rose +1 212 583 5871 [email protected] Oriane Schwartzman +1 212 390 2250 [email protected] Katherine Herring +1 212 325 7545 [email protected] About Blackstone Blackstone is one of the world’s leading investment and advisory firms. We seek to create positive economic impact and long-term value for our investors, the companies we invest in, the companies we advise and the broader global economy. We do this through the commitment of our extraordinary people and flexible capital. Our alternative asset management businesses include the management of private equity funds, real estate funds, hedge fund solutions, credit-focused funds and closed-end funds. Blackstone also provides various financial advisory services, including financial and strategic advisory, restructuring and reorganization advisory and fund placement services. Further information is available at www.blackstone.com. Follow us on Twitter @Blackstone. Credit Suisse AG Credit Suisse AG is one of the world's leading financial services providers and is part of the Credit Suisse group of companies (referred to here as 'Credit Suisse'). As an integrated bank, Credit Suisse is able to offer clients its expertise in the areas of private banking, investment banking and asset management from a single source. Credit Suisse provides specialist advisory services, comprehensive solutions and innovative products to companies, institutional clients and high net worth private clients worldwide, and also to retail clients in Switzerland. Credit Suisse is headquartered in Zurich and operates in over 50 countries worldwide. The group employs approximately 47,400 people. The registered shares (CSGN) of Credit Suisse's parent company, Credit Suisse Group AG, are listed in Switzerland and, in the form of American Depositary Shares (CS), in New York. Further information about Credit Suisse can be found at www.credit-suisse.com.

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The so-called fiscal cliff has all to do with tax increases and almost nothing to do with spending cuts. Can the economy survive? When Ben Bernanke gets concerned, the rest of us should start worrying. "If the fiscal cliff isn't addressed," warned the Federal Reserve chairman in a Sept. 13 appearance before the Senate Finance Committee, "I don't think our tools are strong enough to offset the effects." After thus disavowing central-bank responsibility if the U.S. economy falls off the fiscal cliff, Bernanke plaintively added, "So I think it's really important for the fiscal policy makers to, you know, work together and find a solution." Nearly two months later -- and just days after the presidential election -- policy makers have yet to find a solution, mainly for lack of trying. On Friday, Republican House Speaker John Boehner and newly re-elected President Barack Obama declared their intention to try to work together to avert the fiscal cliff. If they fail, the Congressional Budget Office has warned of a "contraction in output in the first half of 2013 [that] would probably be judged to be a recession." From real growth in gross domestic product in the second half of this year that is likely running at an annual rate of 2%, the CBO projects a contraction in the first half at an annual rate of 1%. Enlarge Image Scott Pollack for Barron's More optimistically, Barron's puts the odds of an outright contraction at even money, a risk no responsible policy maker should want to take. More likely than recession would be a return of that ugly economist's neologism, a "growth recession," in which economic growth continues, but at such a subdued pace that the unemployment rate rises. That's because the nation's jobs growth wouldn't be enough to offset the growth in the labor force. The fiscal cliff is far less about spending cuts than it is about tax increases. As commonly defined, the fiscal cliff refers to an unusual combination of federal tax hikes coinciding with reductions in federal spending, all of them coming on Jan. 1, 2013. Indeed, a Wall Street Journal front-page story last week spoke, for example, of "deep, automatic federal-spending cuts and tax increases." Wrong. While the tax increases will certainly be steep, the "deep" spending cuts are much shallower. More important, the spending cuts will be more than offset by inexorable increases in the cost of entitlement programs. The net result will be no reduction in federal spending. The cuts popularly cited mainly consist of automatic reductions under the 2011 Budget Control Act that require equal dollar cuts in defense and nondefense programs starting in fiscal 2013, through an action known as sequestration. Painful as those cuts may be, however, they are not enough to cause the government's overall spending to decline. Projections by the nonpartisan Congressional Budget Office and the White House's Office of Management and Budget both show that overall dollar spending won't decrease in calendar year 2013. What all the projections do show is a much slower rate of increase. That's partly because the huge influx of aging baby boomers will be laying just claim to their Social Security benefits right on schedule. So we are again dealing with the budgetary newspeak of decreases in spending that are really just a reduction in the increase. Even that smaller-than-usual increase might be somewhat understated. Both CBO and OMB might have erred on the side of optimism about one wild card in federal spending, the cost of servicing the burgeoning federal debt. Since the federal budget will still be running a deficit, the outstanding debt will grow. But OMB and CBO both project only a modest increase in servicing cost based on the assumption that interest costs will stay at their historical lows. If not, total federal spending will increase by even more. Those sensitive to the nuances of fiscal policy might still argue that even a slowdown in the rate of increase in spending still has dampening effects on the economy. But that sin of omission should still have much less of an impact than the far larger sin of commission on the tax side. The CBO projects nearly a half-trillion-dollar jump in tax revenue in calendar 2013 that has no offsets. According to CBO estimates, that will mean a 2.7% increase in tax as a share of GDP. To put that figure in perspective, there has not been a single year since 1970 when an increase in federal tax revenue ran even as high as 1%, with just three years of +0.9%. The last year comparable to this was one was 1969, when the rise in tax revenue as a share of nominal GDP ran 2.1%. By fourth quarter 1969, the economy had slipped into recession. FOR STARTERS, IT'S CLEAR THAT, if spending and investing power proportionate to 2.7% of GDP is drained from consumers and business over the course of a year through higher taxes, there is likely to be a slowdown in economic activity. Whether the result will be outright recession depends on something more difficult to gauge -- the extent to which the tax hikes really do shock, taking consumers and business by surprise. When consumers and business are relatively unprepared, the slowdown in economic activity is likely to be greater. Enlarge Image As for any shock and surprise on the spending side, half the spending cuts mandated by the 2011 Budget Control Act will fall on defense, and were probably anticipated. It's unclear how much shock will be caused by the tax increases. The looming fiscal cliff has gotten so much play in the media, it has probably placed a damper on economic activity already. And to the degree that it has, one saving grace is that consumers and business will be better prepared for the cliff's effects. As Stanford University economist John Taylor recently pointed out on his blog, "The fiscal cliff was not created by aliens from outer space. It is another poor government policy created in Washington." When we look on the tax side (see above), we see an odd assortment of inadvertent reversals of tax cuts all converging at the same time. In his address Friday, President Obama made it clear that he wants to retain the tax cuts on the first $200,000 of taxable income for individuals and $250,000 for couples. It turns out that most of the pending increases in terms of sheer dollars will fall on these "non-rich." So the president should have a natural desire to strike a deal. The largest impact ($161 billion) consists of the still-pending rollback of the tax cuts passed under former President George W. Bush. According to Obama's own Office of Management and Budget, nearly 60%, or $95 billion, of what would be raised by rolling back the tax cuts would come from taxpayers who fall below the income thresholds of $250,000 for couples and $200,000 for single people. Both sides of the aisle will probably favor postponement for this group, especially because $95 billion will do a lot to blunt the tax shock. The president made it clear Friday that he plans to restore these taxes on the richest 2%, which will raise the remaining $66 billion. A substantial portion of that ($28 billion) is expected to fall on their dividends and capital gains. Boehner, however, made it equally clear that he's against "raising taxes on the wealthiest Americans." Regarding the $66 billion that OMB estimates could be realized though higher taxes on the top 2%, the estimated $28 billion from dividends and capital gains could be too high. Steeper tax rates can alter behavior, especially investment behavior. The full realization of that $28 billion depends on the size of the dividends received and capital gains realized. Investors now face a neutral trade-off between dividends and long-term capital gains, since both are taxed at 15%. With the rollback of the tax cuts, the level playing field will be tilted once again, with capital gains taxed at 20% and dividends taxed as ordinary income, with rates as high as 39.6%. That sort of differential will mean a return of the perverse desire by investors to have companies reinvest earnings rather than distribute them as dividends, in the hope that the reinvested earnings will turn into more lightly taxed capital gains. The result will be what economists have referred to as a "lock-in" effect, with harm to economic efficiency. Another tax that falls mainly on the non-rich is the alternative minimum tax ($114 billion). Each year, a taxpayer is supposed to pay the AMT or a regular tax, whichever is greater. But since the AMT was hurting middle-income taxpayers, an exemption roughly indexed to inflation, called a "patch," has been protecting them against its effects. The last exemption expired in December 2011, however, which means income earned in 2012 could feel the influence of the AMT. Since the bad news will be learned by taxpayers when they file their returns, the CBO projects that the huge sums will be paid almost entirely in 2013. It seems likely, however, that the patch on the AMT will have a good chance of getting extended. Less likely -- so far, at least -- will be the continuance of the cut in the payroll tax on employees by two percentage points (worth $120 billion), instituted in January 2011. That payroll-tax holiday, which is technically hurting the solvency of Social Security, doesn't seem popular with the White House. BUT IF POLICY MAKERS do take Fed Chairman Bernanke's warning seriously, everything should be on the table. That would mean rescinding many of the tax hikes, while less happily reversing the spending cuts, thus allowing federal spending to increase faster than planned. No matter which way it gets done, the result would be a widening of the fiscal deficit. That might set off alarms. For those deficit hawks concerned about red ink virtually without end, why not sit back and celebrate the fiscal contraction otherwise known as the fiscal cliff? The standard drug-addict analogy helps answer that question. Much as we might have opposed shooting up the economic patient with such huge doses of fiscal-deficit heroin to begin with -- much as we might welcome the ultimate return to balanced-budget sobriety -- we might still fear the consequences of withdrawal if the dose gets cut so drastically in so short a time. The economy's deficit habit must be abandoned, or the build-up in debt will cause a major crash. But the fiscal cliff, or tax shock, poses a great risk to economic growth in 2013. Our leaders must therefore kick the deficit-reduction can down the road yet one more time. We might take comfort in knowing that they have a talent for that sort of activity. E-mail: [email protected] Email 3. Buy Home Depot

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Credit Suisse Sued in Fresh Crisis-Era Case New York Suit Seeks Damages for $11.2 Billion in Losses From Mortgage Bonds; Swiss Bank Challenges Claim Jean Eaglesham and Christian Berthelsen Updated Nov. 20, 2012 6:35 p.m. ET New York's top prosecutor filed a civil lawsuit alleging Credit Suisse Group AG committed a multibillion-dollar fraud by failing to do proper checks on mortgage bonds, just a day after the Securities and Exchange Commission closed an inquiry into the Swiss bank involving similar allegations. New York Attorney General Eric Schneiderman accused Credit Suisse of widespread failings related to mortgage-backed securities issued in the run-up to the financial crisis. The lawsuit alleged that the bank "systematically...

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SEC Chief's Exit Opens Void Banks, Investors Fear Regulatory Limbo; For Schapiro, Victories and Controversy Scott Patterson And Jean Eaglesham Updated Nov. 26, 2012 7:31 p.m. ET When Mary Schapiro took over as chairman of the Securities and Exchange Commission in 2009, the agency was reeling from its failure to spot Bernard Madoff's yearslong fraud and the collapse of some of the investment banks it oversaw. Ms. Schapiro, who said Monday that she would step down after four turbulent years, helped restore the agency's reputation and ensure its survival. But she also leaves behind a string of pressing regulatory issues—such as the so-called Volcker rule restricting proprietary trading at...

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Fisher Communications to Explore Strategic Alternatives (Marketwire Via Acquire Media NewsEdge) SEATTLE, WA -- (Marketwire) -- 01/10/13 -- Fisher Communications, Inc. (NASDAQ: FSCI) announced today that its Board of Directors has decided to explore and evaluate potential strategic alternatives intended to enhance shareholder value, which could result in, among other things, a possible sale of the Company. The Company has retained Moelis & Company as its financial advisor and White & Case LLP and Perkins Coie LLP as its legal counsel. The Company has not made a decision to pursue any specific strategic transaction or any other strategic alternative, and there is no set timetable for the strategic review process. There can be no assurance that the exploration of strategic alternatives will result in the consummation of any transaction. The Company does not intend to comment further regarding the evaluation of strategic alternatives until such time as the Board has determined the outcome of the process or otherwise has deemed that disclosure is appropriate. Due to the Board's decision to explore and evaluate strategic alternatives, the Company will delay the date of its 2013 annual meeting of shareholders (the "Annual Meeting") to a date that is not earlier than June 9, 2013. As a result, in accordance with the Company's Amended Bylaws, nominations by shareholders for the election of Company directors at the Annual Meeting, and notice of other proper business, will be due on the later of: (i) the 90th day prior to the Annual Meeting, or (ii) the tenth day following the day on which the notice of the date of the Annual Meeting was mailed to shareholders or such public disclosure was made. About Fisher Communications, Inc. Fisher Communications, Inc. is a Seattle-based communications company that owns and operates 13 full power television stations, 7 low power television stations, 3 owned radio stations and one managed radio station in the Western United States. The Company also owns and operates Fisher Interactive Network, its online division (including over 120 online sites), and Fisher Pathways, a satellite and fiber transmission provider. For more information about Fisher Communications, Inc., go to www.fsci.com. This news release includes forward-looking statements. We have based these forward-looking statements on our current expectations and projections about future events. Forward-looking statements include information preceded or followed by, or that includes, the words "guidance," "believes," "expects," "intends," "anticipates," "could," or similar expressions. For these statements, the Company claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. The forward-looking statements contained in this news release, including, among other things, statements related to the outcome of the Board of Directors' strategic review and evaluation of the Company, changes in revenue, cash flow and operating expenses, involve risks and uncertainties and are subject to change based on various important factors, including the impact of changes in national and regional economies, the competitiveness of political races and voter initiatives, successful integration of acquired television stations (including achievement of synergies and cost reductions), pricing fluctuations in local and national advertising, future regulatory actions and conditions in the television stations' operating areas, competition from others in the broadcast television markets served by the Company, volatility in programming costs, the effects of governmental regulation of broadcasting, industry consolidation, technological developments and major world news events. Unless required by law, we undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. In light of these risks, uncertainties and assumptions, the forward-looking events discussed in this news release might not occur. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this release. For more details on factors that could affect these expectations, please see the risk factors in our Annual Report on Form 10-K for the year ended December 31, 2011 and other periodic reports filed with the Securities Exchange Commission, which are incorporated herein. Our Annual Report on Form 10-K and other periodic reports are available at the website maintained by the SEC at www.sec.gov. Sard Verbinnen & Co Ron Low or David Isaacs Source: Fisher Communications, Inc.

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Smith & Wesson Holding Corporation Q3 2009 Earnings Call Transcript Mar. 12, 2009 9:11 PM ET | About: SWHC by: SA Transcripts Executives Elizabeth Sharp – Vice President, Investor Relations Michael Golden – President, Chief Executive Officer William Spengler – Executive Vice President, Chief Financial Officer Eric Wold – Merriman, Curran Ford Reed Anderson – D.A. Davidson Chris Krueger – Northland Securities Grant Govertsen – Deutsche Bank Rommel Dionisio – Wedbush Morgan Mark for Cai von Rumohr – Cowan & Company Smith & Wesson Holding Corporation (SWHC) Q3 2009 Earnings Call March 12, 2009 5:00 PM ETOperator Welcome to the third quarter 2009 Smith & Wesson Holding Corporation earnings conference call. (Operator Instructions) I would now like to turn the presentation over to your host for today's call, Miss Liz Sharp, Vice President of Investor Relations. Good afternoon. Before we begin the formal part of our presentation, let me tell you that what we're about to say as well as any questions we may answer could contain predictions, estimates and other forward-looking statements. Our use of words like project, estimate, forecast and other similar expressions is intended to identify those forward-looking statements. Any forward-looking statements that we might make represent our current judgment on what the future holds. As such, such statements are subject to a variety of risks and uncertainties. Important risk factors and other considerations that could cause our actual results to be materially different are described in our securities filings including our Forms F-3, 10-K and 10-Q. I encourage you to review those documents. A replay of this call can be found on our website later today at www.smith-wesson.com. This conference contains time sensitive information that is accurate only as of the time hereof. If any portion of this presentation is rebroadcast, retransmitted or redistributed at a later date, we will not be reviewing or updating the material content herein. Our actual results could differ materially from these statements. The speakers on today's call are Mike Golden, President and CEO and Bill Spengler, Executive Vice President and Chief Financial Officer. And with that, I'll turn it over to Mike. Michael Golden Thanks everyone for joining us. Today I am pleased to report very positive results for our third fiscal quarter. Despite ongoing weaknesses in the overall economy, we maintained solid focus on our strategy to grow our business in the sporting goods and professional channels, and we launched some significant new products. At the same time, we capitalized on recent very strong demand for our pistols, revolvers and tactical rifles. We delivered solid profits and we made significant progress toward bolstering our balance sheet while reducing our inventories and strengthening our cash position. There's a lot to cover so let me take you through some of the details of our progress. Our hand gun and tactical rifle categories continued to deliver increasingly positive results across the board in the third quarter. We are benefiting from the current increased demand for these products in the sporting good marketplace. But I also want to point out that even without the recent demand strength, these product lines have in fact been delivering growth consistently over the past several quarters. Overall, hand gun sales increased 45% on a year over year basis. That growth reflects not just the recent hike in demand we are seeing in the sporting good market, but it also reflects continued demand for M&P pistols in the law enforcement sales channel. Let's talk about each of those for a minute. In law enforcement, the M&P continues to win at a rate of over 80% in agencies where we compete. To date, our M&P pistols have been selected or approved for carry by 489 law enforcement agencies. Among wins in this category during the third quarter was the Raleigh, North Carolina Police Department which selected the M&P and placed an order for over 900 pistols. And important point I want to make here is that wins in law enforcement are valuable not only in their own right, but they are also strategically important. This is because the sporting goods market often follows the law enforcement market and wins in law enforcement enhance our credibility with the Defense Department. With that, let me address the sporting good market. As I explained before, background check data or mixed data from the FBI is one of the data points that we monitor each month to track consumer purchasing trends. The reported number of background checks remained strong throughout our third quarter, and January background checks showed 32% growth year over year. In addition, I know you've all seen the numerous media reports over the past several weeks that highlight the exceptionally strong purchases of hand guns and tactical rifles that retailers are experiencing. This trend in consumer purchases certainly fueled our strong performance in the quarter. Smith & Wesson branded pistols were up 47% led by sales of M&P pistols which were up 77% in the quarter. In addition, Walther pistols grew nearly 50%, revolvers were up 45% and tactical rifles grew over 111%. Moreover, our backlog increased dramatically by the end of the third quarter. In fact, our total backlog reached $123 million by the end of the quarter which is $95 million higher than the same quarter a year ago. I'd like to point out this extraordinary increase in backlog is directly related to the increase in consumer demand that we have experienced in the past several months. Our backlog numbers always represent product that has been ordered but not yet shipped, so those orders can still be cancelled. Therefore, it is possible that portions of the $123 million in backlog could be cancelled if demand should suddenly drop. This is an especially important point to make give the very recent stress in the consumer demand that we are seeing. As I indicated, favorable sales results in the third quarter were not confined to pistols and revolver. It also occurred in the tactical rifle category. Our M&P tactical rifles continue to gain popularity both with law enforcement and with consumers. To date, over 213 domestic law enforcement agencies have either selected or approved for duty our M&P 15 tactical rifles. Consumer demand remains extremely strong and that demand fueled the bulk of our sales growth in tactical rifles during the quarter. In addition, we received a very favorable response to the launch of our new M&P 15-22 semi automatic sport rifle at the January Shot show. This new product has been designed along the exacting lines of our standard M&P 15 and offers all the preferred features M&P 15 family, but it uses a much more economical 22 caliber ammunition. Distributors and retailers at the Shot show were very enthusiastic and we believe consumer will find this to be a much more affordable option for the shooting sports. We also received positive feedback on this product from law enforcement personnel who indicated that they will use it for training, again, because of the lower cost of ammunition. The M&P 15-22 is shipping later this year. Also at Shot we introduced our M&P 4. This is our first fully automatic capable tactical rifle and has been designed exclusively for purchases by law enforcement and military organizations. In addition to its availability for law enforcement this summer, the M&P 4 serves as a platform we will use to address future military rifle opportunities. Now let me switch gears and move to the hunting side of our business. When we talk about hunting products, I am addressing primarily the hunting rifles that are made in our Rochester facility along with sales of hunting related accessories. This portion of our business consists largely of what we consider to be high end discretionary products, and it therefore continues to suffer in the current economic environment. Sales of hunting firearms were down nearly 46% in the third quarter year over year. Despite the situation, we believe the hunting rifle business holds exciting potential, and we took steps this quarter designed to bolster both our short and long term position in that market. First, we continue to focus on removing costs from this side of our business including a work force reduction and a furlough in the quarter. Second, in January, we introduced the Thompson Center Venture bolt action rifle. This is a new hunting rifle that carries the well regarded Thompson Center brand name and product quality, but it does so at a lower price point that will reach an entirely new, higher volume portion of the hunting rifle market compared to the traditional Thompson Center rifles. Our success with the i-Con rifle demonstrated that the Thompson Center brand is uniquely positioned to deliver a broader portfolio of high quality hunting products at various price points. New product introductions like the Venture will effectively expand our addressable market. Moreover, we believe that we can perform with acceptable profit margins in each of these categories. We are excited about the Thompson Center Venture and I'm sure you'll be reading more about it in the months to come. As I outlined for you last quarter, our decision to maintain the Rochester, New Hampshire facility was important for several reasons. First, despite short term economic concerns, the market for hunting rifles in a healthy economy is a sizable one. We are well positioned to address this. Second, our Rochester facility produces barrels for our tactical rifles which are clearly in very high consumer and law enforcement demand right now. Lastly, our Rochester facility provides expertise that helps to define Smith & Wesson as a firearms manufacturer with a full portfolio of products and capabilities. That is an important distinction as we compete for future potential business with the U.S. military and the Federal Government. Now, lastly, let me give you a brief update on opportunities with the U.S. military. On the small arms, the U.S. Army contracts for the M4 Carbine which they currently purchase exclusively from Colt, expires in June of 2009. We have been told that the Army has decided to update the requirements for that rifle and at some point in the future they plan to pursue an open competition. We were one of several companies invited to attend the Army Industry Day in November of 2008, an event held to ensure the new requirement takes into account state of the art carbine technology. We demonstrated a prototype of our M&P 4 and we were pleased with the level of interest and responses received. Note that the Army can continue to purchase their existing M4 from Colt beyond the expiration of exclusivity in June. While we expect the competition to begin later this calendar year, this is only our estimate. We are fully prepared no matter what the timing to submit our M&P 4 platform in the competition when it arrives. With that, I'll turn the call over to Bill Spengler who will provide a financial overview for the quarter. William Spengler Total company sales for the third quarter were $83.2 million, a $17.1 million or approximately 27% increase over the three months ended January 31, 2008. Within that, sales of all firearms totaled $78.5 million an increase of $16.9 million or approximately 28% over the third quarter of last year. The balance of revenue, largely hand cuffs, and non firearms accessories totaled $4.7 million and grew by $182,000 or about 4%. The results in the sales of our firearms reflected significant strength in our pistol, revolver and tactical rifle categories, offset by continued weakness in our hunting related categories. Hand gun sales totaled $61.9 million, an increase of 45% over the year ago quarter. Tactical rifle sales of $8.8 million represented an increase of 111% year over year, while hunting firearm revenue totaled $6.7 million a decrease of 46% on a year over year basis as Mike indicated. One way to break down our performance in firearms is to look at sales of hunting related products as a single and separate category. In Q3, sales of all hunting related products which represented only 9.9% of our total firearms revenue in the quarter were $7.8 million, a decline of $6.8 million or 47% versus Q3 in fiscal year '08. Sales of all other firearms, specifically handguns and tactical rifles were $70.7 million, a $23.8 million or 51% increase over the same quarter last fiscal year. Gross profit for the third quarter was $21.6 million or 25.8% of revenue as compared with $16.6 million or 25% of revenue for the third quarter of fiscal '08. This represents an improvement of .8% in gross margin percentage from the year ago quarter and there were a number of different factors contributing to this net improvement. Gross profit on our non hunting firearms was up approximately $10.9 million and corresponding margins on those products improved significantly providing approximately a 6% lift to the gross margin percentage for the total company. Offsetting these gains in gross margin percentage was the $2 million charge for the PPK recall which erodes total company gross margin by approximately 2.5%. In addition, lower sales demand in the hunting market led to significantly lower production levels and caused lower fixed overhead absorption at our Rochester facility. This reduced total company gross margin year on year by approximately $4.3 million and eroded the total company gross margin percentage by close to 3%. I'll now move on to operating expense. Total operating expenses increased over the prior year by $699,000 or 4.3% in this third quarter. Over 60% of this net increase was related to costs associated with the Shot show, an event which occurred during the third fiscal quarter this year versus the fourth fiscal quarter last year. The remainder of the increase was driven by a combination of factors to include an increased profit sharing position, a broad based program deployed throughout most of the organization. Growth in these portions of our operating expense base was offset by lower profession fees as well as the lower level of intangible amortization that resulted from the impairment charge which we took in October 2008. As a result of the many elements discussed above, operating income was $4.6 million for the third quarter, and increase of $4.3 million over the essentially break even point of one year ago. Other income totaled $308,000 in the third quarter as opposed to other expense of $729,000 last year. This current year amount is comprised almost entirely of a favorable non cash mark to market adjustment related to Euro foreign exchange contracts which we use to protect our purchases of inventory from Walther. It represents a reversal of a portion of the loss in other income that we recorded related to the same contracts in the second quarter. Interest expense of $1.2 million decreased by $1.1 million compared with the year ago quarter. The pay off and retirement of our acquisition line of credit in the first quarter of fiscal '09 is now fully reading through in reduced interest expense. In addition, cash flow from operating activities has enabled us to pay down our short term revolving line of credit during the quarter. At the same time, the interest rate on our revolver decreased by 275 basis points versus the comparable period last year. Total debt outstanding at the end of the third quarter was $87.6 million compared to $141.3 million in the same quarter a year ago. For reference, both of these numbers incorporate our $80 million worth of convertible debt. Tax expense in the third quarter increased $2.3 million over the income tax benefit of $952,000 in the year ago quarter. This is due to the increase in operating profit in the current period and the fact that during the prior year we incurred a loss. Net income for the third quarter of fiscal '09 was $2.4 million or $0.05 per fully diluted share compared with a net loss of $1.8 million or a loss of $0.04 per share in the prior year. Now let me turn to the balance sheet. Accounts receivable decreased to $42 million versus $54 million at year end of fiscal '08 and versus $51 million in the preceding sequential quarter. This occurred despite the increase we discussed in revenue and results largely from a reduced need to provide dating terms, particularly in our hunting business. Inventories were $46 million at the end of the third quarter, a $1.1 million improvement over last fiscal year end and a $7.8 million improvement over the second quarter of this fiscal year. This was clearly aided by the increased level of demand, but it was also helped by temporary shut downs at Rochester during the quarter and better inventory management in general. Year to date capital expenditures at the end of the third quarter were $4.3 million compared to $10.8 million at the same point last year. We continue to anticipate spending a total of approximately $8 million on capital expenditures in fiscal '09 versus the $14 million spent in fiscal '08. Major CapEx in this fiscal year remains focused on improving production facilities, new product offerings and various projects to selectively increase capacity and upgrade manufacturing technology. Now turning to a look at cash flow and liquidity. One of the metrics that we now track is adjusted EBITDA or earning before interest, taxes, depreciation, amortization and stock based compensation expense. This measure eliminates non cash and selected one time charges such as impairment or mark to market adjustments on currency. It also provides a basis for evaluating our cash generating capacity and the general liquidity or borrowing capacity of our business in the context of our bank covenants. That said, adjusted EBITDA from the third quarter was $9.2 million compared to $3.7 million in the third quarter of fiscal '08. On a year to date basis, adjusted EBITDA was $26 million versus $28.5 million in the first nine months of the prior year. The presentation we have included in our earnings release shows in detail how this information has been developed. We ended the third quarter with approximately $21 million of cash on our balance sheet without accessing our revolving line of credit. In addition, we recently obtained from TD Bank, an amendment to the revolver that expands the leverage ratio covenant from three to 3.5 beginning April 30, 2009 and throughout 2010 fiscal year with an addendum to the leverage ratio from 3.0 to 3.25 for fiscal 2011. Again, we did not draw on this line in the third quarter, but the important affect of the amendment is to provide us with incremental borrowing capacity in the future if we should choose to access it. Now let me conclude by spending a few moments on our near term outlook. As you know, our fiscal year ends on April 30 and we're about six weeks away from the conclusion of our fiscal 2009. At this point we feel confident that for fiscal '09 we will deliver full year revenue growth of between 9% and 10% on a total company basis. In the non hunting portion of our business, we expect to continue to produce and ship at our full capacity throughout the balance of the fiscal year. Conversely, we are not experiencing any improvement in the weak demand for our hunting products. As the economy continues to struggle, the discretionary dollars typically spent by consumers in this category tend to be spent on more essential items, and in addition, much of our Thompson Center business is focused on black powder rifles, a particularly discretionary spending category. Looking forward at our gross profit margin percentage, we expect the final quarter of our fiscal year in the non hunting majority of our business will look pretty similar to the third quarter information just discussed absent the cost of the PPK recall. Looking at the hunting portion of our company, although there have been significant head count reductions in Rochester, this facility remains in transition and therefore the full benefit of actions taken will not read true until fiscal 2010 as we indicated to you on our last call. Operating expenses should not vary materially through the end of this fiscal year, although there will be some growth in the profit sharing account. Finally as it relates to cash flow, we will continue our focus to ensure that any draw on our revolving line of credit is minimal. Last, let me move to a slight change in the way we will be reporting our backlog to you. Traditionally we have reported our backlog balance on both a total basis and then broken down for each of the major product categories. Effective with today's filing of the Q, we will continue reporting a total backlog for the company, but we will no longer report backlog levels for the individual product categories. Backlog numbers for individual categories may well contain duplicated orders for distributors who may cancel those orders once any manufacturer fills their need, a potentiality which may be particularly true under our current market conditions. In addition, we believe that our disclosure of this information may also put us at a disadvantage as we compete with privately held companies. That concludes my comments so I will now turn the call back over to Mike. Before I wrap up, I want to leave you with a few key points. This was a very exciting and dynamic time for the firearms industry. The sporting good market is generating a demand level that is remarkable, and that has allowed us to achieve very positive results. We will continue to serve this market and capitalize on those opportunities as they arise. At the same time, we will do so with the realization that the sharp upswing in consumer demand has an unpredictable duration. We intend to make every effort to address that demand to the fullest extent possible. As we do so, we will remain focused on executing our long term strategy, one that has continued to deliver consistent, profitable growth over the years, and the one that will carry us successfully into the future. We will plan our investments carefully, balancing near term opportunities with the need to build an infrastructure that is sustainable far beyond any short term movement in our served markets. We have a robust portfolio of products that addresses all of our key sales categories; sporting goods, law enforcement, federal government, military and international, and we continue to expand that portfolio to address broader portions of the markets we serve. At the same time, we continue to seek out opportunities to diversify the company in both firearms and non firearms categories, and in all our efforts, we plan to continue to grow in the markets of safety, security, protection and sport. I want to thank our employees for their contributions towards a great quarter. With that, I'd like to open up the call for questions from our analysts. (Operator Instructions) Your first question comes from Eric Wold – Merriman, Curran Ford. On the inventory, can you give a sense of the inventory you've got in hand now relative to where you're seeing the strength coming from either retail channel, distributor, what consumers are buying and where the demand is, what you've still stocked in inventory or are they totally different? It kind of varies by category. Certainly tactical rifles, all the way through the channel to hand them out. Us manufacturing, sell to distributors, and they're selling right out to retailers. I'm sure you see that when you do your channel checks. Similar position on some categories within revolver, we're not giving specifics but in revolvers and within pistols. Your conversations with distributors and dealers out there, how much more visibility are you getting in terms of demand? I know they're kind of ordering as fast as they can as things sell through. Are they trying to order further out? Are they kind of trying to predict further out and maybe get a larger amount of orders? I guess you have to get around the backlog number, a huge increase versus last year and sequentially. Do you think a lot of that, how much of that do you think is demand versus maybe ordering kind of further in advance to get themselves in line. We get from our comp 10 distributors on a weekly basis, statistic by SKU on what their inventory is and what they've sold the previous week. Actually it comes in on a Monday and we get it for the week before. So we can see what they're sitting on as far as inventory and we also can see what's selling. So we can keep a pulse on the volume that's moving through the distributors out to retailers. And you know, you've been in the same or similar stores as I have, it's gone right out the door. So we can keep a pretty close pulse on what is happening in retail sales through this weekly data that we get, and again, it's by SKU. I'm not sure if I answered your question. Your next question comes from Reed Anderson – D.A. Davidson. Just kind of drilling through things looking at the product category, of the various products, revolvers is one of those things that sort of surprises us each time regardless of which direction. Why would that be up so much in the third quarter? Was there something going on? Was there something related to timing? Just any color on that category. I just read an article somewhere yesterday that people are buying firearms in many cases for personal protection. Crime is on the increase. The economy certainly has affect, you know people losing their jobs. So a lot of it I think, and this is Mike Golden's speculation on it, but I think it's tied to the overall quite honestly, global situation of terrorism and the economy. Small frame revolvers are hot, and it's for personal protection. So it's not really any timing of products of anything different you did, you've just seen really good demand across the board. Right. Another piece on that, in fact I talked to a dealer today, and this was anecdotal, but there's a feel that there's a fair amount of first time gun purchasers that are coming in again tied to concerns about the overall personal protection and the economy. In terms of tactical, I was curious about there. Again, great year over year growth, but it kind of looked like dollar wise what you did in 2Q and I'm just wondering, you talked about your capacity. I mean, are we at our capacity with tactical? Is that an issue why we don't see that number jump even more because the demand has been just insatiable for that product, or is that something that can go a lot higher, it just didn't in this quarter? It's capacity constrained. We're making some prudent investments to increase our capacity as quick as we can because quite honestly, I think the entire industry is in the same position on tactical rifles. But the implementation of those, we're going to be at this sort of level I would think for at least the next few quarters, does that make sense, or can you do it quicker than that? It's going to take a little bit of time. Gross margins, basically if you stripped out the recall piece, the $2 million, basically you had a gross margin north of 28% more or less. That's exactly right. So as we think about that going forward, particularly the quarter we're in now, is that a reasonable level relative to where your business might be in the fourth quarter or is there something else in there? It sounded in your comments, not a lot is going to change so if we strip that out, we're kind of in the neighborhood in the near term for gross margins. Does that make sense? That's almost verbatim what I was going to say. I talked a little bit about Rochester still being in transition and not reading through some of the head count because we're switching people's roles around and that kind of stuff so that reads through at 2010 not fourth quarter. But that's essentially, you can pretty much look at it absent the PPK recall cost. What was the dollar benefit you got by not having the intangible amortization because of the write down? What was that in the third quarter? It's exactly $850,000 in the quarter. Thinking about you've got the Thompson Center Venture coming out, you've got obviously the tactical rifle too, but thinking bout the Thompson Center, that piece as it pertains to hunting, when I think back to when there were some difficulties in the last couple as it revolved around bringing out new hunting product, some of that was just timing. You had a lot of new products in the pipeline, didn't quite get out in front of maybe the season, etc. and so to the extent that you believe that's true, what are you doing as you roll out a new Thompson Center more hunting oriented product to make sure you're in front with that and make sure that these key retailers stock the product as opposed to last time when they maybe did or didn't? Actually, certain products did fairly well for us. One that I know, you helped us by buying one of your own, was an i-Con. In the first year, in the segment that it competes which is a fairly narrow segment, a $900.00 bolt action rifle, we believe we picked up about 11% market share in the first year. The Venture for example will sell just under $600.00 we believe and it's off the same platform as the i-Con but it appeals to a very broad, more high volume, higher volume segment of the market place. It just makes the market bigger for us. Can you make a similar margin at that $500.00 to $600.00 price point? Comfortable margins on the product, and one thing, you'll relate to this because you're a hunter is that it has a guaranteed MOA and I believe I'm right when I say there's not another rifle that could claim that retail in that $500.00 range. Your next question comes from Chris Krueger – Northland Securities. Can you repeat the backlog figures. I understand that those things can change depending on cancellations, but what was the total backlog at the end of the quarter? The backlog was $123 million. Chris Krueger – Northland Securities And sequentially what was the most recent quarter? About $22 million, something like that. Same last quarter last year was right around $22 million I think. You mentioned the military M4, what your outlook is there at the moment? Anything to talk about on the new pistol potential for a pistol change? Nothing really new. There's an awful lot of talk in the Pentagon on small arms, small arms in total, handguns and rifles. But the situation, we're still working that, and there still appears to be a fairly strong desire to shift from a nine to a 45. The rifle, because of the exclusivity expiring on the M4 kind of moved that to the forefront which is an interesting opportunity. We're pretty interested in it. All the new products you introduced at Shot show, you talked about on the call, the bone collector, the economy, the price economy tactical rifle and the others, have any of this hit stores yet or is that yet to come in the next couple of months? Some of them like the MP 1522, the 22 caliber I spoke of in the prepared remarks, they're not shipped. That's going to ship a little later in the year. The bone collector is shipping now. Venture will start to ship in April/May. So they're kind of spread through the year. I think it's fair to say that none of the products that we showed at the end of January at the Shot show had an affect on this quarter that we're reporting. Your next question comes from Grant Govertsen – Deutsche Bank. Going back to the Venture here for a minutes, obviously we're two months post Shot show, and about a month or so before your releases to the public, can you share with us some of the color you've received from your customers on this? In other words, are you feeling even better about this than you were when we last spoke? I think the last time we spoke was when we shared with you at the Shot show and I was feeling pretty good about it then. What we've seen with our customers, meaning dealers, and when we saw that at the dealer shows and with consumers that the fact that it's a Thompson Center product that will retail in that price range and that has a guaranteed MOA has really caught people's attention. So we're just starting to see orders roll in. People are starting to wrap their mind around the fall hunting season, but we're going to have a marketing plan behind it, some advertising behind it. We're optimistic on that product. On your comments on OpEx looking, it sounded like sequentially during the fourth quarter, were you talking about an absolute basis or more of a percentage of revenue. Obviously we saw a little over 20% of revenues for OpEx this quarter which is the lowest we've seen in a couple of year. Is that kind of how you're looking going forward or more? I was in that case not talking about a percent of revenue basis. I was talking about an absolute basis. I essentially outlined relatively flat, but I pointed to we have a very broadly based profit sharing provision that touches essentially every employee, or most all employees, and that will go up because of the improving profitability, but otherwise we don't see major variation quarter on quarter and that's on a dollar basis. Your next question comes from Rommel Dionisio – Wedbush Morgan. I have a question on long term gross margins. I remember about a year and a half ago your guidance for gross margins used to be in the 35% to 36% and now, granted hunting is not as profitable given the economic environment, but when you're talking about 32% gross margins on the rest of the core business, is that as hypothetically as good as it's ever going to get. Industry conditions are obviously very solid for those categories. Is there more that can be done longer term to get that number up closer to the 34% to 35% level? I think what we did in our investor pitch was something that I would reference, and we were really trying to look there at the longer term. As we think about our margins and we think about productivity gains we see out there for us and we think about the new product launches that are in our future, we did indicate in that pitch that we think our gross profit margin ought to reach in the outer years about a 35% level. How do you get there, higher margin, new products? Because it seems like the industry environment is pretty solid and so is that the case then? Is there more that you can take out of the cost structure or better cost absorption as the sales grows or a combination of all of that? I think one of the things we've spoken about on the last two calls, is the drag that we've experienced on an interim basis in our hunting business, and as we indicated here, we've made some significant reduction in the head count at that facility. We've indicated that it hasn't read through yet in its entirety and won't, but we see that beginning to have a real effect in 2010. I think that, and I do point to the new products and I would point to the fact that we have some very, very strong people in the manufacturing part of our organization with a lot of experience in taking costs out of facilities and bringing in a higher degree of efficiency in the way we operate the plants. Your next question comes from Mark for Cai von Rumohr – Cowan & Company. Just to circle back on capacity a little bit, can you talk about some of the other product lines pistols and revolvers, pretty impressive numbers in the quarter. Where do you see not specific guidance, but are those business lines, are they at capacity right now? Are those the number we're going to see going forward? In some cases, yes they are. And what about with suppliers? Are suppliers are constraint in this market right now with the demand you've seen? Yes they are, specifically on tactical rifles. They're seeing the same demand as we're seeing so it does put a strain on the system. For some more color on the market, can you break out international military, how it was year over year and also federal government? That's all in the Q that went out this afternoon. It's all broken out by channel. How has credit impacted your distributors? Are they still running pretty lean inventories or has this market growth allowed them to get a little bit more credit and built up their inventories? What's your visibility on what they're holding? They're running pretty lean inventories on hand guns and tactical rifles because of the momentum in the market place so it's not a conscious decision on their part to slim down their inventories. It's selling through. So credit hasn't been any kind of restraint at all. Think about it this way. You're a dealer. Your business is pretty good so you've got that. You're buying from distributors so you've got the cash to pay them so it's kind of flowing right through the system. Your next question comes from Eric Wold – Merriman, Curran Ford. Thinking forward two things, one on the Obama stimulus plan, where do you think you are positioned to benefit from that in terms of either monies going toward the hiring, I know there's a billion dollars there as well as the $2.8 billion for other items, and if those funds start coming through for firearms versus for law enforcement and the demand, the funds have to be spent in a very short amount of time, would you have the capacity to fill those orders, or could it take away possible orders going into the consumer channel? I think there's a couple of things going on in the stimulus package. Certainly knowing there's several billion dollars that are put right to LE, which will keep jobs. It will give department's money to spend on equipment, keep jobs for law enforcement and in many cases add law enforcement officers to the street. All that means opportunities for business for us. The other side of that is if the stimulus package does what it's supposed to do, it's going to create several million jobs and that puts income back to people's pockets which is good for our business certainly, but probably all consumer businesses. That's the whole idea of it. So it's Mike Golden's opinion on it but I think that there are a couple of angles here that could impact our business. Any degree to where you think you would not have the capacity? Do you think you've got enough capacity going into next year I guess assuming optimistically you get a fair amount of that. We have to see what happens with it is what it really comes down to and we'd react accordingly. I'm going to guess the answer is no to both of these, but is there any planned reductions in hours or people over the near term that would hit your capacity utilization and similarly any planned promotions out there. I'm suspecting both the answers are no but if you could just elaborate on that please. In the Smith & Wesson side, you can see what our backlog looks like so that probably gives you the answer to the first question. On the promotion side, we always do promotions. We heavied them up in the last couple of quarters ago, because of some of the inventory that was built up in the channel, but you'll see us promoting our product. You'll see different types of things similar to what we were doing two years ago, and we'll also be promoting hunting products as we go into the hunting season. It sounds like in the hunting space even though the demand isn't there, the channel inventory you feel very comfortable with where those are today. I didn't say I feel very comfortable. What I will say is they're in much better shape that they were last year. Thank you operator and thanks to all of you for joining us today. We'll see you and talk to you next quarter. Source: Smith & Wesson Holding Corporation Q3 2009 Earnings Call Transcript All SWHC Transcripts Smith & Wesson Holding Corporation released its FQ4 2013 Results in their Earnings Call on March 12, 2009. Do you feel more positive or less positive about Smith & Wesson Holding Corporation after ready these results?

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hide NYC funds pick State Street to replace BNY Mellon after FX flap Friday, July 19, 2013 2:30 p.m. EDT By Tim McLaughlin BOSTON (Reuters) - New York City pension funds have picked State Street Corp to safeguard $137 billion, replacing incumbent Bank of New York Mellon Corp , which was accused in 2011 of overcharging the funds on foreign currency trades. New York City Comptroller John Liu on Friday announced Boston-based State Street as the next master custodian for the five pension funds. The deal is pending successful contract negotiations. Liu also said State Street's proposal will increase audit transparency and modernize reconciliation capabilities for more than 2,000 accounts held by the five New York city pension funds. The conversion is set to happen in the fall of 2013 after BNY Mellon's contract as the pension funds' custody bank expires. Liu, in a statement, said State Street's bid was the lowest cost proposal among bidders. A spokesman for Liu declined to say whether BNY Mellon bid on the contract. BNY Mellon also declined to comment. BNY Mellon is the world's largest custody bank, overseeing $26.2 trillion in assets under custody and administration. In 2011, New York state Attorney General Eric Schneiderman and the city of New York accused BNY Mellon of overcharging on forex trades over a 10-year period. Instead of providing the best interbank rates - as it promised - NY Mellon gave the worst or nearly the worst rates of the trading day, according to their civil complaint. BNY Mellon has steadfastly denied any wrongdoing. At the time of the complaint, Schneiderman's office said it was seeking to recover $2 billion nationwide. New York City pension funds were among the hardest hit and lost tens of millions of dollars as a result of forex trades executed by BNY Mellon, according to Schneiderman's complaint. (Reporting By Tim McLaughlin; editing by Andrew Hay)

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Banking & Capital Markets July 19, 2004July 19, 2004 Giving Structure to Structured Finance Some observers have voiced dismay that the Fed and other banking regulators seem unconcerned about the interests of investors. Ronald Fink In May, the Federal Reserve Board announced new guidelines designed to rein in banks’ sales of complex securitizations known as structured finance. Such deals were at the heart of the fraud that ultimately destroyed Enron and were arranged by several banks, including Citigroup and J.P. Morgan Chase & Co. at the behest of Enron’s former CFO, Andrew Fastow. While Fastow has since been sentenced to 10 years in prison for his role in the case, Citigroup and JPMorgan Chase settled their federal complaints by agreeing to less-than-hefty fines. The new guidelines, however, fall well short of prohibiting the kinds of deals that did in Enron. Instead, they amount to a list of steps banks should take to identify which transactions are likely to subject them to legal or reputational risk, which of course bank examiners themselves have some control over. Curiously, along with the guidelines, the Fed released a letter from the Securities and Exchange Commission describing what activities amount to aiding and abetting securities fraud. The Fed originally distributed the letter — at the SEC’s request — to financial institutions last December. Yet when CFO requested a copy of the letter as part of its preparation for a feature article on the Fed, an SEC spokesman said that public disclosure of such correspondence would be highly unusual. (That article — “Playing Favorites,” in the April issue — questioned whether the Fed was sufficiently concerned about the role that Citigroup and JPMorgan Chase played in Enron’s failure.) Observers have subsequently voiced dismay that the Fed and other banking regulators seem unconcerned about the interests of investors. In a letter to CFO, former SEC chief accountant Lynn Turner, now an accounting professor at Colorado State University, cited a meeting with the heads of the agencies, during which the chairman of one dissuaded him from proceeding with a proposal to require banks to more clearly disclose their loan losses to investors. And former SEC chairman Richard Breeden told CFO the same thing had happened earlier, when he had sought better disclosure of the value of banks’ securities. Perhaps the Fed’s disclosure of the SEC letter to the banks means that bank regulators are taking such criticism to heart. Still, the Fed won’t prove it is serious about this issue until the SEC initiates a case against a U.S. bank based on evidence turned over by bank examiners. Does Asset Utilization Matter? Shareholder Engagement Should Be a Two-Way Street New York Racing Association Lures Customers Online: Video

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Solving The 'Not In Labor Force' Mystery Lance Roberts, Street Talk Live Feb. 7, 2012, 8:28 AM 1,653 Lance Roberts Lance Roberts is the host of "StreetTalkLive." Recent Posts The Problem With Valuation Models That Rely On Forecasted Earnings 5 Macro Investing Thoughts To Ponder Investors Should Consider These Charts Before Getting Bullish On... There has been much debate over the weekend regarding the 1.2 million individuals who moved into the "Not In Labor Force" category in Friday's Bureau of Labor Statistics report, which included an increase to the total population of 1.5 million. From the Wall Street Journal: "Here's what happened: According to the Census Bureau, the civilian population [age 16 and over] grew by 1.5 million people in 2011. But the growth wasn't distributed evenly. Most of the growth came among people 55 and older and, to a lesser degree, by people 16-24 years old. Both groups are less likely to work than people in their mid-20s to early 50s. So the share of the population that's working is actually lower than previously believed. Taking that into account, the employment-population ratio went up. The unemployment rate wasn't affected. 'There was not a big increase in discouraged workers,' economist Betsey Stevenson commented on Twitter. 'What happened was Census found a bunch of old people we had assumed died.' The adjustments had other effects, as well. They made the drop in the number of unemployed look smaller than it really was, and the rise in the number of employed look bigger. And because the Labor Department doesn't readjust its historical data to account for the new calculations, it isn't possible to compare January's figures on employment, unemployment and similar measures to those from earlier months." So, fortunately, we have a lot more people alive than previously estimated. (Note to self: the TWO best jobs in the world are Mortician and Labor Analyst - when everything goes wrong people come back to life). However, I want to dig a little deeper into the Not In Labor Force (NILF) category to see what is really going on. From the BLS Report (emphasis added): "The adjustment increased the estimated size of the civilian noninstitutional population in December by 1,510,000, the civilian labor force by 258,000, employment by 216,000, unemployment by 42,000, and persons not in the labor force by 1,252,000. Although the total unemployment rate was unaffected, the labor force participation rate and the employment-population ratio were each reduced by 0.3 percentage point. This was because the population increase was primarily among persons 55 and older and, to a lesser degree, persons 16 to 24 years of age. Both these age groups have lower levels of labor force participation than the general population." So, as you can see in the first chart above, the adjustment to the population over the last decade was the second largest on record. However, the devil is in the details, as the population of 55 and older didn't really increase — they were always there but just not counted. The real concern is with the 16-24 age group. The longer that age group remains unemployed, the higher the probability that they will become long-term unemployable due to degradation of job skills. As we have seen in the recent reports, this age group has a much higher unemployment rate than any other category, and that doesn't bode well for economic strength in future as this group moves into lower wage-paying positions. Recent manufacturing reports show that one of the problems they face is finding "skilled" labor to fill available positions. The shift away from a production and manufacturing base over the last 30 years in the U.S. is now starting to take its toll. The problem, in trying to bring manufacturing back to the U.S., is not just education and skill training but also competitive advantages that the U.S. will have a difficult time overcoming in terms of underlying production and labor costs. Countries like China and Korea have no regulatory, environmental and minimum wage requirements to meet. Those are all additional costs that the U.S. must build into production costs, which limits our competitive potential. Outsourcing is going to be a long-term problem that will be very difficult to reverse. But that is only one part of the issue. Another reality that impacts long term employment issues is our ongoing decline in economic prosperity. The number of individuals falling into the NILF category has been on the rise over the last decade, and the slope of that rate of increase is rising sharply. Of course, the knee-jerk answer response is that it is due to the rash of "baby boomers" moving into retirement. There is no arguing that a large number individuals are moving toward what would normally be retirement years. However, given the fact that the majority of average Americans, including the aging demographic, are woefully underprepared for retirement, they are being forced to work longer into their retirement years. Therefore, demographic trends alone do not adequately answer this issue. The reality is that the economic growth rate of the country over the past three decades has not been sufficient to support the growth in population. This is the same problem that exists in many other countries as well, countries where population growth has been faster than economic capacity. The decline in prosperity, which can be directly linked to increasing debt per household and lower savings rates, has led to higher levels of long-term unemployment and ultimately increases in the NILF category as shown in the chart above. The chart above shows the actual revised NILF numbers from January 1990 to Present with an estimated increase of 350,000 per month going forward to account for the retiring "baby boomer"generation. The issue is that the January increase to the NILF category was 4X the estimated rate of increase. While there will be revisions in the coming months, what is important to note here is that, as usual, analysts and the media got lost in "the number" rather than understanding the relevance of the number in relation to the overall trend. With the long-term trends of economic growth and employment on the decline, the issue for the U.S. going forward is how to correct these problems and return the country to a path of prosperity. With debt ratios in excess of GDP and deficits running into the foreseeable future, the negative ramifications for economic prosperity remain headwinds. The debt deleveraging cycle for households will take much longer than most think, and the impact of the deflationary cycle will continue to takes its toll on wages and employment going forward. The good news, however, is this. Just as it happened post "The Great Depression", the country will rid itself of its excesses and return to its root values that have been lost to greed and excess over the past thirty years. Individuals will once again return to saving more, which will in turn lead to productive investment. The "innovation" cycle that the U.S. holds will continue and, as debt levels are reduced, the growth rate of the economy will begin to accelerate. America is not doomed to "Third World" status if the leaders of this country will begin to do what is fiscally and politically in our collective best interest. The idea of the "American Dream" is still alive. However, that dream was gradually perverted by the shift from generations of hard working individuals who strived to "build stuff" to an "entitlement generation" of "give me stuff". The country cannot prosper with 1 out of 2 Americans on some sort of government assistance program, 87 million not in the labor force and over 46 million Americans on food stamps. This will change as necessity will ultimately dictate. The best for us lies ahead. It will just take the realization that "hard work" and "sacrifice" are ideals that will once again have to be adopted not only by the "Average American" but by our government as well.This post originally appeared at Street Talk Live. Copyright 2014. And it doesn't have to do with discouraged workers.

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Senate Confirms Gruenberg as FDIC Chairman November 16, 2012 • Reprints Democrat Martin Gruenberg was confirmed by the Senate late Thursday to serve as FDIC chairman. The confirmation of Gruenberg, who has filled the position of acting chair since Republican Sheila Bair left the post last year, was in limbo pending the presidential election, because Senate leaders were reluctant to put a Democrat in the six-year term had Republican Mitt Romney won. Gruenberg has served on the FDIC board since 2005 and has a background in financial services and regulation that includes serving as senior counsel to Sen. Paul Sarbanes (D-Md.) on the staff of the Senate Banking Committee. Lawmakers also approved the nomination of former Kansas City Federal Reserve chief Thomas Hoenig, a Republican, to be the FDIC's vice chairman. The NCUA Board awaits a nomination from President Obama to fill the vacant seat left by former Board Member Gigi Hyland, who resigned in October. Board member Michael Fryzel’s term expires on Aug. 2, 2013. No more than two board members may represent the same political party, according to the NCUA’s website. That means Obama must nominate both a Democrat and a Republican to replace Hyland and Fryzel, because Chairman Debbie Matz is a Democrat. Show Comments

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Fortinet Secures Another Beat By Stephen D. Simpson, CFA Filed Under: Sector - Professional Scientific and Technical Services, Equity Tickers in this Article: FTNT, CSCO, CHKP, JNPR All an investor in high-multiple stories can ask for is a continuation of a strong growth story, complimented with beat-and-raise quarters. Luckily, Fortinet (Nasdaq:FTNT) provided that in the fourth quarter. While there's still a lot of growth potential in security appliances, investors may want to ask themselves just how much success is already built into this stock. Investopedia Markets: Explore the best one-stop source for financial news, quotes and insights.Nothing Really Amiss in the Fourth QuarterFortinet's growth story continued apace in the fourth quarter. Reported revenue rose 29% this quarter (and 4% from the third quarter), as product led the way (up 40 and 8%) over services (up 27 and 6%). Just as important is deferred revenue that rose 17%, while billings were up 27% - accelerating from the 25 and 23% growth seen in the third and second quarter, respectively.Margin performance wasn't bad, but maybe not as good as longs might hope. Generally accepted accounting principles (GAAP) gross margin eroded a bit on a sequential and annual comparison, but was only down one point from last year. Operating income was up 28 and 1%, and operating margin compressed a bit. Keep in mind, though, that Fortinet's business model isn't necessarily well-treated by GAAP accounting rules, so investors should not overreact to what may look like softening margins. (For related reading, see What Are Some Of The Key Differences Between IFRS and U.S. GAAP?)Growth Keeps ComingAlthough companies like Cisco (Nasdaq:CSCO) and Check Point (Nasdaq:CHKP) have been a little uncertain about IT demand in 2012 (especially in Europe), Fortinet seems fairly confident. Although first quarter guidance suggests a 13% sequential drop in product sales, overall revenue is still looking to be up more than 24% on an annual basis and this guidance is higher than the prior analyst estimates. Is the Appliance Market Getting More Crowded?One of the things that sets Fortinet apart is that it custom designs ASICs (semiconductors) to meet the demands of its software. This hardware-software convergence has been a constant theme in technology for a while now, but Fortinet has really made it work for its customers - FortiGate is one of the fastest security appliances out there and simultaneously runs firewall, VPN and intrusion detection/prevention functions. But Fortinet doesn't have it all to itself. Cisco and Juniper (NYSE:JNPR) are both taking the custom ASIC approaches, and Cisco has the advantage of still holding the No. 1 slot in markets like VPN. What's more, Check Point has really started to focus on its device/hardware business and shouldn't be underestimated. And there are smaller up-and-comers like Sourcefire (Nasdaq:FIRE) and privately-held Palo Alto Networks. A crowded market split between major corporations and smaller players often means that M&A is on the way sooner or later. Even with the high multiples on Fortinet's stock, I could see Check Point or Juniper considering a buy, or even maybe Intel (Nasdaq:INTC) if they want to build on the addressable markets for McAfee. (For related reading, see Biggest Merger and Acquisition Disasters.)The Bottom LineI dare say at least some M&A expectation is already built into Fortinet's stock price. Otherwise today's valuation basically means that the Street thinks Fortinet will blow by Check Point and Juniper, and seriously challenge Cisco's market leadership in a few years' time. While Fortinet bulls may be nodding their heads at this point and saying "yep, that's what's going to happen," it seems like an aggressive outlook today. Far be it from me to suggest ditching a rebounding/rallying tech name with good growth, momentum and potentially vulnerable competitors. That said, the shares are nothing like cheap and new investors are basically making a bet on a "buy high, sell even higher." Use the Investopedia Stock Simulator to trade the stocks mentioned in this stock analysis, risk free!

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Bank of America supports returning troops and veterans More than 250,000 service men and women will leave active duty this year. Many will face an array of needs that can be addressed by parnterships including non profits and our business communities. With Veteran's Day coming next Monday (November 11), we're spotlighting what Bank of America and its community and business partners are doing to help military families here in Western Washington. Christi Gordon, Bank of America's Corporate Social Responsibility Manager, Puget Sound, joined Margaret to talk about what the bank and its community and business partners are doing to help address the needs of military families, as well as servicemembers who are transitioning to civilian life. Trevor Cobb, U.S. Army Veteran and Bronze Star recipient for his life-saving actions in Iraq, shared how he transitioned from his twelve years as an Army officer, to his position now with U.S. Trust Bank of America Private Wealth Management. George White, Public Relations and Communications Manager with Tacoma Goodwill shared how the nonprofit supports servicemembers and families, with job training programs and other services. He also spotlighted their "Round Up for Veterans" campaign this weekend (November 8 - 11) to raise money to fund these programs and services. To learn more about the "Round Up for Veterans" campaign, as well as locations of Goodwill locations in the South Sound taking part, please click here. Bank of America Military Support website Bank of America's "Express Your Thanks" campaign Connect with Bank of America on Facebook. Follow on Twitter: @BofA_Community Here's additional information about Bank of America's commitment to the U.S. military: Bank of America has supported our U.S. military for more than 90 years, and today we serve more than 2 million military customers through the Military Overseas Banking Division which offers special services and rates on a variety of credit and banking products. As a company, Bank of America understands the challenges our military men and women face when returning to civilian life. Our special Military Advisory Group guides our company’s efforts on reintegrating service members into the civilian workforce through four key areas: education, employment, wellness and housing. In the community, we also connect with service members and their families through partnerships with nonprofits, and our employees also volunteer their time and expertise to support these organizations. Bank of America's commitment to helping servicemembers transfer military/wartime skills to civilian jobs: This is one of the most critical issues facing returning soldiers, and locally, Joint Base Lewis-McCord anticipates transitioning 400- 700 service members per month over the next 10 years. Bank of America is working to address these needs in a variety of ways, including placing a priority on military hiring. Bank of America hired about 1,600 last veterans last year and are on a similar hiring trajectory for hiring this year. Other areas where Bank of America is supporting the troops: As they seek to help stabilize communities that have been impacted by foreclosure, Bank of America has committed to donating at least 1,000 properties to military service members and their families through our partnerships with nonprofits like Wounded Warrior Project and Military Warriors Support Foundation. They’ve made several property donations here in Washington State. Managing changing streams of income often presents challenges for veterans leaving active duty. This spring, members of Bank of America's Merrill Lynch team in Seattle held a financial wellness seminar to address those challenges. They plan to hold more of these in the future as well. Since early summer, Bank of America has been collecting Expressions of Thanks for our troops from everyone across the country. This culminated in Bank of America donating $1 million to Wounded Warrior Project and Welcome Back Veterans to help service members and veterans succeed here at home. Print

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Deals and Moves: Nov. 16 By November 16, 2012 at 8:32 AM Car rental merger approval, commercial leasing selection, retail property sales. NorthCar rental company Hertz Global Holdings Inc., in Park Ridge, announced Thursday it has reached an agreement with the U.S. Federal Trade Commission to complete its $2.6 billion cash acquisition of Tulsa-based Dollar Thrifty Automotive Group Inc. by accepting to sell its Advantage brand, the rights to operate 29 Dollar-Thrifty airport locations and other certain assets to Franchise Services of North America Inc. subsidiary Adreca Holdings Corp. following the close of the transaction. CentralThe East Brunswick office of commercial real estate brokerage firm CBRE Group Inc. announced Thursday it has been appointed exclusive leasing agent by Duke Realty, in Indianapolis, for a 1 million-square-foot class A development site in Linden.SouthThe Philadelphia office of real estate investment services firm Marcus & Millichap Real Estate Investment Services announced Thursday it has sold a strip mall in the Sicklerville section of Winslow, an automotive parts store in Scotch Plains and a convenience store in North Wildwood for a combined $11.75 million.

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2 charged with insider trading in Burger King deal NEW YORK (AP) — U.S. federal prosecutors have charged two Brazilian nationals with insider trading in connection with 3G Capital's $3.26 billion acquisition of Burger King in 2010. The complaint announced Monday alleges that Waldyr Prado, a 43-year-old former Wells Fargo financial adviser, and one of his brokerage clients, Igor Cornelsen, illegally profited from insider information about the Burger King deal after Prado learned about it from another client who had invested in private-equity firm 3G. Prado and Cornelsen, a 65-year-old director of an investment company based in the British Virgin Islands, live in Brazil and have not yet been arrested, according to the office of Preet Bharara, U.S. Attorney for the Southern District of New York, and the Federal Bureau of Investigation. Bharara's office did not immediately know what the next step would be in the proceedings. Prado left the U.S. for Brazil in 2012 after being deposed in a lawsuit brought against both men by the Securities and Exchange Commission, telling his U.S.-based supervisor that he feared he would be charged with perjury and that Brazil has no "extradition policy." According to the criminal complaint unsealed Monday, one of Prado's clients invested in 3G Capital and in March 2010 was told by that company that it was in talks to buy Burger King. The investor signed a confidentiality agreement with 3G related to the deal, but was allowed to discuss its merits with Prado based on his role as financial adviser. But Prado "misappropriated" the information and purchased Burger King stock and options, say prosecutors. The complaint states that Prado emailed Cornelsen in May 2010 revealing that he had "some info that I cannot say over the phone...You have to hear this." From May through August, Cornelsen purchased Burger King options. After 3G's September 2010 announcement that it planned to buy Miami-based Burger King, Prado and Cornelsen sold their holdings in the fast-food chain for profits of more than $175,000 and about $1.68 million, respectively. The two are charged with securities fraud and fraud in connection with a tender offer, which each carry a maximum term of 20 years in prison. They are also charged with conspiracy to commit securities fraud and fraud in connection with a tender offer, which carries a maximum term of five years in prison. Messages left with Cornelsen's attorney Monday evening weren't immediately returned. Prado couldn't immediately be reached for comment, and it is unclear if he is currently represented by counsel.

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Resource Center Current & Past Issues eNewsletters This copy is for your personal, non-commercial use only. To order presentation-ready copies for distribution to your colleagues, clients or customers, click the "Reprints" link at the top of any article. From the November 2010 issue of Treasury & Risk magazine Corporate End Users in Jeopardy By John Hintze November 1, 2010 • Reprints As a global company, Eastman Chemical's earnings can be impacted significantly by swings in interest and foreign exchange rates, as well as in the prices of commodities, especially natural gas and propane. To mitigate that volatility, the $5 billion manufacturer of chemicals and plastics projects its propane needs, for example, over the coming year and purchases the commodity using forward contracts to lock in a price over that period. That allows executives figuring out their budgets for the next year to more effectively price products and analyze profitability. "By taking some of the volatility out of the price of raw materials, we're able to provide customers with some pricing certainty so they can better manage their businesses," says Mary Hall, treasurer and vice president of Eastman Chemical. "Without derivatives, we wouldn't be able to do that." Concerns are mounting, however, that new regulations may make over-the-counter (OTC) derivatives, which multinationals employ to hedge a wide range of risks, too costly for them to use effectively. The new rules--still in the early stages of development in the U.S. and Europe--have been driven by the role credit default swaps and other mortgage-related derivatives played in the financial crisis. Then last spring, the use of cross-currency swaps by Greece, unbeknown to its European Union regulators, put the country in financial jeopardy. In the U.S., regulators are acting on the tenets set out in the Dodd-Frank financial reform law enacted this summer. These include increasing the transparency of OTC derivative transactions, including swaps and forwards, in part by verifying and settling them through central clearinghouses, and collecting data on derivative transactions in regulated repositories. Dodd-Frank also imposes new margin and capital requirements on dealers of OTC derivatives, as well as on major market participants. Given the importance of OTC derivatives in commercial hedging strategies, Dodd-Frank exempts nonfinancial companies that use OTC derivatives to hedge such risk from clearing requirements, although in most cases their dealers must report data to the repositories. The law also appears to exempt nonfinancials from the requirement to post margin--collateral backing transactions--that it imposes on derivatives dealers and the biggest market participants. Now that treasurers have studied the law, however, they are voicing concerns that despite the clearing exemption, the initiatives to increase transparency may result in significant cost burdens for derivative end users. And a top regulator's recent statements suggest that the exemption from margin requirements may not be there at all. "What we're all waking up to is a back door to margining," says Thomas Deas, treasurer at FMC Corp. and president of the National Association of Corporate Treasurers (NACT). Deas is referring to recent statements by Gary Gensler, chairman of the Commodity Futures Trading Commission (CFTC), including his comments on Sept. 21 at a public meeting in Washington hosted by the U.S. Chamber of Commerce. In the question-and-answer period following his speech, Gensler said that the Federal Reserve will have the authority to set margin for most end-user transactions, since it has oversight of bank derivative dealers, while the CFTC will decide the issue for non-bank dealers. Gensler said he believes the statute provides the CFTC the authority to set margin for end-user transactions, but he doesn't yet know what the CFTC will do. That leaves open the possibility that the CFTC could require non-bank swap dealers to collect margin from end users. Since the Fed and the CFTC are working jointly on the new regulations, rules applying to non-bank dealers will likely be paralleled in those for banks. Although neither Gensler nor other CFTC staffers have explicitly expressed support for margin requirements for end users, neither have they nixed the possibility. "We haven't gotten any assurances that regulators will not apply margining requirements directly on end users," says Michael Bopp, co-chair of the public policy practice group at Gibson Dunn & Crutcher. The CFTC did not return calls seeking a comment on its stance on margin requirements for end users. Should such requirements be imposed, the impact on end users could be significant. In a panel discussion following Gensler's presentation, Tammy Evans, director of global funding for investments and foreign exchange at IBM, said the notional value of IBM's derivatives portfolio at the end of the second quarter was between $40 billion and $45 billion. "Depending on where the market shifts, you could potentially have upwards of $5 billion in capital that's held up in margin requirements," Evans said, adding that for IBM, that equates to a year's worth of acquisitions. Deas notes that a Business Roundtable study estimated its members would have to hold $269 million, on average, to meet margin requirements, impeding their investment in plant and equipment and research and development. "We've extended that estimate to the S&P 500, and that effect would result in the loss of 120,000 to 125,000 jobs," he says. The challenge of putting in place the systems and staff to handle margin requirements could discourage some companies from using derivatives. "We're neither staffed for nor do we have the systems to accommodate the kind of daily, and perhaps intraday, mark-to-market analysis that would be required in order to post margin," says Eastman's Hall, adding that such new requirements would "probably preclude us from participating in the [derivatives] market." The CFTC, the Securities and Exchange Commission and banking regulators are on a tight schedule to finish the multitude of new rules stemming from Dodd-Frank, which mandates such regulations be in place within 360 days of the bill's signing. If CFTC officials do not clarify the margin issue soon, corporations will see the agency's intent in black and white when it issues draft rules for public comment, expected in November or December. Even if corporate end users are not subject to margin requirements, imposing those requirements on dealers will most likely make using OTC derivatives more costly for end users. Sam Peterson, a senior adviser in Chatham Financial's regulatory advisory services group, says Chatham analyzed the impact of requiring a bank dealer to post 2.5% initial margin and full-variation margin on a 10-year, $100 million notional interest-rate swap. The Kennett Square, Pa., derivatives adviser and technology provider estimat

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Resource Center Current & Past Issues eNewsletters This copy is for your personal, non-commercial use only. To order presentation-ready copies for distribution to your colleagues, clients or customers, click the "Reprints" link at the top of any article. Detroit Emergency Manager Calls Interest Rate Swaps a "Ticking Time Bomb" City requests approval for new settlement to get out of swaps contracts originally designed to protect pension fund against rising interest rates. By Steven Raphael and Steven Church, Bloomberg January 3, 2014 • Reprints Bankers who sold Detroit interest rate swaps placed “a ticking time bomb” in their structure, the city’s emergency manager said in court as a trial resumed over a proposal for canceling the transaction. Although the city collected $40 million over eight months from the swaps deal, falling interest rates helped the banks behind the deals turn a profit, Kevyn Orr, the emergency manager, testified today before U.S. Bankruptcy Judge Steven Rhodes in Detroit. Since 2009, the city has paid more than $200 million to the banks behind the swaps, according to public records. The city has proposed paying UBS AG and Bank of America Corp. a $165 million termination fee to get out of the swaps contract. Days before Detroit filed the biggest ever U.S. municipal bankruptcy, Orr negotiated an agreement to end the swaps at a discount. After that deal was attacked by creditors and questioned by Rhodes, the city on Dec. 24 announced a renegotiated termination payment about $65 million lower than the original. The swaps are tied to pension obligation bonds issued in 2005 and 2006. They were designed to protect against rising interest rates by requiring the banks to pay the city if rates rose above a certain level. When rates instead went down, the city was required to make monthly payments. Today’s session ended after Corinne Ball of Jones Day, an attorney for Detroit, made a closing argument in favor of the proposed settlement, saying it was best the city could do. Should Rhodes reject the deal, the city will be forced to litigate the swaps contracts. A settlement saves time and money, she said. “We need to get on with it,” Ball said. Court will resume Jan. 6, when critics of the deal make their case for rejecting the proposal. Orr testified that after he became emergency manager last year he had “plenty” of concern over whether the swaps were fraudulently put together. He said he asked the U.S. Securities and Exchange Commission if it would be willing to investigate the deal. Eventually, Orr testified, he decided to settle with the banks instead of suing them in order to avoid a risky trial and prevent any threat to casino taxes used to guarantee payment of the swaps. Megan Stinson, a spokeswoman for Zurich-based UBS, said the bank couldn’t immediately respond to Orr’s testimony.

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UBS Names Carsten Kengeter Global Head of Fixed Income, Currencies and Commodities London / New York | 04 Sep 2008, 19:00 | UBS News UBS today announced the appointment of Carsten Kengeter as Global Head of the Fixed Income, Currencies and Commodities (FICC) business within its Investment Bank. Kengeter will join UBS from Goldman Sachs and will relocate from Hong Kong to London in his new role. He will report to Jerker Johansson, Chairman and CEO of UBS Investment Bank, and will join the Investment Bank Executive Committee and the UBS Group Managing Board. Kengeter, 41, will be responsible for all fixed income products including credit fixed income, rates, structured products, emerging markets, securitized products as well as client coverage and research. He will also have responsibility for UBS Investment Bank's market-leading foreign exchange business and the global commodities group. When he joins the firm in the early part of 2009, Kengeter will assume the leadership of FICC from Johansson, who will continue to manage the business on an interim basis until then. "Carsten is a high-caliber leader who brings broad geographic and product expertise to the firm as well as a depth of experience and skill set which greatly complements our FICC management team," said Johansson. "We will continue to build on our bench of senior talent as we move towards our goal of strengthening our fixed income business and getting all our FICC businesses back on the road to profitability and competitiveness." Kengeter has most recently been a Partner and Co-Head of Goldman Sachs' Securities Division for Asia ex-Japan, with responsibility for all FICC products. He joined Goldman Sachs in 1997 and has held several senior positions within the Securities Division including Head of FICC for the German region and Co-Head of European FICC Distribution. Previously, Kengeter worked at Barclays de Zoete Wedd as a credit derivatives trader and structurer. "We have already taken significant steps to streamline the business and this hire underscores our commitment to focusing on core client-centric product offerings," added Johansson. "I am confident that under this new leadership FICC will be best positioned to thrive in an evolving market and we will continue to offer our clients the best service and solutions." Kengeter served on the board of Goldman Sachs International Bank as well as a broad number of the firm's Asian boards and committees. He holds a Diplom-Betriebswirt from FH Reutlingen, a B.A. (hons) in Business Administration from Middlesex University as well as a MSc in Finance and Accounting from the London School of Economics. London: Dominik Von Arx, +44 207 56 82439 New York: Rohini Pragasam, +1 212 882 5690

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home / about us / history & values We're Strong, Stable and Safe. We're Third Federal Savings and Loan. We're known for giving our customers the lowest rates on loans and the highest rates on savings. We believe in putting our customers first and creating value for the communities we serve. As a conscientious lender, we simply believe that taking care of people, and putting them in the best position to achieve their dreams, is the best way for us to take care of our business. Without loyal customers, we wouldn't be the lending leader that we are today. That's why our customers will always be our first priority. A history of doing things the right way Third Federal Savings and Loan was founded in 1938 with a simple mission: help our customers live better by offering low-interest mortgages, high-interest savings accounts and personal service that makes everyone who walks through our doors feel like family. To be a real value to our customers, our shareholders, the communities we serve, and our associates, we base everything we do on four guiding principles: concern for others, trust, respect and a commitment to excellence. Now after more than 75 years, we still work hard to make sure these principles show in everything we do. From our financial strategies, to our products and services, even to the way we answer the phone. Third Federal Video Understanding Our History And Values Find Us On Facebook | Privacy Policy | Security

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hide With Fed out of the way, what's next on Wall Street? Saturday, December 21, 2013 6:01 a.m. EST Traders work on the floor of the New York Stock Exchange shortly after the market opening December 19, 2013. REUTERS/Lucas Jackson By Angela Moon NEW YORK (Reuters) - With the U.S. Federal Reserve finally announcing it will start tapering its stimulus, it removed a big uncertainty in the market last week and raised the question: Can Wall Street expect a stronger finish to the year? Not really. The "Santa Claus rally" is a seasonal anomaly that describes a rise in stock prices in December, generally over the final week of trading before the new year. The benchmark S&P 500's average gain during the last five days of December and the first two of January has been about 1.5 percent since 1950, according to the Stock Trader's Almanac. The equities market has gone up in December about 80 percent of the time for the past 20 years. Although the S&P 500 is up just about 1 percent so far this month, the index is up about 27 percent for the year and is on track for its biggest gain since 1997. The Dow is up about 24 percent and the Nasdaq is up almost 36 percent for the year. "It's been a strong year, and I wouldn't be surprised if investors closed out their year today," said Doug Foreman, co-chief investment officer of Kayne Anderson Rudnick Investment Management in Los Angeles, in an interview late last week. "There isn't much room or news to move higher from here until next year." Stocks rallied sharply last week, with the Dow and the S&P 500 closing at records on Friday, following the Fed's mid-week announcement it will reduce its $85 billion in monthly bond purchases by $10 billion in January. For the week, the Dow gained 3 percent, the S&P 500 rose 2.4 percent, and the Nasdaq climbed 2.6 percent. Trading volume last week was also below average as many investors had already locked in their gains for the year ahead of the holidays. "There's a lot of transparency in the market, but most of the noise has already been made. We should expect to continue seeing light volume and not much selling as we go into next week," said Mark Martiak, senior wealth strategist at Premier Wealth/First Allied Securities in New York. "We're selling our winners and looking to see what sectors could be the ones to be in next year. I like cyclical and industrials. I want to see the news post-holiday season before I start to recommend defensive names." With Christmas and New Year's holidays in the middle of the week, trading volume is likely to be lower than in previous years. The New York Stock Exchange will close early at 1 p.m. EST (1800 GMT) on Tuesday and will remain closed on Wednesday for Christmas Day. Trading will resume on Thursday. Analysts say this week will be the start of investors finally shifting focus to the fundamentals, like economic reports and earnings. "With the Fed out of the way now, the market is going to move back to making more rational decisions and focus on what really matters in the economy," said Scott Clemons, chief investment strategist at Brown Brothers Harriman Wealth Management in New York. "Fourth-quarter earnings will start coming in January, and the market's full focus will be on those numbers and outlooks." Apple Inc will be in focus after the company announced on Sunday a multiyear deal with China Mobile to bring its iPhone product lines to China, starting in January. Terms of the deal were not disclosed. Economic data this week includes personal income and consumption at 8:30 a.m. EST (1330 GMT) on Monday. At 9:55 a.m. EST on Monday, the Thomson Reuters/University of Michigan's final reading on consumer sentiment for December will be released. Tuesday's data includes durable goods orders at 8:30 a.m. EST and new home sales at 10 a.m. EST. On Thursday, weekly initial jobless claims will be released at 8:30 a.m. EST. (Wall St Week Ahead runs every Sunday. Questions or comments on this column can be e-mailed to: angela.moon(at)thomsonreuters.com ) (Additional reporting by Ryan Vlastelica and Chuck Mikolajczak; Editing by Nick Zieminski and Jan Paschal)

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Antonio Fatas on the Global Economy The Euro-model scare tactics Regularly The Wall Street Journal writes an opinion article about the failure of the European economic model. A bloated welfare state, high taxes, heavily-regulated labor markets have led to a disappointing economic performance. The predictions are generally dire and after reading the article it seems that the only remaining question is how long the European countries and the Euro project will survive. The latest of these articles was published yesterday under the title "Europe's Bankrupt Welfare State". The article reminds us that despite the recent optimism, the Euro economies are doomed and that this has to do with all the structural problems that these countries face. Quoting from the article: "Some observers will blame the joblessness and lack of growth in the euro zone on the austerity supposedly being imposed on the Continent by Berlin. But the real story is more ominous. (...) Europe's vaunted social model has struggled to generate growth or jobs for decades. (...) The euro zone may be enjoying a respite. But the economic evidence shows how little has been fixed. Mr. Draghi's blank check addressed the symptom, but not the cause, of the euro zone's economic woes. And unless those are addressed—with more flexible labor markets, a smaller state and lower taxes—the crisis will be back in the form of social unrest, political populism and a generation of young Europeans who don't know what it is to be able to find a good job." I have no trouble with the statement that Europe needs structural reforms. But the notion that "economic evidence shows how little has been fixed", that "Europe's model has struggled to generate growth or jobs for decades" and how the European model is "bankrupt"seem to be overstated. Even worse, these articles seem to be written as a way to scare those in the US economic policy debate that argue in favor of anything that resembles the European model (higher taxes, more regulation, a universal healthcare system). But is the evidence as clear as the Wall Street Journal suggests? Has the Euro failed so badly in terms of generating employment and growth? Below is the employment to population ratio (for those over 15 years of age) for the Euro area compared to the US during the years where the Euro has been in existence. The series are rebased so that their value is equal to 100 in 1999. Since the Euro was launched, its members have seen a small increase in this ratio, but the performance has certainly been better than that of the US labor market. Just to be clear, the level of the employment to population ratio in the Euro area still remains below that of the US today, mainly because of historically low female participation rates in Southern Europe. But given that claim in the WSJ article is about growth and creation of jobs since the Euro has been in place, using the year 1999 as a reference seems the right thing to do. Antonio Fatás Antonio Fatas I am the Portuguese Council Chaired Professor of European Studies and Professor of Economics at INSEAD, a business school with campuses in Singapore and Fontainebleau (France), a Senior Policy Scholar at the Center for Business and Public Policy at the McDonough School of Business (Georgetown University, USA) and a Research Fellow at the Center for Economic Policy Research (London, UK). Antonio Fatas' Web Site Celebrating negative growth Doomsday, gold and the Bundesbank

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hide GE trims profit outlook on Europe weakness; stock slumps Friday, April 19, 2013 5:37 a.m. CDT A GE logo is seen in a store in Santa Monica, California, October 11, 2010. GE will release its third quarter earnings on Friday. REUTERS/Lu By Ernest Scheyder (Reuters) - General Electric Co warned of slowing profit growth in its industrial businesses due to weakness in Europe and sliding turbine sales, unnerving Wall Street and pushing its stock down in morning trading. The conglomerate, the world's biggest maker of jet engines and electric turbines, said on Friday it expects industrial profit to rise by high single digits to double digits this year. Previously it had forecast double-digit growth. Chief Executive Jeff Immelt blamed slumping sales of wind turbines and gas turbines for the outlook cut, as well as the weakening European economy. But he said he still expects overall earnings, which include GE Capital, to improve this year. As usual, the company did not provide a specific earnings forecast. Of concern to Wall Street: GE will try to boost earnings by slashing $1 billion in costs this year, rather than relying primarily on sales growth. Wall Street analysts, which earlier in the day hailed GE's better-than-expected first-quarter revenue, grew unnerved as the new outlook was disclosed on a conference call. Shares of GE were down nearly 4 percent at midday. "The level of uncertainty in terms of their ability to meet their goals has risen a little bit," said Perry Adams, portfolio manager at Northwestern Bank, which holds GE shares. GE expects to sell about 95 gas turbines this year, down from 133 in 2012, due to sliding electricity demand from developed markets, Keith Morin, GE's chief financial officer, said in an interview. Profit in the power & water unit - GE's second-largest unit and the seller of wind and gas turbines - fell 39 percent in the first quarter, and results aren't expected to improve. "We believe it's going to be hard for our power and water business in 2013 to meet 2012" results, Immelt said on the conference call. Sales in Europe are "weaker than expected," executives said, as demand drops, not only for GE products but for electricity, which dents demand for turbines. While orders to the oil and gas unit jumped 26 percent in the quarter, GE probably won't recognize revenue from some of those sales for at least 12 months, Morin said. "Investors are clearly disappointed," said Brian Langenberg, an independent analyst who tracks GE. REVENUE BEATS Strong sales of jet engines and home appliances helped GE's first-quarter revenue beat expectations, assuaging fears of a miss after a lukewarm report on March U.S. factory activity. GE said revenue rose slightly to $35 billion, surpassing the $34.51 billion analysts had expected, according to Thomson Reuters I/B/E/S. "That is a beat on revenue, and that's important because the Street has been very worried about revenue numbers at industrial firms because the quarter appears to have tailed off in March," said Jack DeGan, chief investment officer at Harbor Advisory Corp in Portsmouth, New Hampshire, which owns GE shares. The Institute for Supply Management said earlier this month that U.S. factory activity grew at the slowest rate in three months in March, suggesting the economy lost some momentum at the end of the first quarter. GE shipped 596 commercial jet engines during the quarter, boosting profit at the aviation unit by 9 percent. The company also touted a recent contract with Boeing Co to supply engines for the 777 aircraft. Despite price increases, consumers gobbled up GE's refrigerators, stoves and microwaves, boosting profit in the home and business solutions unit by 39 percent. The company's order backlog - a closely watched indicator of future sales - rose to $216 billion from $210 billion in the fourth quarter of 2012. Backlog can be a positive sign that customers are willing to wait in line for a company's products, or a sign that a company is having a hard time meeting demand. GE's backlog has grown consistently in recent quarters. "To me, when you see a trend, year over year, repeating itself, there's a business management issue. Eventually, that's got to change," said Oliver Pursche, president of Gary Goldberg Financial Services, which owns GE shares. Fairfield, Connecticut-based GE said it earned $3.53 billion, or 34 cents per share, in the first quarter, compared with $3.03 billion, or 29 cents per share, a year earlier. Excluding one-time items, profit was 35 cents per share, matching analysts' average forecast, according to Thomson Reuters I/B/E/S. GE sold its remaining 49 percent stake in NBC Universal in February and then announced it would use cash from the sale to fund $18 billion in buybacks and dividend payouts this year. The $18 billion figure includes $10 billion of shares the company plans to buy back and GE's dividend, which the company hiked in December by 12 percent to 19 cents per share quarterly. The NBC sale helped GE's cash balance jump to $138.1 billion from $125.9 billion in the fourth quarter of 2012. The rise has led some investors to hope for yet another dividend hike. "I expect it (any dividend increase) to go from 19 cents to 21 cents ... but I don't expect it this quarter. Maybe next quarter," DeGan said. On the conference call, Immelt said he remains committed to the plan to remunerate shareholders this year with $18 billion in buybacks and dividends. The company's annual meeting with shareholders is scheduled for New Orleans next week, and some investors said they expect a dividend announcement then. Prior to selling NBC, GE had focused much of its efforts in recent years on scaling back its financial arm, making it less dependent on short-term funding and focusing more closely on a handful of operations, such as financing the sale of industrial equipment and lending money to mid-sized businesses. GE has said it wants to grow its manufacturing and industrial units, a return to its roots. Earlier this month it bought oilfield pump maker Lufkin Industries Inc for $2.98 billion, boosting its presence in the fast-growing market to extract oil and natural gas from shale rock. Elsewhere on Friday, GE peer Honeywell International Inc posted a better-than-expected quarterly profit, due in part to cost cuts. GE and Honeywell kicked off a wave of earnings reports from the nation's largest manufacturers; United Technologies Corp and 3M Co are due to post results next week. (Reporting By Ernest Scheyder; Additional reporting by Ryan Vlastelica, Patricia Kranz and Chuck Mikolajczak; Editing by Lisa Von Ahn and John Wallace)

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Chandan Sapkota's blog ECONOMIC GROWTH, TRADE, & DEVELOPMENT POLICY Democratizing development economics The World Bank Group’s President Robert Zoellick argues that development economics as of now is not “democratic” enough and it must broaden scope of the questions it asks to make it more relevant to the challenges of the present world and policymaking. His suggestions: Focus on empirical evidence but don’t always go after data as it does not capture everything; try to encompass the experiences of successful emerging economies; and do not follow blueprints. But it is appropriate to ask: Where has development economics brought us? Is it serving us well? Even before the crisis there was a questioning of prevailing paradigms and a sense that development economics needed rethinking. The crisis has only made that more compelling. A great deal of progress has been made over the last several decades: in health, education, and poverty. The share of people living in extreme poverty in developing countries has more than halved in the quarter century since 1980; global child mortality rates have almost halved. But success has been uneven; countries are frustrated by the lack of progress on overcoming poverty and achieving the Millennium Development Goals, a useful yard¬stick to measure progress. Most of the fall in poverty has occurred in East and South Asia and Latin America. While the world will meet the MDG target of halving the number of people living in extreme poverty by 2015, progress in Sub-Saharan Africa, despite some notable recent gains, still lags. Progress at the country level is even more uneven: Only 45 of 87 countries with data have already achieved or are on track to achieve the poverty target. […]The success of China and others has raised questions on the role of the state. What are the effective and proper roles of government ---- Enabler? Referee of fair and clear rules? Empowerer? Investor? Owner? Or anointer of winners? The benefits of globalization and reform have yet to reach many of the poor. Many see the economic policy prescriptions of the Washington Consensus as incomplete -- lacking attention to institutional, environmental or social issues, or simply lacking as a guiding philosophy. Others herald “orthodox” policies as helping developing countries navigate the crisis, pointing out that some developed countries strayed from orthodox lessons of finance and budgeting to their peril. […]Emerging economies are now key variables in the global growth equation. The developing world is becoming a driver of the global economy. Much of the recovery in world trade has been due to strong demand for imports among developing countries. Led by the emerging markets, developing countries now account for half of global growth and are leading the recovery in world trade. We see a similar trend in the global development landscape, with developing countries assuming important roles alongside traditional development partners. These new partners are contributing not only aid, but more importantly are becoming major trading partners and sources of investment and knowledge. Their experiences matter. Yet for too long prescriptions have flowed one way. A new multi-polar economy requires multi-polar knowledge. With the end of the outdated concept of a Third World, the First World must open itself to competition in ideas and experience. The flow of knowledge is no longer North to South, West to East, rich to poor. […]Yes, there are some basic principles we can follow: a belief in property rights; contract rights; the use of markets; getting incentives right; the benefits of competition within and across economies; the importance of education; macro-economic stability -- but we might learn these more from economic history than from economic models. As the World Bank’s “Doing Business” reports have highlighted, small and medium- sized enterprises can flourish given an enabling environment that encourages – rather than blocks or constrains – the entrepreneurial spirit. Beyond the basic principles, experience would suggest that we may need to consider differentiated policy approaches. The right policies may differ across phases of development -- for example reliance on export-led growth versus domestic demand, or on different types of innovation, depending on the closeness of companies to technology frontiers. The right policies may differ now from the 1970s given the changes brought about by the internet and the growing importance of supply chains in international transactions. The right policies on financial regulation may differ across phases of development -- what may safeguard in one context may strangle in another. […]We need a deeper understanding of the process of how an economy’s structure evolves. This is not just about the shift from agriculture to industry and services over time. Within agriculture, services, or industry, we need to know much more about the process of moving into higher quality goods and services, about what determines a country’s economic dynamism, and what contributes to the flexible adjustments in the structure of an economy. I would maintain that a competitive market should be the economy’s fundamental mechanism for allocating resources. But there are market failures. There are also government failures -- including an inability to correct market failures. There is an important role for good governance, anti-corruption, and the rule of law, and governance will go beyond considerations of simple economic efficiency. Here is a paper that provides an overview of the history of development research at the WB. Six main messages emerge. First, research and data have long been essential elements of the Bank's country programs and its contributions to global public goods, and this will remain the case. Second, development thinking is in a state of flux and uncertainty; it is time to reconsider both the Bank's research priorities and how it does research. Third, a more open and strategic approach to research is needed -- an approach that is firmly grounded in the key knowledge gaps for development policy emerging from the experiences of developing countries, including the questions that policy makers in those countries ask. Fourth, four major sets of problems merit high priority for our future research: (i) securing economic transformation; (ii) broadening opportunities to participate in the benefits of, and contribute to, such transformation; (iii) dealing with emerging risks at all levels; and (iv) assessing the results of development efforts, including external assistance. Fifth, a new multi-polar world requires a new multi-polar approach to knowledge; the Bank must learn from, and collaborate with, developing-country researchers and institutes. Sixth, greater emphasis must be given to producing the data and analytic tools for others to do the research themselves and providing open access to those tools. And open data initiative needs to be extended to open knowledge. This will better inform development policy debates and allow for deeper engagement with the direct stakeholders in the outcomes of those debates. Reaction from some economists here: Nobel Prize-winning economist Michael Spence, who led a commission on economic growth, said Mr. Zoellick’s comments are “generally not only in the right direction, but very useful.” Harvard economist Dani Rodrik…. also praised the World Bank president. “The speech hits all the right notes: the need for economists to demonstrate humility, eschew blueprints…and focus on evaluation but not at the expense of the big questions,” Mr. Rodrik said. But the reaction wasn’t unanimous. New York University economist William Easterly…called Mr. Zoellick’s comments “amazingly presumptuous.” He says the current system of economic research, where ideas are picked apart by other economists, works well. If anything, he says World Bank economists are often the exception because their bosses pressure them “to reach the ‘right’ conclusions,” Mr. Easterly said—meaning that World Bank loans are useful and foreign aid is productive. The World Bank’s chief of research, Martin Ravallion, responded, “I have never been told what conclusions I should reach, and I doubt very much that anyone told Bill Easterly what conclusions he should reach in his many years working for the Bank’s research department.” Posted by Chandan Sapkota Economic Growth, FDI, Industrial Policy, Inequality, Infrastructure, Institutions, Researcher.Worked as researcher at SAWTEE; National consultant at Ministry of Commerce & Supplies, Government of Nepal; FAO, UNDP and CIM, GIZ among others; Was Op-Ed Columnist at Republica, December 2008- June 2012Former Junior Fellow for Trade, Equity & Development program at Carnegie Endowment for International Peace, Washington, D.C. I graduated with a major in economics and a minor in mathematics from Dickinson College, Carlisle, PA in May 2009. I am interested in trade policy, economic growth, human development and social protection.I regularly blog on issues related to economic development, trade policy, public policy, and development in the developing countries. BLOG POSTS ARE PERSONAL. THEY NEITHER REFLECT THE VIEWS OF NOR ENDORSED BY THE INSTITUTIONS I AM ASSOCIATED WITH. Follow @csapkota Eldis Community blog Nepal's Growth Diagnostics Food Price Nepal growth diagnostics Maoists’ hydro madness in Nepal Can India’s growth rate take over China’s? Understanding basic statistics for policymaking @Chandan Sapkota's blog. Watermark template. Powered by Blogger.

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Obama minimum wage plan renews economic debate Wednesday, Feb 13 at 10:02 PM WASHINGTON (AP) — President Barack Obama's call to raise the minimum wage to $9 an hour and boost it annually to keep pace with inflation is already getting a trial run. Ten states make similar cost-of-living adjustments, including Washington state, where workers earn at least $9.19 an hour, the highest minimum in the country. In all, 19 states and the District of Columbia have minimum wages set above the federal rate of $7.25, a disparity Obama highlighted in his State of the Union address as he seeks to help the nation's lowest paid workers. Obama's proposal is renewing the age-old debate between advocates who claim boosting the minimum wage pumps more money into the economy, helping to create new jobs, and business groups that complain it would unfairly burden employers and curb demand for new workers. And it faces certain hurdles in Congress, as top Republicans including House Speaker John Boehner wasted little time dismissing the proposal. More than 15 million workers earn the national minimum wage, making about $15,080 a year. That's just below the federal poverty threshold of $15,130 for a family of two. Selling his plan to a crowd in Asheville, N.C., on Wednesday, Obama said it's time to increase the minimum wage "because if you work full-time, you shouldn't be in poverty." Advocates say a minimum wage increase can lead to even broader economic benefits. "These are workers who are most likely to spend virtually everything they earn, so it just pumps money back into local economies," said Christine Owens, executive director of the National Employment Law Project, a worker advocacy group. But William Dunkelberg, chief economist for the National Federation of Independent Business, said the increase would hit businesses hard and only hurt low-wage workers by reducing demand for their services. "The higher the price of anything, the less that will be taken, and this includes labor," Dunkelberg said. "Raising the cost of labor raises the incentive for employers to find ways to use less labor." Economists have long disputed the broader impact of setting a minimum wage. A major 1994 study by labor economists David Card and Alan Krueger found that a rise in New Jersey's minimum wage did not reduce employment levels in the fast food industry. Krueger now is chairman of the White House Council of Economic Advisers. Yet that study has come under fire from other economists, who argue that comparing different states over time shows that raising the minimum wage hurts job growth. Mark Zandi, chief economist at Moody's Analytics, said that a higher minimum wage would boost incomes for some poorer workers. But it would also discourage employers from hiring more of them. "So on net, I am not sure it helps," he said. The government first set a minimum wage during the Great Depression in 1938. It has been raised 22 times since then — the last increase went into effect in 2009 — but the value has eroded over time due to inflation. Obama's latest plan would raise the hourly minimum to $9 by 2015 and as well as increase the minimum wage for tipped workers, which has not gone up for more than two decades. As for states that have already set minimum wages above the federal rate, they range from $7.35 in Missouri to the high of $9.19 in Washington. In 10 of those states, the minimum wage is automatically adjusted every year to keep pace with the rising cost of living — Arizona, Colorado, Florida, Missouri, Montana, Nevada, Ohio, Oregon, Vermont and Washington. Women represent nearly two thirds of minimum wage workers, while black and Hispanic workers represent a higher share of the minimum wage work force than whites, according to the Economic Policy Institute. The last federal minimum wage increase was signed into law by President George W. Bush, when it increased from $5.15 to $7.25 in a three-step process between 2007 and 2009. The last recession began in the middle of that process and took an especially heavy toll on middle-wage positions, which accounted for 60 percent of jobs lost in the crushing downturn. Most of the job growth since the 2010 recovery has been in low-wage jobs. Owens, for one, contends: "There's no compelling case to be made that raising the minimum wage triggered job losses." Doug Hall, director of the liberal Economic Policy Institute, estimates that raising the minimum wage to $9 would pump $21 billion into the economy and lead to the creation of 120,000 jobs. But Randel Johnson, vice president at the U.S. Chamber of Commerce for labor issues, said the increase would come "on the backs of employers" who would hire fewer people and cut overtime. "You don't put new burdens on employers when they are trying to recover in a tough recessionary time," he said. Johnson also warned against tying wage increases to inflation. "Employer profits are not magically indexed somehow to always go up," Johnson said. "Congress needs to look at the validity of raising the minimum wage in the context of the economic times in which it's being proposed." That concern is expected to drive Republican opposition in Congress. Florida Sen. Marco Rubio, who delivered the GOP response to Obama's State of the Union address, said Wednesday that boosting the minimum wage is the wrong way to help workers increase wages. "I don't think a minimum wage works," Rubio said on "CBS This Morning. "I want people to make more than $9 dollars an hour. The problem is, you can't mandate that." Boehner, the House speaker, told reporters Wednesday: "When you raise the price of employment, guess what happens? You get less of it." The White House is pointing to companies such as Costco, Wal-Mart and Stride Rite that have supported past increases in the minimum wage, saying high wages help build a strong work force and lower turnover helps improve profitability over the long run. Associated Press writer Christopher Rugaber contributed to this report. | Email | Follow: @BrandonLeeNews Good Morning Arizona By azfamily.com 3 On Your Side 3OYS: Mesa senior warns of 'Grandparent Scam'add to reading list By Gary Harper Bio | Email | Follow: @GaryHarper3TV News Headlines - Top Stories | Email | Follow: @JavierSotoTV Good Morning Arizona 'Sky Kids' takes children flyingadd to reading list By Bruce Haffner Bio | Email | Follow: @chopperguyhd Health News Woman travels from Norway to Phoenix for rare, risky spine surgeryadd to reading list | Email | Follow: @NatalieBrand More Video Body found by highway is missing Massachusetts boy Ohio couple married 70 years die 15 hours apart Woman finds body while hunting for Easter eggs Calif. customers hit with expensive Del Taco bill Plane spotted in Iran is registered to Utah bank More>>

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NY court date Mon. in massive insider trading case NEW YORK — A former hedge fund portfolio manager charged in one of the biggest insider trading cases in history was due in a New York federal court after an investigation that touched on the activities of one of the nation's wealthiest financiers. Mathew Martoma's court date Monday was expected to be largely procedural, though there could be some discussion of the $5 million bail set for him last week in Florida. He was arrested at his home in Boca Raton, Fla., but the case is based in New York. While working for CR Intrinsic Investors LLC between 2006 and 2008, Martoma exploited an acquaintance with a medical school professor to get confidential, advance results from tests of an Alzheimer's disease drug, Manhattan U.S. Attorney Preet Bharara's office said. Then Martoma used the information to make more than $276 million for his fund and others, prosecutors said. First he led other investment advisers to buy shares in the drug companies, and then he and the others ditched their investments before the public found out about the drug trial's disappointing results, allowing them all to make big profits and avoid huge losses, according to prosecutors. Defense lawyer Charles Stillman said Martoma simply worked hard and vigorously pursued public information. Stamford, Conn.-based CR Intrinsic Investors is an aff

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Mideast Stake in Citigroup May Lead to Other Deals Reuters Tuesday, 27 Nov 2007 | 4:23 PM ETReuters A $7.5 billion Abu Dhabi deal to buy Citigroup shares may have created a model for acquisitions by Gulf and other emerging-market investors scouring the ruins of the U.S. mortgage crisis for bargains.The Abu Dhabi Investment Authority sought no role in managing Citi , allowing the world's wealthiest sovereign fund to invest as a saviour of the largest U.S. bank without the risk of being perceived in the United States as an Arab predator. Citigroup Center Investors from Dubai to China could be considering similar deals with cash-strapped U.S. banks, hoping to ride a recovery in their stocks and avoid the political barriers that could have been thrust in their path in better times, analysts said."There will be more such investments," said Giyas Gokkent, head of research at the National Bank of Abu Dhabi. "The other buyers will likely play the same white-knight role," he said of other Gulf Arab investments in Wall Street firms.Citi, which could book $17.8 billion in second-half credit-market losses, said ADIA would buy 4.9 percent of stock, eventually becoming the largest shareholder of a bank that has lost 42.5 percent of its market value in the past five months.Others May FollowOther Gulf investors, backed by $1.2 trillion in state reserves, say they could follow, depending on when they expect the worst of the crisis triggered by defaults on high-risk home loans to have passed.Investment Corporation of Dubai said on Nov. 20 it was looking to benefit from the U.S. crisis, but judged shares of Citigroup to be too expensive as were those of Merrill Lynch , which reported the biggest credit losses after Citi.DIFC Investments, the Dubai government agency that bought into Deutsche Bank this year, said last week it could invest in banks and property among other U.S. assets.Dubai's state-owned private equity firm Istithmar said in September it was considering buying into two U.S. companies hit by exposure to subprime, or high-risk, mortgages. It did notn

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Steve Pierson Announces Retirement From BluCurrent Credit Union April 23, 2013 • Reprints Steve Pierson is retiring on June 30 as president/CEO of the $148 million BluCurrent Credit Union in Springfield, Mo. Pierson has been with the former Postal Federal Employees Credit Union since 1975 and its president/CEO since 1977. He is only the second president in the 18,900-member credit union’s 84-year history and will be succeeded by current Executive Vice President Craig Tabor, the credit union’s board said in its announcement on Tuesday. Under Pierson’s leadership, the credit union has grown from one branch and $8 million in assets to its current $148 million in assets and six branches, including three in Springfield. BluCurrent underwent a name change from Postal Federal Community Credit Union in 2011 and now is open to anyone living or working in 10 southwest Missouri counties. “I hope by my actions over the last 38 years, I’ve served our members well and brought value to them and their families,” said Pierson, who said he plans to spend more time with his wife and eight grandchildren. Tabor has been with BluCurrent since 2004. His 23 years of experience also include stints as area manager for Ent FCU in Colorado Springs, Colo., and vice president of operations for Qualtrust CU in San Angelo, Texas, BluCurrent said. “I consider it a tremendous honor to be chosen to help lead such a great credit union. I’m so thankful for all Steve has done to prepare me for this transition – I’m definitely going to miss seeing him in the office,” Tabor said in the credit union’s announcement. Show Comments

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From the August 14, 2013 issue of Credit Union Times Magazine • Subscribe! People in the News August 14, 2013 • Reprints EAST The $776 million St. Mary’s Bank of Manchester, N.H. appointed Pamela Ordway vice president, loan operations manager. Ordway will be responsible for the direct workflow of residential and consumer loan operations, including processing, underwriting, closing, post-closing, and the secondary market portfolio. She served as vice president, processing and underwriting, at Merrimack County Savings Bank for over 20 years. She previously was vice president and senior underwriter at Numerica Savings Bank. The $627 million Amplify Federal Credit Union of Austin, Texas hired Steve Menczer as vice president of real estate lending. In his new role, Menczer will be responsible for supervising all real estate lending functions and managing the lending department to ensure members receive the best services and loan rates possible. Before joining Amplify, Menczer was the investor channel manager for the $2.9 billion San Antonio Credit Union, where he managed all secondary market investor relationships. Prior to that, he SAFCU’s wholesale mortgage manager. Menczer will oversee Amplify’s processing, origination, underwriting, secondary marketing, second liens and mortgage loan servicing. The $675 million DATCU Credit Union of Denton, Texas announced that Lety Arista and Carrie Gorman have joined the credit union’s insurance division. Arista brings more than 13 years of property and casualty insurance experience to her new position. She spent the last five years with State Farm Insurance. She is in her senior year at the University of North Texas where she will soon complete her BBA in risk management. Gorman also joins DATCU from State Farm Insurance. She is licensed in property and casualty insurance and brings a wealth of knowledge and excitement with her to the credit union. She has been serving the industry since October 2000. The $3.3 billion Kinecta Federal Credit Union of Manhattan Beach, Calif. announced that Steven J. Glouberman has been promoted to senior vice president, chief risk officer & general counsel. He has served as Kinecta’s general counsel since April 2008. Reporting directly to Keith Sultemeier, president/CEO, Glouberman will oversee all legal and enterprise risk management functions impacting the credit union and its subsidiaries. Prior to joining Kinecta, Glouberman was general counsel for ResMAE Mortgage Corp. He also opened and developed his own law practice and served as senior associate specializing in commercial and financial litigation and insolvency for Morgan, Lewis & Bockius LLP. The $7.4 billion Security Service Federal Credit Union of San Antonio announced the promotion of Ronnette Pittman to area manager of the central district. In her new position, Pittman will be responsible for overall operations, member service and meeting area goals for the branches. Pittman holds a Bachelor of Science degree in business administration from Columbia Southern University. She joined SSFCU in 1999 as a senior member service officer and has since held multiple positions of increasing responsibility, most recently as a branch manager. The $950 million Unitus Community Credit Union of Portland, Ore. announced the addition of Brian Alfano as vice president of member services. Alfano will provide strategic leadership over Unitus’ member experience to ensure consistency across ­delivery channels, including branch operations, member support, and products and services. He is a former vice president with Umpqua Bank. The $502 million Financial Center Federal Credit Union of Indianapolis recently hired Jeff Olbina as a financial adviser. Olbina joins the credit union through its partnership with broker-dealer, CUSO Financial Services L.P.. A 21-year veteran of financial planning, he will assist Financial Center members with retirement and investment planning. He is a graduate of Indiana University. The $2.5 billion Michigan State University Federal Credit Union of East Lansing, Mich. announced the hiring of Thomas E. Bell as the assistant vice president of business lending. Bell has been with MSUFCU since June of 2013. Before being hired at the credit union, Bell was a first vice president of commercial lending for Citizens Bank. He received a Bachelor of Business Administration degree from the University of North Texas and an MBA from the Eli Broad School of Management at Michigan State University. CU24 of Tallahassee, Fla., announced that its board of directors has elected Joan Nolan as chairman of the board and Paul Numbers as vice chairman. Nolan had previously served as vice chairman for one and a half years. She is currently vice president of operation support at the $856 million IBM Southeast Employees Federal Credit Union of Boca Raton, Fla. Numbers is president/CEO of the Jacksonville, Fla.-based, $305 million State Employees Credit Union. Innovative Technology Inc. of Omaha, Neb. announced that Marc Paine has been named vice president of sales and marketing. Paine’s responsibilities will involve management of the company’s sales efforts as well as supervising marketing communications. For the last 15 years, he served as director of advertising and marketing for Strunk & Associates. Show Comments

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November 2006FLORIDA REALTOR MAGAZINE Getting Started Tools and Support News and Events Legal Center Legislative Center Education Get Connected About Florida Realtors Governance Research & Statistics Video Library My Favorite pages What's this?remove Sign in to use the “My Favorites” feature. Subscribe to Florida Realtors® Email this page: Your Email: Recipients Email: Comments: Florida Realtor Magazine>2006>November>Weighing the Risk From Florida Realtor magazine, November 2006 | page 63 Weighing the Risk The days when consumers’ mortgage choices were limited to either a 15- or 30-year term, on either a fixed rate or adjustable rate plan, are long gone. With an eye on growing their loan portfolios while also putting homeownership within the grasp of more Americans, banks and mortgage lenders have over the last few years instituted a range of programs designed to do just that. Among the most popular, and sometimes controversial, of these options is the interest-only loan, which was previously reserved for affluent homebuyers and/or investors looking to preserve their capital to use for other investments. Use of such mortgages has expanded over the last few years to include, for example, buyers with unpredictable incomes who can opt to pay only interest during the “lean” times, and interest-plus-principal, on their own accord. Nontraditional Products Popular Barbara Grunkemeyer, deputy comptroller for credit risk at the Office of the Comptroller of the Currency (OCC) in Washington, D.C., says such non-traditional mortgage products have been around for “at least 15 to 20 years,” and that demand for such products has picked up significantly in the last two to three years. “Basically, when fixed rates started to go up,” says Grunkemeyer, “we saw some mortgage originators start to look creatively towards some of these non-traditional products that would qualify borrowers in an increasing rate scenario.” More Foreclosures? These creative financing options have come under fire in recent years, due to the perception that programs like interest-only loans and adjustable rate mortgages (ARMs) can be risky in certain borrowing situations. First-time buyers with shaky credit history or a propensity to buy outside of their budgets, for example, can quickly find themselves in hot water when interest rates rise or balloon payments come due. Sales associates should be aware of these risks when working with buyers, who may be so eager to get approved for a loan that they don’t factor in the implications of a non-traditional mortgage lending product. “Like shoes, one size does not fit all,” says John O’Connor, sales manager at Wells Fargo Home Mortgage in Jacksonville. Finding the Best Fit O’Connor points out that just because a loan officer recommends an interest-only or ARM option—or, a combination of the two—that doesn’t necessarily make it a risky venture. “It may simply be the best fit for the customer,” says O’Connor. Because first-time buyers can be particularly vulnerable to risky lending opportunities, O’Connor urges sales associates to err on the side of caution when working with them. “Conservatism should be kept in mind at all times,” he says. “A lender may be more than willing to lend more than can be easily managed by a first-time buyer, so focus on the overall monthly payment and whether it will be easily managed by the buyer. If not, then either wait, or lower their purchase price range.” O’Connor says first-time buyers should avoid interest-only loans, namely because those purchasers usually need higher loan-to-value loans. “It’s important to build equity into a payment for a first-time buyer, in order to put some ‘cushion’ between what is owed, and the value of the home,” says O’Connor, who sees that strategy becoming more important than ever in today’s changing real estate market. “Now more so than in recent years, this is quite important as appreciation rates have slowed in most markets across Florida.” Features My Aha! Moment 10 Step Guide to Renovating Your Web Site Online Leads: Gold Mine or Waste of Time? It's All About the Money Departments Mailbox BizLine Know the Law Legal Hotline Technology & You Makeover Realtor Advantage Realtor Scoop You Inc. Current Issue Your "Green" Magazine Florida Realtors® Headquarters - Orlando: (407) 438-1400 Office of Public Policy - Tallahassee: (850) 224-1400 © 2014 Florida Realtors®

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Ultratech Knocked Back, Not Knocked Out By Stephen D. Simpson, CFA Filed Under: Equity, Sector - Technology, Earnings Recap Tickers in this Article: UTEK, AMAT, INTC, TSM, KLAC For all of the times I lament stocks that got away, I've been lucky enough over the years to benefit from second chances as well. Semiconductor equipment supplier Ultratech (Nasdaq:UTEK) appears to be offering just such a chance right now. While there are certainly risks regarding the adoption of the company's advanced packaging and laser annealing technologies, to say nothing of competition from much larger companies, Ultratech's strong position at leading chip manufacturers like Intel (Nasdaq:INTC) and Taiwan Semiconductor (NYSE:TSM) argues that this company is still in the early stages of a significant revenue ramp. SEE: The Industry Handbook: The Semiconductor IndustryFirst Quarter Earnings Weren't Great, And Guidance Was Much Worse The problem with Ultratech is that it's small enough where a lost or delayed order or two can have a major impact upon results. To that end, I do not believe that the company's fairly severe downward revision for second quarter revenue and earnings is so much of a long-term competitiveness issue as a timing issue. As it was, first quarter revenue rose 22% from the year-ago level, but fell 9% sequentially. That was about 5% to 10% below many analysts. Gross margin weakened both annually (down about two and a half points) and sequentially (down almost two points), but was a little better than most estimates. Operating income rose 17% from last year, but fell almost one-quarter sequentially, and the operating margin was a little disappointing. Because of customer uncertainty (usually code for order delays and/or an inability to get customers to sign on the dotted line), management lowered guidance for the second quarter by about one-third while projecting roughly breakeven operating earnings. SEE: Can Earnings Guidance Accurately Predict The Future? FinFET Driving More Laser Spike Annealing – When Or If? One of the bigger near-term opportunities for Ultratech is the adoption of the company's laser spike annealing to manufacture FinFET chips. FinFETs generally refer to multigate (usually, but not always, double-gate) transistor architectures where the gate wraps over a conducting silicon “fin”. Some engineers have pointed to this as one of the biggest moves forward in chip design in decades, and it promises significantly better performance/power trade-offs. It's still early, but it appears that laser annealing offers considerably better performance over traditional annealing technologies from companies like Dainippon Screen and Applied Materials (Nasdaq:AMAT). What's more, the migration to even smaller chips will increase the number of annealing steps, which means more opportunity for Ultratech. Should LSA take off with FinFETs, that could go a long way towards growing a $100 million market towards $500 million or even $1 billion in a matter of years, and Ultratech is currently estimated to have about 70% share in this market, not to mention strong IP and chip partners like Intel, TSMC, and Samsung (OTC:SSNLF) -- all of whom use Ultratech for 100% of their LSA tools at 28nm. As I believe LSA adoption in FinFETs is a when-not-if proposition, so too do I believe greater spending from Ultratech's core customers is a question of timing. Intel appears committed to establishing its fab operations, but won't be spending in earnest until later in the year (and may delay further if chip demand doesn't improve). On the other hand, TSMC recently increased its full-year capex target by $500 million to $1 billion, suggesting that Ultratech investors simply need to be patient. SEE: A Primer On Investing In The Tech IndustryThe Bottom Line A large part of the Ultratech story revolves around chip companies changing their practices, and that certainly adds risk to the story. There are compelling arguments for companies to switch to “flip chips” that require Ultratech's advanced packaging tools and to laser spike annealing, but it's certainly risky to just assume that a company is going to see a many-fold increase in its addressable markets in just three to five years. Likewise, the company's efforts to challenge KLA-Tencor (Nasdaq:KLAC) and Nanometrics (Nasdaq:NANO) in metrology are bold, to say the least. Even so, I'm a believer. I think Ultratech could see 9% long-term revenue and free cash flow (FCF) growth, and that's conservative relative to most of the analysts who cover this stock. Said differently, if the advanced packaging and LSA markets grow as forecast, Ultratech could conceivably generate $500 million or more in revenue from these businesses alone in 2017 (my estimates are more modest than this). On a cash flow basis, that works out to a fair value of close to $42, and valuation likewise seems undemanding on a price/tangible book compared to other equipment vendors. I don't actually believe that Ultratech will stay independent long enough to test those 2017 assumptions, but I am seriously considering adding these shares to my account today.At the time of writing, Stephen D. Simpson did not own shares in any of the companies mentioned in this article. by Stephen D. Simpson, CFA Stephen D. Simpson, CFA, is a freelance financial writer, investor, and consultant. He has worked as an equity analyst for both sell-side and buy-side investment companies in both equities and fixed income. Stephen's consulting work has focused primarily upon the healthcare sector, while he has also written extensively for publication on topics pertaining to investments, security analysis, and healthcare. Simpson operates the Kratisto Investing blog, and can be reached there. Oil and Some Oil Stocks Starting to Run Earnings Outlook is the Key Factor - Ahead of Wall Street The Weakest Financial Links Overlooked Israel Is A Portfolio Growth Engine Trading the Channel Bounce Trading Center

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Consumer confidence up, but what about Douglas County? By Kat Wolcott KPIC News Published: May 29, 2013 at 11:01 AM PDT Last Updated: May 29, 2013 at 11:01 AM PDT ROSEBURG, Ore. -- With Wall Street on a roll and home prices on the rise, consumer confidence has reached a high the nation hasn't seen since before the recession. Consumer confidence reached a 5-year high, and some businesses say they've noticed an increase in customers. KPIC News talked with local business owners to find out if their customers are ready to spend again. Jerel Skeith from Waldron's Bike Shop says they see an increase. "We've seen just a huge flux, so it's been exciting just to deal with a lot more people than I have in the past," he said. But not every business owner said they've seen proof of a rise in consumer confidence. Skeith thinks that may be because some people are not buying local, but the 'Buy Local' movement is something he thinks is on the rise. "I've seen a lot more people be alert to like, "hey, we want to keep this local and we want to do what's right locally." But I think we'll always have a little bit of competition with other entities out there," he said. One thing all of the businesses KPIC News spoke with had in common: they urge people to shop local, so that all of the money that's spent with this new consumer confidence goes right back into Douglas County's economy.

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Resource Center Current & Past Issues eNewsletters This copy is for your personal, non-commercial use only. To order presentation-ready copies for distribution to your colleagues, clients or customers, click the "Reprints" link at the top of any article. EBay Probed Over Loans Pioneered by Payday Lenders U.S. Consumer Financial Protection Board looks into lending practices of the company's Bill Me Later service. By Carter Dougherty, Bloomberg October 22, 2013 • Reprints EBay Inc. is facing a probe by the Consumer Financial Protection Bureau (CFPB) over a loan program that mimics a structure used by high-interest lenders to evade state rules before the practice was stamped out by regulators. The program, called Bill Me Later, is a service of the online marketplace’s PayPal unit that relies on Salt Lake City, Utah-based Comenity Capital Bank to make loans that are then purchased and managed by EBay, according to regulatory filings. Under federal law, banks can lend in any state without being licensed there or complying with local interest rate caps. So-called payday lenders used similar arrangements to avoid state rules before regulators and state attorneys general ended the practice, said Margot Saunders, a lawyer with the National Consumer Law Center. “The key issues are who has the risk of loss and who has the primary income,” Saunders said in an interview. “And the banks typically arrange these deals by having no risk at all.” San Jose, California-based EBay disclosed the CFPB probe on Oct. 18, saying it had received requests for information related to Bill Me Later’s “products and services, advertising, loan origination, customer acquisition, servicing, debt collection, and complaints-handling practices.” The service is part of its PayPal unit. Sam Gilford, a spokesman for CFPB, did not respond to requests for comment. Kari Ramirez, EBay spokeswoman, said the companies “take consumer protection very seriously and are cooperating with the CFPB’s investigation.” 2008 Deal In 2008 EBay acquired Bill Me Later, which also lets users finance purchases in online markets run by Wal-Mart Stores Inc., The Walt Disney Co., and Apple Inc. Customers can avoid the annual 19.99 percent rate by paying off the loan before the end of a six-month promotional period. If they pay later, they incur accumulated interest and fees that effectively raise the annual rate. The consumer bureau said in an Oct. 1 report that these “deferred interest” products can end up being more expensive for consumers than using a normal credit card. Mark Lavelle, a senior vice president at PayPal, said on Feb. 11 that Bill Me Later, which was founded in 2000, “probably couldn’t get off the ground today” because of increased regulatory scrutiny applied to lenders. The absence of competitors “is good for my company now, but I don’t think it’s necessarily good for our economy,” Lavelle told analysts. In 2012, EBay purchased loans worth $3.2 billion, according to regulatory filings. Its total revenue that year was $14.1 billion. In the late 1990s, so-called payday lenders, which offer loans due when a borrower gets his or her next paycheck, linked with banks to lend in states where the practice is illegal or requires licensing. Payday loans can carry interest rates of as much as 521 percent, according to the consumer bureau. Banks officially made the loans, which payday lenders then purchased. Regulators including the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corp. st

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Resource Center Current & Past Issues eNewsletters This copy is for your personal, non-commercial use only. To order presentation-ready copies for distribution to your colleagues, clients or customers, click the "Reprints" link at the top of any article. From the December Special Report issue of Treasury & Risk magazine Get Going on eBAM Adoption of eBAM is expected to pick up now that the first corporate treasury has gone live, but there’s still much work to do before eBAM reaches its full potential By Susan Kelly December 19, 2013 • Reprints There has been plenty of talk about electronic bank account management (eBAM) for the last few years, but not a lot of action. That changed in October, when Bank of America Merrill Lynch announced that one of its corporate customers, USI Insurance Services, was live on eBAM. Despite that achievement, bankers and vendors said that there is still much work to be done before the technology reaches its full potential. Dan Gill, senior vice president at Weiland Corporate Solutions, a unit of Fiserv, compared the first message sent in October with the first phone call, describing it as eBAM’s “Alexander Graham Bell moment.” “We crossed that hurdle,” Gill said. “Now it’s a matter of getting more banks doing it, here and overseas.” Given the interest in eBAM among corporate treasuries, he said, once the banks sign on, treasuries will follow. Hurdles to Streamlined Account Management Electronic bank account management aims to simplify the work involved in keeping track of bank accounts for companies that may have hundreds of accounts at a number of different banks around the world. While individual banks offer proprietary eBAM solutions for their customers, the multibank version involves a set of extensible markup language (XML) messages that corporates can send over the SWIFT network to their banks to open or close accounts, change the signers, or get information about accounts. Version one of the eBAM messaging standard was approved in 2009, noted Glen Solimine, executive director of treasury services at J.P. Morgan. “The standard has been out there for quite some time,” Solimine said. “The challenge was that nobody was adopting it.” One barrier was differences in the way various banks interpreted eBAM standards and their varying requirements for transactions such as opening an account. SWIFT had proposed building an eBAM Central Utility (E-CU) platform to ensure consistency, but that project stalled for lack of funding. So some banks and vendors formed the Global Rapid eBAM Adoption Team, or GReAT, and set themselves the goal of enabling several corporate clients to use the eBAM messages in production via SWIFT. JPMorgan, Bank of America Merrill Lynch and Citi were the banks involved, along with SunGard, Weiland, e5 Solutions and USI Insurance. The members of GReAT worked together to iron out differences regarding the XML messages. They went through the details of the messages and talked about “specific elements that were in the standard that were interpreted a little differently from one bank to the next,” Solimine said. And they “harmonized” each field contained in the messages—figuring out, for example, whether name fields should be set up as first name then last name, or last name followed by a comma and then first name. “We had to work through the details to make this actually broadly adoptable,” Solimine said. As a result of that effort, “now there’s a harmonized version of the standard,” he said. And the GReAT project has set itself a second milestone: “to double the number of banks and clients in production and introduce [eBAM] into new regions” outside of North America by the end of March, Solimine said. “We should be able to harmonize the messages across all regions as well.” Paul Bramwell, senior vice president of treasury solutions for SunGard’s AvantGard corporations business, said the hope was that once the banks and vendors had agreed upon standards, and companies were able to send eBAM messages, that success would attract more banks and vendors to sign on, creating momentum for the technology. “The banks have such disparate back-end systems,” Bramwell said. “Normalizing all the data and transforming it is not so easy at the banking level—I think that’s why [eBAM’s] been so slow. Prolonged Global Rollout “Now that we’ve got these messages flowing, we have had quite a lot of interest from other banks and from vendors,” he said, but noted that there is “still lots of work to do and still a lot of disagreements among the banks. “For banks, which operate in lots of jurisdictions, there are a lot of legal requirements related to opening or closing a bank account,” Bramwell said. “A lot of those standards still have to be ironed out.” Weiland’s Gill said that given the different requirements for banking transactions in each country or region, eBAM’s global rollout could be a prolonged process. “There are going to be some knots and bumps along the road, especially as we move into Eastern Europe and Asia, and maybe even, before I retire in 20 years, China,” he said. Arun Sinha, head of channel and enterprise services for North America at Citi and chief operating officer for the bank’s treasury and trade solutions business in North America, clarified that a “holistic” multibank eBAM solution is “in pilot stage continuing into 2014 and beyond, and progressing forward with collaborative efforts between banks, eBAM vendors and clients.” And Sinha, pictured at left, noted that in the current process, companies follow up some eBAM messages with a paper document or a PDF of the document where required, although in some cases an existing document may be leveraged to complete the eBAM request. For example, a company that is opening an account may need to send the bank a board resolution authorizing it to do so. “That piece is still not on SWIFT, so to speak, and therefore that has to be a paper form or scanned copy which needs to be exchanged,” Sinha said. Sinha said that GReAT includes a group working on standardizing all the documents and formats that may need to be attached to an eBAM message. Tom Durkin, global head of integrated channels at Bank of America Merrill Lynch, said that while eBAM “doesn’t eliminate all aspects of paper,” the companies that he works with are more interested in other aspects of the solution. “Automating, getting some efficiency in signer management is more important than taking paper out of the flow,” he said. Bramwell noted that PDFs can be attached to SWIFT messages. While the regulations in different jurisdictions about required documentation make it difficult to achieve a “paperless and PDF-less” eBAM, that’s a goal that vendors and bankers would like to aim for, he said. “I think ultimately we will get there,” he said. “The paper trail will be the ou

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Economic and domestic policy, and lots of it. The British want to stop Starbucks from dodging taxes. It won't work. Where are people most likely to get tax refunds? Actually, cyclists make city streets safer EconomyBusinessHealth CareEnergyTransportation Archives More Universal coverage is not universal access By Sarah Kliff July 27, 2012 at 3:26 pm More Comments Kevin Clark, The Washington Post It's well known that the Massachusetts health law increased health insurance coverage. The picture on how it changed access to health care is a little bit less clear. Some research has suggested that access has increased - a 2011 study found a 6.6 percent increase in residents with primary care doctors. At the same time, other research has shown access gains eroding. New research from a team of Harvard researchers sheds some light on what might be happening: While access to care has improved, those in public programs have more difficulty finding doctors and paying for care. "Most of the narrative about Massachusetts has been that we solved the coverage problem and the access problem," says Harvard's Danny McCormick, the study's lead author. "We show that people with Medicaid and CommonWealth Care face challenges confronting a wide range of cost-related barriers not faced by the privately insured." CommonWealth Care is Massachusetts' publicly-subsidized health insurance program, which covers those with incomes below 300 percent of the federal poverty line. About three-quarters of those who gained insurance through the Massachusetts expansion did so through a public program - CommonwealthCare and Medicaid - while the other quarter purchased private, unsubsidized policies. McCormick and his colleagues interviewed 431 Massachusetts residents at a safety-net hospital in Boston. Their results, published in the Journal of General Internal Medicine, showed everyone was using outpatient care, such as prevention and normal doctor visits, at about the same rates. But there were other barriers that showed up primarily among those with public coverage. They report higher rates of delaying or not getting medications: This happened with 30 percent of Medicaid patients, compared to 7 percent of the privately insured. Dental care was also an issue, with 51 percent of CommonWealth Care subscribers delaying or forgoing care due to cost. That number stood at 27 percent for the privately insured. "Even though the co-pays for medication in Medicaid are between $1 and $3, that can represent a substantial barrier," says McCormick. "If you're a person with several chronic conditions, and get six prescriptions, it adds up." McCormick says he sees this in his own work as a primary care physician in the Boston area. About two months ago, he prescribed two hypertension medications for a Medicaid patient with high blood pressure. The patient showed up in his office again last week; he had never filled the prescriptions. "I asked him what happened, and he said he just couldn't pay for them," McCormick recalls. "He had no money coming in. I ended up having to admit him to the emergency room. It illustrates what happens when low income people can't get medication. It ended up costing several thousands of dollars." McCormick stresses that his report isn't meant to attack the value of public programs. He wholeheartedly agrees with the findings his colleagues published on Wednesday showing increased Medicaid coverage to correlate with lower mortality rates. Medicaid, he says, is still better than no coverage at all. His research showed that the small number of uninsured Massachusetts residents fared even worse than those on public programs. "I think the two studies are consistent," he says. "Public programs do provide substantial benefit. At the same time, there could be cost barriers that get in the way of access." Sarah Kliff covers health policy, focusing on Medicare, Medicaid and the health reform law. She tries to fit in some reproductive health and education policy coverage, too, alongside an occasional hockey reference. Her work has appeared in Newsweek, Politico, and the BBC. « Corporations are saving more and paying less Reconciliation » Also on Wonkblog Corporations are saving more and paying less

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You Choose '08: The Economy We often describe our You Choose '08 platform as "the world's largest town hall" for political discussion. Every day there are thousands of discussions on YouTube over the issues that face our communities, our families, and our world. Starting today, in this blog, we're going to put forth a six-part series focusing on public topics that are being discussed in various circles on YouTube. We begin with the U.S. economy.It's no secret that with the declining dollar, the U.S. mortgage crisis, and the recent collapse of Wall Street investment banking firm Bear Sterns, the U.S. economy is in trouble. YouTubers like Yayatv are encouraging people to save their money, while others like billybobjoe57 warn people to sprint from the dollar as fast as they can. Some users think the solutions to the economic crisis lie with our leaders – take, for example, n8glenn, who says that Ron Paul's libertarian philosophies are the way to a better future.Several YouTube newscasts have tackled this issue with man-on-the-street interviews, like this one from moblogictv, which asks, "What will you do with your $600 tax break?", or this one from WMALnews, which asks, "What's left of your wallet?"And of course the U.S. presidential candidates aren't going to miss out on the opportunity to weigh in on the economy, either. Senators McCain, Clinton, and Obama all have videos proposing solutions to the U.S. economic crisis. Check them out on our You Choose '08 platform.Finally, you can toggle through this playlist for a broader look at the conversations going on about the U.S. economy. Keep an eye out for the video from wallstrip -- it will make you laugh, even if your pocketbook is feeling wounded.Yours,Steve G.YouTube News & Politics YouTube Reveals Video Analytics Tool for All Users... YouTube Awards -- Winners Announced! The Iraq War, Five Years On The Vancouver Film School/YouTube Scholarship Comp... YouTube Videos in High Quality The YouTube Awards Are Back! SXSW on YouTube Sigur Ros Take Over Escape From Spring Break March 4th Madness You Choose '08 New Features Site Update 2/27

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Japan's Fiscal Sustainability and Interest Rate Risk in the JGB Market 12:30pm – 2:00pm EST Warren 4th Floor - 416 CJEB presents a luncheon "zadankai" seminar on Japan's Fiscal Sustainability and Interest Rate Risk in the JGB Market with: Tokuo Iwaisako Professor, Institute of Economic Research, Hitotsubashi University Moderated by: Hugh Patrick, Director, CJEB A video of the event is now available here. The Japanese government will be able to finance its debt as long as current account surpluses continue, meaning there is sufficient domestic demand for Japanese government bonds (JGBs). For the near term future, it is the domestic investors’ portfolio decisions that determine the likelihood of a crisis in the JGB market. Professor Iwaisako will summarize recent trends in Japanese institutional investors’ investment positions in JGBs and provide a forecast for the next several years. He will argue that, in the near term, there must be some increase in the JGB yield, and that potential damages to Japanese financial institutions will be limited and can be controlled. However, in the long-run, a more serious fiscal crisis is inevitable unless the Japanese government makes a serious commitment to painful fiscal consolidation. About Professor Iwaisako: Tokuo Iwaisako is a professor at Institute of Economic Research, Hitotsubashi University. He also teaches finance and macroeconomics in the Department of Economics and at Hitotsubashi’s Graduate School of International Corporate Strategy. He held the position of Principal Economist at the Institute of Policy Research, Ministry of Finance, Japan from April 2009 to March 2011. Professor Iwaisako earned his Ph.D. in economics from Harvard University in 1997. He received his B.A. from Hitotsubashi University in 1990. Where & When Warren 4th Floor - 4161125 Amsterdam Avenue New York, NY 10025 Thursday, February 14, 2013, 12:30pm – Center on Japanese Economy and Business

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Business Reporting Sustainability Performance & Financial Management Governance Ethics Audit & Assurance Risk Management & Internal Control Finance Leadership & Development Practice Management Independent Standard-Setting Boards Auditing & Assurance The International Auditing and Assurance Standards Board sets high-quality international standards for auditing, assurance, and quality control that strengthen public confidence in the global profession. Education The International Accounting Education Standards Board establishes standards, in the area of professional accounting education, that prescribe technical competence and professional skills, values, ethics, and attitudes. Ethics The International Ethics Standards Board for Accountants sets high-quality, internationally appropriate ethics standards for professional accountants, including auditor independence requirements. Public Sector The International Public Sector Accounting Standards Board develops standards, guidance, and resources for use by public sector entities around the world for preparation of general purpose financial statements. Home › About IFAC › News & Events › IFAC Forum Addresses Challenges and Opportunities Facing SMPs in an Ever-Changing Global Marketplace Filter By News TypeEventsIFAC in the NewsNewsletters & eNewsPodcastsPress Releases/News AlertsSpeeches & PresentationsVideos SourceIAASBIAESBIESBAIFACIPSASBPAIB CommitteePAO Development CommitteeSMP CommitteeTAC and FOF All LanguagesEnglishFrenchGermanSpanish Press Releases/News Alerts Mar 19, 2012Singapore/New York English SMP Committee Find more news & events related to: SMP/SME, SMP Forum IFAC Forum Addresses Challenges and Opportunities Facing SMPs in an Ever-Changing Global Marketplace Today over 200 delegates from 40 professional accountancy organizations in 36 countries convened in Singapore for the sixth annual IFAC Small and Medium Practices (SMP) Forum. Co-hosted with the Institute of Certified Public Accountants of Singapore (ICPAS), this year’s event featured a keynote address by Ms. Jessica Tan, Chairman of the Government Parliamentary Committee for Finance and Trade & Industry in Singapore, and speakers from the Singapore Business Federation (SBF) and Accounting and Corporate Regulatory Authority (ACRA) of Singapore.Delegates from IFAC member bodies convened with representatives from the regulatory community, leading regional business associations, and international standard setters to discuss the hot-button challenges facing the SMP sector and to collaborate on the solutions on a global level. Plenary panel session topics included shaping regulations and standards and how SMPs can capitalize on emerging opportunities in an ever-changing marketplace.In his opening remarks, IFAC Deputy President Warren Allen gave an overview of IFAC’s role in the changing SME/SMP landscape: “The results of the 2011 IFAC Global Leadership Survey highlighted that the needs of SMPs and small- and medium-sized entities (SMEs) continue to be a high-priority area among IFAC’s membership. This may be because SMEs—and the SMPs that serve them—often constitute the backbone of economic stability. Here in Singapore, for instance, SMEs and small components (subsidiaries, branches, etc.) of multinational corporations contribute up to half of gross domestic product (GDP). And that is why IFAC is speaking out to ensure that world leaders recognize that the small business sector is a public interest issue, and that policy, regulation, and standards are developed in a way that will facilitate the growth of this sector.”ICPAS President Dr. Ernest Kan said, “ICPAS is honored to co-host this year’s SMP Forum with IFAC. The focus on SMPs and SMEs dovetails with ICPAS’ strategic focus on SMP development. In today’s complex global economic environment, SMPs and SMEs face unique challenges in value creation and capacity building. With the forum, we aim to provide a platform for international representatives to share insights on supporting this sector.”IFAC SMP Committee Chair Giancarlo Attolini added, “We can see from the attendance here today and the high level of participation in the SMP Quick Poll throughout 2011 that IFAC members are committed to serving their SMP constituents. IFAC shares this commitment since small accountancy practices typically serve small businesses, and when small businesses prosper, their local economies tend to prosper as well. We believe that SMEs and SMPs can be a part of the solution to the global economic recession.”For media enquiries:IFACICPASLaura WilkerHead of Communications1 212 471 [email protected] Xiao JingCommunications Executive65 6597 560965 9171 8852 About the IFAC Small and Medium Practices ForumThis annual event provides a unique, global platform for delegates of IFAC member bodies to learn, debate, and collaborate on the opportunities and challenges facing SMPs and their small- and medium-sized entity clients. Learn more at www.ifac.org/2012SMPForum. This year’s event was made possible by the generous support of its co-host, the Institute of Certified Public Accountants of Singapore, and the sponsorship of the following IFAC member bodies: Association of Chartered Certified Accountants; Body of Expert and Licensed Accountants of Romania (CECCAR); Certified General Accountants Association of Canada; Consiglio Nazionale dei Dottori Commercialisti e degli Esperti Contabili; CPA Australia; Hong Kong Institute of Certified Public Accountants; and Institute of Chartered Accountants in England and Wales.About the Institute of Certified Public Accountants of SingaporeEstablished in 1963, the Institute of Certified Public Accountants of Singapore (ICPAS) is the national accountancy body that develops, supports, and enhances the integrity, status, and interests of the profession.ICPAS accords the Certified Public Accountant Singapore (CPA Singapore) designation. The CPA Singapore is a professional in accountancy, finance, and business distinguished by their technical expertise, integrity, and professionalism, in addition to a recognized accountancy qualification and relevant work experience. CPAs Singapore serve every corner of the world in every industry. Many of them helm some of the most prominent local and international corporations. Presently, there are close to 25,000 members in ICPAS.For more information, please visit www.icpas.org.sg.About the IFAC SMP CommitteeThe SMP Committee of the International Federation of Accountants (IFAC) represents the interests of professional accountants operating in small- and medium-sized practices (SMPs). The committee collaborates with IFAC member bodies to develop guidance and tools and speaks out on behalf of SMPs and small- and medium-sized entities (SMEs) to raise awareness of their role and value. The committee also works to ensure that the needs of the SMP and SME sectors are considered by standard setters, regulators, and policy makers.About IFACIFAC is the global organization for the accountancy profession dedicated to serving the public interest by strengthening the profession and contributing to the development of strong international economies. IFAC is comprised of 167 members and associates in 127 countries and jurisdictions, representing approximately 2.5 million accountants in public practice, education, government service, industry, and commerce. # # # Related Resources Companion Manual: Guide to Quality Control for SMPs/Guide to Using ISAs in the Audits of SMEs/Guide to Review Engagements Guide to Review Engagements IFAC SMP Quick Poll: 2013 Year-End Round-Up SMP Committee Response to IAASB's Consultation Paper: Strategy and Work Program, 2015-2016/19 SMP Committee Response to IESBA Consultation Paper: Proposed Strategy and Work Plan, 2014-2018 HOME | ABOUT IFAC | PUBLICATIONS & RESOURCES | NEWS & EVENTS | CONTACT | SITE MAP

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Home > About FDIC > Advisory Committee Speaker Biographies Speaker Biography - Jim Cunha Jim Cunha is Senior Vice President of the Treasury And Financial Services Group. His group�s responsibilities include: First District Cash and Check Processing, and Payments/Mobile Strategies; and Wholesale Payment operations support for six Districts. The group is also responsible for two emerging payment businesses for the U.S. Treasury: Stored Value Card (SVC) and Internet Payments Platform (IPP). SVC is a prepaid smartcard based service used by the Department of Defense for domestic training bases and overseas peace-keeping bases. IPP helps automate the purchase order and invoice exchange processing for US government agencies and their vendors, and functions as a central repository for vendor payment related information. Lastly, they are developing the Treasury�s future cash concentration system and account management infrastructure. Jim has worked at the Federal Reserve Bank since 1984. Prior to that, he worked at Fleet National Bank. He has a BS in Accounting and Philosophy from Northeastern University and a BA in Computer Science from Rhode Island College. He is a member of the Board of Directors of the New England ACH (NEACH) Association and Children�s Friend and Family Services of Salem, Massachusetts. Last Updated 111/22/2011 [email protected]

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Why This 28-Year-Old Executive Left Square To Become A Venture Capitalist By Owen Thomas Square executive Jared Fliesler confirmed today that he's leaving the payments company and becoming a venture capitalist, as Business Insider first reported last month.He's joining Matrix Partners as the firm's eighth investment partner—and at 28, the youngest.He's the third Square executive to leave to become a venture capitalist in eight months—a coincidence, he told Business Insider, but one that might speak to the personality of people attracted to a fast-growing company in its early stages. Megan Quinn, Square's director of product, joined Kleiner Perkins last year.And Keith Rabois, whom Fliesler worked with closely at Slide before its sale to Google, is joining Khosla Ventures this month.Fliesler said his departure had no connection with Rabois's; as we reported, Fliesler announced he was leaving before Rabois revealed he was resigning from Square after he'd been threatened with a harassment lawsuit by a Square employee with whom he'd had a personal relationship. (Rabois and the company deny the claims, and no actual lawsuit has been filed.) Fliesler shared with Business Insider the text of a blog post about why he's becoming a venture capitalist. In it, he says that he thinks he can replicate the experience of being hands-on at a startup—but with more companies. Here it is:I think it’s hard for ambitious entrepreneurs to ever really be content. As soon as they hit a milestone or goal, they tend to just move the goal line out and think about what more they could do (a temporal nature my team has always found entertaining about goals we set). It’s important that we pause to celebrate the success of hitting the goal, but then it’s time to get back to work on the next big milestone we can accomplish.I’m constantly pushing and questioning myself to make sure I’m both on the right path and working towards the highest impact goals. I’ve been unbelievably fortunate and lucky to have the opportunities I have had and people around me that believe in me and help open doors.As I considered and spoke with people about what might be next over the last few months, I received a number of questions that largely boil down to the following: Square’s an incredible place with wonderful people and they’re truly trying to change the world (which I love), so why would I even think of leaving? And if I did leave, why would I go into venture?To answer these, I go back to my time at Slide and Google. If I think about what I’ve loved most in my career, it’s working in really small teams towards some audacious goal where we’re all sleeping, eating, bleeding, and breathing what we’re trying to do. I experienced this every day for the first few years at Slide and tried, as much as possible, to maintain that culture when we joined Google. Though I really liked my role as Director of Product at Google, it was hard to truly recreate the start-up vibe within a larger company.My original plan after Google was to go start a company; either from my own idea or by joining a small founding team. At the time, I was an advisor at Square and could see the company’s explosive growth and potential. So when my former boss came to me with the opportunity to run growth at Square, I had to say yes and I put my plans of starting a company on hold.I joined Square to figure out the big growth levers, build a team and foundation that would enable Square to scale around the world, and establish the right distribution and marketing channels to make sure that we controlled our destiny. By late-2012, it felt like we were well on our way to accomplishing these goals. We were moving to a scaling and optimizing rhythm and many of the challenges ahead were around continuing to iterate and optimize. We also hit an inflection point where we went from looking for an endless number of new channels to spend capital efficiently for customer acquisition to having an abundance of channels established and optimizing for payback. My team had grown from a small group to more than 70 people and the year ahead was about doubling that team and continuing to operate at a consistent cadence. At that point, I started seriously consider what was next and how to get back to what I enjoy most, working with a small team to solve core challenges at the whiteboard.I met the Matrix team about a year ago at an event they hosted and casually stayed in touch. Over the last 6 months, the conversation shifted from a casual one to figuring out how we could potentially work together. I don’t think any of us knew in what capacity “working together” would ultimately manifest itself, but it was clear that there was a fit.Like most entrepreneurs, I had previously given some thought to working in venture, but resolved that it was something I’d do later in life. I continued the thought process around my path forward and, in parallel, spent more time with the Matrix team learning about the firm and what it actually meant to work in venture with them.One of the biggest realizations I had was that no (successful) company was going to stay in my favorite part of the growth stage: going from “this looks like it’s working in a few tests cases” to “wow, this actually can work at scale.” At some point, successful companies reach scale and then you’re optimizing the curve vs. setting it. In addition to wanting to work in this necessarily finite stage of a company, I’ve been spoiled by massive scale and I was looking for something BIG. The truth is that if I had an idea that I couldn’t stop thinking about, I’d probably give into my builder mentality and start a company. What might be even better though, is finding a way to work with a number of companies that are in this stage.Investors should work for their portfolio companies. They should partner with them on the hardest problems and help them, against all odds, succeed at astronomical levels. As I learned more about Matrix, it felt like there was a match. They’re hands on and work with a small number of companies to truly change the trajectory of those businesses. I’m not joining Matrix to write checks and walk away. I plan to invest in a small number of companies and to be highly involved during the early stages, effectively working at each of the companies in which I invest. My investment strategy will mainly focus on identifying incredible entrepreneurs that are trying to change the world and specific companies where I’m uniquely suited to help them do that. I’ll start by investing in companies I’d consider going to work for and I hope that people will only take my investment if they would consider hiring me. If both of these aren’t true, I’m not the best investor for that company. VCs have a unique vantage point. They see both the good and bad decisions that each of their portfolio companies make and can leverage this information to help each succeed (and hopefully make fewer mistakes). I often leveraged our investors for insights as I made growth decisions for my previous companies, but I wish I had one that was in the weeds with me in the earliest stages of building our growth strategy. I want to be that person for the companies in which I invest. Over time, each company will go through their own growth cycle and move from setting to optimizing the curve and I hope I can help them to navigate through these early, and often treacherous, waters of growing their business. If I can play a key role in helping multiple companies grow, scale, and ultimately succeed I’ll be happy.- JaredMore From Business Insider Square CEO Jack Dorsey: Most Of The Best Programmers Are Self-TaughtAnother Top Executive Has Left SquareIt's Simply Astonishing How Many Googlers Now Work At SquareBusinessFinanceBusiness Insiderventure capitalist

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Investors Turn Away From Emerging Markets Share Tweet E-mail Print By editor Originally published on Wed July 3, 2013 7:52 am Listen Transcript RENEE MONTAGNE, HOST: In the world of global finance, emerging markets where a hot place for American investors to park their money. The hope was that fast growth in developing economies, like Brazil, Turkey and China, could yield higher returns. But there's been a big shift in recent weeks. Investors have been yanked their money out of the emerging markets in a big way. The unrest in Egypt and protests in Brazil and Turkey are only part of the story. To find out more, we turned - as we often do - to David Wessel of The Wall Street Journal. Good morning. DAVID WESSEL: Good morning, Renee. MONTAGNE: Now David, was it just fast growth, or is there more to why emerging markets were so attractive to investors? WESSEL: Well, fast growth was a big part of it. After all, Europe, the U.S. and Japan have been growing extremely slowly, and so investors - just like big companies - were looking to growth in emerging markets as a way to make more money. But there was also the factor that interest rates here in the United States were so low that people were looking for higher yield somewhere else, and emerging markets were happy to take their money. MONTAGNE: From what I understand, investors started pulling their money out of emerging markets before actually, all the unrest in Egypt and Turkey and Brazil. So what was that all about? WESSEL: Well, the first thing that happened was a big change in economic policy in Japan. A new government, a new central bank, and they really started pumping up their economy, and suddenly the Japanese stock market took off. So a lot of investors said wow, that's a good deal, and they took money out of emerging markets and put it in Japan. Then, in the United States, Ben Bernanke, the Federal Reserve chairman, began talking about his hopes that the U.S. economy soon will be strong enough to be weaned off very low interest rates here. Well, that changed some of the calculation of the investors, and again, they placed different bets and emerging markets where the losers. If you look at emerging market, bond, mutual funds, where individual investors put their money, in the past five weeks, more money has come out of those funds that at any time since the worst of the financial crisis in 2009. So a lot of ordinary investors said well, if interest rates are up a little bit in the U.S., I'm no longer willing to take the risk to put my money in Indonesia or Thailand, I'd like to have it in the United States, or Europe or someplace. MONTAGNE: How much in all of this is China a factor? WESSEL: Well... MONTAGNE: I mean that would be the biggest emerging market of them all. WESSEL: Yes. China is a huge factor. I mean it is the biggest emerging market of all. And importantly, it has been an enormous source of demand for all the other emerging markets. I mean they're building highways and pipelines in Brazil to get commodities from the remote parts of Brazil to the West Coast so that they can go to China. And China's economy is now slowing, and the slower demand from China is hurting emerging markets all across the globe. MONTAGNE: So back to that political turmoil in the streets of Turkey and Brazil, and now Egypt, what role is that playing? WESSEL: It reflects, I believe, an enormous amount of anger for middle-class people about the economic performance of those countries. So it could provoke some political reform but for now, it just scares off investors. I mean it makes people a little reluctant to buy bonds, say, of the Egyptian government, when they don't know if it's going to be there. MONTAGNE: All in all, it would seem that this would be hurting these countries. I mean foreign investment has played a pretty crucial role in helping these economies to develop, now billions of dollars is disappearing. What kind of impact are we seeing on these countries that are emerging markets? WESSEL: Well, there are two kinds of foreign investment. One is investment in plants, and office buildings and shares, and that tends to kind of be sticky. But then there's this short-term money, it's often called hot money, money that went into buy government bonds in order to make a higher return. And the trouble with that money is it tends to flow out just as quickly as it came in. So what do we see? We see currencies in these countries are falling, so that means that they can buy less stuff from abroad, it's more expensive in their currency. And the second thing is the governments have to spend more money, pay higher interest rates when they want to borrow, because there's less appetite for foreign investment. MONTAGNE: David Wessel is economics editor of The Wall Street Journal. Thanks for joining us again, David. WESSEL: You're welcome. Transcript provided by NPR, Copyright NPR.

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Next Laundered Money by Joseph T. Salerno Also by Joseph T. Salerno Under cover of its multiplicity of fabricated wars on drugs, terror, tax evasion, and organized crime, the US government has long been waging a hidden war on cash. One symptom of the war is that the largest denomination of US currency is the $100 note, whose ever-eroding purchasing power is far below the purchasing power of the €500 note. US currency used to be issued in denominations running up to $10,000 (including also $500; $1,000; $5,000 notes). There was even a $100,000 note issued for transactions among Federal Reserve banks. The United States stopped printing large denomination notes in 1945 and officially discontinued their issuance in 1969, when the Fed began removing them from circulation. Since then the largest currency note available to the general public has a face value of $100. But since 1969, the inflationary monetary policy of the Fed has caused the US dollar to depreciate by over 80 percent, so that a $100 note in 2010 possessed a purchasing power of only $16.83 in 1969 dollars. That is less purchasing power than a $20 bill in 1969! Despite this enormous depreciation, the Federal Reserve has steadfastly refused to issue notes of larger denomination. This has made large cash transactions extremely inconvenient and has forced the American public to make much greater use than is optimal of electronic-payment methods. Of course, this is precisely the intent of the US government. The purpose of its ongoing breach of long-established laws regarding financial privacy is to make it easier to monitor the economic affairs and abrogate the financial privacy of its citizens, ostensibly to secure their safety from Colombian drug lords, Al Qaeda operatives, and tax cheats and other nefarious white-collar criminals Now the war on cash has begun to spread to other countries. As reported a few months ago, Italy lowered the legal maximum on cash transactions from €2,500 to €1,000. The Italian government would have preferred to set a €500 or even €300 maximum limit but reasoned that it should permit Italians time to adjust to the new limit. The rationale for this limit on the size of cash transactions is the fact that the profligate Italian government is trying to reduce its €1.9 trillion debt and views its anticash measures as a means of cracking down on tax evasion, which "costs" the government an estimated €150 billion annually. The profligacy of the Italian ruling class is in sharp contrast to ordinary Italians who are the least indebted consumers in the eurozone and among its biggest savers. They use their credit cards very infrequently compared to citizens of other eurozone nations. So deeply ingrained is cash in the Italian culture that over 7.5 million Italians do not even have checking accounts. Now most of these "bankless" Italians will be dragooned into the banking system so that the notoriously corrupt Italian government can more easily spy on them and invade their financial privacy. Of course Italian banks, which charge 2 percent on credit-card transactions and assess fees on current accounts, stand to earn an enormous windfall from this law. As controversial former prime minister Berlusconi noted, "There's a real danger of crossing over into a fiscal police state." Indeed, one only need look at the United States today to see what lies in store for Italian citizens. Meanwhile the war on cash in Sweden is accelerating, although the involvement of the state is less overt. In Swedish cities, cash is no longer acceptable on public buses; tickets must be purchased in advance or via a cell-phone text message. Many small businesses refuse cash, and some bank facilities have completely stopped handling cash. Indeed in some Swedish towns it is no longer possible to use cash in a bank at all. Even churches have begun to facilitate electronic donations from their congregations by installing electronic card readers. Cash transactions represent only 3 percent of the Swedish economy, while they account for 9 percent of the eurozone and 7 percent of the US economies. A leading proponent of the anticash movement is none other than Bjorn Ulvaeus, former member of the pop group ABBA. The dotty pop star, whose son has been robbed three times, believes that a cashless world means greater security for the public! Others, more perceptive than Ulvaeus, point to another alleged advantage of electronic transactions: they leave a digital trail that can be readily followed by the state. Thus, unlike countries with a strong "cash culture" like Greece and Italy, Sweden has a much lower incidence of graft. As one "expert" on underground economies instructs us, "If people use more cards, they are less involved in shadowy economy activities," in other words, secreting their hard-earned income in places where it cannot be plundered by the state. The deputy governor of the Swedish central bank, Lars Nyberg, gloated before his retirement last year that cash will survive "like the crocodile, even though it may be forced to see its habitat gradually cut back." But not everyone in Sweden is celebrating the dethronement of cash. The chairman of Sweden's National Pensioners' Organization argues that elderly people in rural areas either do not have credit or debit cards or do not know how to use them to withdraw cash. Oscar Swartz, the founder of Sweden's first Internet provider, a supporter of the phasing out of cash, argues that without the adoption of anonymous payment methods, people who send money and make donations to various organizations can be "traced every time." But, of course, what the artless Mr. Swartz does not see is that this is the whole point of a cashless economy — to make even the most intimate economic affairs of private citizens transparent to the state and its fiscal and monetary apparatchiks, who themselves hate and fear transparency like vampires do sunlight. And then there are the benefits that accrue to the government-privileged banking system from the demise of cash. One Swedish small businessman shrewdly noted the connection. While he gets charged 5 kronor (80¢) for every credit-card transaction, he is prevented by law from passing this on to his customers. In his words, "For them (the banks), this is a very good way to earn a lot of money, that's what it's all about. They make huge profits." Fortunately, the free market provides the prospect of an escape from the fiscal police state that seeks to stamp out the use of cash through either depreciation of central-bank-issued currency combined with unchanged currency denominations or direct legal limitation on the size of cash transactions. As Carl Menger, the founder of the Austrian School of economics, explained over 140 years ago, money emerges not by government decree but through a market process driven by the actions of individuals who are continually seeking a means to accomplish their goals through exchange most efficiently. Every so often history offers up another example that illustrates Menger's point. The use of sheep, bottled water, and cigarettes as media of exchange in Iraqi rural villages after the US invasion and collapse of the dinar is one recent example. Another example was Argentina after the collapse of the peso, when grain contracts (for wheat, soybeans, corn, and sorghum) priced in dollars were regularly exchanged for big-ticket items like automobiles, trucks, and farm equipment. In fact Argentine farmers began hoarding grain in silos to substitute for holding cash balances in the form of depreciating pesos. As has been widely reported recently, an unlikely crime wave has rapidly spread throughout the United States and has taken local law-enforcement officials by surprise. The theft of Tide liquid laundry detergent is pandemic throughout cities in the United States. One individual alone stole $25,000 worth of Tide detergent during a 15-month crime spree, and large retailers are taking special security measures to protect their inventories of Tide. For example, CVS is locking down Tide alongside commonly stolen items like flu medications. Liquid Tide retails for $10–$20 per bottle and sells on the black market for $5–$10. Individual bottles of Tide bear no serial numbers, making them impossible to track. So some enterprising thieves operate as arbitrageurs buying at the black-market price and reselling to the stores, presumably at the wholesale price. Even more puzzling is the fact that no other brand of detergent has been targeted. What gives here? This is just another confirmation of Menger's insight that the market responds to the absence of sound money by monetizing highly salable commodities. It is clear that Tide has emerged as a subsidiary local currency for black-market, especially drug, transactions — but for legal transactions in low-income areas as well. Indeed police report that Tide is being exchanged for heroin and methamphetamine and that drug dealers possess inventories of the commodity that they are also willing to sell. But why is laundry detergent being employed as money, and why Tide in particular? Menger identified the qualities that a commodity must possess in order to evolve into a medium of exchange. Tide possesses most of these qualities in ample measure. For a commodity to emerge as money out of barter, it must be widely used, readily recognizable, and durable. It must also have a relatively high value-to-weight ratio so that it can be easily transported. Tide is the most popular brand of laundry detergent and is widely used by all socioeconomic groups. Tide also is easily recognized because of its Day-Glo orange logo. Laundry detergent can also be stored for long periods without loss of potency or quality. It is true that Tide is somewhat bulky and inconvenient to transport by hand in large quantities. But enough can be carried by hand or shopping cart for smaller transactions while large quantities can easily be transported and transferred using automobiles. Just like the highly publicized war on drugs that the US government has been waging — and losing — for decades, it is doomed to lose its surreptitious war on cash, because the free market can and will respond to the demand of ordinary citizens for a reliable and convenient money. Joseph Salerno is academic vice president of the Mises Institute, professor of economics at Pace University, and editor of the Quarterly Journal of Austrian Economics. He has been interviewed in the Austrian Economics Newsletter and on Mises.org. Send him mail. See Joseph T. Salerno's article archives. You can subscribe to future articles by Joseph T. Salerno via this RSS feed. View Author Archive Joseph Salerno is academic vice president of the Mises Institute, professor of economics at Pace University, and editor of the Quarterly Journal of Austrian Economics. He has been interviewed in the Austrian Economics Newsletter and on Mises.org. Send him mail.

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Singapore Subsidiary Company: The Most Ideal Business Entity for Foreign Entrepreneurs by danielyio Singapore company formation Sep 15, 2010 | 1739 views | 0 | 9 | | | permalink Singapore Business registration firm AsiaBizServices believes that a subsidiary company is the most ideal business formation for foreign companies and entrepreneurs who want to expand their operation to Singapore.“There are three business formations a foreign company or businessman can adopt—a representative office, branch office, and subsidiary company which we believe as the most ideal with its tax benefits, limited liability, and bankruptcy protection”, AsiaBizServices spokesman said. A subsidiary company, which allows a 100 percent foreign ownership, can enjoy local tax benefits since it is incorporated in Singapore. With this advantage, this business entity has become popular among foreign entrepreneurs and investors. Another advantage is that a foreign company can enjoy limited liability which means that it is not legally liable for any losses, liabilities, and debts of its Singapore subsidiary company.When it comes to tax benefits, a subsidiary company has countless to offer since it is treated as a local resident (being incorporated in Singapore). This is not the case for a branch office which is considered as a legal extension of its parent company.According to AsiaBizServices, a subsidiary company may have a different name from its main office and is allowed to conduct any business activities as long as these are considered legal in the country. Meanwhile, the business solutions provider added that this is not the case for a branch office which is only allowed to conduct activities performed by its parent company. When it comes to disclosure requirement, a subsidiary company is better than a branch office since it is only obligated to submit its own audited account and not its parent company’s. This arrangement does not apply to a branch office which may not be appealing to some foreign investors and businessmen. It is important to note that foreign businessmen and companies are prohibited by the government to self-register a subsidiary company or any business entity. With this, they need to hire a professional firm that will conduct all the processes involved in business registration and compliance matters. In addition, it is a requirement to appoint at least one local resident director who may be a Singaporean citizen or holder of Permanent Residence Status, EntrePass, or Employment Pass; designate a qualified resident secretary; and maintain a registered office address where a subsidiary company’s statutory documents are kept. “There are several compliance matters which must be met so that foreign businessmen can legally operate a Singapore company. With this consideration, they should hire a professional firm which must be accredited by the Accounting and Corporate Regulatory Authority (ACRA),” AsiaBizServices added. Singapore EntrePass is a special employment pass designed specifically to facilitate the entry and stay of entrepreneurs who are ready to start a new business in Singapore. View more information on How to apply for a Singapore EntrePass to relocate to Singapore.AsiaBizServices.comaddress: 120 Telok Ayer Street Singapore 068589 phone: 6563034614 email: [email protected]: http://www.asiabizservices.com/

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Economic Beat Consensus Builds on Fiscal Cliff: Kick the Can Down the Road Consensus is building in Congress on a fiscal cliff solution: Kick the can down the road. It's past time to blunt the tax shock set to strike in January. According to the nonpartisan Congressional Budget Office, tax revenue in calendar 2013 will jump by nearly a half-trillion dollars, which comes to about 2.7% of nominal gross domestic product. There hasn't been a single year since 1970 when increases in federal tax revenue ran even as high as 1% of nominal GDP. But in 1969, the rise ran 2.1%, and by that year's fourth quarter, the U.S. was in recession. Since I wrote about the tax shock last week ("Shock Treatment," Nov. 12), policy makers have held sit-downs, both formal and informal, to try to forestall it. With informal talks already under way between White House and congressional staff, President Obama held a meeting Friday, attended by congressional leaders, including Republican House Speaker John Boehner, from which nothing conclusive resulted. There were, however, postmeeting assurances that the talks had been "constructive." My colleague Jim McTague, in his column, seems confident that a deficit-reduction deal will be worked out early next year, preceded by passage of a measure this year to prevent our going over the cliff. But a true deficit-cutting plan could take longer. Regardless of your view, you can't follow the game without a score card. Herewith, a summary of the main issues: THE MEDIA SEEM TO BE SOWING CONFUSION about whether the talks are really about reducing the deficit, or about increasing it. Answer: To avert the fiscal cliff, or blunt the tax shock, policy makers must, over the next 12 months, do the unthinkable by widening the deficit, not narrowing it. But plans should also be put in place over the long run to phase in a narrowing of deficits that keep adding to a federal debt that now stands at 70% of nominal GDP, a level not seen since shortly after World War II. Cynics about the political process could make a fair case for a very different course of action. Our leaders are being told to be fiscally conservative over the long run and fiscally profligate over the short run. What if, given their profligate nature, they heed the second admonition, but ignore the first? If that were likely to happen, there might be a case for accepting the fiscal cliff, and the risks it poses of recession, because the bust that could ultimately occur if deficits are allowed to mount would be far worse. But there is one key point the cynics should consider. Those concerned about the looming debt generally favor spending reductions over tax increases. And averting tax increases is what averting the fiscal cliff is mainly about. Enlarge Image I have argued that this tax shock is the main threat, since the spending cuts are essentially illusory. The cuts that are supposed to occur via "sequestration" will be more than offset by increases in spending on entitlements. The projections of the CBO and the White House Office of Management and Budget both show spending climbing in 2013. The agreement forged to handle the fiscal cliff may postpone the sequestration, resulting in even bigger spending increases. But given the arithmetic, most of that agreement will necessarily involve postponing the tax hikes. THE GRAPHIC AT LEFT, which itemizes the main components of the tax shock, adds up to $506 billion. To put that figure in context, nominal gross domestic product now stands at $15.8 trillion, of which $506 billion is 3.2%, even more than the 2.7% projected by the CBO. Nominal GDP in the third quarter grew at an annual rate of 5%. So if we take 5% as our baseline, and assume a dollar-for-dollar hit to GDP growth, we would still get nominal gross domestic product running positive, and real GDP running about flat. To get an outright contraction in real GDP growth, we must assume a hit per dollar of more than a buck of GDP -- a shock that's quite possible. But the building blocks of that tax shock show a way to blunt it. Boehner favors lower taxes for everyone, including the wealthy. Obama wants to sock it to the wealthy and extend tax relief to everyone else. Accordingly, both favor extending the Bush tax cuts for lower brackets (worth $95 billion), extending the exemption on the alternative minimum tax ($114 billion), and extending part of the estate-tax holiday ($14 billion). And, according to a story in Reuters, support also is building for extending the payroll-tax holiday ($120 billion). Those figures add to $343 billion, or more than two-thirds of the tax shock. Call that shock effectively blunted. WHAT MIGHT REALLY HAPPEN? Cato Institute Budget Analyst Chris Edwards believes that, before this year's congressional session ends, all parts of the looming fiscal cliff will be officially postponed, at least until the middle of next year. That will include delaying tax hikes on the top brackets, along with the delay of sequestration. The second, more important part of the job -- taming the debt and deficits -- will have to wait until next year. E-mail: [email protected] Email

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Opinion Europe The BoE Is Getting 'Libored' Actual U.K. lending data suggest the central bank is being fed cheery, made-up credit 'availability' numbers. Benn Steil and Dinah Walker A recent Bank of England poll of U.K. lenders turned up some unexpected good news: Credit "availability" for both households and companies rose significantly in the fourth quarter of 2012. The net proportion of lenders reporting a rise in the availability of secured household credit over the prior three months soared to a post-2007 high of 26.2%, up from negative 4.1% in the second quarter and 21.9% in the third. The positive change was even more dramatic in the corporate sector: Lenders reporting improved credit availability rose to a net of 29.4%, up from negative 5.5% in the third quarter. The Old Lady of Threadneedle Street was quick to take credit for the credit. "Lenders noted," crowed the BoE, "that the Funding for Lending Scheme," through which the BoE and U.K. Treasury have since August provided banks with ultra-cheap funds to boost their lending, "had been an important factor behind this increase." It is impossible to know how much banks would have lent without access to reduced borrowing costs from the government. But we can say with confidence that the survey the BoE refers to is about as reliable as Libor. Libor interest rates, as we all now know, were routinely manipulated by major international banks over recent years. Because the rates were not based on actual trades, and high rates were seen as indicating difficulties obtaining funding, banks were able and had every incentive to report artificially low ones. Banks have admitted to taking advantage of this flaw in the framework and routinely underreporting their cost of funds. The indexes of credit availability the BoE has manufactured from its surveys are similarly unreliable. They are created by asking bankers amateur-journalist questions such as "How has the availability of secured credit provided to households changed?" and then assigning double the weight to lenders who respond "a lot" versus those who say "a little." There is nothing quantitative about the survey itself. Much more importantly, the banks have every incentive to tell the BoE that funding-for-lending is working swimmingly, and that the government should therefore keep funneling them cheap funds. Meanwhile, actual U.K. bank lending remains dead as a doorknob. Between October and November last year, net secured lending to individuals declined by £200 million, to a level nearly identical to that a year prior. Net lending to U.K. business declined £2.8 billion, to a level 4.1% below that a year prior. Importantly, FLS-beneficiary banks, which have borrowed some £4.4 billion under the scheme, have barely increased their lending. FLS-bank cumulative net lending to U.K. households and private nonfinancial companies rose just 0.04% from June to November. Lloyds and Santander, each of which borrowed £1 billion under FLS, actually reduced their lending over the period, by £2.8 billion and £3.5 billion, respectively. In short, actual U.K. lending data suggest the BoE is being "Libored" by the banks—that is, being fed cheery, made-up credit "availability" numbers to keep their regulator and funder happy. Might FLS yet prove its worth in due course? We doubt it. The scheme is structurally flawed. It offers banks discounted financing equal to 5% of their base stock of loans with no requirement that they actually increase lending. Putting the subsidy after the fact—essentially paying banks to lend—would address this problem. But this would entail the political cost of making the U.K. government's handout to the banking sector transparent. In the United States, an August research report by the Federal Reserve Bank of Cleveland offered an appropriately skeptical take on FLS, highlighting the fact that it provides the largest subsidies to the weakest banks—those with the highest cost of funds—and warning that its fiscal-policy-like nature could represent an encroachment on the BoE's independence. Yet with the minutes from the Fed's Open Market Committee meeting in December noting "still-tight credit conditions for some borrowers" as one of the "persistent headwinds" restraining economic activity, and Chairman Ben Bernanke having earlier said that he was "very interested" in FLS, the Fed might yet be tempted to embrace the idea. It should not. Mr. Steil is director of international economics at the Council on Foreign Relations and author of the forthcoming "The Battle of Bretton Woods: John Maynard Keynes, Harry Dexter White, and the Making of a New World Order" (Princeton Univ. Press). Ms. Walker is an analyst at the Council. Email

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Hassle, Expense Of Trades in EU - WSJ.com sister New Rules to Cut Of Trades in EU Financial Firms Face Greater Competition As Arena Is Transformed Alistair MacDonald Updated Oct. 29, 2007 12:01 a.m. ET Investing in Europe is about to become a lot easier -- and cheaper. Beginning Thursday, new rules will eliminate many of the barriers within the European Union that have made trading in stocks an expensive hassle, introducing individuals and companies to a world of investing that their U.S. counterparts have long taken for granted. The rules, adopted after a gestation period of more than seven years, will open the way for financial firms to compete with one another across Europe, force them to get the best prices for their customers and outlaw national monopolies that have allowed stock exchanges to charge exorbitant fees. One of the most tangible results: The cost of trading stocks in Europe could fall by as much as 25% within a year. "It's certainly the biggest thing for the European financial markets since the introduction of the euro" in 1999, says Richard Portes, professor of economics at London Business School and president of the Centre for Economic Policy Research. The rules, known as the Markets in Financial Instruments Directive, or MiFID, still face hurdles: As of Friday, at least five of the 30 countries involved had yet to make them law, and bankers are complaining about the cost of compliance. Unlike the "Big Bang" reforms of the mid-1980s that helped turn London into a global financial center, MiFID is expected to bring about a gradual transformation -- in some cases putting into law changes that have already been happening, and in others laying the groundwork for future changes. The rules' expected arrival has already encouraged upstart trading operations to go after the business of established rivals, contributing to a wave of consolidation among European financial exchanges and their counterparts abroad. If the rules achieve their goal of accelerating Europe's financial development, some economists believe that the resulting drop in the cost of borrowing for companies and individuals could add more than 0.75 percentage point to the annual growth of European industry -- a change that would sharply boost living standards. Despite more than a decade of efforts to form an efficient, common market, the financial-services sector in Europe remains far more fragmented and opaque than in the U.S. Banks often execute trades internally, leaving clients with little way to know whether they received a fair price. Many countries require trades to be routed through the national exchange, creating a monopoly that allows the exchange to charge higher fees. As a result, the cost of executing a trade in Europe is about double that in the U.S., according to data provider Elkins/McSherry LLC. Various studies suggest that the cost of transferring shares and money between buyer and seller -- a process known as clearing and settlement -- is at least six times as high in Europe as in the U.S. The new directive aims to change all that. A French retail investor who wants to buy shares in Renault SA, for instance, will be able to make the trade in Paris, Frankfurt, London or wherever the most attractive price and service can be found. To ensure that banks are acting in the interests of their clients, the rules will require them to record the prices at which they execute trades, together with all the prices available at the time from exchanges and various other trading venues. The banks also will have to divide their clients into three categories, according to their level of sophistication: professional, eligible or retail. That is aimed at making sure that the banks don't sell to investors products they don't understand. To stir up competition and cut down on red tape, the directive introduces the "single passport" concept: Financial firms that have gained approval to operate in one European country would be able to do business across the bloc. Asset management groups are now applying to sell their funds in other countries, knowing that now they won't need a physical presence in the host nation and have to jump through the same regulatory hoops. "MiFID is the largest piece of financial legislation ever undertaken because of its breadth -- all the countries in the EU -- and its scope, across securities, brokers, exchanges and regulators," says John Lowrey, who runs electronic trading for Lehman Brothers in Europe and heads the bank's MiFID steering committee. Already, entrepreneurs are gearing up to take advantage of the new rules. Peter Randall, European chief executive of stock-trading platform Chi-x, which has been taking market share from big European exchanges such as Deutsche Börse and the London Stock Exchange, describes his company as being a "child of MiFID." Separately, a consortium of nine mainly U.S. investment banks is working to set up a rival platform called Project Turquoise, though their efforts have run into constant delays, earning it the nickname "Project Tortoise." The emerging competition has pushed the established exchanges to protect their dominance, both by lowering prices and by merging with other European exchanges and overseas counterparts. Nordic exchange operator OMX AB, for example, has agreed to be bought by Nasdaq Stock Market Inc. ndaq +0.81% NASDAQ OMX Group Inc. 04/14/14 Nasdaq Is Bullish on Times Squ... 04/11/14 Europe's Stocks to Watch: Voda... ndaq in in a complex deal involving Middle Eastern exchange operator Borse Dubai. Nasdaq CEO Bob Greifeld says part of the rationale for the OMX deal is that MiFID makes it easier to take market share from established exchanges in Europe, in the way Nasdaq has with the New York Stock Exchange in the U.S. "We couldn't do it without the new rules. ... With MiFID, the environment there will mimic what we've seen in the U.S., and that means more competition," he said. For many bankers, the rules represent a costly and time-consuming regulatory burden. The Financial Services Authority in the United Kingdom has calculated that MiFID could cost Britain's financial-services industry an extra £100 million ($205.3 million) a year, after a one-time implementation cost of between £870 million and £1 billion. Still, Luc François, head of Société Générale's global-equities and derivatives-solutions division, believes that the new directive will benefit both the French bank and Europe. He estimates that it could bring down the cost of executing a trade by an average of 10% to 25% over the coming year -- and in some cases by as much as 75%. The new rules could be tougher for some smaller firms, which don't have the scale to bear the costs of compliance and can't match the larger firms' ability to search far and wide for the best prices. Critics and supporters, though, agree that MiFID is here to stay, and that countries and firms need to be prepared or lose out. "We are not going to wake up and the sky is a different color," Lehman's Mr. Lowrey says. "But 2½ years from now, we will look back and notice a lot of changes." —Aaron Lucchetti contributed to this article. Write to Alistair MacDonald at [email protected]

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hide Foxconn International chairman to retire from January 1 Thursday, December 13, 2012 4:07 a.m. CST HONG KONG (Reuters) - Foxconn International Holdings Ltd (FIH), the world's biggest contract maker of cellphones, has replaced its chairman just months after appointing a new CEO at the loss-making company. FIH has seen its shares and financial results languish over the past few years as key clients such as Nokia Oyj suffered from weak orders. Unlike its parent, Foxconn Technology Group's flagship unit Hon Hai Precision Industry, FIH does not assemble Apple's iPhones, iPads and iPods. Samuel Chin, chairman of FIH, which makes handsets for companies such as Nokia, Huawei Technologies and Motorola Mobility, will retire on January 1 to spend more time with his family. Chin will be replaced by Tong Wen-hsin, an executive director with the company, FIH said in a filing to the Hong Kong stock exchange on Thursday. "Mr. Chin has confirmed that he has no disagreement with the board and there is no other matter relating to his retirement that needs to be brought to the attention of the shareholders of the company," FIH said in a the filing. In July, FIH, which is rumored over the past month to have received orders to make iPhones aimed at turning the company around, appointed Chih Yu Yang as its new chief executive officer, replacing Cheng Tien Chong who was stepping down. FIH reported its worst-ever first-half net loss in August and is in need of a major order boost to turn around, analysts said. FIH's shares have lost a quarter of their value since the beginning of this year as its financial results suffered due to dismal orders from its troubled clients such as Nokia. The shares closed down 1.8 percent on Thursday. For a copy of the statement, please click http://www.hkexnews.hk/listedco/listconews/sehk/2012/1213/LTN20121213311.pdf (Reporting by Lee Chyen Yee; Editing by Anne Marie Roantree and Hans-Juergen Peters)

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Deals Cash for commerce: Deem raising $100M to sing the ultimate buyer-seller love song Image Credit: Deem September 24, 2013 12:51 PM 0 Deem, an ecommerce platform formerly known as Rearden Commerce, is raising a massive $100 million round, according to documents filed with the U.S. Securities and Exchange Commission. Of that amount, $70 million has already been raised. Deem says it is an “identity-based, location-aware, context-sensitive commerce platform.” That’s a lot of buzzwords, but it boils down to a product that lets merchants host daily deals, a B2B marketplace where businesses cam purchase services from each other at discounted prices, and a merchandising platform that helps brands with customer acquisition and retention by plugging them into a network of 200 million buyers via a “gigantic” network of distribution channels. In other words, a vast array of services, tools, and marketplaces for commerce, all under one roof. Interestingly, Deem has strong relationships with American Express, Citi Bank, and JP Morgan Chase, who all invested in Rearden’s massive $133 million round of financing in September of 2011. The company was founded in 1999, and has taken on “hundreds of millions of dollars” in additional funding since its inception. In 2011, Deem acquired daily deals company HomeRun for $87 million in shares. In the filing, Deem does not disclose its current revenues, although they must be significant. Besides Rearden, the company was previously known as Talaris Corporation and Gazoo Corporation. I connected with Deem about this financing round and received a pretty firm no-comment, along with a suggestion to reconnect in 30 days, and a little piece of advice that this story was not worth reporting: “I really don’t think a write-up on this makes any sense until I’m ready to comment on it as it would really lack important context for your readership,” a senior member of Deem’s executive wrote in an email. Translation: nothing happening here folks, move right along, nothing to see. I guess the company has raised so many hundreds of millions of dollars that another tenth of a billion is really no big deal. My guess: The company is attempting to complete the full $100 million raise, so having the news break when it’s only 70 percent complete is a bit of a distraction, if not worse. Topics > Deals Deem SEC blog comments powered by Disqus

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Stocks Get Bounce From Europe; Focus Turns To Jobs Share Tweet E-mail Print By Marilyn Geewax Originally published on Thu September 6, 2012 6:32 pm Traders on the floor of the New York Stock Exchange on Aug. 9. Economic developments on both sides of the Atlantic could have a big impact on the U.S. presidential election. As the political conventions wrap up, talking points concerning the economy may seem locked into place: Growth is continuing, but at a slow pace. Don't be fooled. There's still plenty of time for big surprises, and Thursday provided a stunning example. Stock prices shot to highs not seen in years. "September and October tend to be very volatile months," says Stanley J.G. Crouch, chief investment officer of Aegis Capital Corp., a money management firm. After the European Central Bank announced an aggressive plan to deal with the eurozone debt crisis, U.S. stocks started climbing, and climbing some more. The Dow Jones industrial average ended the day up 245 points at 13,292, the highest close since before the Great Recession began in late 2007. The euphoria on Wall Street grew out of events in Germany, where the ECB said it would continue to hold down interest rates and launch a program to buy European government bonds. Stocks in European and U.S. markets took off. The reaction reflected relief. Investors now are more hopeful that European officials can hammer out a permanent solution to the complicated debt troubles that have been weighing down their governments. Crouch said events in Europe are important to U.S. investors because any banking crisis over there could roil financial markets here. "Ever since we went to a global economy, there really is no separation in terms of national borders," he said. "The world financial markets are inextricably linked." But investors should hold on to their hats; this month's ride could turn bumpy at any moment. In fact, Friday morning could bring a new jolt when the U.S. Labor Department releases its monthly unemployment report at 8:30. Most economists have been predicting that employers added just 125,000 jobs in August and that the unemployment rate held at about July's 8.3 percent level. But those forecasts could turn out to be wrong. Thursday actually brought some signs there could be a surprise on the upside. Payroll processor ADP said private employers added 201,000 jobs in August, and outplacement firm Challenger, Gray & Christmas said layoffs hit a 20-month low last month. Those two new indicators could signal a stronger-than-expected jobs report on Friday. Here's where things really get weird. If the jobs report were to come in really strong, say, 250,000 jobs, it might discourage policymakers at the Federal Reserve from doing more to stimulate growth. Many stock investors would be disappointed if Fed officials were to take stimulus off the table. That disappointment could actually hurt the stock market. In any case, the Fed's intentions will be revealed when policymakers hold a meeting Tuesday and Wednesday to vote on what to do next. And back in Europe, a German court is expected to issue a key ruling on the constitutionality of debt-bailout actions. With such big uncertainties hanging above, some Wall Street analysts say they would not be surprised if the stock market would see a downward "correction" of as much as 10 percent in coming weeks. Those very gloomy predictions may be colored by September's bad reputation. Analysts refer to the "September effect," noting that over the past four decades, September has come in as the worst month for stock performance. It was especially bad in the presidential election cycle of 2008. The Dow took some terrifying drops that September, ending the month down 6 percent. That October was brutal too as the global financial crisis deepened. But Nariman Behravesh, chief economist for IHS Global Insight, a forecasting firm, said that September isn't always a tough month. In fact, in September 2010, the stock market shot up. Assuming Europe can indeed avoid an implosion, this autumn may actually turn out to be a balmy period, at least in terms of the economy. "Profits are still decent and a lot of companies are making good money," Behravesh said. "The United States is still a safe haven."Copyright 2013 NPR. To see more, visit http://www.npr.org/. WQCS

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Hearing on the "Financial Marketplace of the Future" Prepared Testimony of Mr. Frank Zarb Chairman and CEO National Association of Securities Dealers 9:30 a.m., Tuesday, February 29, 2000 13th Floor Conference Room - Securities and Exchange Commission Offices 7 World Trade Center, New York, NY I am Frank Zarb, Chief Executive Officer of the National Association of Securities Dealers, Incorporated. I thank the Committee for this opportunity to testify on the future of the securities markets. We commend the Chairman for his work that produced the historic-Gramm- Leach-Bliley Financial Services Modernization Act of 1999 to revise the regulation of the financial services industry. Given your achievements there and your stated goal to accomplish a similar modernization for the regulatory structure governing the securities industry, we can be sure that the Committee will be involved deeply in the changes that are now facing this industry. Your invitation letter for the hearing today asked me to share my vision of the future of the securities markets and the regulatory environment in which they will operate. More specifically, you asked me to address whether technological and marketplace changes will continue the preeminence of U.S. markets into the future; and what regulatory and market structures would enhance the value of our markets and which would harm efficiency, add bureaucracy or other costs, and thus reduce the value and competitiveness of our markets. By way of summary, the NASD's vision for the future of the stock markets is tightly coupled with needed changes in market structure, market ownership, and globalization without changing the fundamental flexibility of the securities laws that has been so critical to the growth of the U.S. financial markets. The NASD has initiatives under way in each of these areas to ensure that the markets of the future continue to compete and innovate for the benefit of the investors who channel their capital to the companies who need it to grow and create jobs. All that we ask of the Committee is to be permitted to compete fairly - under the watchful eye of the Securities and Exchange Commission (SEC) - to complete those initiatives and build the markets of the future. I would like to note that the SEC last week issued a concept release on issues relating to market fragmentation. We welcome the release and are reviewing it closely. We believe that the issues that we discuss in today's testimony are those that are most important to our Nasdaq Stock Market. In addition to the general themes that I address in my testimony today, I have attached a more specific summary of our upcoming NASD regulatory and market structure legislative issues. II. The NASD Let me briefly outline the role of the NASD in the regulation and operation of our securities markets. The NASD covers the entire range of the securities markets in the U.S., from the largest broker dealers to the smallest, and from companies with the largest market capitalization in the U.S. to the newest startups. Established under authority granted by the 1938 Maloney Act Amendments to the Securities Exchange Act of 1934, the NASD is the largest self-regulatory organization (SRO) for the securities industry in the world. Virtually every broker-dealer in the U.S. that conducts a securities business with the public is required by law to be a member of the NASD. The NASD's membership comprises 5,600 securities firms that operate in excess of 80,000 branch offices and employ more than 620,000 registered securities professionals. Our member brokerage firms range from the nation's largest firms, represented by the companies at this table with me today, to single person firms in small towns. The NASD is the parent company of The Nasdaq Stock Market, Inc., the American Stock Exchange, and NASD Regulation, Inc. (NASDR). These wholly owned subsidiaries operate under the authority of the parent, which retains overall responsibility for ensuring that the organization's statutory and self-regulatory functions and obligations are fulfilled. NASD Regulation is responsible for the registration, education, testing, and examination of member firms and their employees. In addition, it oversees and regulates our members' market-making activities and trading practices in securities, including those that are listed on The Nasdaq Stock Market and those that are not listed on any exchange. The American Stock Exchange is the nation's second largest floor-based securities exchange, and is the only U.S. securities exchange that is both a primary market for listed equity securities as well as a market for equity options, index options, and equity derivatives. The Nasdaq Stock Market is the largest electronic, screen-based securities market in the world. Founded in 1971 as the world's first all electronic stock exchange, it is the original on-line market, and the pioneer in e-commerce. Nasdaq today accounts for more than one-half of all equity shares traded in the nation and, since January of last year, is also the largest stock market in the world in terms of dollar value of shares traded. On February 17 it passed the two billion shares per day mark. Nasdaq lists the securities of 4,748 domestic and foreign companies, more than all other U.S. stock markets combined. Just as NASD member firms range from the largest to the smallest broker dealers, the issuers that list on Nasdaq also span the breadth of industry in the U.S. Those companies range from companies like Microsoft, Intel, Cisco, and Starbucks to the smallest, newest startups. There are over 70 million investors in Nasdaq companies. III. Markets and Economic Growth Vibrant equity markets are important contributors to today's robust economy. Efficient and liquid equity markets help channel risk capital from investors to new and innovative companies who desperately need it. Equity shares allow investors to take part in the profit of firms while at the same time allowing firms to undertake the projects that lead to their growth. In addition to channeling capital to companies, equity markets produce a price for the equity of a company as a by-product of their trading operation, and that price is central to a market economy's allocation of capital. Nasdaq is a clear example of the contribution that equity markets make to the economy. For example, 83% of all Initial Public Offerings (IPOs) -- and 98% of all venture capital deals -- come to market on Nasdaq. The capital thus created in turn creates a massively disproportionate number of jobs. A 1995 study by Cognetics of Cambridge, Massachusetts found that while Nasdaq companies made up less than 1% of all public and private companies in the United States over the previous four years, they had created more than 16% -- one in six -- of all new U.S. jobs created during that period. Over that same time, Fortune 500 companies were losing 200,000 jobs per year. Although Nasdaq companies represent all sectors of the economy, the technology and biotech companies that are at the forefront of U.S. economic growth are overwhelmingly listed on Nasdaq, as shown in the following table. Nasdaq's Hi-Tech Market Share Total Companies in U.S. Equity Market Nasdaq Companies Nasdaq Market Share 84.4% Communications Equipment 83.2% As of 5/98 Source: The Nasdaq Stock Market and FactSet Research Systems, Inc. Nasdaq has become the largest stock market in the world as measured by dollar or share volume by competing to give investors and other market participants what they want: a high speed electronic market, based on open access, that encourages competition, that does not force participants to operate in only one way, and that has integrated market makers and Electronic Communications Networks (ECNs) so that participants can see -- and get to the best price -- wherever it is. IV. Nasdaq's Vision Your invitation letter asked for our vision of the future, and I will respond by making the following predictions: In a very few years, trading securities will be digital, global, and accessible 24 hours a day. People will be able to get stock price quotations instantly and instantly execute a trade anytime of day or night, anywhere on the globe, with stock markets linked and almost all-electronic. Trading floors and paper, for the most part, will be rendered obsolete by competition and technology. Investors will use not only their home or office computers, but also will commonly use cellular phones, pagers, and palm-sized computers to access the markets on the Internet, get price quotes, and execute trades through their brokers. Investors will even be able to get programmable computerized reports on the performance of their personal investments through their car radios while driving to and from work. At the office or at home, they will be able to get the same information broadcast to them on a digital TV. If collectively we all make the correct decisions, all of this will be available in an orderly, fair, well-regulated, and lower-cost environment, with improved high-tech electronic surveillance of trading to protect the integrity of the markets. As for stock markets, they will see global alliances, mergers, and new electronic ventures. That will give companies listed on these markets access to pools of capital internationally, not just domestically, and consumers will be able to invest in a worldwide list of companies as easily as trading locally. This 21st century stock market will be multi-dealer, computer-screen based, technology-driven and open to all - all because people will have access to information that they want to act on. We intend to be at the forefront of this open access movement. This new market will bring benefits to investors, listed companies, and the economies of countries. Trading will cost less for consumers. Markets will have more liquidity. Raising capital for companies will be easier and more efficient. Entrepreneurial businesses in both established and developing economies will be encouraged. New investors and markets will grow in places like China. Investors from Europe to Japan to the Americas will invest across borders with ease. I have described what I think that the markets of the not too distant future will look like, but how do we get there, and what should be the central concerns of those of us in this room today? V. Getting to the Future I believe that the central issues for our attention should be perfecting market structure to respond to the needs of investors and market participants, rationalizing market ownership and regulation, and

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After 77 Years, Erie General Electric Now Widget Financial April 23, 2013 • Reprints The $255 million, 31,428-member Erie General Electric Credit Union in Erie, Pa., has changed its name to Widget Financial. The name was selected for its tribute to GE Transportation (widGET) and to the Erie region, which has a strong and diverse manufacturing base that produces its share of “widgets.” More than 10% of the nation’s plastic injection molding is produced in the region, according to the city of Erie. The name was also chosen for its familiarity in a variety of service industries including technology, manufacturing, education and health care, according to a prepared statement released after the credit union’s annual membership meeting April 20. The credit union was established 77 years ago to serve employees at Erie’s General Electric Transportation plant, which is Erie’s largest employer. However, the credit union has opened its doors to offer financial services to all who live in Erie and Crawford counties in northwestern Pennsylvania. In recent years, the former Erie General Electric FCU has merged with 16 other credit unions in the region. The credit union also had to change its name for legal reasons. In January, GE’s corporate attorneys in Fairfield, Conn., sent a letter to the credit union saying that it must discontinue all use of the GE mark and General Electric wording in its name. “We’ve anticipated changing our name to better reflect the consumers who choose to do business with us and even those that don’t,” said Gail Cook, president/CEO of Widget Financial “We actually began the process to change our name about two years ago, so receiving this letter from GE was no surprise and only reinforced our name change announcement in 2013.” She noted that other credit unions have shed their well-known corporate names such as John Deere Community Credit Union, which is now the $2.3 billion Veridian Credit Union in Waterloo, Iowa and several IBM credit unions such as the $2.1 billion Coastal Credit Union in Raleigh, N.C. and the $3.7 billion Hudson Valley Federal Credit Union in Poughkeepsie, N.Y. Cook also said other credit unions carrying the GE name – the $159 million GE Employees Federal Credit Union in Milford, Conn., and the $1.6 billion General Electric Credit Union in Cincinnati, Ohio – also received a letter from GE corporate attorneys directing the credit unions to drop their GE name. Patrick Taylor, president/CEO for GECU, confirmed he received the letter from GE in January. However, there were a number of options outlined in the letter, but he could not discuss what those options are at this time because of legal reasons, he said. “First of all, I got to say General Electric is a wonderful company. Needless to say, we want to keep the name,” said Taylor, who has worked at GECU for 55 years. “It’s a great name.” Christopher Moran, president CEO of General Electric FCU, could not be reached for comment Tuesday. “When credit unions change their name, more people understand they can walk in the doors and open an account,” Cook said. “We are thrilled that more people will be able to realize how we can help them under our new banner: Widget Financial.” In addition to announcing the name change, Widget Financial’s board of directors and the executive team said the credit union plans to lend $77 million to its communities in celebration of its 77 years of service.

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Home > Press Room Karen Tyson Bill Grassano Texas Community Banker Elected to Industry Board Hometown Bank's Rasmussen to Support ICBA's State and National Efforts WASHINGTON, D.C. (Sept. 27, 2005) - Galveston, Texas-based HomeTown Bank, N.A., President and CEO Jimmy Rasmussen has been elected to the Board of Directors of the Independent Community Bankers of America (ICBA), the nation's largest community bank trade association. "I am honored to be elected to this position," Rasmussen said. "It gives me a chance to fight for community banks across the country. Community banks continue to offer superior financial services and value to local consumers." Rasmussen will work regularly on legislative and regulartory issues affecting community banks both in Texas and nationally. "This is a great opportunity to help coordinate the activities of community bankers here in Southeast Texas with our industry's efforts across the national and in Washington," said Rasmussen. As of December 31, 2004, HomeTown Bank had assets of $181.8 million. The bank has four locations in Galveston, League City and Friendswood. "Jimmy Rasmussen is a dedicated community banker who is respected by his industry's peers," said ICBA Chairman David E. Hayes, president and CEO of Security Bank in Dyersburg, Tenn. "We are delighted he will be offering his time and valuable professional talents to the service of the community banking industry." With trusted financial expertise and quality customer service as their hallmarks, community banks offer the best financial services option for millions of consumers, small businesses, farms and ranches. A Federal Reserve study shows that community banks charge fewer and lower fees-ranging from 15 to 133 percent lower-than their money center bank counterparts.

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Deals and Moves: Jan. 8 By January 8, 2013 at 11:15 AM Gas operations acquisition, chocolate sponsorship extension, research firm acquisition. NorthGas management services provider Matheson Tri-Gas Inc., in the Basking Ridge section of Bernards, announced Monday it has acquired the assets and business of Evergreen Supply Inc., in Aberdeen, S.D., to expand its gas operations in the Midwest. Terms were not disclosed. Mars Chocolate North America, in Mount Olive, announced Monday it has extended its sponsorship of FLW, the world’s largest tournament-fishing organization, for the 2013 season.CentralGlobal market research firm ORC International, in Princeton, today announced it has acquired Cincinnati-based consumer research company Marketing Research Services Inc. to strengthen its client services. Terms were not disclosed.Health care services provider MagnaCare, in Tinton Falls, announced Monday it has formed a partnership with virtual house calls company Stat Doctors, in Scottsdale, Ariz., to enable its members to receive immediate medical consultations via phone or video and avoid the emergency room for minor conditions.

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Red Bull Studio Los Angeles - Inside the Studio Red Bull Studio: Red Bull Studio Los Angeles Tokyo Police Club: 10 Covers in 10 Days Justin Kosman/Red Bull Photofiles by ChinaShop Magazine, Aug 19, 2011 Canadian quartet Tokyo Police Club have announced an ambitious and riotous project, recording 10 cover songs from the years 2001-2010 over the course of 10 days. The project will begin at 12 p.m. PST on Tuesday, August 23 at Red Bull Studios Los Angeles when the band enters the studio to rehearse and record a cover song over the next 10 hours, to be premiered the following morning at 10 a.m. PST on ChinaShop starting Wednesday, August 24. The final song will be premiered on Saturday, September 3. Starting Monday, August 15, three potential songs from each year, between 2001-2010, will be revealed via Polaroid with the final track revealed each night prior to recording. The band will be creating daily Polaroid photo diaries and filming the entire recording process. In addition, each song will have unique artwork created from a Polaroid image shot that day in the studio. Check out the live stream from Red Bull Studio for a behind-the-scenes look into the recording process each day between 7 p.m. – 8 p.m. PST. Stay tuned for additional details in the coming weeks on the packaging of all 10 songs with commemorative pieces from the project. TPC's David Monks Interview While Tokyo Police Club was busy prepping for the event, singer David Monks spared a few moments to jump on the phone to provide us with some insider info on what we can expect from “10 Covers in 10 Days.” Tell us a little bit about the upcoming Red Bull Studios/Polaroid Project. You will be in the studio for 10 days, recording 10 cover songs… Yep that’s how it’s gonna go down. 10 cover songs from the last 10 years I guess is the other key piece of information. But yeah, we’re excited. It’s pretty big. We’re going to be down in Santa Monica. It’s gonna be fun! We will have a few friends coming down and will be working on 10 songs from our recent past. How did you go about selecting the songs? It’s one a year from 2001 to 2010; we just all huddled around and we printed off the Billboard Top 100, the Rolling Stone top 50, the Pitchfork top 50... We lined them up and went over them and everyone picked out songs. We saw where we picked out the same songs and where they overlapped. We had to do a few adjustments; we’d say, “Oh, do you remember that song? What about this song?” We picked all the ones that we were excited about. Was it hard to get everyone to agree on all the songs? Did you have some years where it was like, “Fine, you pick this one and I’ll pick the next one,” or did you all come to an agreement pretty easily? It was pretty easy. The whole project is just about it being fun so there’s not really that much at stake or anything. I think it’s obvious too when someone suggested a song that wouldn’t really work; someone else said, “Well there’s no way we can play that Gorillaz song. It’s gonna be really, really difficult.” Then it wasn’t hard to pitch it. Read more of the article at ChinaShop Magazine. Follow Red Bull on Twitter for more news, updates and exclusive info. Tokyo Police Club and Wale at Red Bull Soundclash D.C. Watch the Red Bull Studio Live Sessions with TPC More music coverage from Red Bull ChinaShop Magazine The Sounds: Something to Die For The Sounds drop in to Red Bull Studio in Los Angeles for an exclusive Live Session, performing a range of songs including the title cut from their latest album, "Something to Die For." The Sounds: It's So Easy/Dance with the Devil Red Bull Studio Live Sessions continue with The Sounds. The Swedish band performed tracks from their latest album, "Something to Die For," including this double-header of "It's So Easy" and "Dance... The Sounds: The No No Song Swedish band The Sounds perform "The No No Song" from their latest album, "Something to Die For," for an exclusive Live Session at Red Bull Studio in Los Angeles. The Sounds: Better Off Dead The latest Red Bull Studio Live Sessions featured Swedish band The Sounds performing tracks off of their latest album, "Something to Die For." Here's the first single from the album, "Better Off... Bomba Estéreo: La Boquilla More from Bomba Estéreo's Red Bull Studio Live Session in Los Angeles, this time with the track "La Boquilla." Bomba Estéreo: Fuego Bomba Estéreo recently spent some time in Los Angeles for a Red Bull Studio Live Session. The Colombian band performed a number of songs, including this cut, entitled "Fuego."

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HFT and Big Data: Not a Technology Barrier, but a Cultural OneBATS Attracts 2 Private Equity Investors: What Does it Mean?Outages at BATS and Direct Edge: Are Technical Mishaps the New Normal?The New Finance Era: From HFT to Big Data Massachusetts Fines Morgan Stanley Over Facebook IPO By Reuters Morgan Stanley, the lead underwriter for Facebook Inc's initial public offering, will pay a $5 million fine to Massachusetts for violating securities laws governing how investment research can be distributed. Tags: Morgan Stanley, Facebook Morgan Stanley, the lead underwriter for Facebook Inc's initial public offering, will pay a $5 million fine to Massachusetts for violating securities laws governing how investment research can be Massachusetts' top securities regulator, William Galvin, charged on Monday that a top Morgan Stanley banker had improperly coached Facebook on how to disclose sensitive financial information selectively, perpetuating what he calls "an unlevel playing field" between Wall Street and Main Street. Morgan Stanley has faced criticism since Facebook went public in May for revealing revised earnings and revenue forecasts to select clients before the media company's $16 billion initial public offering. This is the first time a case stemming from Morgan Stanley's handling of the Facebook offering has been settled. Facebook had privately told Wall Street research analysts about softer forecasts because of less robust mobile revenues. A top Morgan Stanley banker coached Facebook executives on how to get the message out, Galvin said. A Morgan Stanley spokeswoman said on Monday the company is "pleased to have reached a settlement" and that it is "committed to robust compliance with both the letter and the spirit of all applicable regulations and laws." The company neither admitted nor denied any wrongdoing. Galvin, who has been aggressive in policing how research is distributed on Wall Street ever since investment banks reached a global settlement in 2003, said the bank violated that settlement. He fined Citigroup $2 million over similar charges in late October. "The conduct at Morgan Stanley was more egregious," he said in an interview explaining the amount of the fine. "With it we will get their attention and begin to take steps in restoring some confidence for retail investors to invest." Galvin also said that his months-long investigation into the Facebook IPO is far from over and that he continues to review the other banks involved. Goldman Sachs and JP Morgan also acted as underwriters. The underwriting fee for all underwriters was reported to be $176 million at the time, or 1.1 percent of the proceeds. As lead underwriter, Morgan Stanley took in $68 million in fees from the IPO, according to a Thomson Reuters estimate. Massachusetts did not name the Morgan Stanley banker in its documents but personal information detailed in the matter suggest it is Michael Grimes, a top technology banker who was instrumental in the Facebook IPO. The report says the unnamed banker joined Morgan Stanley in 1995 and became a managing director in 1998, dates that correlate with Grimes' career at the firm. It also says the banker works in Morgan Stanley's Menlo Park, California, office, where Grimes also works. Grimes did not immediately respond to a request for comment, and was not accused of any wrongdoing by name. The state said the banker helped a Facebook executive release new information and then guided the executive on how to speak with Wall Street analysts about it. The banker, Galvin said, rehearsed with Facebook's Treasurer and wrote the bulk of the script Facebook's Treasurer used when calling the research analysts. A number of Wall Street analysts cut their growth estimates for Facebook in the days before the IPO after the company filed an amended prospectus. Facebook's treasurer then quickly called a number for Wall Street analysts providing even more information. The banker "was not allowed to call research analysts himself, so he did everything he could to ensure research analysts received new revenue numbers which they then provided to institutional investors," Galvin said. Galvin's consent order also says that the banker spoke with company lawyers and then to Facebook's chief financial officer about how to prove an update "without creating the appearance of not providing the underlying trend information to all investors." The banker and all others involved with the matter at Morgan Stanley are still employed by the company, a person familiar with the matter said. Retail investors were not given any similar information, Galvin said, saying this case illustrates how institutional investors often have an edge over retail investors. (Reporting by Svea Herbst-Bayliss with additional reporting by Suzanne Barlyn and Lauren Tara LaCapra in New York; Editing by Theodore d'Afflisio, Andrew Hay and Richard Chang) 7 Unusual Behaviors That Indicate Security BreachesCyber Risk Is World’s Third Corporate-Risk PriorityCommunity Chatter: Most Commented Articles of 2013Tis The Season For Hacks: 5 Tips to Combat Holiday FraudMore Slideshows» Thought Leaders Ivy Schmerken, Editor at LargeIvy is Editor-at-Large for Advanced Trading and Wall Street & Technology. Ivy is responsible for writing in-depth feature articles, daily blogs and news articles with a focus on automated trading in the capital markets. As an industry expert, Ivy has reported on a myriad number of topics including high frequency trading, algorithmic trading strategies, market structure, electronic trading in fixed income , colocation in data centers, Dodd-Frank regulation and the new derivatives landscape. Ivy meets with software companies and other innovators and writes about cloud computing, OMS/EMSs and other financial technologies.Citi Launches Block Pricing Tool on Bloomberg App Portal+ moreMarc J Firenze, Chief Technology Officer, Eagle Investment SystemsAs chief technology officer of Eagle Investment Systems, Marc Firenze drives the software, technology and architecture decisions across Eagle's investment management suite and ensures that development directly supports the firm's corporate vision. With more than 20 years of experience in the design, development and implementation of financial technology solutions, he oversees a world-class team of technical and functional talent responsible for the software development, delivery, engineering and enterprise architecture for Eagle's suite of products. Mr. Firenze began his career with Eagle in 1997 and has been intimately involved in many facets of the build-out of its products including new feature design, analysis and quality assurance. During his tenure at Eagle, he was responsible for launching the enterprise technology platform, which underlies Eagle's product suite. He was instrumental in the development and delivery of Eagle's data management and of Eagle's alternative investment accounting solution. Prior to joining Eagle, Mr. Firenze worked for State Street Corporation, where he worked on the development of portfolio management and accounting systems. Mr. Firenze earned his Bachelor of Arts in Mathematics and Economics from the University of Massachusetts at Amherst and his M.B.A from Northeastern University.The Pursuit of IBOR+ moreDr. John Bates, CTO, Intelligent Business Operations & Big Data, Software AGDr. John Bates is a Member of the Group Executive Board and Chief Technology Officer at Software AG, responsible for Intelligent Business Operations and Big Data strategies. Until July 2013, John was Executive Vice President and Corporate Chief Technology Officer at Progress Software. John was responsible for creating, evolving and evangelizing Progress' market strategy and technology vision. Previously, John was General Manager of Progress Software's Apama Division. John was responsible for Divisional P&L including sales, marketing, products and consulting services. In 3 years John grew revenue by over 300%.Fast and Furious: High Frequency Trading Raises Hackles+ moreAndrew Waxman, Thought LeaderAndrew Waxman writes on operational risk in capital markets and financial services. Andrew is a consultant in IBM's US financial risk services and compliance group. The views expressed her are those of his own. As an operational risk manager, Andrew has worked at some of the leading investment banks and consulting firms in Wall Street and the City of London. He writes on topics such as: rogue and insider trading, technology and markets, disaster planning, regulatory responses and risk management strategies. Andrew has a first class degree in history from Kings' College London and an MBA in finance from NYU.Are Banks on a Collision Course with Data Privacy Laws?+ moreJennifer L Costley, Ph.D, Principal, Ashokan AdvisorsJennifer L. Costley, Ph.D. is a scientifically-trained technologist with broad multidisciplinary experience in enterprise architecture, software development, line management and infrastructure operations, primarily (although not exclusively) in capital markets. She is also a non-profit board leader recognized for talent in building strong governance and process. Her current focus is in helping companies, organizations and individuals with opportunities related to data, analysis and sustainability. She can be reached at www.ashokanadvisors.comLEI Definitions: Closer to a Common Data Specification+ moreMichael J. Levas, Founder, Senior Managing Principal, Director of Trading, Olympian Group of Investment Management CosMichael J. Levas has been in the investment management business for over twenty years and is the founder,senior managing principal & director of trading at the Olympian Group of Investment Management Companies. Prior to Olympian, he was a VP and Portfolio Manager in the Private Client Group at Lehman Brothers Inc. Prior to that, he was a VP with SG Cowen, UBS PaineWebber and Bear Stearns where he managed in excess of $250 million in both institutional and retail portfolios. Mr. Levas is the former founder and managing member of Olympian Securities LLC, and is a licensed Series 24 general securities principal, Series 7 general securities representative, and a Series 65, 66 investment adviser representative with (FINRA). Mr. Levas is also the former founder and principal of Olympian Futures LLC, a former (NFA) registered introducing broker, and a licensed Series 3 associated person. Mr. Levas currently holds the Chartered Portfolio Manager (CPM) designation from the American Academy of Financial Management. Mr. Levas completed investment management studies at Harvard Business School and additionally, Mr.Levas has completed the Hedge Fund Programme at The London Business School. He is a current member of the CFA society of South Florida, Securities Traders Association of Florida, The National Association of Active Investment Managers, and formerly served on the 2008/2009 board of directors of The Hedge Fund Association. Mr. Levas is a frequent conference speaker, and commentator on the financial markets & asset management industry.He has been featured throughout the U.S.,Canada, Latin America, Europe, Asia and in numerous publications, and media outlets including BusinessWeek, Dow Jones Newswires, The Financial Times,Smart Money,Hedge Fund Manager Week, Wall Street Letter, Euromoney, Wall St.& Technology,The Economic Times, Securities Industry News, Alternative Investment Review, Advanced Trading, Markets Media Magazine, TradeTech , Reuters, Bloomberg and National Public Radio.Market Correction Is Short Lived+ moreVamsi Chemitiganti, Chief Architect, Red HatAs Chief Architect of Red Hat's Financial Services Vertical, Vamsi Chemitiganti is responsible for driving Red Hat's technology vision from a client standpoint. The breadth of these areas range from Platform, Middleware, Storage to Big Data and Cloud (IaaS and PaaS). The clients Chemitiganti engages with on a daily basis span marquee names on Wall Street, including businesses in capital markets, core banking, wealth management and IT operations. The other large component of his role is to work with Client CXOs and Architects to help them on key business transformation initiatives. Chemitiganti hold a BS in Computer Science and Engineering as well as an MBA from the University of Maryland, College Park. He is also a regular speaker at industry events on topics ranging from Cloud Computing, Big Data, High Performance Computing and Enterprise Middleware.Building AML Regulatory Platforms For The Big Data Era+ moreDr. Howard A. Rubin, President and CEO, Rubin WorldwideDr. Howard A. Rubin is a Professor Emeritus of Computer Science at Hunter College of the City University of New York, a MIT CISR Research Affiliate, a Gartner Senior Advisor, and a former Nolan Norton Research Fellow. He is the founder and CEO of Rubin Worldwide. Dr. Rubin is a pioneer in the area of technology economics and has built the world's largest database in the field consisting of business, national, and technology data. He is personally retained by many of the world's largest enterprises as a strategic advisor to provide them with continuous competitive calibration via benchmarking and to advise them on business-technology strategy and trends. His current portfolio of client companies in total generate more than $1.5T in revenue to the global economy annually and account for almost $100B in yearly Information Technology (IT) spending. Dr. Rubin has also worked directly with heads of state or their key ministers around the world in the development of national competitive technology strategies - Canada, India, the Philippines, South Africa, and in the United States with former President Clinton. He currently is an informal advisor assisting President Obama's Council on Job Creation and Competitiveness. Dr. Rubin possesses a Ph.D. from the City University of New York in Computer Science and Oceanography. Outside the world of technology Dr. Rubin is Chairman of the Board of Riverkeeper, a member of the Clinton Global Initiative, a Leadership Council member of the RFK Foundation, a major support of student development programs at the Tribeca Film Institute, and a supporter of the Rainforest Foundation. Datacenters: The Future Is Not What It Used To Be+ moreSang Lee, Co-Founder, Managing Partner, Aite GroupSang Lee is a co-founder of and currently serves as managing partner. Mr. Lee's expertise lies in the securities and investments vertical and has advised many global financial institutions, software/hardware vendors, and professional services firms in sell-side and buy-side electronic trading technology and market structure. Prior to joining Aite Group, Mr. Lee was a founding member of Celent Communications and served as the Manager of the Securities & Investments Group as well as the Operations Group.Market Structure Recipe For Success+ moreAlexander Fleiss, Chairman and Chief Investment Officer, Rebellion Research Partners LPAlexander Fleiss serves as Chairman and Chief Investment Officer of Rebellion Research Partners LP, a Global Macro hedge fund and financial advisory that invests across all asset classes and is based in New York. Mr. Fleiss also oversees the firm's institutional research division, Rebellion Economics, which offers coverage of 44 countries. Mr. Fleiss has spoken about Artificial Intelligence investing at conferences, colleges and in the Wall Street Journal, Fox News, BusinessWeek, Bloomberg News, Geo Magazine and Institutional Investor. Prior to co-founding Rebellion Research in 2007, Mr. Fleiss served as a Principal at KMF Partners LP, a long-short US equity fund. While at KMF, he was primarily responsible for investments in the financial service, technology and consumer industries. Mr. Fleiss began his investment career as an analyst for Sloate, Weisman, Murray & Co which was acquired by Neuberger Berman. Mr. Fleiss developed investment algorithms with the firm's CEO, Laura Sloate who is now a partner at Neuberger Berman. Mr. Fleiss received a BA Degree from Amherst College.Has Copper been the Victim of an Overly Pessimistic View on China ?+ moreBrooke Allen, 30-Year Industry VeteranBrooke Allen is a 30-year industry veteran who most recently founded a quantitative trading desk now celebrating its 17th year in continuous operation. For years he wrote a monthly piece for International Family Magazine, in 2009 he founded NoShortageOfWork.com to discuss work life, and in 2011 he created Questions For Colleges (Q4Colleges.com) to discuss issues facing higher education. Now he is beginning a series for us here on his beloved Securities Industry. Before you decide to trust him or collaborate with him, look at BrookeAllen.com where you will find his Personal Disclosure Statement.Want a Job? Stop Complaining and Start Problem Solving+ moreSean Owens, Director, Fixed Income and Derivatives, Woodbine AssociatesSean Owens is Director, Fixed Income at Woodbine Associates, Inc. focusing on strategic, business, regulatory, market structure, and technology issues that impact firm’s active in and supporting global fixed income and derivative markets.Volcker on the Mind, But Will it Deliver?+ moreJoe Saluzzi, Partner and co-head of equity trading, Themis TradingJoseph Saluzzi is partner, co-founder and co-head of equity trading of Themis Trading LLC, a leading independent agency brokerage firm that trades equities for institutional money managers and hedge funds. He is also the co-author of Broken Markets -- How High Frequency Trading and Predatory Practices on Wall Street are Destroying Investor Confidence. Mr. Saluzzi is a frequent speaker at industry conferences on issues involving market access, algorithmic trading and other sell- and buy-side concerns. He has provided expert commentary for media outlets such as CBS's 60 Minutes, BBC Radio, Bloomberg Television & Radio, CNBC, Fox Business, BNN, The New York Times, The Wall Street Journal, USA Today, Reuters, Associated Press, Los Angeles Times and Bloomberg News. Mr. Saluzzi also has authored articles for Traders Magazine, Dow Jones and Journal of Investment Compliance. Prior to Themis, Mr. Saluzzi headed the team responsible for equity sales and trading for major institutional accounts at Instinet Corporation for more than nine years. He graduated from the University of North Carolina at Chapel Hill with an MBA in Finance and received a Bachelor's Degree in Finance from New York University.FINRA's Dark Pool Proposal Needs A Brighter Light+ moreSean O'Dowd, Capital Markets Program Director, TeradataSean O'Dowd leads the Global Capital Markets program at Teradata for Industry and Marketing Solutions. In this role Sean focuses on industry strategy, marketing and field enablement. Areas of focus span financial market structure, regulations and technologies that impact the business models and strategies of financial markets firms (buy-side, sell-side, wealth management, custody, exchanges, and retail brokers). Topics include many of the large transformational technologies impacting capital markets, such as cloud services, mobility, information management and big/fast data, unstructured data and analytics. Additionally, Sean covers many industry specific trends and technologies including electronic trading, investment management operations, wealth management and personal finance, oversight infrastructure (Government agencies and SRO's). Sean's personal area of expertise lies within investment management, derivatives securities and trading technology.Is Wealth Management Missing the Message?+ moreStephen Davenport, Director Equity Risk Management, Wilmington Trust CompanySteve is responsible for developing risk-managed investment strategies for high-net-worth clients. He has a strong background in quantitative investment analysis, and a sophisticated approach to asset allocation and the use of derivatives. In particular, he has managed a call writing strategy for clients seeking additional income for the last six years. Steve began his career with State Street Global Advisors and later joined Columbia Management Investment Advisors in Boston as a senior investment advisor. During his career, Steve has focused on developing comprehensive solutions for families, executives, and entrepreneurs with concentrated stock positions. Steve holds an M.S. in Finance from Boston College's Wallace Carroll School of Management as well as bachelor's degrees in industrial engineering and mathematics/computer science from Columbia University and Providence College, respectively. Steve holds CFA designation and he is a member of Atlanta Security Analyst Society.Nasdaq Signals – Is Anyone Listening?+ more View All Thought Leaders

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http://www.reason.org/news/show/nothing-wrong-with-ceos-making Los Angeles Business JournalNothing Wrong with CEOs Making Top DollarExecutive pay grows in step with companies' values From iconic movie villains like Gordon Gekko to real-life bad guys like Ken Lay, Americans have had it with corporate scoundrels. To many, corporate big-shots are greedy, bloodless, and showered with undeserved wealth. Americans are typically offended by stereotypes, and yet they're quite willing to accept a broad-brush view of corporative executives. Sometimes it's easy to see why. Between 1980 and 2003, compensation packages for CEOs in the top 500 companies shot up by a factor of about six. Even if there's nothing fraudulent going on, that's the kind of figure that irks many of us. And why not? It's well known that CEOs often enjoy cozy relationships with board members. Boards may rubber-stamp salary hikes and other goodies, even as company stocks tumble. Americans rightfully cry foul when pay isn't tied to performance, but sometimes they cry foul even when a big pay day is earned. In 1992 Disney CEO Michael Eisner became the face of corporate gluttony when he exercised options valued at $127 million. President Clinton paid attention to the outrage that followed. He made CEO pay a campaign issue, and pushed for new regulations that included more stringent compensation disclosure. Many fumed over Eisner's giant payday, yet few bothered to remember that he resuscitated Disney during the 80s and presided over a tenfold increase in share price. Harvey Golub emphasizes the same point. During the eight years he headed American Express, Golub made roughly $172 million. That figure might make most of us weak-kneed, but Golub points out that the company's value grew by $55 billion during his tenure. His seemingly obscene compensation represented less than one-half of one percent of the wealth he helped create. Self-appointed corporate watchdogs get plenty of ink pointing out that CEOs earn vastly more than most everyone else, but they rarely make the uncomfortable point that relatively few people posses the experience, talent, and drive to lead a company of thousands. If people were interchangeable, if anyone could thrive as a corporate boss, then CEO salaries would plummet. The CEO club is about as elite as it gets, and yet corporate America is more democratic than its jet-set image conveys. Today 57 million American households—roughly half—own stock, up from just 16 million in 1983. So when companies grow, many regular American families are enriched too. Yes corporate excesses occur, but they're typically self-correcting. A poorly managed company may chug along for a while, but the market will eventually expose its weaknesses. When performance suffers, stockholders clamor for change. Indeed a recent Wall Street Journal Online/Harris Interactive poll revealed that poor corporate governance has prompted 64 percent of respondents to reduce or divest their holdings in a company. Sometimes corporate excess is reigned in by corporate raiders, real-life Gordon Gekkos who are ironically regarded as the very embodiment of white-collar excess. We shouldn't assume that executive compensation is fixed on an upward trajectory. Indeed a University of Chicago economist calculates that average CEO compensation for S&P 500 firms peaked in 2000, and has since tumbled by about a third. While the market tends to correct itself, government intervention is often ineffectual or even counterproductive. For example, Clinton 's disclosure requirements probably helped drive compensation up as CEOs began to act more like pro athletes who use their peer's salaries as leverage during contract negotiations. With our Enron-obsessed news media, it's easy to get the impression that most CEOs just aren't worth the money. But recently economists from MIT and NYU made a far different discovery. They found that, between 1980 and 2003, the average value of the top 500 companies increased by a factor of six. In other words executive compensation grew about as much as companies' values. Pay reflected performance. Don't agree? Don't think that's the right way to measure performance? Then don't invest in companies that you think pay their execs too much. CEO pay is based on voluntary arrangements. This simple point is often overlooked during all the thundering about "corporate fat cats." If a company's shareholders are happy, why should outsiders wail about how many Ferraris the boss owns? Ted Balaker is a policy analyst at Reason Foundation and co-author of the new book The Road More Traveled (Rowman&Littlefield). An archive of his work is here and Reason's privatization research and commentary is here.

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You are here: Social Security Administration > Research, Statistics, & Policy Analysis > Program Statistics and Data Files by Title > Fast Facts & Figures About Social Security, 2000 Fast Facts & Figures About Social Security, 2000 (released August 2000) Download entire publication (0.3 MB) View in web browser Preface We live in an era known as the Information Age, but finding exact numbers or answers to specific questions can be a daunting task. One can sift through vast amounts of information online or in printed publications and still have difficulty finding the relevant fact or statistic. As Commissioner of Social Security, I want you to have the answers to your most frequently asked questions about our programs at your fingertips. Fast Facts & Figures About Social Security is a one-stop source of information about the programs SSA administers—the people they serve, the benefits they provide, and a sense of what the income means to beneficiaries and recipients. It presents brief narratives and easy-to-understand charts about the most important aspects of the retirement, survivors, and disability insurance programs—from general information, such as the age for full retirement benefits, to statistical profiles of the beneficiary population. A special section on the income of the aged highlights the importance of Social Security benefits as a major source of income. This booklet also provides information about the aged, blind, and disabled persons who receive payments under Supplemental Security Income—another program administered by our agency. I believe that this booklet will prove useful to people interested in understanding the value and scope of SSA's programs. Kenneth S. Apfel The Social Security program, from its beginning to the present, has been the subject of serious discussion and sometimes vigorous debate. Today, as we embark on a national dialogue about the future direction of Social Security, we need to base the discussion on information that is factual, informative, and easy to comprehend. Fast Facts & Figures answers the most frequently asked questions about the programs SSA administers. It highlights basic program data for the Social Security (retirement, survivors, and disability) and Supplemental Security Income programs. Most of the data come from the Annual Statistical Supplement to the Social Security Bulletin, which contains more than 250 detailed tables. The information on the income of the aged is from the biennial data compilation Income of the Population 55 or Older. The faces that emerge from these facts and figures illustrate the importance of Social Security for our oldest to our youngest citizens. In recent years, for example, it has kept 39% of our aged and 1.1 million children out of poverty. In all, more than 48 million people have received some type of benefit or assistance. Paul N. Van de Water Associate Commissioner for Research, Evaluation, and Statistics Shirley [email protected] Next Expected UpdateAugust 2014 Subscribe to Updates Publishing Schedule Other Editions 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 Back to Top

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Be First in Line for Your Tax Refund; File Now With TurboTax Despite a later than expected start to the 2013 tax filing season, taxpayers shouldn’t delay and can prepare and file their tax returns now with TurboTax. The vast majority of tax filers, including those paying the Alternative Minimum Tax, can prepare and file now and be first in line to get their refunds when the IRS begins processing returns on Jan. 30. TurboTax®, the nation’s No.1 rated best-selling tax software from Intuit Inc. (Nasdaq: INTU), is up to date with recent tax law changes so taxpayers can begin preparing their tax returns now. TurboTax will hold returns and once the IRS begins accepting e-filed returns on Jan. 30, will securely submit federal tax returns on a first-in, first-out basis. “The federal tax refund is the most important financial moment of the year for many families. We know how much people depend on their tax refunds to pay bills and living expenses,” said Bob Meighan, CPA and vice president of TurboTax. “The most important thing people can do is prepare and file now so they’re first in line for their tax refund.” About 40 percent of American households live paycheck-to-paycheck. In 2012, the average tax refund was $2,700, equaling more than a month’s worth of income for two-thirds of taxpayers or over three months of groceries for the average family of four. It is the primary reason that taxpayers file returns by mid-February. “The IRS does not anticipate any associated tax refund delays once processing begins on Jan. 30,” added Meighan. “For the fastest refund possible, taxpayers should use e-file and direct deposit.” The IRS expects to issue more than 9 out of 10 refunds in less than 21 days. The IRS will not process paper returns before Jan. 30. Taxpayers claiming residential energy tax credits, depreciation of property or general business credits will be not be able to start filing in late February or early March because of the need for more extensive form and processing systems changes. Taxpayers wondering how recent tax law changes may impact their taxes can contact TurboTax tax experts, who are available year round to answer taxpayer questions, free. Only TurboTax lets taxpayers talk by phone or chat to certified public accountants, Internal Revenue Service enrolled agents or tax attorneys as often as they like while they’re preparing their tax return, free. About TurboTax TurboTax is the nation’s No. 1 rated, best-selling, do-it-yourself tax preparation software. Available on desktop, online and mobile, TurboTax helped more than 25 million people last year keep more of their hard-earned money. For more information, visit the TurboTax press room, like us on Facebook at www.facebook.com/turbotax, follow us on Twitter at twitter.com/turbotax, or visit our blog, Tax Break: The TurboTax Blog, at blog.turbotax.intuit.com/. Intuit Inc. is a leading provider of business and financial management solutions for small and mid-sized businesses; financial institutions, including banks and credit unions; consumers and accounting professionals. Its flagship products and services, including QuickBooks®, Quicken® and TurboTax®, simplify small business management and payroll processing, personal finance, and tax preparation and filing. ProSeries® and Lacerte® are Intuit’s leading tax preparation offerings for professional accountants. Intuit Financial Services helps banks and credit unions grow by providing on-demand solutions and services that make it easier for consumers and businesses to manage their money. Founded in 1983, Intuit had annual revenue of $4.15 billion in its fiscal year 2012. The company has approximately 8,500 employees with major offices in the United States, Canada, the United Kingdom, India and other locations. More information can be found at http://www.intuit.com. Intuit and the TurboTax logo, among others, are registered trademarks and/or registered service marks of Intuit Inc. in the United States and other countries. Live tax advice is a free service available year round via phone or live chat. Restrictions apply. Experience levels, hours of operation and availability vary and are subject to change without notice. See http://www.turbotax.com for details.

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Israel’s top 10 female executives Posted By Abigail Klein Leichman On March 4, 2012 @ 12:00 am In | No Comments In honor of International Women’s Day on March 8, ISRAEL21c salutes 10 of the top female executives in Israel, an impressively powerful group ranging in age from their 30s to 60s. About 18 percent of all directors in Israeli public companies are female, and women account for about half of the top-tier managers in major firms such as Gazit-Globe, Ormat, Delek, Strauss Group and Electra. Many of them are in the financial sector — for example, Irit Isaacson, chairman of the board of Isracard, the largest credit card company in Israel; First International Bank of Israel CEO Smadar Barber-Zadik; and Etti Langerman, CEO of Discount Mortgage Bank. Women now chair the board in 5% of Israeli companies, twice as many as in the United States. 1. Shari Arison Photo by Moshe Shai/Flash90 Shari Arison visiting the Tel Aviv School of Arts. The American-born daughter of Carnival Cruise Lines founder Ted Arison is a familiar name on Forbes magazine’s annual lists of the world’s wealthiest women, most influential women and “greenest” billionaires– the latter in recognition of her environmentally conscious donations and business practices in Israel and abroad. Arison, 54, sits at the helm of the Arison Group. This Israeli conglomerate includes the Miya urban water technology company as well as such major corporations as Bank Hapoalim, Israel’s largest bank; Shikun & Binui, one of the largest real estate and infrastructures companies in Israel; and Salt Industries, Israel’s largest salt manufacturer. At the end of 2011, her brother Micky sold her his shares of Bank Hapoalim, giving her full control of the company. The Arison Group sponsors many philanthropic projects, such as Ruach Tova (Good Spirit), which encourages and facilitates volunteering in Israel. Arison, an active education advocate, is also the founder of Matan -Your Way to Give, an affiliate of United Way International, and the author of Birth: When the Spiritual and the Material Come Together. 2. Ofra Strauss Photo by Yossi Zeliger/Flash90 Ofra Strauss, center, opening NYSE in November 2011. Ester Levanon, CEO of the Tel Aviv Stock Exchange, is second from left. If Sabra brand hummus has become a staple in every American grocery, you can thank Strauss. The 51-year-old chairwoman of the Strauss Group, Israel’s second-largest food and beverage company, was ranked No. 42 on Fortune magazine’s 2005 list of the most powerful women in business. The company was started by her father, Michael, and his sister, Raya, who still own the majority of the shares. Strauss earned a law degree from Tel Aviv University and worked for Estée Lauder before joining the family firm in 1989. As chairperson of the US-Israel Chamber of Commerce, she was invited to open the New York Stock Exchange on its fifth annual Israel Day, on November 29, 2011. Strauss is a key player in US-Israel economic ventures, and in charitable projects for the Jewish Agency, WIZO and other organizations. 3. Ester Levanon TASE CEO Ester Levanon. Born in 1946, Levanon joined the Tel Aviv Stock Exchange (TASE) as vice president for IT and operations in 1984. It was her task to transition Israel’s only public exchange to fully computerized trading. The Harvard Business School graduate brought to this position her experience building and running the in-house IT operation at Shabak, the Israel Security Agency. Levanon served for a decade as deputy CEO and then moved into the top spot about five-and-a-half years ago. She’s been implementing a multifaceted plan to position TASE as an international hub for tech companies, while successfully steering the stock exchange through the rough waters of war and worldwide economic instability. 4. Galia Maor Bank Leumi CEO (for now) Galia Maor. Bank Leumi’s CEO of the past 16 years, and one of the most prominent women on Israel’s economic scene, Maor announced at the end of 2011 that she intends to step down in the second quarter of 2012. But don’t expect her to fade from view. Now 69, Maor started her career at the Bank of Israel in 1963 and moved to Leumi in 1991 after a brief stint as adviser to the World Bank, taking over as Leumi’s CEO four years later. She is frequently consulted by the Israeli government on matters of legislation, the structure of the capital market and the banking system. Maor chairs the Friends of Yeladim- Fair Chance for Children, a non-profit that aids children from abusive backgrounds living in 90 residential group homes around Israel. 5. Molly Grad Gottex Creative Director Molly Grad. In June 2009, Molly Grad took over as Gottex swimwear company’s creative director from the legendary Gideon Oberson. Born in Israel, Grad made her mark in the fashion world in London, where she earned a master’s degree in women’s fashion. She worked with designer Stella McCartney for four years and also with top designers in Paris and Milan, picking up numerous awards along the way. Now 34 and back home again, Grad is putting a fresh spin on Israel’s iconic swimwear brand, whose high-fashion, high-end products are sold in 30 countries and are often chosen to be featured in the pages of the annual Sports Illustrated Swimsuit Edition. 6. Maxine Fassberg Intel-Israel’s Maxine Fassberg. Intel-Israel general manager since June 2007, Fassberg first joined the multinational corporation in 1983 as a lithography engineer after teaching chemistry and physics at a Jerusalem high school. From 2000 to 2004, she was manager of its Fab 18 computer chip factory in Kiryat Gat, which won the Intel Quality Award in 2004. She has also won two Intel Achievement Awards. Intel is the largest Israeli exporter in the private economy. Under Fassberg’s management, its exports grew from $1.54 billion in 2007 to $2.7 billion in 2010. In 2009, Fassberg was inducted into the Women in Technology International (WITI) Hall of Fame. She oversees about 8,000 Intel employees in Israel. 7. Orna Berry EMC Center of Excellence Manager Orna Berry. Berry, 62, has the distinction of having served as Israel’s first female chief scientist. In January 2011, she took over as vice president and manager of the Israeli Center of Excellence for US information technology corporation EMC. Born in Jerusalem, Berry served as an officer in the Israel Defense Forces and has degrees in math, statistics and computer science. She was a founding partner of Ornett Data Communications, chairwoman of the Association of Israeli Venture Capital Funds and a venture capital fund partner at Gemini. Berry has also held positions related to consulting and management of scientific research at Fibronix, IBM, Intel and UNISYS. 8. Yehudit “Dita” Bronicki Bronicki, 69, has been general manager of Ormat Technologies, a world leader in the geothermal power plant sector, since July 1, 2004. She was a co-founder of the company’s forerunner, Ormat Turbines. Though her BA from the Hebrew University is in social sciences, she’s worked in the power industry since 1965. From 1992 to June 2005, Bronicki was a director of Bet Shemesh Engines, a manufacturer of jet engines. Until May 2005, she was on the board of OPTI Canada, a company engaged in the oil sands industry in Canada, and since 2000 she has been a member of the Board of Orbotech, a manufacturer of equipment for inspecting and imaging circuit boards and display panels. She also was on the advisory board of the Bank of Israel for seven years. 9. Rivka Carmi Photo by Dani Machlis/BGU Prof. Rivka Carmi, president of Ben-Gurion University. A physician specializing in genetic disease research among the Negev Arab-Bedouin population, Carmi has been president of Ben-Gurion University of the Negev (BGU) since May 2006. She is the first woman to attain the highest position at an Israeli university. Carmi worked her way up the ranks, first serving as director of the Genetics Institute at Soroka University Medical Center in Beersheva. She earned full professorship in 1995, and five years later was elected dean of the Faculty of Health Sciences — also the first woman to hold this position in Israel. And in August 2010, Carmi also became the first woman to serve as the chairperson of the Committee of University Heads in Israel. 10. Orit Benvenisti-Luria Orit Benvenisti-Luria of Tigbur. Benvenisti-Luria is managing director of Tigbur (Reinforcement), a personnel-recruitment firm founded by her mother in 1978 and now one of the 100 largest Israeli companies, with 33 branches across the country and three branches in Turkey. Benvenisti-Luria, who was a meteorologist for the Israel Air Force, is active on the Israel-Turkey Council and in organizations such as the Tel Aviv-Jaffa Organization for the Promotion of Education, the Israel Juvenile Diabetes Association, Schneider Children’s Hospital and Small Heroes for special needs children. She is on the senior management forum of the Israeli Institute of Management. Related ArticlesGoogle Street View live in IsraelIsraeli-British tech-exchange gets underwayIsrael’s top 10 factory tours Article printed from ISRAEL21c: http://israel21c.org URL to article: http://israel21c.org/social-action-2/israels-top-10-female-executives/ Copyright © 2012 Israel. All rights reserved.

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comments Jack Lew's first task could be changing his signature By Emily Jane Fox @emilyjanefox January 10, 2013: 2:34 PM ET A letter sent by Treasury Secretary nominee Jack Lew shows his less-than-legible signature, which could grace your dollar bill if he's confirmed. NEW YORK (CNNMoney) Jack Lew, President Obama's nominee for U.S. Treasury Secretary, will face many challenges if he is confirmed -- from increasing the debt ceiling to tackling budget cuts. He may also have to change his signature. If Lew, the current White House chief of staff, is confirmed by the Senate, his John Hancock will grace the lower right-hand side of each bill in your wallet. The only problem? Lew's signature can best be described as a series of circles and squiggles that bear no resemblance to the actual characters in his name. Current Treasury Secretary Tim Geithner told Marketplace last year that he had to change his signature from a loopy version to something more legible when he submitted his signature to the Bureau of Printing and Engraving to print on currency notes. "I had to write something where people could read my name," he said in the interview. In a press conference Thursday, Lew acknowledged their shared signature struggle. "It was only yesterday that I discovered that we both share a common challenge with penmanship," he said. Related: Obama to pick Jack Lew as Treasury Secretary Obama said on Thursday that he hadn't seen Lew's signature until the day before. When he did, he said he considered rescinding his offer to appoint him. "Jack assures me that he is going to work to make at least one letter legible in order not to debase our currency, should he be confirmed," Obama said. Sheila Low, a handwriting expert and president of the American Handwriting Analysis Foundation, said Lew's current signature reminded her of a steamroller. "From his signature, it seems to me that he'll put forth his ideas, and he'll keep going until he gets done what he wants to do." The process of transferring the new secretary's signature can take three months. The bureau must first receive the signatures of the new secretary and the new treasurer. The bureau then creates a series of bills with new serial numbers and suffix letters. A new plate also has to be designed before they can begin printing the bills. The signatures of the Treasury secretaries may seem like small potatoes, but they are required to be changed on currency notes in order to make the bills legal tender. First Published: January 9, 2013: 1:31 PM ET Join the Conversation Most Popular Analysts expect Apple to report a 2.8% uptick in Mac sales for Q2 2014

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hide RadioShack seeking new, lower-cost loans: sources Tuesday, August 13, 2013 6:33 p.m. EDT By Nick Brown and Dhanya Skariachan (Reuters) - Retailer RadioShack is looking to refinance its debt by securing new, lower-cost loans, a process it would like to complete by the end of the year, according to two sources familiar with the matter. The struggling electronics chain, whose shares have tanked as sales have fallen over the past year, believes it can avoid a restructuring if it can pay off current lenders, including Bank of America and Wells Fargo , and secure more favorable borrowing terms from new lenders, said the sources, who declined to be named because discussions are ongoing. The process is in its early stages, and no deals have been proposed, one of them said. It is possible lenders like Wells Fargo and Bank of America would supply new loans, and third parties like GE Capital Corp , which tends to do large asset-based lending deals, could enter the fray, the people said. Representatives for Bank of America and RadioShack declined comment. A Wells Fargo spokeswoman did not have an immediate comment. GE Capital did not respond to a request for comment. Whether RadioShack can actually achieve such a refinancing is unclear, given the reluctance of lenders to provide capital to a highly distressed retailer. If "the company only gets $25 million or $50 million, and has to pay millions of dollars in fees to accomplish it, it is probably not going to be worth the company's time," one of the people said. "However, if they can get $100 million or $150 million more in liquidity, then it starts to become meaningful." RadioShack is working with bankers from Peter J Solomon to help it increase its liquidity, as well as turnaround advisers from Alix Partners who are focused mainly on helping the company operate. RadioShack has not hired restructuring lawyers, one of the people said. The retailer's total debt was about $713 million at the end of last quarter. Its liquidity was about $818 million, but has since shrunk to about $600 million, one of the people said. The retailer had to resort to deep discounting to boost sales in the second quarter, a move that squeezed margins. Last month, it reported a wider-than-expected quarterly loss as its financial chief left the company, stepping up pressure to stabilize its business ahead of the holiday selling season. Sales at the electronics chain have been in free fall amid executive departures, cutthroat competition and an image problem. Despite its ubiquitous presence in the United States, analysts say the retailer has not done enough to transform itself into a destination for mobile phone shoppers or to become sufficiently hip to woo younger shoppers. If RadioShack is to achieve a refinancing, it would likely need a deal in place by October, said one of the people familiar with the matter. After that, the parties may be apt to stand down until after the holidays, the person said. A turnaround for RadioShack is sure to be a long process. Chief Executive Joe Magnacca, who took the helm in February, said last month he expected the process to take several quarters. The company still has enough liquidity to take it well into next year, said one of the people familiar with the matter. RadioShack shares have fallen about 27 percent over the past three months. They closed down 0.4 percent at $2.75 Tuesday on the New York Stock Exchange. (Reporting by Nick Brown and Dhanya Skariachan; Editing by Alden Bentley and Phil Berlowitz)

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Chart Pattern Stock Alerts Stock Scans Stock Alerts Demo Video Free Stock Newsletter Saratoga Electronic Solutions Inc. via Marketwired August 23, 2011 at 16:01 PM EDT Saratoga Electronic Solutions Inc.: Update MONTREAL, QUEBEC--(Marketwire - Aug. 23, 2011) - (TSX VENTURE:SAR)SALE OF DISTRIBUTIONS CAR-TEL Inc. ("Car-Tel") On July 29, 2011, Saratoga Electronic Solutions Inc. (the "Corporation") (TSX VENTURE:SAR) announced that it had entered into an agreement to sell its wholly-owned subsidiary, Distributions Car-Tel Inc. ("Car-Tel"), to Luc Charlebois, a member of management of Car-Tel, for a purchase price of approximately $1.36 million, to be paid through a combination of cash and the assumption of certain specified liabilities. Car-Tel is in the business of distributing to consumers point-of-sale activated prepaid cellular telephone PINs and long distance calling cards, and offering to retailers a variety of electronic gift card solutions. This transaction is a result of the previously announced strategic review undertaken by the Corporation.Closing of this transaction is subject to the negotiation and execution of definitive transaction documents, as well as the receipt of all requisite regulatory approvals, and is expected to occur in the Corporation's second quarter.Description of the transactionOn the closing of the transaction, Mr. Charlebois will pay to the Corporation an amount of approximately $1.2 million in cash. In addition, as part of the transaction, Car-Tel will forgive debt owed to it by the Corporation's other wholly-owned subsidiary, Saratoga ATM Corporation Inc. ("Saratoga ATM"), in an amount of approximately $0.16 million, and Car-Tel will pay in full the amounts owing by it to Saratoga Leasing Inc., being approximately $0.3 million.As the pre-paid cellular, long distance and gift card business is currently in a state of evolution and certain changes to the revenue model may likely occur, the parties have negotiated for potential adjustments to the transaction purchase price. In particular, the parties have agreed that in the event that an end-user charge is implemented in respect of the distribution of any prepaid cellular, long distance or gift cards within the next two years, the Corporation shall be entitled to a fee equal to 9% of such charge for each prepaid cellular, long distance or gift card transaction occurring during the thirty-six month period following the implementation of such charge.Reasons for the transactionThe Corporation believes that the prepaid cellular and long distance card market reached maturity in 2010, with sales having declined on a quarterly basis since such time. The decline in the number of POS machines in Car-Tel's network, as well as in the overall number of transactions, is indicative of end users using other methods of communications.Furthermore, in the last four-month period, three prepaid cellular or long distance service providers have reduced the margins on their products by 3%, which is expected to directly impact future cash-flows generated by Car-Tel. The Corporation has therefore concluded that it is in the best interest of shareholders for the Corporation to exit the prepaid cellular, long distance and gift card business segment.Effect on the CorporationThe Corporation will use the approximately $1.2 million in cash which it expects to receive as a result of this transaction to reduce long-term debt by approximately $0.7 million and to provide working capital of approximately $0.5 million. The Corporation's consolidated long-term debt will be reduced by a further approximately $0.3 million as a result of the repayment by Car-Tel of the debt due to Saratoga Leasing Inc.Related PartyThe sale of Car-Tel to Luc Charlebois, the president of Car-Tel and a member of the Corporation's board of directors, is considered to be a related party transaction within the meaning of Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions. Mr. Charlebois is one of the original founders of Car-Tel and believes that the business could be viable if operated through a privately-held vehicle.As a result of the related party nature of this transaction, in the absence of any available exemptions from such requirements, the transaction will be subject to the approval of a majority of the unrelated shareholders of the Corporation. In addition, the Corporation will be required to obtain, and provide the shareholders with, an independent valuation of Car- Tel.ApprovalsThe closing of the sale of Car-Tel is subject to the receipt of all requisite approvals, including the approval of the TSX Venture Exchange and of the shareholders of the Corporation. Further information in this regard will be communicated to the shareholders in future press releases.TREASURYAs reported in the Corporation's March 31, 2011 financial statements and MD&A available on www.sedar.com, the Corporation's strategy for capital risk management was driven by external requirements from one of its lenders. The cash flow of the Corporation is supported by revolving operating lines of credit in the aggregate amount of $2,000,000 bearing interest at the Corporation's bank's prime rate plus 1% per annum, of which $1,618,000 was used as at March 31, 2011. The line of credit is secured by a hypothec on the universality of all property and receivables of the Corporation in the amount of $1,000,000 and a personal guarantee for $1,000,000 from the majority shareholder of the Corporation.Under this line of credit, the Corporation must meet certain commitments and financial ratios. The ratios and requirements are monitored on an ongoing basis by management and require the Corporation's subsidiary Saratoga ATM (on a stand-alone basis) to meet the following requirements:/T/-- a minimum debt coverage ratio of 1.25 to 1 -- a maximum debt to equity ratio of 1.5 to 1 -- refrain from redeeming any preferred shares without obtaining the consent of the lender/T/As at March 31, 2011, the Corporation has not met all of these requirements. However, as of March 31, 2011, in order to satisfy the requirements of its lender, the Corporation had verbally agreed to cease to redeem the non-controlling interest preferred shares in Saratoga ATM. In addition, the Corporation's principal shareholder injected $100,000 in Saratoga ATM for the purpose of reimbursing the line of credit owed to the lender, thereby reducing the line of credit available to the Corporation on a corresponding basis.The Corporation's lender, in a leniency letter dated August 15, 2011, accepted that the Corporation derogate from the conditions attached to its financing until September 30, 2011, at which time the Corporation intends to renegotiate financial terms as part of the annual review of its credit facility. However, there is no guarantee that the amount available under the line of credit will be sufficient to support the future working capital needs of the Corporation, or that the Corporation will be able, if required, to gain access to additional working capital.STRATEGIC ALTERNATIVESOn October 8, 2010, the Corporation announced that the board of directors had initiated a process to explore and consider possible strategic alternatives for enhancing shareholder value, including a possible sale of the Corporation. A Special Committee of the board of directors was formed in order to oversee this process and KPMG Corporate Finance Inc. was retained as the Corporation's financial advisor to assists and advise in this process.The proposed sale of Car-Tel as described above is one of the results of such strategic review. The Corporation has also received expressions of interest for the purchase of its wholly-owned subsidiary Saratoga ATM, which places and operates a network of automatic teller machines in Eastern Canada. The Corporation has not set a definitive timetable for completion of its evaluation of these expressions of interest and there can be no assurance that this process will lead to the approval or completion of any definitive agreement or other transaction. The Corporation does not intend to disclose developments regarding this process unless and until the board of directors approves a specific transaction or otherwise concludes the review of strategic alternatives.Forward-Looking StatementsThis news release contains certain forward-looking statements concerning our future operations, economic performance and financial condition and our proposed sale of Car- Tel. These statements are based on certain assumptions and analyses made by us in light of our experience and our perception of historical trends, current conditions and expected future developments, as well as other factors we believe are appropriate in the circumstances. However, whether actual results and developments will conform to our expectations and predictions, and whether we are ultimately successful in consummating the sale of Car-Tel, is subject to a number of risks, uncertainties and assumptions, including our ability to successful conclude definitive documentation and obtain the requisite approvals in connection with such sale, as well as those discussed in our Annual Information Form and Management's Discussion and Analysis. Consequently, all of the forward-looking statements in this news release are qualified by these cautionary statements, and there can be no assurance as to the Corporation's ability to consummate the sale of Car-Tel or as to the Corporation's ability to enhance shareholder value through this process. Moreover, there can be no assurance that the results or developments anticipated by us, including as regards our financial resources and our ability to renegotiate the terms of our financing, will be realized or, even if substantially realized, that they will have the expected consequences to or effects on us and our subsidiaries and their business or operations. We undertake no obligation and do not intend to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable law. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Related Stocks: SARATOGA ELECTRONIC SARATOGA INVESTMENT CORP. NEW Online Stock Trading Stock Market For Beginners Free Stock Scans Fundamental Stock Analysis How To Swing Trade Swing Trading Stock Technical Analysis Stock Trading Software Stock Alert Indicators Glossary Stock Buy and Sell Signals Return to top of page© 2013 StockNod.com • StockNod

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By Tammy Flanagan If you had retired at the end of 2007, by now you probably would be thinking that you should've received your third full retirement check, for the month of March. (January and February, presumably, would have come in earlier checks.) But if you had anything but a straightforward career -- say, 30 years of uninterrupted service with the same agency -- you still might be waiting for your first check reflecting the officially approved amount of your monthly retirement benefit. That's because a host of issues can lengthen the amount of time it takes the Office of Personnel Management to finalize your retirement. Here are some of them: You retired under the Civil Service Retirement System-Offset system (especially if you are 62 or older). During an open season or upon being rehired into government, you transferred to the Federal Employees Retirement System from CSRS or CSRS Offset. Your divorce decree provides retirement benefits, a survivor annuity, or both to your former spouse. Before your retirement, you paid a military deposit or a civilian service credit deposit and the record of that payment was not submitted with your retirement. During part of your career, you worked on a less than full time schedule. Your retirement was processed as disability rather than "optional voluntary." You worked as a law enforcement officer, firefighter or air traffic controller. A period of your career has not been properly documented. There is a question as to whether or not you are in the proper retirement system. During the time your retirement is being finalized, OPM places you on "interim" status. "We try to provide you with income until we finish processing your application," the agency says on its Web site. Generally, those payments average more than 85 percent of the final benefit you'll receive. But beware of that word "generally." Small Checks Here's a case in point. Robert retired on Jan. 3, 2008, under CSRS Offset. He had more than 22 years of service, which should entitle him to a retirement benefit equal to about 40 percent of his high-three average salary -- which is around $90,000. That means his retirement should be about $36,000 per year, or $3,000 a month. With reductions because he is older than 62 and the fact that he's provided a survivor annuity, his adjusted benefit would be between $2,000 and $2,200 per month. Also, Robert has paid a deposit to receive credit for military service, and worked on and off for the U.S. Postal Service back in the 1960s. In finalizing Robert's retirement, OPM needed to make sure that he was in the correct retirement system and that his deposit for his military service actually was paid. The agency also had to find out how much he was entitled to in the way of Social Security benefits. Considering Robert's situation, by now he should have received at least $5,000 in payments for January, February and March. But as of last week, he had received only two checks -- one for $267 and one for $297. It seems unlikely that's anywhere near 85 percent of his earned retirement benefit. Robert has inquired numerous times about the size of his benefit and the status of his retirement application, but without much success. "There is no longer an actual relationship between your estimate and the amount of interim payments," one response said. "Adjudication of your case will be completed in about four to six weeks. At that time any underpayments will be reconciled. If you feel the current amount of payment is inadequate for your needs please call the current office to which your case is assigned." I'm sure that Robert isn't the only person who left government earlier this year who has yet to have their retirement finalized. One reason OPM is trying to modernize the retirement processing system is to avoid these types of situation in the future. In the meantime, the best thing to do if you're planning to retire soon is to expect the best and prepare for the worst. Make sure you have some money to live on for the first few months of your transition to retirement. Here are some types of income you might be able to rely on: A lump-sum payment for annual leave. (That's what Robert has been living on.) Another paycheck, if you have switched to a nonfederal job. Savings or investments. You can choose to take a partial withdrawal from your Thrift Savings Plan once you are off your agency's payroll. (It's best to wait until you've been gone for 30 days.) If you are 62 or older, you can apply for Social Security benefits. Finally, as I noted earlier this year, it's always a good idea to educate yourself about the retirement process to make the transition as smooth as possible. Tammy Flanagan is the senior benefits director for the National Institute of Transition Planning Inc., which conducts federal retirement planning workshops and seminars. She has spent 25 years helping federal employees take charge of their retirement by understanding their benefits. http://www.govexec.com/pay-benefits/retirement-planning/2008/04/delayed-gratification/26636/

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OpinionAnalysis Bernanke Explains New Fed Guidance, Confusing Reporters and Self By Eleazar David Meléndez on December 12 2012 6:18 PM U.S. Federal Reserve Chairman Ben Bernanke. Reuters At one point during the nearly 90 minutes that Federal Reserve Chairman Ben Bernanke spoke to reporters Wednesday, following the culmination of a two-day meeting of the U.S. central bank’s powerful rate-setting committee, he found himself having to answer if the Fed had done “everything it can” to help stanch America’s unemployment crisis. “If we could wave a magic wand and get unemployment to 5 percent tomorrow,” Bernanke said, “obviously we would do that.” Reality, alas, is not so simple. Indeed, just how complicated policy-making has become for the U.S. central bank was the underlying theme of Bernanke’s press conference Wednesday, where the chairman did his best to explain the unprecedented move the Fed had taken just hours before, announcing it would tie the future direction of its rate policy to a specific unemployment threshold. Fed: 6.5% Unemployment Or Bust Fed Seen Easing Further As Fiscal Cliff Issue Lingers In a statement out just after midday, the Fed said it would keep its remarkably low benchmark interest rates for the moment and believed "this exceptionally low range for the federal funds rate will be appropriate at least as long as the unemployment rate remains above 6-1/2 percent." With some reporters still seemingly struggling to digest the significance of the announcement, Bernanke made a couple of explanatory statements that paradoxically made the Fed’s new position both more explicit and more confusing. First, expanding on an issue that was not directly addressed in the statement, Bernanke noted the new numerical threshold would apply only when deciding which way the Fed’s conventional rate-setting policy lever should be moved. When deciding what direction to take with its more unconventional policy tool

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Speech Improving the Measurement of Inflation Expectations June 7, 2012 Simon Potter, Executive Vice President Remarks at the Barclays 16th Annual Global Inflation-Linked Conference, New York City1As prepared for delivery The economy and monetary policy Good morning, it is a pleasure to have the opportunity to speak at this NABE (National Association for Business Economics) conference today. Having spent more than 20 years as a business economist working in the private sector before joining the Federal Reserve Bank of New York in 2007, I feel right at home here today. My remarks will focus on the economic outlook. I do this with some trepidation, of course. In the private sector there are two adages about forecasting that underscore the need to be humble in this endeavor: First, forecast often. Second, specify a level or a time horizon, but never specify both, together. But more seriously, despite the difficulties in making accurate forecasts, we still need to understand as best we can why the economy is performing the way it is, what that implies about the economic outlook, and, how policymakers can respond to generate better outcomes. We live in a highly complex and uncertain world, but we need to make as much sense out of it as possible. As always, what I have to say reflects my own views and not necessarily those of the FOMC (Federal Open Market Committee) or the Federal Reserve System. My attention today will be on three important questions: Why has the US recovery been so sluggish and consistently weaker than expected? What should we, as monetary policymakers, do it about it? What other policy actions are needed to help ensure a timely transition to strong and sustainable growth? The disappointing recoveryTurning to the first question, U.S. economic growth has been quite sluggish in recent years. For example, annualized real GDP (gross domestic product) growth has averaged only about 2.2 percent since the end of the recession in 2009. As a consequence, we have seen only modest improvement in the U.S. labor market. Not only has growth been slow, it has also been disappointing relative to the forecasters' expectations. For example, the Blue Chip Consensus have been persistently too optimistic in recent years. This is illustrated in Exhibit 1 which shows how private sector forecasts for 2008 through 2013 have evolved over time. Two aspects of this exhibit are noteworthy. First, forecasters have consistently expected the U.S. economy to gather momentum over time. Second, with only one exception, the growth forecasts for each year have been revised downward over time, as the expected strengthening did not materialize. In contrast, as shown in Exhibit 2, there has been no notable pattern of forecast misses for inflation. Sometimes, inflation has been a bit higher than expected, other times a bit lower. On balance, inflation has been very close to our 2 percent longer-run objective. Although I have focused on the private forecasting record here, the FOMC participants' forecasts show a similar pattern. It is on the growth side where there have been chronic, systematic misses. In my view, the primary reason for the poor performance of the U.S. economy over this period has been inadequate aggregate demand. There are several explanations for this. Although some were well-known earlier, others have only become more obvious as the recovery has unfolded. One reason is the nature of economic recoveries following financial crises. On that basis, the poor performance of the U.S. economy is not unusual—historical experience shows clearly that recoveries following financial crises typically are very slow and difficult.1 During the credit boom, finance is available on easy terms and the economy builds up excesses in terms of leverage and risk-taking. When the bust arrives, credit availability drops sharply and financial deleveraging occurs. Wealth falls sharply, precautionary liquidity demands increase, desired leverage drops further. In the U.S. case, there were some idiosyncratic elements, such as subprime lending and collateralized debt obligations. But, in the end, the U.S. experience included the major elements of most booms: Too much leverage, too little understanding of risk, too easy credit terms, and then a very sharp reversal. When the bust arrives, over-indebted households and businesses want to increase their saving and liquidity buffers and financial intermediaries want to raise credit standards. Both responses restrain demand and make a cyclical rebound more difficult. In the U.S. case, because the bust was concentrated in housing, the scope for a strong cyclical recovery was particularly constrained because the interest-rate sensitive sector that would typically lead such a rebound could not recover until the overhang of unsold homes and the impairment of housing finances was corrected. The U.S. recovery has also been subpar because it has been taking place in the context of a weak global economy. Historically, after a country experienced a financial crisis, growing foreign demand and currency depreciation have often led to a sharp improvement in the trade account that has put a floor under economic activity. In such circumstances, rising exports substitute for domestic consumption in supporting aggregate demand. This demand, in turn, encourages businesses to hire and invest. In contrast, this time the shock generated by the U.S. housing bust had global consequences, exposing economic vulnerabilities outside of the U.S., especially in Europe. Under these circumstances, the scope for trade as a support for U.S. growth, while positive, has been very limited. These two factors—the dynamics following financial crises and the weakness of foreign demand—help explain why U.S. growth has been weak, but I don't think these factors explain why it has been consistently weaker than expected. After all, on the other side of the ledger, the policy response following the crisis has been much more aggressive than is typical. On the monetary policy side, the Federal Reserve cut short-term interest rates close to zero, communicated that short-term rates were likely to stay exceptionally low far into the future, and undertook a series of large-scale asset purchases in order to ease financial conditions further. On the fiscal side, in 2009 the Congress and Administration enacted the largest fiscal stimulus program in history and some of these fiscal actions were renewed (e.g., extended unemployment compensation benefits) and new initiatives undertaken (e.g., the payroll tax holiday) once it became clear that the recovery was faltering. Also, there were significant policy actions taken to strengthen the banking system, including forcing banks to recapitalize so that they would have the capacity to sustain their lending. So why has the recovery disappointed? One possibility is that the negative dynamics of a post-bubble environment are even more potent than had been appreciated. Feedback loops may be more powerful and frictions may be larger. In the U.S. case, this is particularly germane with respect to housing and mortgage finance. For example, we have found significant shortcomings in those institutional structures available to support the workout of the overhang of mortgage debt in an efficient and timely manner. A second reason may be the series of additional negative shocks experienced since the initial phase of the financial crisis. The largest of these relate to the crisis in the eurozone. But one could also add the periodic commodity price shocks, the disruptive impact of the tragic Japanese earthquake and tsunami on global trade and production, and the effect of the uncertainties around the impending fiscal cliff on hiring and investing. That said, the shocks since the acute phase of the crisis in the U.S. were not uniformly negative. Take, for example, the sharp increase in U.S. oil and natural gas production stemming, in part, from the innovations in drilling and extraction technologies. Not only does this rising production directly boost real GDP, but also the large drop in natural gas prices has significantly improved the industrial competitiveness of U.S.-based businesses. A third reason for the weaker than expected recovery likely lies in the interplay between secular and cyclical factors. In particular, I believe that demographic factors have played a role in restraining the recovery. The developed world's populations are aging rapidly. In the United States, for example, the baby boom generation, which is a particularly large cohort, is now beginning to retire. As the population ages, this has two consequences. First, the spending decisions of the older age cohorts are less likely to be easily stimulated by monetary policy. That is because such age groups tend to spend less of their incomes on consumer durables and housing. Second, as the population ages and the number of retirees climbs, the costs associated with Social Security, government pensions, and healthcare retirement benefits increase. This creates budgetary pressure and leads to a choice of raising revenue to fund these costs, cutting other government programs, or cutting benefits. Now if this all had been fully anticipated by retirees and near-retirees, then this would already be factored into their spending and saving decisions. But, I doubt that this has been the case. I suspect that many have been surprised by the swift change in economic circumstances as the housing boom went bust. I doubt that many fully anticipated the budget crunch and the prospect that their future retiree and healthcare benefits would likely be curbed or their taxes would have to rise in the future. When households begin to anticipate this, they reduce their assessment of their sustainable living standards. This downward reassessment then feeds back to current spending and saving decisions. A fourth reason why the recovery has been slower than expected may be that we overestimated the capacity for fiscal policy to continue to provide support to growth until a vigorous recovery was achieved. On the fiscal side, the authorities can cut taxes or increase spending to support income and demand during the deleveraging phase that follows the financial crisis. But the ability of such stimulus to continue to support economic activity ultimately encounters budgetary limits. For example, the need to keep the long-term fiscal trajectory on a sustainable path limits the size and duration of federal fiscal stimulus measures. For state and local governments, the statutory requirements for balanced budgets meant that fiscal policies turned restrictive relatively quickly once budget surpluses and rainy day funds were exhausted, and this was only temporarily mitigated by federal transfers to the states as part of the initial fiscal stimulus program. Fiscal policy is now a drag rather than a support to growth in the U.S., and this will likely continue. Monetary policy I would give each of these four explanations some weight for why the recovery has been consistently weaker than expected. But I would add a fifth, monetary policy, while highly accommodative by historic standards, may still not have been sufficiently accommodative given the economic circumstances. Now let me be clear. I believe the evidence overwhelmingly indicates that our monetary policy has been effective in easing financial conditions and supporting economic activity. After reducing the traditional policy tool, the target for the overnight federal funds rate, to close to zero, the Fed has aggressively employed two complementary types of non-traditional tools – asset purchases and forward guidance on the policy rate – to provide additional stimulus through their effects on long term rates and various risk premia. Effective forward guidance on interest rates causes market participants to lower their expectations and uncertainty about future path of interest rates and to anticipate that easier financial conditions will persist well in to the future. This pushes down the yield curve and leads to easier financial conditions. Federal Reserve asset purchases also make financial conditions more accommodative. Such purchases, by taking duration out of private hands, push down term premia and lead to lower long-term rates than would otherwise be the case for any given economic outlook. Agency MBS (mortgage-backed securities) purchases absorb prepayment risk and reduce secondary and primary mortgage rates, stimulating demand for housing and increasing purchasing power through refinancing. Lower long term rates support the prices of equities and housing, boosting wealth and easing balance sheet constraints, while an accommodative monetary policy stance reduces downside risks for the economy and this leads to lower default risk premia on corporate debt.Our two tools work in a complementary manner. Asset purchases strengthen the credibility of the forward guidance on interest rates, while forward guidance provides information about how long the FOMC is likely to hold on to the assets it purchases. My conclusion is that the easing of financial conditions resulting from non-traditional policy actions has had a material effect on both nominal and real growth and has demonstrably reduced the risk of particularly adverse outcomes. Nevertheless, I also conclude that, with the benefit of hindsight, monetary policy needed to be still more aggressive. Consequently, it was appropriate to recalibrate our policy stance, which is what happened at the last FOMC meeting. As I argued in a recent speech, simple policy rules, including the most popular versions of the Taylor Rule, understate the degree of monetary support that may be required to achieve a given set of economic objectives in a post-financial crisis world. That is because such rules typically do not adjust for factors such as a time-varying neutral real interest rate, elevated risk spreads, or impaired transmission channels that can undercut the power of monetary policy.2 One reason that monetary policy may have been less powerful than normal is that one of the primary channels through which monetary policy influences the real economy – housing finance – has been partially impaired. This has both quantity and price dimensions. Credit availability to households with lower-rated credit scores remains limited and households with homes that have fallen sharply in value have lost most or all of their home equity and this makes it very difficult for them to refinance these mortgages. Federal Reserve MBS purchases have succeeded in driving down mortgage rates to historically low levels. But these purchases would have had still more effect on the economy if pass-through rates from the secondary market to the primary market had been higher. As can be seen in Exhibit 3, the Federal Reserve's purchases significantly narrowed the spread between agency MBS and Treasury yields, with the latest round of purchases notably effective in this regard. But, as shown in Exhibit 4, the spread between primary mortgage rates and agency MBS yields3 has widened and this has limited the drop in primary mortgage rates. The incomplete pass-through from agency MBS yields into primary mortgage rates is due to several factors— including a concentration of mortgage origination volumes at a few key financial institutions and mortgage rep and warranty requirements that discourage lending for home purchases and make financial institutions reluctant to refinance mortgages that have been originated elsewhere. On a related note, higher guarantee fees charges by Fannie Mae and Freddie Mac have increased the fixed cost of originating loans and this has also increased the spread between primary and secondary mortgage rates. Factors limiting pass-through warrant ongoing attention from policymakers. Another reason why monetary policy has become less effective in stimulating the economy is because the impetus from a given level of monetary accommodation likely has become attenuated—that is, less powerful—over time. Historically, attenuation has not been important because monetary policy typically has not stayed exceptionally easy for long periods of time. But this time is different and that difference may be important. So how might the monetary policy impulse on economic activity have become attenuated over time? I would suggest two potential channels. The first channel is that monetary policy works, in part, by changing the timing of purchase decisions. If interest rates decline, the drop in financing costs may induce some households to buy a motor vehicle or purchase a home now rather than in the future. Of course, if the car or home is purchased today, this will borrow at least a portion of those sales from the future. There is a limit to how many cars and homes most people will want to buy, given their budget constraints. In this case, as the stimulus from the policy stays in place, the impulse on economic growth will gradually "wear off" as there are fewer and fewer households who can be induced to pull their future planned purchases forward to the present. The same argument applies to mortgage refinancing activity. The stimulus comes from the refinancing activity, which increases the amount of income that borrowers have available for other expenditures. The impetus to growth wears off unless mortgage rates keep dropping, stimulating additional rounds of refinancing activity. The second channel is that low interest rates will gradually reduce the interest income of savers and this could eventually affect their consumption. Household interest income has fallen considerably over the past few years. This effect is likely to work quite slowly. The fact that interest rates are low for six months or a year probably does not have much impact on households' expectations of their long-term interest income and thus, does not have much of an impact on consumer spending. But, as low interest rates are sustained, this could eventually lead to a downward adjustment in households' assessments of their interest income over time and influence their spending. One way to look at this is through the prism of forward real interest rates. If interest rate expectations many years forward have fallen, then expectations about the permanent level of interest income should have declined as well. As shown in Exhibit 5, forward real rates 5 years ahead have declined notably over the past few years. This could be a reasonable proxy for savers' expectations. Note that the decline in Exhibit 5 has not been precipitous, it has occurred very gradually over time. However, policymaking is about making choices between available alternatives. In the long run, even savers would be better off in a world in which aggressive monetary policy generates a strengthening recovery that eventually permits the normalization of interest rates, than they would be compared to a circumstance in which the United States allowed itself to fall into a Japan-style trap of low growth and low rates for decades. So I do not view the effect of low rates on savers as a reason to be less accommodative. Rather, in my view, the potential for the monetary policy impulse to be attenuated over time, is an additional reason to be aggressive in terms of the policy response. A more front-loaded program would avoid greater attenuation compared to a policy that started out less aggressive but added stimulus gradually over time. This has two benefits. First, it would likely be more successful in generating the desired recovery more quickly. Second, relative to a more back-loaded program, less would ultimately need to be done to achieve the desired set of outcomes. The fact that there are asymmetric payoffs from an economy that is weaker than expected versus one that is stronger than expected, given that we are at the zero lower bound reinforces this conclusion. In particular, if the economy were to continue to underperform, and experienced a severe shock, there would be some risk of getting stuck in a deflationary situation in which monetary policy would be even less effective. At the present time there is no conflict between our employment objective and our inflation objective, as I expect inflation to be at or below our 2 per cent longer-run objective over the coming years. But shouldn't we also consider the costs associated with a more aggressive monetary policy of the kind adopted at the last FOMC meeting, especially when we are using non-traditional monetary policy tools? Absolutely. We have carefully evaluated three potential sets of costs and will continue to review them. The first set of costs stems from the risk that the current monetary policy regime could distort asset allocations and lead to a renewed financial asset bubbles. We look at this issue on an ongoing basis. To date, there is little evidence of problems or excesses, but this could change as the recovery proceeds. If these costs were to rise, we would need to examine what steps could be taken on the macro-prudential front in response. Also, such developments would need to be incorporated into the monetary policy decision-making process. The second set of costs stems from the risk that exit from this regime could prove difficult. In particular, some observers worry that the expansion of the Federal Reserve's balance sheet could ultimately prove inflationary. If that were the case, then I would regard the costs as exceptionally high. Fortunately, I am confident that such fears are misplaced. That is because we now have the ability to pay interest on excess reserves (IOER). This means we can keep inflation in check regardless the size of our balance sheet. If the recovery got underway in earnest and credit demand surged, we could slow down the rate of credit creation by raising the interest rate we pay on excess reserves. Banks wouldn't lend out funds at lower rates than what they can earn from holding reserves with us. As a result, a hike in the IOER would raise the level of interest rates throughout the economy and this would dampen any expansion of credit. Our ability to pay interest on excess reserves is an essential tool that we can use to avoid future inflation problems4 We are mindful of the fact that there could still be confusion about how exit will take place. This could increase financial market volatility. To reduce this risk, the FOMC has published a set of exit principles. These principles lay out a roadmap about how exit is likely to occur: First, the end of reinvestment of maturing securities; second, an increase in short-term interest rates, and, third, the gradual sale of mortgage backed securities to shrink the magnitude of excess reserves in the system and ultimately to restore the Fed's balance sheet to a predominately all-Treasury portfolio. A degree of humility is appropriate given the lack of experience as to how markets will respond when economic conditions eventually cause investors to anticipate exit. When asset purchases are anticipated to end or when asset sales begin to be anticipated, this will affect term premia in ways that cannot be precisely predicted in advance. That said, I do expect the repricing will prove manageable. We will seek to communicate so as to avoid generating sharp shifts in term premia and in long-term interest rates. Also, we will play close attention to ensure that financial institutions are managing their interest rate risks appropriately. The third set of costs is the impact of higher short-term rates on the Federal Reserve's earnings and balance sheet when exit occurs. When we ultimately raise short-term interest rates, this will squeeze the Fed's net interest margin. Also, when the Fed sells long-term assets, there is some prospect for losses on these sales depending on the level of long-term interest rates at the time when such sales occur. This means that the Fed's earning could fall sharply or even turn negative in a given year. We look at this issue very closely to understand the risks here. The good news is that a very large proportion of our liabilities—those associated with currency outstanding—has no interest cost. This mitigates the risk of a sharp net interest margin squeeze. Moreover, our analysis shows that the cumulative income generated over the period in which the balance sheet has been unusually large is likely to exceed normal levels under a wide range of scenarios. In my view, while the costs are real and need to be carefully evaluated, they pale relative to the costs of not achieving a sustainable economic recovery. A failure in that regard would lead to widespread chronic unemployment. Not only would that be tragic for millions of people, but it also would generate chronic shortfalls in the nation's potential output and fiscal capacity. Relative to the costs outlined above, the benefits from avoiding such an outcome seem overwhelming. Cyclical and structural policy Although I favor an aggressive monetary policy in the current situation, I also recognize that monetary policy is not a panacea. We all know that in the long run money is neutral – that is, that while monetary policy can help the economy return to full employment following a shock, the full employment level of output, employment and real income depends on factors outside of monetary policy. Also, we must recognize that the strength of the current cyclical recovery will depend importantly on non-monetary policy choices. Other steps are needed to secure the best available economic outcome. In particular, attention should be paid to what could be done to capitalize on the recent stabilization in house prices to improve access to mortgage credit and to foster competition in mortgage origination to ensure a more complete pass-through of low secondary mortgage rates to households. Indeed, if balance sheet dynamics are more important and frictions around housing more powerful than we initially understood, then there should be strong payoff to policies that ease them. At the same time, Congress and the White House should take steps that reduce the short-term and long-term uncertainty over fiscal policy. Currently, households and businesses face elevated short-term uncertainty as to what will happen to tax and spending policies in 2013 and how this will affect the economic outlook. I believe this is restraining hiring and investment today. But families and businesses also face long-term uncertainty about how the country's fiscal challenges will be addressed. Providing greater clarity about the scope and terms of Social Security and Medicare must be helpful, especially in correcting those expectations that are unduly pessimistic. On this score, Social Security is particularly noteworthy. According to a 2011 Pew Research Center poll, more than 40 percent of people aged 18 – 30 believe they will receive no retirement income from Social Security, even though Social Security receipts are estimated to equal about 75 percent of benefits on a sustainable basis under the current regime.5 Congress and the White House should enact a fiscal program that starts with mild restraint, but credibly builds that restraint over time so as to put the nation's debt burden on a clearly sustainable course. Ideally, the program would have broad bipartisan support and provide clarity not just on the near-term outlook, but also about how the major entitlement programs would adjusted. Also, steps could be taken to increase the productive capacity of the economy over time. Such actions are desirable because a more productive economy will generate higher living standards and have greater fiscal capacity. Let me briefly mention a few steps that could be taken to increase the economy's potential over time—immigration policies that attract workers with scarce skills to the United States; education policies and job retraining programs that build and replenish human capital; spending on infrastructure to remove bottlenecks; tax simplification and the elimination of tax policies that distort investment and saving decisions; regulatory policies that are attentive to costs and benefits and that emphasize getting the incentives right. Counter-cyclical policies and structural policies are not substitutes, they are complements. We need both. The strength of demand today is importantly influenced by expectations about future living standards. The lower the expected path of national income, the less favorable the distribution of that income is expected to be, and the greater the uncertainty over the mix of tax rates and benefits a person or business expects to pay and receive, the less they will spend or invest today. Thus, policies that improve the long-run outlook make a cyclical recovery easier to achieve today. Conversely, a monetary policy that promotes a cyclical recovery supports the economy's long-run prospects. Left for too long, long term unemployment will eventually lead to permanent atrophying of skills that will restrain the economy's growth potential. This is also true for the cohort of young workers who are stuck in jobs for which they are overqualified and who are having trouble securing the professional experience that would make them increasingly productive over time. Although the outlook for the U.S. economy remains somewhat cloudy as we look into 2013, I remain a long-run optimist about where we are headed. The long term prospects of the US economy are excellent. The United States leads the world in higher education, technology and innovation and has recently acquired new comparative advantages in energy. We have an exceptionally dynamic labor market, high rates of entrepreneurialism, competitive product markets, and a well-capitalized financial system that relentlessly reallocates capital from one sector to the next in search of higher returns. Even over the next few years, while there are significant downside risks relating to the fiscal cliff and the eurozone, it is possible that the recovery could turn out stronger than expected. The underlying process of balance sheet repair is considerably advanced, housing is recovering and, as that occurs, our newly recalibrated monetary policy could gain additional traction. Thus, if uncertainties about the U.S. fiscal path and the future of the eurozone were resolved in a constructive manner, growth could pick up more vigorously than anticipated. This would be a wonderful outcome. The September FOMC statement noted: the Committee expects "that a highly accommodative stance of monetary policy will remain appropriate for a considerable time after the recovery strengthens". Consistent with this, if we were to see some good news on growth I would not expect us to respond in a hasty manner. Only as we became confident that the recovery was securely established, would I expect our monetary policy stance to evolve to ensure that it remained appropriate to achievement of our objective: maximum sustainable employment in the context of price stability. Thank you for your kind attention. I would welcome a few questions. References Ahearne, Alan, Joseph Gagnon, Jane Haltmaier, and Steve Kamin [and Christopher Erceg, Jon Faust, Luca Guerrieri, Carter Hemphill, Linda Kole, Jennifer Roush, John Rogers, Nathan Sheets, and Jonathan Wright] (2002). "Preventing Deflation: Lessons from Japan's Experience in the 1990s." Board of Governors of the Federal Reserve System, International Finance Discussion Paper Number 729, June. Dudley, William C. (2012). "Conducting Monetary Policy: Rules, Learning and Risk Management." Remarks at the C. Peter McColough Series on International Economics, Council on Foreign Relations, New York City, NY, May 24. Gagnon, Joseph; Matthew Raskin, Julie Remache, and Brian Sack (2010). "Large-Scale Asset Purchases by the Federal Reserve: Did They Work?" Federal Reserve Bank of New York Staff Report Number 441, March. Krishnamurthy, Arvind, and Annette Vissing-Jorgensen (2011). "The Effects of Quantitative Easing on Interest Rates: Channels and Implications for Policy." Brookings Papers on Economic Activity, 2011:2, pp. 215-65. Kuttner, Kenneth N., and Adam S. Posen (2001). "The Great Recession: Lessons for Macroeconomic Policy from Japan." Brookings Papers on Economic Activity, 2001:2, pp. 93-185. Reinhart, Carmen M., and Kenneth S. Rogoff (2009). "This Time is Different: Eight Centuries of Financial Folly." Princeton, NJ: Princeton University Press. Şahin, Ayşegül; Joseph Song; Giorgio Topa; and Giovanni L. Violante (2012). "Mismatch Unemployment." Federal Reserve Bank of New York Staff Report Number 566, August. Woodford, Michael (2012). "Methods of Policy Accommodation at the Interest-Rate Lower Bound." Paper presented at the Federal Reserve Bank of Kansas City Economic Policy Symposium, Jackson Hole, WY. August. ___________________________________________________ 1 These lessons are evident in surveys of past financial crises and are examined in detail by Carmen Reinhart and Ken Rogoff in their superlative book, This Time is Different: Eight Centuries of Financial Folly. 2 Dudley, William C. (2012). "Conducting Monetary Policy: Rules, Learning and Risk Management." Remarks at the C. Peter McColough Series on International Economics, Council on Foreign Relations, New York, NY, May 24. 3 Primary mortgage rates are the rates paid by conforming borrowers, MBS yields are the rates received by investors 4In technical terms, we will be operating a floor-based system for implementing monetary policy rather than the traditional corridor-based system for a period. 5 http://www.people-press.org/2011/11/03/section-6-generations-and-entitlements/ Charts Multimedia Library

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Investors agrees to $452M takeover of Roma By December 20, 2012 at 12:31 PM In an aggressive push to capture market share in central and southern New Jersey, Investors Bancorp Inc., in the Short Hills section of Millburn, has signed an agreement to acquire Robbinsville-based Roma Financial Corp. for $452 million in stock. “We already do a fair amount of lending in the Philadelphia area … and part of what we do in lending is push heavily for deposits. But with our institution built up in Short Hills and the northern part of the state, it’s difficult to get those deposits,” Investors CEO Kevin Cummings said on a conference call this morning. “This acquisition will put us right in those communities and let us cross sell that market more aggressively.”Under the agreement, Investors will acquire Roma’s $1.5 billion deposit portfolio over 26 branch locations, most of which are scattered throughout Mercer and Burlington counties. When the deal is completed, said Domenick Cama, Investors chief operating officer, the company will have a combined $8.9 billion in deposits.The Roma deal marks Investors’ seventh acquisition since June 2008, and it follows the company’s recent deposit expansion in New York through its $135 million cash purchase of Marathon Banking Corp. in October.Cummings said the mutual holding company’s anticipated second step conversion to full stock ownership in 2013 — which will raise additional capital and produce greater equity returns to shareholders — sold Roma on the buyout.In a statement, Roma Chair Michele Siekerka said the “transaction opens up many new opportunities for our shareholders, our community, our employees and our customers.”“Investors is a well-managed, community-oriented institution which, like Roma Bank, distinguishes itself with its focus on customer service,” Roma President and CEO Peter A. Inverso said in a statement. “The breadth of Investors’ product offerings will allow us to maintain, expand and enhance services and products for our customers.”Cummings said Investors “went into this deal as a partnership,” as the firm invited three Roma board members to join its board and offered the remaining members seats on its advisory board.“Their way of doing business is very similar to the way we operate this organization, so we expect a smooth integration of culture and business plans,” Cummings said.The acquisition, which is expected to cost Investors $23 million in pre-tax restructuring charges, has been approved by both firms’ boards and is anticipated to close in the second quarter of 2013, pending shareholder and regulatory approvals.Cummings anticipates Roma subsidiary RomAsia Bank, which has branch locations in Edison and the Monmouth Junction section of South Brunswick, will also merge into Investors when the deal closes. Write to the Editorial Department at [email protected]

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Member Agency Stories Board and Committees Funded Agencies Community Programs and Partnerships Initiatives and Involvements How To Apply For Funding Member Agency Application Memorium Workplace Campaigns Campaign Toolkits (PDFs) Third Party Events About > Accountability Year after year, market research shows United Way to be one of the top charities in Canada. We lead in terms of awareness and prominence with transparency, accountability, and trust as valuable assets. United Way is accountable to its donors and the public to ensure prudent, effective and efficient distribution, and the use of its resources in accordance with United Way Statement of Principles of Donors' Rights. Statement of Principles of Donors’ Rights The Donor participates in the very essence of our mission and purpose, exercises rights, prerogatives, and fundamental privileges that must be recognized at all times and without reservation. The right to be informed of the organization's mission and purpose and to become a member of the organization if the donor so wishes; The right to know the identity of the organization's officers and members of the Board of Directors and to expect that they act with the greatest transparency, integrity, and discernment in implementing the organization's mission and purpose for the best interests of the community; The right to know how donations, directly or indirectly contributed to the organization are distributed, and to be assured that donated funds are used as intended by the donor; The right to be treated with consideration and respect by the organization and to receive appropriate acknowledgement and recognition; The right to confidentiality regarding personal information about donors and facts about their donations; The right to expect that all relationships between the organization's representatives and the donor will be professional in nature; The right to be informed of the exact nature of the relationship which exists between fundraisers and the organization; The right to expect that the organization will not share or sell a mailing list which includes the donor's name, without providing the donor with a meaningful opportunity to decline; The right to ask questions of the organization and to expect prompt, truthful, and complete answers in an easy to understand manner. Core Values We will efficiently raise dollars and spend them for valid current community needs. We depend on and value volunteer involvement. We believe in the autonomy of the organizations we support within the terms of the agreements that exist. We will treat Board Members, staff, and the organization with dignity, integrity and respect at all times. We welcome and respect differing opinions, but will abide by majority vote. We believe our accountability is to our donors and to our community. Our United Way Board will be widely representative of our community. We value the important contribution of our staff. Feedback Process Northumberland United Way (NUW) recognizes that receiving feedback provides a valuable opportunity to learn and improve. Every person has the right to offer a suggestion, make a complaint or compliment us on the way that we deliver on our mission, “To create a better life for everyone in Northumberland County through leadership and partnerships that mobilize community resources”. Feedback can be delivered via telephone (905-372-6955), e-mail ([email protected]) or mail (600 William St., Suite 700, Cobourg, ON K9A 3A5). All feedback received will be directed to the NUW C.E.O. If the originator wishes to be contacted, NUW will respond within 10 business days either in writing, by telephone, or e-mail acknowledging the receipt of feedback and outlining the actions to be taken, if appropriate. NORTHUMBERLAND UNITED WAY FEEDBACK FORM Date: ______________________________ Time:______________________ Description of suggestion, complaint or compliment: Name: _________________________________________________________ latest tweets/follow us Copyright 2014 Northumberland United Way Bus. Reg. # 107785339RR0001

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HomeMust ReadsFeaturesIndustriesRegionsBlogsThe MagazineCEO Pages100 BestJobsStore Home Back Issues December 2006 Vollum Award for Lifetime Philanthropic Achievement: Ken and Joan Austin Vollum Award for Lifetime Philanthropic Achievement: Ken and Joan Austin | Print | Email Tweet Archives - December 2006 Friday, December 01, 2006 Smart money Ken and Joan Austin invest time, money and passion in high-yield giving. By Christina Williams Ken Austin has hijacked the interview. “Mrs. Austin,” he asks his wife, who sits next to him on the couch, “what gift are you most proud of?” Joan Austin turns her face toward her husband of 53 years and stares at him blankly. “Let me give you a hint,” says Ken, pressing on. “The library?” “Oh,” Joan says, dismissing the Newberg Library addition, built on land she gave to the city. “That was a long time ago.” “But that was a biggie,” her husband protests. Ken and Joan Austin, each 75, are responsible for a lot of biggies when it comes to their giving. And like the land adjacent to the City of Newberg’s Carnegie library, which was given with the stipulation that the town’s citizens pass a bond to pay for the expansion, the Austins’ largess is usually calibrated for maximum impact. “Our philanthropy is more than just cute stories,” says Ken Austin. “We’ve done some innovative things.” Calling the Austins innovative is rather an understatement. In A-dec, they built a company that has effectively overhauled how dentists do their job. Along the way, A-dec quietly became the largest dental equipment manufacturer in the world with 1,000 employees and $170 million expected in sales this year. And Ken and Joan, the husband-wife team who must have been dynamos at their first trade show, became successful entrepreneurs and cherished philanthropists. This year, they’re receiving the Vollum Award for Lifetime Philanthropic Achievement from the Oregon chapter of the Association of Fundraising Professionals. ADDING UP THE AMOUNT OF MONEY Ken and Joan have given away would not be a good way to measure the impact of their giving. That’s the opinion of Ed Ray, president of Oregon State University, a school that has benefited greatly from their generosity. The Austins gave $4 million toward the recent overhaul of OSU’s Weatherford Hall and the founding of an undergraduate program focused on entrepreneurship. They’ve given money for athletics scholarships, a family business program, an auditorium and a marine mammal program. Joan Austin has logged more than two decades of service on the OSU Foundation board of directors. “They think hard and very productively about how to leverage the impact of their dollars,” Ray says. “Not everybody is as good at that as they are.” “They not only give, they follow up,” echoes Ilene Kleinsorge, dean of the OSU College of Business. “The stewardship of their philanthropy is impressive.” It’s true for the big gifts — Ken and Joan were among the first business people to spend the night at Weatherford and stayed up late answering the entrepreneurship students’ questions — and for the small. When the Newberg-Dundee Youth Outreach program, a small division of the Yamhill Community Action Project, came looking for money 11 years ago, the Austins not only stepped up by providing the money for a full-time drug and alcohol prevention specialist, but they handed over a blueberry patch on A-dec property that the program hires kids to tend each summer. They sell flats of fresh-picked blueberries — many of them to A-dec employees — and plow the proceeds back into the program. “We have kids who work the blueberry patch because they want to work at A-dec some day,” says Kate Stokes, who oversees the program. Going beyond the donation to make sure at-risk kids get some summer job experience is a classic Austin maneuver. So is the annual Oregon Symphony concert held in Newberg for the past 20 years courtesy of the Austins. “They came to us looking for money so we asked, ‘What’s in it for our employees?’” Ken Austin says, referring to the first time the couple was hit up for a donation to the symphony. When they realized few of their employees had the time or money to trek to Portland for a concert, they started negotiating (with money attached, of course) for a concert in town. It was while he was milling about at the reception for this year’s concert that Ken Austin had an epiphany about the “why” of their giving. “We live in such a mobile society now,” Ken muses. “It makes philanthropy more difficult. But my great-grandfather is buried in Champoeg Cemetery. We have roots here. I don’t think we’d be giving in the same way if we didn’t.” THE AUSTINS’ ROOTS — and their philanthropy — are inseparable from A-dec, their company and an ultimate mom-and-pop-make-good tale. This mom and pop met in Newberg on an arranged date while Ken Austin was an engineering student at Oregon State University (he was the first OSU student to suit up in the Benny the Beaver mascot costume in 1952, but that’s a whole other story). They married in 1953. After a stint in the U.S. Air Force, Ken, never a student who could buckle down enough to get the good grades, began job-hopping. In the eight years before inventing what became A-dec’s first products, he held seven jobs, the last of which landed them in Broomfield, Colo. After starting A-dec in the basement of their Colorado house in 1964, they moved the company home to Newberg in ’65 when they got their first order for 200 Austin-engineered oral evacuators (the tiny vacuums used by dentists to keep mouths clean and dry during procedures). The company moved into a Quonset hut downtown and Ken oversaw things while Joan stayed behind in Colorado to sell the house and see their two children through the school year. Every time an employee completed $100 worth of work, Ken would hand them a $100 bill. “Joan will figure out the taxes when she gets here,” he’d tell them. She did and has been running the financial side of the business ever since. A-dec — the name is an acronym for Austin Dental Equipment Company, but Ken and Joan make gentle fun of anyone compelled to say all four words — grew out of the Quonset hut and into other buildings in downtown Newberg before the Austins bought a farm just outside of town. The old farm became the company’s tree-studded campus, home to 600,000 square feet of manufacturing and administration buildings and the largest employer in Yamhill County. Despite the near steroidal growth of the company, the Austins keep it personal. It’s obvious to the visitor who steps into the main building and comes eye to eye with the large, framed, formal portrait of the gracefully aged couple hanging above the receptionist’s desk and picks up the lobby magazines that still have their names on the mailing labels. The couple set out to create a pleasant place to work. Joan talks about how few options there were for women to work in Yamhill County that weren’t outdoors and seasonal. “We offered a place that was warm and dry,” she says. Ken, meanwhile, brags about the machine shop: “You could eat off the floor.” “Joan always heard me fuss at the places I worked,” Ken says. “We are treating employees like we’d want to be treated.” BUT DON’T LET THE WARM AND FUZZIES distract you from the fact that Ken and Joan Austin are formidable in the way they’ve quietly transformed the world around them, both through their business and their philanthropy. Take Joan. Here’s a woman who made it a priority to be home after school for the couple’s two children (son Ken Jr. and daughter Loni). Meanwhile she handled the logistics of a business that grew quickly to become the leader in its industry. She bought property around Newberg and developed it. She donated land with clever caveats that enticed voters to pass bond measures to pay for things such as the Newberg library addition (opened in 1986) and the elementary school that bears her name (opened in 2004). She also left her mark as the first (and only) woman to serve as president of the board of directors for Associated Oregon Industries, the state’s oldest and largest business lobby. “If she was younger I know she would go into politics,” says Loni Austin Parrish of her mother. “She has such a strong need to give back.” Parrish, an active volunteer, is immersed in downtown Newberg development projects, opening a gallery, a restaurant, two bed and breakfasts and an antiques store. She isn’t involved with A-dec — neither is her brother — but her husband, Scott, is the company’s general manager and heir apparent. Ken and Joan naturally think about the company and how future generations will carry on the business. Ken assigns the names G2 to refer to his kids and G3 to his five grandchildren, all college age or older. “The next generation wants to continue the legacy, but I’m not sure about the G3s,” he says. Family businesses struggling with questions of succession can get help from Oregon State University, whose Austin Family Business Program wears the family’s name, was started with their money, was shaped by their smarts and was dreamed up by Joan Austin. “I would love to say I suggested a focus on family business, but I have to give credit [to Joan],” says Pat Frishkoff, the accounting professor who was tapped to become the founding director of the program. In addition to providing the startup funding and giving $1 million for the program’s endowment, the Austins were generous with their advice and remain willing case studies for the program. “I don’t know if Ken ever thinks inside the box,” Frishkoff muses. “Joan’s ideas are more practical. She’s the one who pencils out the bottom line. I don’t think you’d ever want Ken in charge of the checkbook.” But it was Ken who didn’t mince words when Frishkoff invited his critique of a dress rehearsal of the program’s first conference. She says, “He raked us over the coals on what didn’t work.” It’s the same high standard of quality that shows up in the Austins’ giving. They’re not pushovers. They ask the tough questions and figure out the exponents: Just how far will their generosity go with this particular gift? If the answer is “not far enough,” theirs is an easy “no.” After all, the power’s in the bang, not in the buck. Have an opinion? E-mail This e-mail address is being protected from spambots. You need JavaScript enabled to view it Are millennials reshaping politics in the Pacific Northwest?NewsWednesday, April 02, 2014A new report explores the impact of millennials on Oregon's business and political climate. Read more... The more they change, the more they stay the sameMarch 2014Tuesday, February 25, 2014BY BRANDON SAWYER The 100 Best Companies get more creative with perks and more generous with benefits; employees seek empowering relations with management and coworkers. Read more... Revolution in print, pixels and passionNewsTuesday, March 11, 2014BY MARK BLAINE | OB BLOGGER The publisher of the Emerald Media Group moves on, leaving a cutting edge media group that depends on business acumen for its survival. Read more... The 2014 100 Best Companies to Work for in Oregon NewsFriday, February 28, 2014The 21st annual 100 Best Companies to Work For in Oregon list was announced Thursday night at an awards dinner at the Oregon Convention Center. The coastal town of Coos Bay appears poised to land every economic development director’s dream: a single employer that will bring hundreds of family-wage jobs and millions in tax revenue. Read more... Video: Kickstarting Oregon businessNewsThursday, March 27, 2014BY JESSICA RIDGWAY | OB WEB EDITOR

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The Death and Re-Birth of Venture Capital By Michael Butler May 13, 2008 2 Views 4 Comments Michael Butler is chairman and CEO of investment bank Cascadia Capital. He is writing a book titled Financing the Future and the Next Wave of 21st Century Innovation, and is serializing it here at peHUB. What follows is an excerpt from the fourth chapter. A decade ago, every ambitious and analytical business-school student dreamed of becoming a rock-star venture capitalist like John Doerr or Jim Clark. And why not? The returns were robust, the headlines and magazine covers were positive, and the personal wealth just piled up. There’s a very different kind of pile up today on Sand Hill Road, however. And it looks more like a car crash than a personal cash stash. Very few venture capitalists are crying poverty, but the VC industry is undergoing a wrenching and major restructuring that will cause unfamiliar pain and dislocation for a long time to come. To put it bluntly, the venture capital model is broken and even the smartest VC’s aren’t sure how to fix it – or if it can be fixed at all. While they’re looking for elusive answers, the venture business is being partitioned into two sub-segments – the winners, who represent 20 percent of the firms, and the also-rans, who account for the remaining 80 percent. For the most part, the winners are big, established brand-names like Kleiner-Perkins, Sequoia and NEA, or geographic and/or industry specific funds like OVP and Technology Partners. In both cases, these winners are still generating attractive risk-adjusted returns on capital. And because of their strong and proven track records, these blue-chip firms will almost certainly continue to get the best access to the best deals and best entrepreneurs. This means, of course, that the best pension funds and endowments will keep investing in these elite funds, accentuating and perpetuating the emerging two-tier structure of the venture capital industry. By almost any measure, the VC business is shrinking today in the wake of the unprecedented Internet market collapse of a few years ago. Between 2000 and 2007, for example, the amount of venture capital invested dropped from $105 billion a year to $29 billion; during the same time period, the number of annual deals fell from nearly 8,000 to just under 4,000. Perhaps more telling is the fact that the number of venture capital firms in the United States contracted by 49 percent between 2000 and 2006. I believe there are five reasons why the contraction will continue for the foreseeable future in the venture capital industry. First, the technology and telecommunications sectors, which have been responsible for so much VC growth over the past decade, are slowing down. There are still interesting situations in wireless software, and the SaaS model is intriguing, but for the most part innovation seems less compelling in IT right now. In addition, many of the opportunities that currently exist in new media and on the Internet require very little capital compared to software development and, thus, may lend themselves more to angel investing than venture capital. Second, it’s unclear whether most venture capital firms can successfully diversify and migrate from information technology and telecommunications into new segments like clean technology, alternative energy or healthcare. It’s true that $3 billion of venture money was invested in clean technology last year, but generating meaningful returns in these still-emerging businesses requires specialized expertise, and many of the tech and telecom focused VC funds don’t seem to have that knowledge base readily available at this point in time. Third, there is intensifying competition from European venture capital firms, which have sophisticated talent and experience in several of these new and growing sectors, including the clean technology space. Their experience and expertise, combined with the favorable exchange rate, puts U.S. VC’s in a bit of a box – and this probably won’t let up anytime soon. Right now, we’re involved in a number of deals that have come from solid and successful European VC’s. Fourth, an increasing number of entrepreneurs are seriously questioning whether venture capital mentoring is all it’s been cracked up to be – particularly in light of the start-up carnage that was left in the wake of the Internet revolution earlier this decade. More and more fledgling companies associate a double negative with the venture capital experience: expensive money and ineffective counseling. Fifth, angel investors are squeezing venture capitalists out of a number of small but potentially lucrative deals. This represents quite a turn of the wheel, because venture capitalists had the upper hand during the last cycle and frequently crammed down on the angels. There is definitely some bad financial blood here – and, quite simply, this is pay-back time. The angels’ increasing significance was demonstrated recently when CleverSet – a software company that recommends online products – relied on them for a good chunk of financing. So, the once-vaunted VC model is broken – now what? How does it get mended? And how long will it take? I’ll answer the second question first by saying that, given the long lifecycle of VC funds, it’s going to take some time for the venture capital community to fully adjust to the new reality that has befallen it – maybe even a full decade of true transformation. And during those 10 years, the VC’s who survive will likely have to become one of three types of funds: • Regionally focused funds – Funds that are sized appropriately and are focused on a geographic region can be very successful. By bringing local market insight, a network of local relationships and on-site mentoring, geographically focused funds can gain access to the highest quality deals and generate attractive returns. Madrona Venture Group, for example, has done a good job of sizing its fund to the opportunity at hand. Madrona has focused on the Pacific Northwest and has generated attractive returns for its investors. • Specialized or industry focused funds – VC’s will have to be nimble over the next few years and go where the dynamic companies are – the alternative energy, clean technology and healthcare sectors. These emerging segments are complex – and combine science and sociology; building a new Web browser, for instance, is not the same thing as saving the world from the impact of climate change. Technology Partners is a wonderful example of a fund that has changed its focus and emerged as a leader by focusing on life sciences and clean tech. • Fund Complexes – The funds that don’t downsize and/or specialize, the ones that remain large, will likely need to become multi-asset class and global to be able to generate the required returns on their capital. Funds such as Sequoia, Summit Partners and Ignition Partners are offering access to some or all of the following: seed, early-stage VC, late-stage VC, growth equity capital, PE, mezzanine debt and public equity capital. And they are making investments not only in the U.S. and Europe, but also in China, India and Israel. The VC community will likely end up looking much like the commercial banking and investment banking industries – some very large and global players with broad product offerings, and a lot of smaller focused boutique firms that have specialization as their competitive differentiations. The large funds will be more than $1 billion, and the small funds will be between $200 million and $250 million. We’ve learned from the commercial banking and investment banking experience that large and small firms can be very successful, but firms that fall into the middle – that are neither large nor small – won’t be able to generate attractive returns on capital. The VC world looks extremely dark right now – and we haven’t even seen the worst fallout from the current financial cycle yet. But venture capital will somehow find a way to revive and renew itself. It always has. Ever since ADR, the first U.S. venture capital firm, was formed by Georges Doriot in 1946, innovation has been efficiently energized and capitalized in this country. The stagflation of the late 1970’s severely challenged VC’s and the Internet Bubble almost wiped many of them out. Now the industry is a much diminished version of its turn-of-the-century self. Yet when I look ahead, I see the top-tier VC firms – the winning 20 percent – continuing to pick winning companies with winning ideas. That’s more than comforting and sure to stimulate the economic growth this country needs to keep pace in the relentless global marketplace. Michael F. Martin May 13, 2008 As a scientist/patent lawyer/investor I may have a unique perspective on the problems in the VC market. I believe that an underlying cause of the problems you have identified is a plugged R&D pipeline. A handful of VC funds that have access to the best early-stage execution teams are able to go to universities and successfully execute tech-transfer agreeements. But there are hundreds of research labs both within universities and in university-backed startups that are better suited to doing R&D and transferring it out to another group for commercialization. Since Bayh-Dole was passed in 1980, researchers have moved out of large corporations and into universities, but the flow of R&D out has not kept up with private benchmarks for technology licensing. What the VC industry needs to do is implement a division of labor between VCs who are best at identifying and mentoring inventors and R&D and VCs who are best at identifying and mentoring early-stage product development teams. As all too many know first hand, these are different teams, and we are forcing round pegs into square holes in all too many cases. The long-term health of the United States economy is at stake here. More and more Ph.D.s are heading back to their home countries as R&D funding dwindles because too few inventors are able to obtain pre-product funding for their work. A corollary is that a stronger patent system would help — a patent system which encouraged licensing and discouraged litigation, a patent system which gave inventors actual leverage in negotiations with larger entities, instead of leaving them at the mercy of greedy VCs or large corporations. Feather the nest for inventors and the IRR for the entire VC industry will improve, and with it will our GDP over the long-haul. Micheal Greer November 12, 2008 6gjhro4huxw9218c Evie Yagin October 10, 2010 If it’s simple it usually has more chance of success, and that’s what fasting is.simple. When we lose fat these toxins and free radicals get released in our bodies, which can result in many negative side effects. Helga January 17, 2011 Perfect just what I was looking for! .

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Economic Development Strategic Plan unveiled By DAN HEATH Press-Republican ---- — PLATTSBURGH — The Town of Plattsburgh has a new Economic Development Strategic Plan.“This began a couple years ago with my concern that I didn’t want us to be waiting passively for businesses to find us,” Plattsburgh Town Supervisor Bernie Bassett said.The plan, 75 pages in length, concludes with a number of economic development goals and action priorities.EXPAND TAX BASEOne is to develop a business-friendly environment to expand the town’s tax base and provide residents with a wide range of business, employment and career opportunities. Priorities include” improvement of the town’s present and future commercial corridors, with emphasis on Route 3, Tom Miller Road and Rugar Street; development of the former Clinton County Airport; expansion of available quality housing; and provision of assistance to existing and new businesses.INFRASTRUCTUREA second is to continue to upgrade and update the town’s infrastructure. Priorities in that regard include: creation of a five-year capital-improvement plan to identify required improvements and development of a funding strategy; support broadband and cellphone-service improvements; expansion of natural gas service; and continued focus on complete streets and healthy-living initiatives.Bassett said the town has long realized the importance of infrastructure improvements in attracting businesses.“It (infrastructure) doesn’t fix itself,” he said.TOURISMAnother goal is to promote tourism as an economic engine. Priorities for that include: continued improvements to the town’s recreation program; support of regional branding initiatives such as the Adirondack Coast; marketing Plattsburgh as a tourist destination; and continued support of the economic impact of Canadian visitors.WORKFORCEWorkforce development was identified as another goal. That could be achieved through increased cooperative efforts among schools, industries, businesses and community organizations to create a more modern workforce and provide workers and students with the skills to attain local em

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Economic and domestic policy, and lots of it. Here's how we got to 8 million Obamacare signups Where are people most likely to get tax refunds? Actually, cyclists make city streets safer EconomyBusinessHealth CareEnergyTransportation Archives More Aaron Swartz, American hero By Tim Lee January 12, 2013 at 7:10 pm More Comments Paul Graham, the founder of angel investing firm Y Combinator, has mentored generations of Silicon Valley whiz kids. In an essay about hackers and the role they've played driving technology forward, he wrote that "hackers are unruly. That is the essence of hacking. And it is also the essence of Americanness." Those three sentences are a perfect description of one of Graham's mentees in particular: Aaron Swartz. Aaron Swartz, right, took his life on Friday. He was 26. (Image from Flickr account CreativeCommoners) Swartz was not a patient man. With immense talent and strong passions, he had a tendency to attack problems head-on, defying authority and convention if necessary. For a little more than a decade, this approach produced spectacular results. But on Friday, facing federal charges that could put him in prison for decades, Swartz took his own life. He was 26. At the age of 14, Swartz became a co-author of the RSS specification, now a widely used method for subscribing to web content. He dropped out of Stanford after a year and became an early member of the team that built the social news site reddit. They sold to Condé Nast in 2006, making him financially independent a few days before his 20th birthday. Swartz then threw himself into political activism. He had an astonishingly broad range of interests, from health care to political corruption. But Internet freedom and public access to information were two recurring themes in his life and work. Swartz founded an activist organization called Demand Progress in September 2010 to oppose the Combating Online Infringement and Counterfeits Act, which was reintroduced the next year as the Stop Online Piracy Act. Throughout 2011, Swartz and his Demand Progress colleagues laid the groundwork for the historic January 2012 Internet protest that killed the legislation that would have brought China-style Internet blacklists to the United States. Swartz took an aggressive, perhaps even reckless, course in his promotion of public access to information. The federal courts lock public documents behind a paywall on a Web site called PACER. When the judiciary announced a pilot program to provide free PACER access to users at certain public libraries, Swartz saw an opportunity. Using credentials from one of the libraries, he used an automated program to rapidly "scrape" documents from the PACER site. He got more than 2 million before the courts noticed what was happening and shut down the libraries program. Swartz used a similar tactic to liberate academic articles from the JSTOR database. He logged onto the network of MIT, which has a JSTOR subscription, and began rapidly downloading articles. When MIT cut off access to its wireless network, Swartz snuck into an MIT network closet and plugged his laptop directly into the campus network. This last stunt led to his indictment on federal computer hacking charges. All told, the charges against him could have led to decades of prison time. Swartz's trial was scheduled to start in the spring. Harvard law professor Larry Lessig was a friend and mentor to Swartz. In a Saturday blog post, Lessig reported that the costs of his defense were close to depleting Swartz's financial resources. Lessig is in a position to know; his wife started a legal defense fund for Swartz last September. Lessig says Swartz was "unable to appeal openly to us for the financial help he needed to fund his defense, at least without risking the ire of a district court judge." As I said at the time of Swartz's arrest, his actions were foolish and some punishment was probably appropriate. But he probably shouldn't have been the subject of a criminal indictment and he certainly shouldn't have faced felony charges. "It is no accident that Silicon Valley is in America, and not France, or Germany, or England, or Japan," Graham wrote. "In those countries, people color inside the lines." The article is accompanied by a picture of Steve Jobs and Steve Wozniak, prior to the founding of Apple, experimenting with a "blue box," a device that tricks the phone system into allowing free phone calls. Wozniak says he once used a blue box to call the Pope. Graham reports that while working on the Manhattan Project, the physicist Richard Feynman made a hobby of cracking military safes. Graham said that there was something very American about the fact that American officials didn't throw Feynman in jail for his antics. "It's hard to imagine the authorities having a sense of humor about such things over in Germany at that time," he noted wryly. I worry that Swartz's prosecution is a sign that America is gradually losing the sense of humor that has made it the home of the world's innovators and misfits. A generation ago, we hailed Pentagon Papers leaker Daniel Ellsberg as a hero. Today, our government throws the book at whistleblowers for leaking much less consequential information. Our nation's growing humorlessness won't just mean that insubordinate idealists like Swartz lose their freedom or their lives. As our culture becomes steadily less accepting of people with Swartz's irreverant attitude toward authority, we'll all be poorer as a result. Revolutionary new technologies and ideas don't come from people with a reverence for following the rules. They come from iconoclasts like Jobs, Wozniak, and Swartz. It's a bad idea to lock them up and throw away the key. Timothy B. Lee blogs at Forbes and covers tech policy for Ars Technica. For more on Swartz, his web site, which includes many of his writings, is here. A statement from his family is here. « Treasury: We won’t mint a platinum coin to sidestep the debt ceiling How congressional dysfunction could hurt House Republicans » Also on Wonkblog Treasury: We won't mint a platinum coin to sidestep the debt ceiling

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Credit unions oppose removal of federal tax exempt status Jul 25, 2013 | 3017 views | | 47 | | Credit unions are opposing recent efforts in Congress to remove their federal tax exempt status, saying it will limit their services, while banks support the change to a situation they see as creating an unfair competitive advantage.The House Ways and Means Committee is considering a move that would remove tax exemptions to credit unions — exemptions that, as nonprofits, credit unions have had since they were created 70 years ago. Credit unions were created to offer low-cost loans to low-income residents. Credit unions say they still need the tax exemption to effectively continue their original mission. However, banks argue some credit unions have grown so large that their tax-exempt status gives them an unfair advantage in the financial marketplace.Credit unions are different from banks in that they are nonprofit financial institutions that are owned by their members and have restrictions on who can join them and the amount of money they can loan to individuals.Richard Simonton, president and CEO of AOD Federal Credit Union in Oxford, said removing the federal tax exempt status would significantly hurt AOD's services and its membership. AOD has 32,000 members, six locations and $260 million in assets."We could not provide the services that we do now at the same cost structure," Simonton said. "It would cause us to increase our fees ... that's the only way we could cope with the additional services."Simonton added that because the members own the credit union, removing the exemption would amount to a double tax, meaning members would have to pay for the federal tax in addition to the taxes they pay on the dividends on their tax returns.Patrick La Pine, president and CEO of the League of South Eastern Credit Unions, the trade association for Alabama and Florida credit unions, said if the tax exemption is removed, credit unions will face extreme uncertainty. "Credit unions are built on a member-owned cooperative model that would have to be revisited should Congress choose to remove the exemption," La Pine said. "Many credit unions would have to impose new fees and offer less attractive rates on loans and returns on deposits."La Pine said the change would also force many credit unions to merge or convert their charters.Scott Latham, president and CEO of the Alabama Bankers Association, the trade association for banks in the state, said that the federal tax exemption should be removed, since some credit unions have grown larger than they were originally intended and are acting more like banks."Our argument to Congress is if credit unions want to be banks, then they should change their names and pay their taxes," Latham said.Latham said credit unions are traditionally supposed to make just small consumer loans."Banks can lend to consumers and large businesses and small businesses," Latham said. "It's when credit unions get out of that barrier of small lending, that's the problem."Andreas Rauterkus, associate professor of finance at the University of Alabama at Birmingham school of business, said credit unions should be able to handle the loss of the tax exemption."It will not change the way they do business," Rauterkus said. "They will still have a competitive advantage over banks due to member ownership."However, Rauterkus said it would only be fair to remove certain restrictions, such as loan limits, from credit unions if the tax exemption is removed."It's just not fair to take something away without giving them something for it," Rauterkus said. "It's a two-way street, but I haven't heard that from banks."Shad Williams, president and CEO of Cheaha Bank, said he supported the removal of the tax exemption."We pay taxes and I think everyone should pay taxes," Williams said. "There ought to be a level playing field."Williams noted however, that he did not see a problem with the government easing other restrictions on credit unions if the tax exemption was removed."If they want to lend money the way banks do then I don't have a problem with that if they are willing to pay their taxes," he said.Latham said easing loan restrictions would likely be a fair trade for most banks."I think it's safe to say if credit unions are on an equal level on taxes, we'd have much less of an argument in what they can do on lending," Latham said.La Pine, however, said also easing loan restrictions would not be a fair trade for paying taxes. La Pine said the tax exemption is not based on the products and services credit unions offer."The exemption from federal income taxes is based on the credit union not-for-profit, member-owned, cooperative structure, something that has not changed throughout the history of credit unions," La Pine said."While credit unions will still advocate for an easing of the restrictions on member business lending, we do not believe one has anything to do with the other."Staff writer Patrick McCreless: 256-235-3561. On Twitter @PMcCreless_Star. Speak Out: Defining ‘standing armies’ Editorial: The actions of the IRS — It would be surprising if White House didn’t keep close tabs on ... Mark Edwards' In My Opinion: Union wouldn’t be all good for college athletes Joe Medley's In My Opinion: Union talk and blindness to its cause Thousands apply for Accountability Act scholarships

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WWF comes to Wall Street? Based on the introduction of new evidence, Alstry must retract his blog yesterday indicating Merideth Whitney seemed consistent with her analysis given on CNBC a few months apart. The problem is that she gave TWO interviews yesterday morning which came came off with very different perspectives leaving one with the question..... Did the bankers buy off the banking babe? Yesterday I blogged that Merideth Whitney's commentary on CNBC in the morning did not seem too different than what she said on the same network a few months ago.But that was BEFORE I learned that she did a different interview a few minutes earlier with Becky Quick. The earlier interview was in a more scripted environment and the interview a few minutes later was more informal with two extra anchors thrown into the conversation simply bantering back and forth.After reviewing the two interviews, taken just minutes apart, one begins to question whether this can be the same person making such seemingly contradictory statements. A few months ago, this Merideth Whitney gave the following interview on CNBC:In the above interview, she states the bank rally was overdone and stocks "grossly overvalued" justifying in part on the government intervening and enabling the banks to deliver earnings better than they could organically earn otherwise.Then early in the morning, just a few months later and with seemingly little fundamental changes in banking, she appears to do a 180 turn, and recommends GS while putting other banks in a positive light, including J.P. Morgan, without offering much reasoning for her reversal?One might argue that Ms. Whitney's GS call may possibly be logically consistent. However, her dramatic reversal on J.P. Morgan seems untrustworthy on its face in light of her earlier comments, and maybe something even more questionable if you factor the timing during options expiration week.If the above is not mind boggling enough, just listen to her statements made just a few minutes later when she is seated in a more informal setting with a couple more CNBC anchors joining in.......Merideth seems to go back to her old perspective when the conversation is unrehearsed and apparently unscripted.If it wasn't for the fact that she is wearing the same designer dress and her hair style identical, you would think that this couldn't be the same person making the above assertions just minutes apart on T.V. Then, factoring the earlier statements, made on the same network, just a few months ago, and with little intervening fundamental changes to banking, you begin to question veracity when Ms. Whitney was in the earlier controlled scripted environment versus her seemingly straightforward delivery in the more informal unscripted environment.At this point, something just doesn't seem right. As one who has cross examined a number of witnesses, the impeachment value of the inconsistent statements above would make any trial lawyer salivate. #1) On July 14, 2009 at 10:57 AM, AllStarPortfolio (38.77) wrote: I think i heard her say around 3:90 "the whole economy needs to restructure".-solaris Report this comment Solaris,Did you notice in the second interview that the guys seem to be "reminding" her that she was supposed to be bullish....and then joking comparing her to Roubini......simply amazing. Report this comment ralphmachio (23.67) wrote: I just said they were acting like cracked out chickens, all nervous. I'm glad someone took the obvious next step, and called her on being nervous because she isn't used to being paid to bold-face-lie right to near-future money losers. I wonder if they explained to her,"hey, there's no future in this gig anyway. Might as well just sell your soul now for a tidy sum, invest it in FAZ, and maybe you can try to purchase some tropical real estate somewhere where nobody will recognize you." Report this comment Maybe the Merideth Mambo as played because COMMERCIAL REAL ESTATE IS CRASHING and will have a dramatic impact on banking in the second half:April 16 (Bloomberg) -- Office vacancies in U.S. downtowns increased to 12.5 percent in the first quarter, the highest in three years, as companies cut jobs and new buildings came onto the market, Cushman & Wakefield said. The national office vacancy rate climbed from 11.2 percent in the fourth quarter and 9.9 percent a year earlier, the New York-based property broker said today in a statement. The amount of newly leased space fell 39 percent from a year earlier to 10.6 million square feet (985,000 square meters), Cushman said. U.S. employers fired more than 650,000 workers during each of the past four months, pushing the unemployment rate to 8.5 percent in March, the highest since 1983, according to the Labor Department. The first-quarter vacancy rate was the highest since the first three months of 2006, when it was 12.6 percent. “This will be a very difficult year for commercial real estate and for office markets in particular,” said Maria Sicola, executive managing director and head of Americas Research for Cushman & Wakefield, in a telephone interview. Downtown office vacancies nationwide could come close to 15 percent by the end of this year, approaching the 10-year high of 15.5 percent in 2003, Sicola said. Of the 31 U.S. cities tracked by Cushman, about half already have vacancies of 15 percent or more, company spokesman Dwayne Doherty said. Manhattan Market The Midtown South and Downtown sections of Manhattan, the New York City borough that’s biggest office market in the U.S., had the lowest vacancy rates in the first quarter, at 8.1 percent each, according to Cushman. New York overall was third- lowest at 9.6 percent. Manhattan office-vacancy rates could climb to 12 percent by the end of 2008 as Wall Street companies reduce payrolls, Sicola said. Seattle, the former headquarters of failed thrift Washington Mutual Inc., could see office vacancies approach a record 17 percent, from 12.6 percent in the first quarter, because of job losses and new construction, she said. “This is evidence of the fact that real estate lags the general economy overall and how these markets were positioned going into this downturn,” Sicola said. All but one of the 31 central business districts tracked by Cushman had higher vacancy rates last quarter, the firm said. The exception was Dallas, where vacancies fell to 27.2 percent from 27.6 percent at the end of 2008 due partly to two big leases. Dallas still had the highest downtown office vacancy rate in the U.S. Lower Rents Downtown office landlords cut their asking rents by an average of 2.2 percent in the first quarter, to $39.50 per square foot from $40.37 at the end of 2008, Cushman said. Asking rents were higher than the $37.69 average of a year earlier and rents rose in 14 of 31 cities tracked by the firm. The largest increase was $1.20 per foot in Baltimore, while the biggest decline was $6.63 a foot in San Francisco. Landlords have been cushioned from the high vacancy rates by long-term lease agreements, Sicola said. So while the amount of space for sublease rose 24.5 percent from the previous quarter, the space available directly from landlords grew by less. “Sublease has a very dramatic effect on what happens in the overall market,” Sicola said. “We are just entering into what will be a very strong market for the tenant. We can see rents come down 10 or 15 percent or even 20 percent before this is over.” Lower rents get capitalized into building valuations.....if rents come down 20%, trillions of CRE loans could default. #5) On July 14, 2009 at 12:35 PM, abitare (58.10) wrote: Girl has got to eat!

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