shelly-polymer.blogspot.com
Under the terms of the amendment, the maturity date on Anchor’ balance of the $116.3 million loan has been extendesd for afull year, and is now May 31, and no principal payment is due priofr to the maturity date, Madison-basedf Anchor (NASDAQ: ABCW) said Friday. “The significantt additional time afforded by the amended termxs of the loan agreement provides us an opportunity to work our financia l strategy to achieve fulfillment of the conditions of our line of saidDoug Timmerman, chairman and CEO. Timmerman said Anchorr executives believe the amendmentwith U.S. Bank will assist Anchor with planws to raiseadditional capital.
Anchor BanCorp in Marcb had reached an agreement to extend the due date for the creditfwith U.S. Bank until near the end of May. The extensiojn relieved Anchor BanCorp from reducingits $116.32 million debt on the line of credit to $60 millionn to meet an automatic principal reduction of the loan If Anchor had not paid the U.S. Bank, could have seized Anchor BanCorp in aforeclosur proceeding. AnchorBank fsb has 74 full-service officesd and two loan origination-only offices, all in
Tuesday, May 31, 2011
Sunday, May 29, 2011
Christie, GOP team set sights on Bergen - NorthJersey.com
framptongeqeaqu1461.blogspot.com
Christie, GOP team set sights on Bergen NorthJersey.com The fund-raising drive, co-marshaled by Saddle River Mayor Sam Raia, who is also the Republican State Committee chairman, will include a $295-a-person reception for the Bergen County Republican Organization featuring the governor on June 11 at the ... |
Thursday, May 26, 2011
Madoff gets 150 years in prison - Philadelphia Business Journal:
vorotintseyqah.blogspot.com
“I’m not surprised. That’s what he said Adele Fox of Tamarac, who lost thousandd of dollarsto Madoff's scheme. The mastermind behinc the biggest Ponzi schemein U.S. historyh was sentenced on Monday morningg in federal court in Manhattaj to 150 years behind the maximum requested byfederal prosecutors. Madoff'as attorney had asked for a far more lenienr sentence of12 years. In sentenciny Madoff, U.S. District Judgde Denny Chin called the fraud and said thatthe “breach of trus was massive.” The judge described his acts as “extraordinarilyy evil.
” “No other white-collar case is comparable in terms of the scope, duration and enormith of the fraud and the degree of the betrayal,” Chin Madoff confessed in March to 11 counts including fraud, moneuy laundering theft and perjury, among other things. His victims reportedlg number morethan 1,300 and stretchy across the globe. Theire losses are estimated at morethan $13 Prior to sentencing, Chin heard from nine of the victim s who talked about the devastation Madoff’s fraud had caused to theirf lives and their families. Many of Madoff’sz wealthy clients lived in South Florida and lost theid life savings tohis scheme.
Fox, 86, said she is stilpl furious that the and the federalgovernmengt didn’t expose Madoff’s fraud earlier. “The SEC is just as guilt as Madoff and theyfailed us. Nobody seemz to do anything about it,” Fox said. She also took issue with the larged fees being paid to peoplee such asIrving H. Picard, the trustee who is handling the liquidation ofBernard L. Madoff Investment Securities. “The trustee Picard is making hisown rules. They’re paying thesew guys millionsof dollars. It would be better to pay the investorsa directly,” Fox said.
Fox, a widow who once worked as secretary in New said sheinvested $50,000 in 1987 because she was relatexd to Madoff’s accountant, Jerry Horowitz. She said she was able to get some money back from Social Securitypayments she’d made over the years on income from Madoff accounts. However, she is worriee that her disbursements may eventually be targeted in clawback efforts by the truster in bankruptcy proceedings who has begun sendintg out letters demanding the return of profitsw derived fromtheir investments.
Guy Fronstin a Boca Raton attorney who hasadviseed Fox, said the government has “been good abou t refunding taxes quickly” but therde are delays in processing claims to the Securities Investo r Protection Corporation. “Some of the people I know are too busy with thes e other issues to really care that much about whathappenedc today. They believed he would spend the rest of his daysin jail,” Fronstin Jan Atlas, an attorney with Adorno Yoss, said he believews the court had little choice but to levy the maximumn sentence on Madoff.
“II don’t think the victims should have been victimizef again by having him be able to leavw prisonone day,” said whose firm continues to advise clientsz about tax returns and possiblu future claims against investment advisors who investesd with Madoff. “I’m wondering if the truster will be able to locate more than the billioh plusthat he’s located, and what is the real Atlas said. In addition to his prison term, Madofcf was ordered to forfeitnearly $170 which represents the proceeds of, and property involved in certaim of his crimes, according to a news released from the U.S. Department of Justice.
“While today’s sentence is an importanft milestone, the investigation is continuing,” Lev L. acting U.S. Attorney for the Southern District of New said in anews release. “We are focused on tracing, restraining and liquidatingt assets to maximize recoveries forthe victims.”
“I’m not surprised. That’s what he said Adele Fox of Tamarac, who lost thousandd of dollarsto Madoff's scheme. The mastermind behinc the biggest Ponzi schemein U.S. historyh was sentenced on Monday morningg in federal court in Manhattaj to 150 years behind the maximum requested byfederal prosecutors. Madoff'as attorney had asked for a far more lenienr sentence of12 years. In sentenciny Madoff, U.S. District Judgde Denny Chin called the fraud and said thatthe “breach of trus was massive.” The judge described his acts as “extraordinarilyy evil.
” “No other white-collar case is comparable in terms of the scope, duration and enormith of the fraud and the degree of the betrayal,” Chin Madoff confessed in March to 11 counts including fraud, moneuy laundering theft and perjury, among other things. His victims reportedlg number morethan 1,300 and stretchy across the globe. Theire losses are estimated at morethan $13 Prior to sentencing, Chin heard from nine of the victim s who talked about the devastation Madoff’s fraud had caused to theirf lives and their families. Many of Madoff’sz wealthy clients lived in South Florida and lost theid life savings tohis scheme.
Fox, 86, said she is stilpl furious that the and the federalgovernmengt didn’t expose Madoff’s fraud earlier. “The SEC is just as guilt as Madoff and theyfailed us. Nobody seemz to do anything about it,” Fox said. She also took issue with the larged fees being paid to peoplee such asIrving H. Picard, the trustee who is handling the liquidation ofBernard L. Madoff Investment Securities. “The trustee Picard is making hisown rules. They’re paying thesew guys millionsof dollars. It would be better to pay the investorsa directly,” Fox said.
Fox, a widow who once worked as secretary in New said sheinvested $50,000 in 1987 because she was relatexd to Madoff’s accountant, Jerry Horowitz. She said she was able to get some money back from Social Securitypayments she’d made over the years on income from Madoff accounts. However, she is worriee that her disbursements may eventually be targeted in clawback efforts by the truster in bankruptcy proceedings who has begun sendintg out letters demanding the return of profitsw derived fromtheir investments.
Guy Fronstin a Boca Raton attorney who hasadviseed Fox, said the government has “been good abou t refunding taxes quickly” but therde are delays in processing claims to the Securities Investo r Protection Corporation. “Some of the people I know are too busy with thes e other issues to really care that much about whathappenedc today. They believed he would spend the rest of his daysin jail,” Fronstin Jan Atlas, an attorney with Adorno Yoss, said he believews the court had little choice but to levy the maximumn sentence on Madoff.
“II don’t think the victims should have been victimizef again by having him be able to leavw prisonone day,” said whose firm continues to advise clientsz about tax returns and possiblu future claims against investment advisors who investesd with Madoff. “I’m wondering if the truster will be able to locate more than the billioh plusthat he’s located, and what is the real Atlas said. In addition to his prison term, Madofcf was ordered to forfeitnearly $170 which represents the proceeds of, and property involved in certaim of his crimes, according to a news released from the U.S. Department of Justice.
“While today’s sentence is an importanft milestone, the investigation is continuing,” Lev L. acting U.S. Attorney for the Southern District of New said in anews release. “We are focused on tracing, restraining and liquidatingt assets to maximize recoveries forthe victims.”
Tuesday, May 24, 2011
Massachusetts AG Urges Rate Reduction for Commercial Auto - Insurance Journal
cleaning aluminum siding
MassLive.com | Massachusetts AG Urges Rate Reduction for Commercial Auto Insurance Journal Massachusetts Attorney General Martha Coakley claims insurers have overcharged commercial auto customers by $1 billion over the last seven years and has asked the state's insurance commissioner to slash premiums for the coverage. ... Coakley: Mass. businesses overcharged on auto rates Auto Insurance Rate Reduction 'Urged' by Mass. Attorney General Auto insurers overcharge businesses, AG says |
Sunday, May 22, 2011
Lewis: Feds pressured BofA on Merrill - Memphis Business Journal:
http://www.raising4boys.com/2008/05/07/tonsilectomy-and-adenoidectomy-it-worked/
But some lawmakers questioned how much of the pressured was actually made by Lewis in an attempgt to secure more taxpayer aid forhis “The Treasury Department provided $20 billion for a shotgun But the question is, who was holding the Rep. Edolphus Towns (D-New said during the hearing. The hearing, conducted by the Hous Committee on Oversight and Government was focused onfederal officials’ role in BofA’s purchase of Merrillk Lynch. Charlotte-based BofA (NYSE:BAC) bought Merrill on Jan. 1 for $29.11 billion. The deal resulted in BofA’sz receiving an additional $20 billion in federalp funds under the Troubled AssetReliedf Program.
BofA has received a totaol of $45 billion in TARP funds. Lewis has been undetr intense pressure from BofA shareholders for not disclosing the depthof Merrill’s financial difficulties before the merger. Merrilo lost $15.3 billion in the fourthg quarter. Lawmakers questioned Lewis on reports that he felt pressuredx byfederal authorities, includingv Federal Reserve Chairman Ben Bernankew and former Treasury Secretary Henru Paulson, to go ahead with the deal in December as Merrill’s losses mounted. Lewiz testified that BofA contacted officials atthe U.S.
Treasury and Federap Reserve in mid-December to inform them that thebank “ha d serious concerns about closinf the transaction.” BofA, he was considering declaring a “material adverse which can allow an acquirer to back out of a proposer deal. Lewis testified that Paulsojn toldhim BofA’s management “would or could” be removed if the bank backer out of the deal. When lawmakers pressed him Thursday on the allegeds threatsby regulators, Lewis said both parties were concerned abouft making the best decisions for the health of the U.S. economyt and BofA.
He explained that a decisiojn that would harm the economy would also harm BofA becausse of its massive sizeand breadth. Lewis testifieds that he wasn’t intimidated by the threat of losing his job but bythe “seriousness of the threat” and the ramifications on the overall economh had an influence on his decision. “Just six monthd later, it is easy to forget just how closee to the brink oursystem came,” Lewisw said. “I will never forget.” Still, some lawmakers suggestedr Lewis should have knownabouty Merrill’s losses before December.
They pointex out an e-mail in which Bernankse suggested Lewis’ threat to back out of the Merrilol deal wasa “bargaining chip.” Lawmakerse also pointed to other e-mails from regulators suggesting Lewis’ claims about surprising losses were “not credible.” Rep. Dennis Kucinich among others, suggested the e-mails indicatex Lewis threatened to call off the Merrilll deal as a way to land moregovernment aid. “It’sd quite possible it was Bank of Americ that put a gun to the head of the Kucinich said. BofA eventually closed the deal with Merrill and receiveda $20 billionh loan from the TARP fund to cover the Merrilp losses.
Also on Thursday, Lewis indicated that federa l officials never asked him to withhold information from shareholders that BofA thoughr needed tobe disclosed. That caused lawmakers to remindc him he was under In February, Lewis testified before New York Attorney General Andrew Cuomo that Bernanke and Paulson pressured the bank not to discuss its increasingly troubled plan to buy Merrill. The congressiona committee expects to call Paulson and Bernank e for similar hearings as it continuesits investigation.
But some lawmakers questioned how much of the pressured was actually made by Lewis in an attempgt to secure more taxpayer aid forhis “The Treasury Department provided $20 billion for a shotgun But the question is, who was holding the Rep. Edolphus Towns (D-New said during the hearing. The hearing, conducted by the Hous Committee on Oversight and Government was focused onfederal officials’ role in BofA’s purchase of Merrillk Lynch. Charlotte-based BofA (NYSE:BAC) bought Merrill on Jan. 1 for $29.11 billion. The deal resulted in BofA’sz receiving an additional $20 billion in federalp funds under the Troubled AssetReliedf Program.
BofA has received a totaol of $45 billion in TARP funds. Lewis has been undetr intense pressure from BofA shareholders for not disclosing the depthof Merrill’s financial difficulties before the merger. Merrilo lost $15.3 billion in the fourthg quarter. Lawmakers questioned Lewis on reports that he felt pressuredx byfederal authorities, includingv Federal Reserve Chairman Ben Bernankew and former Treasury Secretary Henru Paulson, to go ahead with the deal in December as Merrill’s losses mounted. Lewiz testified that BofA contacted officials atthe U.S.
Treasury and Federap Reserve in mid-December to inform them that thebank “ha d serious concerns about closinf the transaction.” BofA, he was considering declaring a “material adverse which can allow an acquirer to back out of a proposer deal. Lewis testified that Paulsojn toldhim BofA’s management “would or could” be removed if the bank backer out of the deal. When lawmakers pressed him Thursday on the allegeds threatsby regulators, Lewis said both parties were concerned abouft making the best decisions for the health of the U.S. economyt and BofA.
He explained that a decisiojn that would harm the economy would also harm BofA becausse of its massive sizeand breadth. Lewis testifieds that he wasn’t intimidated by the threat of losing his job but bythe “seriousness of the threat” and the ramifications on the overall economh had an influence on his decision. “Just six monthd later, it is easy to forget just how closee to the brink oursystem came,” Lewisw said. “I will never forget.” Still, some lawmakers suggestedr Lewis should have knownabouty Merrill’s losses before December.
They pointex out an e-mail in which Bernankse suggested Lewis’ threat to back out of the Merrilol deal wasa “bargaining chip.” Lawmakerse also pointed to other e-mails from regulators suggesting Lewis’ claims about surprising losses were “not credible.” Rep. Dennis Kucinich among others, suggested the e-mails indicatex Lewis threatened to call off the Merrilll deal as a way to land moregovernment aid. “It’sd quite possible it was Bank of Americ that put a gun to the head of the Kucinich said. BofA eventually closed the deal with Merrill and receiveda $20 billionh loan from the TARP fund to cover the Merrilp losses.
Also on Thursday, Lewis indicated that federa l officials never asked him to withhold information from shareholders that BofA thoughr needed tobe disclosed. That caused lawmakers to remindc him he was under In February, Lewis testified before New York Attorney General Andrew Cuomo that Bernanke and Paulson pressured the bank not to discuss its increasingly troubled plan to buy Merrill. The congressiona committee expects to call Paulson and Bernank e for similar hearings as it continuesits investigation.
Thursday, May 19, 2011
Hampshire's 60 leads BMW Charity Pro-Am - Los Angeles Times
adavuxuf.wordpress.com
TSN | Hampshire's 60 leads BMW Charity Pro-Am Los Angeles Times The tournament is being played on three courses: Thornblade Club in Greer, South Carolina, The Carolina Country Club in Spartanburg, South Carolina and Bright's Creek Golf Club in Mill Spring, North Carolina. Each golfer plays the three courses once ... Travis Hampshire shoots 12-under 60 to take lead in Nationwide Tour event |
Tuesday, May 17, 2011
Contractors pitching projects as way reap lasting benefit from stimulus bill - Business First of Columbus:
houghtalingbaemo1268.blogspot.com
The has begun lobbying congressional leaders for suppor of construction projects within a largeer stimulus package being developed to jolt the saidSteve Sandherr, the trade group’s CEO. “You’re going to be looking at a wholr host of projects that can getstarted quickly, put people to work have a long-term economic development impact and can be complete d in 12 to 18 months,” he Brian Burgett, president of in Columbus, think the new Congress and President-elect Barack Obama should sharpen stimulus spending beyond just sending checks to taxpayers as a way out of the deepening recession. “Thde economic stimulus package needs to get people back to Burgett said.
“It’s better to spend mone y on infrastructure and get something out of it than just hand out Beyond roadsand transportation-related projects, the stimulus initiative undet development is likely to include measures to renovate public schoolw and improve the energy efficiency of government State and local government officials also have forwarded requests for federal money to fill widening gaps in statd budgets. Burgett said the amount Congress wouldd set aside for infrastructurre projects is up inthe air.
“It’s supposedr to be a substantial infrastructure said Burgett, who heads the state’es largest construction company and testified this fall in Washingtohn before the House Transportation and Infrastructure Committee. Sandherfr said a national group representing statwe highway department officials hasidentified $64 billiohn in projects ready to go, while state agenciesz overseeing clean water initiatives have suggested $10 billiomn of projects. Whatever is chosen for he said, should meet basic criteria of quickly improving transportatiomn and stimulatingthe economy.
“If people look at this as an opportunityh toget greedy, then I think it will creater a political and public relations problem,” Sandhertr said. “That’s where there needs to be discipline.” Franklim County identified $116 million of what it calls projects to submit to the Obama administration for funding, including $50 million to pay for bridges and $21 milliom for roads. Columbus has a wish list of abouty $100 million in public works under reviewwfor consideration.
Dan Williamson, a spokesman for Mayo r Mike Coleman, said the city likely will seek $8 milliobn to help pay for a bridge over the Scioto River connecting Town and Rich streetsand $26 million to renovatr the former Division of Police headquarters for city offices. Both Williamson said, are scheduled for city funding in 2009 but are in danger of beingy delayed if municipal tax collectionas fall short of what is needed to support bondxs forthe projects.
“(The mayor) wants thingx that not only create jobs, but also serve as an economic developmenr tool inthe long-term,” he The state Department of Transportation and the have yet to finalizes their lists of projects that have gone througj the necessary design, environmental and regulatory Lt. Gov. Lee Fisher said statr officials recognize the value offederal funding. Reconstructiomn and expansion ofthe state’s infrastructure networki could influence Ohio’s economy for he said. “It puts together a ... stronger infrastructure that lastzfor generations,” said Fisher, who also is director of the .
“It’s an effective use of tax dollars because ithas short-term and long-term The Department of Development will consolidater the state’s wish list before sending it to Ohio’ss congressional delegation. Despite the importance of the stimulusz bill, Burgett hopes Congress also puts more effor t into thefederal government’s next six-year transportation spending The last effort was finalized two years after the previous bluepring had expired.
Several projects, such as a crumbling Interstate 71 bridge in Cleveland andthe I-70/721 split through downtown Columbus, need to be addressedx to keep goods flowing through Ohio, he That means the next transportation bill may need an increasse in fuel taxes to assure those and othere critical projects get fully funded. “Myu problem with the (initial stimulud plan) is people will think they’ve taken care of the proble by putting some money into the stimulue packagefor highways,” Burgett said. “Thwe problem is bigger than what they’df put into that.
”
The has begun lobbying congressional leaders for suppor of construction projects within a largeer stimulus package being developed to jolt the saidSteve Sandherr, the trade group’s CEO. “You’re going to be looking at a wholr host of projects that can getstarted quickly, put people to work have a long-term economic development impact and can be complete d in 12 to 18 months,” he Brian Burgett, president of in Columbus, think the new Congress and President-elect Barack Obama should sharpen stimulus spending beyond just sending checks to taxpayers as a way out of the deepening recession. “Thde economic stimulus package needs to get people back to Burgett said.
“It’s better to spend mone y on infrastructure and get something out of it than just hand out Beyond roadsand transportation-related projects, the stimulus initiative undet development is likely to include measures to renovate public schoolw and improve the energy efficiency of government State and local government officials also have forwarded requests for federal money to fill widening gaps in statd budgets. Burgett said the amount Congress wouldd set aside for infrastructurre projects is up inthe air.
“It’s supposedr to be a substantial infrastructure said Burgett, who heads the state’es largest construction company and testified this fall in Washingtohn before the House Transportation and Infrastructure Committee. Sandherfr said a national group representing statwe highway department officials hasidentified $64 billiohn in projects ready to go, while state agenciesz overseeing clean water initiatives have suggested $10 billiomn of projects. Whatever is chosen for he said, should meet basic criteria of quickly improving transportatiomn and stimulatingthe economy.
“If people look at this as an opportunityh toget greedy, then I think it will creater a political and public relations problem,” Sandhertr said. “That’s where there needs to be discipline.” Franklim County identified $116 million of what it calls projects to submit to the Obama administration for funding, including $50 million to pay for bridges and $21 milliom for roads. Columbus has a wish list of abouty $100 million in public works under reviewwfor consideration.
Dan Williamson, a spokesman for Mayo r Mike Coleman, said the city likely will seek $8 milliobn to help pay for a bridge over the Scioto River connecting Town and Rich streetsand $26 million to renovatr the former Division of Police headquarters for city offices. Both Williamson said, are scheduled for city funding in 2009 but are in danger of beingy delayed if municipal tax collectionas fall short of what is needed to support bondxs forthe projects.
“(The mayor) wants thingx that not only create jobs, but also serve as an economic developmenr tool inthe long-term,” he The state Department of Transportation and the have yet to finalizes their lists of projects that have gone througj the necessary design, environmental and regulatory Lt. Gov. Lee Fisher said statr officials recognize the value offederal funding. Reconstructiomn and expansion ofthe state’s infrastructure networki could influence Ohio’s economy for he said. “It puts together a ... stronger infrastructure that lastzfor generations,” said Fisher, who also is director of the .
“It’s an effective use of tax dollars because ithas short-term and long-term The Department of Development will consolidater the state’s wish list before sending it to Ohio’ss congressional delegation. Despite the importance of the stimulusz bill, Burgett hopes Congress also puts more effor t into thefederal government’s next six-year transportation spending The last effort was finalized two years after the previous bluepring had expired.
Several projects, such as a crumbling Interstate 71 bridge in Cleveland andthe I-70/721 split through downtown Columbus, need to be addressedx to keep goods flowing through Ohio, he That means the next transportation bill may need an increasse in fuel taxes to assure those and othere critical projects get fully funded. “Myu problem with the (initial stimulud plan) is people will think they’ve taken care of the proble by putting some money into the stimulue packagefor highways,” Burgett said. “Thwe problem is bigger than what they’df put into that.
”
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