The Loan Modification Scam Prevention Network, a national coalition of public and private enterprises, is led by the Lawyers’ Committee for Civil Rights Under Law. Fannie Mae, Freddie Mac, the Homeownership Preservation Foundation, …
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HUD ADVANCES FIGHT AGAINST LOAN MODIFICATION SCAMS – US News
The company’s second-biggest network after the Discovery Channel is to be taken to about 100m additional subscribers in 75 markets within 18 months
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Discovery plans expansion of TLC channel
Increasing numbers of Californians are suing lenders to avoid foreclosures San Jose Mercury News (Forward to Background) Raul Rositas and his spouse Sonia Leverman, prepare morning breakfast at their home in … and more
Michael Carpenter, who was hired as chief executive in November to turn round the troubled car and home lender, earned more than $800,000 for the six weeks he worked in 2009
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GMAC chief’s pay rivals Wall St
Permira Advisors, the UK buy-out group, has become involved in a political row in Ohio over plans to close a suit-making factory owned by Hugo Boss, the German fashion brand it has controlled since 2007
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Permira faces Hugo Boss factory clash
Teva Pharmaceutical Industries of Israel, Actavis of Iceland and Pfizer of the US are said to be vying to win control of the German generic drug company in the €3bn auction
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Ratiopharm sale in final stages
Corporate Watch Wall Street Journal News Corp. owns The Wall Street Journal. About 6.6 million people watched comedian Jay Leno's return to hosting NBC's “The Tonight Show” on Monday evening, … and more
Reuters Summit – Wall St cops want hedge funds to register Reuters India … to register with US regulators will give Wall Street cops more ways to access information and root out fraud in the secretive $1.5 trillion industry, … and more
Citigroup is to sell up to $330m worth of shares in Primerica, its door-to-door insurance unit, to Warburg Pincus, in a move that will give the private equity group a significant stake in the insurer and could help pave the way for its listing
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Citi to sell stake in Primerica
The Japanese pharmaceutical company intensified the pressure of its hostile $3.5bn bid for OSI with a legal action designed to prevent its US target from issuing a poison pill
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Astellas raises OSI pressure
Daniel Ek, co-founder of the digital music business, wants to create a service that delivers ‘music like water’ – a utility people are used to paying for regularly
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Spotify defends business model
Beware: The old paving scam may be back in town Burlington Times News The Alamance County Sheriff's Department is warning residents of a possible home improvement scam involving a man offering …
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Beware: The old paving scam may be back in town – Burlington Times News
Boston Globe The Newest Scam from Wall Street Before It’s News Some of these “offerings,” if we can dignify them so, arguably violate the fraud provision of the Securities Act of 1934 (which governs all securities … Bair pitching for consumer agency The Associated Press all 196 news articles
The Jersey Journal – NJ.com Wall Street Journal reporter to open Republicans of Hoboken speaker series The Jersey Journal – NJ.com WSJJohn Fund, a Wall Street Journal journalist, will be speaking at the Republicans of Hoboken's first speaker event this …
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Wall Street Journal reporter to open Republicans of Hoboken speaker series – The Jersey Journal – NJ.com
Sniping continues between Hayworth, McCain Bizjournals.com John McCain, R-Ariz., over the senator's 2008 vote for the Wall Street and big bank bailout. Hayworth's campaign cited campaign finance numbers from 2003-08 … and more
Near-20% fall in share price raises questions about UK insurer’s ability to close a $35.5bn takeover of AIG’s Asian life business
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Pru shares plunge over AIA deal fears
(From AllAfrica.com) Johannesburg — THE growth of SA’s mining sector could be hampered further by a serious lack of professional skills, according to a survey by executive recruitment firm Landelahni Business Leaders, released yesterday. The shortage of skills in the sector coincided with an upturn in the global economy and a recovery in world commodity prices, which meant that the South African mining sector could miss out on the full benefits of the recovery. The local mining industry is already battling higher production costs, and the strong rand during much of last year has seen most miners unable to optimise margins despite higher metals prices. Landelahni CEO Sandra Burmeister said what was even more worrying was that the local industry had lost much of its skills development capability. Read more.
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South Africa: Lack of Skills Hinders Mining Sector Growth
There are many different types of welfare. There are straight-up handouts to those who haven’t earned them. There are programs to bridge a gap and help a family in dire need. There are things like unemployment, which people somewhat earn while they work, and collect after they lose a job. There are tax “credits” which are a fancy way of disguising welfare payments. Most are bad. Some are even worse. And this story on WalletPop.com about a man on unemployment emphasizes why it is so important to reduce all welfare to the absolute minimum, helping only those who are worst off and in an emergency situation. The story starts innocently enough: The failure of Congress to pass a particular bill means 1.2 million unemployed people won’t get extended unemployment benefits. The author is entitled to his own opinion about whether or not this bill should be passed. I, of course, think it should not be passed because it expands government even more during a time when government should be shrinking. We don’t need another cost put on the working people and the entrepreneurs (who incidentally start companies that create jobs, unless the government makes it too risky or cost-prohibitive). But the author of the article, Aaron Crowe, probably picks the worst possible person to hold up as a “victim” of this unpassed bill. The “victim,” Richard Hutnik of Poughkeepsie, New York, has been on the government dole for three years . He cites his weekly unemployment check at $430, and if you do the math, that works out to over $67,000 collected by Hutnik for the last three years for not working . But Hutnik wants more. He’s 42 years old, and appears to have no responsibilities in life other than paying for a $630 dorm room he rents. Yet in three years he hasn’t been able to find gainful employment? NO. In three years he hasn’t found a job he wants to take, and why should he, if he’s able to survive on welfare for three years without ever lifting a finger? He even goes so far as to admit that he could have a job at Wendy’s if he wanted one, but obviously it’s a lot more convenient to sit at home and get $430/week for doing nothing than actually going to a job. We’re supposed to feel sorry for Hutnik because after receiving $67,000 for doing nothing, he wants his unemployment benefits extended even more. Otherwise he’ll have to go live with his “emotionally abusive” father. Dude. Hutnik should have taken a job flipping burgers about 33 months ago, and should not have been allowed to collect unemployment for three years. Sure, he might have had to take a job he didn’t like, or one he felt over-qualified for, or one that is not in his field of expertise. But that’s what we as Americans should do…. support ourselves instead of expecting someone else to do it. There was a time shortly after graduate school when I was working three jobs. I had a professional job, a part-time retail job, and a bar gig on the weekends. Why did I do it? Because I wanted to survive financially. And it didn’t kill me. But why should Hutnik get a job if we’re going to allow him to sit on his butt for 3 years and get paid for it? We don’t need more unemployment benefits. We need our citizens to be more motivated to take jobs that will help them get by. If they’re working and the government is handing out less money, then our economy grows. It’s simple economics that it’s better for people to be working and keeping the cash within the private sector, rather than having our government raise our taxes (which discourages job creation) and passing out money to those sitting around. I realize that plenty of people can’t find jobs in their fields, and they won’t like the job or the pay that they may be able to find. But people should do what is necessary to get by until they can find a better or more suitable job. Hutnik has a master’s degree in information systems and is supposedly looking for a job in his field. I don’t think he did himself any favors by tell his tale of woe to WalletPop. Imagine being an employer interested in Hutnik and imagine doing a Google search. And up pops this article with him crying over not being able to feed at the government trough for more than three years. Would you hire him? I wouldn’t. Richard Hutnik, 42, of Poughkeepsie, N.Y., has been unemployed for three years and his $430 weekly benefit is being delayed, forcing him to move out of a $630-a-month dorm he lives in and back home with his abusive father, Hutnik told WalletPop in a telephone interview today. “I miss a week or two of unemployment benefits, I fall behind on it,” he said of the rent on his temporary housing. Ebenezer Scrooge has some competition from Bunning, a Baseball Hall of Fame pitcher (thanks to the Hall of Fame Veterans Committee in 1996) and a retiring senator from Kentucky who said he was blocking the bill because he didn’t want to add to the federal deficit. The Senate expects to reconsider the bill this week if senators can convince Bunning to give up his fillibuster. Along with delaying benefits at least through March 31, Bunning’s block has caused the U.S. Transportation Department to lay off 2,000 employees today, halting construction projects, according to a Bloomberg story. The furloughed workers won’t be paid, although they’ll likely get their jobs back if the bill is approved. The bill included a provision to extend the authorization to spend money from the federal Highway Trust Fund, which pays for some of the spending by the Transportation Department. Hutnik, of New York, has some advice for Congress: “They need to stop playing partisan politics,” he said. In this case, it’s more the lone boneheadedness of Bunning than of Republicans teaming up against the bill. Part of Bunning’s argument against the bill was that the late vote was causing him to miss a college basketball game . With unemployment at 9% in New York, Hutnik isn’t optimistic. “You tell me what happened to the American dream?” he asks. “Me with a master’s degree — I’m lucky if I can find a job at Wendy’s.” He worked for IBM as a help desk contractor for almost seven years before being laid off the first time in 2004. He then earned a master’s degree in information systems and worked again for IBM until his department was consolidated with a data center in Colorado. Losing unemployment benefits, even for a few weeks, is forcing him to move into his parents’ house, where his dad is emotionally abusive and the home environment is “emotionally toxic,” he said. Hutnik volunteers at a non-profit so he can keep up on his job skills and remain a viable job candidate, but so far it hasn’t led to full-time work.
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This is why welfare sucks
Conmen use phone book to fake insulation cash claims NEWS.com.au A spokesman for Mr Combet refused to reveal details about the fraud probe. “While specific details of investigations remain confidential as they may result … Rogue installers 'forged signatures' Sydney Morning Herald all 22 news articles
Plans are afoot for the FT publisher to cast its net further
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Pearson chief outlines broadening ambitions
5pm Markets Update RTE.ie Wall Street was higher this afternoon on the back of increasing corporate activity and receding fears over the Greek debt crisis. Shortly after 5pm the Dow … and more
Apple filed a patent infringement lawsuit against HTC, maker of Google’s Nexus One phone, a sign that the iPhone maker is preparing to aggressively defend its tenuous position as a leader in the booming smartphone market
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Apple sues HTC over iPhone patents
Globe and Mail Former Berkshire Investment vice-president Ian Thow pleads guilty to 20 fraud … Vancouver Sun He bought them hockey tickets and meals, took them on trips to Vegas or Jamaica, and invited them to his waterfront home in Central Saanich. … Ian Thow pleads guilty to 20 counts of fraud The Province all 104 news articles
The Loan Modification Scam Prevention Network, a national coalition of public and private enterprises, is led by the Lawyers’ Committee for Civil Rights Under Law. Fannie Mae, Freddie Mac, the Homeownership Preservation Foundation, …
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RealEstateRama:Hud Advances Fight Against Loan Modifications Scams …
Village Voice (blog) Sen. Kyl: Jobless Benefits a 'Disincentive' to Find Work Newser “The idea that those who have lost their jobs in this Wall Street /mortgage- scam recession are simply deadbeats” is antiquated at best, he writes in Time. … The Threat of an Arrogant Laboring Class Wall Street Pit (blog) all 9 news articles
General Motors’ US sales grew by 11.5 per cent in February, with advances in its four remaining brands partly offset by sharp declines in discontinued models
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GM recalls 1.3m cars in North America
The US cosmetics group anticipates sales from its non-profit lipstick range will jump sharply thanks to the singer’s popularity
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Lady Gaga boosts Estée Lauder Aids campaign
The US fertiliser producer attempted to break up an agreed deal between its local rival and Norway-based Yara by launching an unsolicited $4.7bn cash and stock offer
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CF Industries makes fresh bid for Terra
Los Angeles Times Supreme Court Takes Up Appeal by Enron's Skilling truthout … “has been a problem in this area of criminal law for years,” said Mark Biros, a former federal prosecutor, in an interview with the Wall Street Journal. … Former Enron CEO's Case Before High Court FOXNews (blog) The Unlimited Prosecution Act Goes on Trial Heritage.org (blog) GM recalling 1.3M cars Youngstown Vindicator all 550 news articles
Staples, the US office supplies company, said that its profits fell sharply in the fourth quarter in spite of a rise in comparable store sales as customers continued to shy away from expensive products
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Staples profits slip despite sales rise
Greece-Goldman Sachs Deals Were 'Completely Scandalous' – And Perfectly Legal … Huffington Post (blog) If I'm not mistaken, Wall Street firms like also went around to towns and cities in the US, proposing and executing deals to “fix” their debt, … and more
Purported 'Debt Collector' Pleads Guilty in Ponzi Case The Street Sweeper A New York judge this week refused to dismiss civil fraud charges against J. Ezra Merkin, a prominent Wall Street player who operated a firm that served as … and more
Reality has set in on Main Street and Fraud Street, but not in Washington DC. The average Joe bought too much house and is now “upside down” in his mortgage, owing more than the home is worth. With the help of the leeches that are continually … You know that score too: massive bank bailouts, massive homeowner financial help that gets gobbled up by bureaucracy, Fannie & Freddie quasi-nationalization, HAMP, and the Federal Reserve buying over $1 TRILLION in FNM/FRE debt. …
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Avid Trader Official Blog: Upside Down
The Daily Docket: General Growth Wrangling Continues Wall Street Journal (blog) … holdings to new General Growth stock instead of accepting the current offers to acquire or recapitalize the mall owner, The Wall Street Journal reports. … and more
Reuters Living Under a “Death Sentence” CNBC Markopolos speaks candidly about the SEC and Wall Street turning a blind eye to the multibillion dollar scam Madoff was orchestrating right underneath their … SEC Should Adopt Wall Street -Like Bonus System, Markopolos Says BusinessWeek Madoff whistle-blower offers his account Boston Globe Investors told they won't get what Madoff promised Newsday (subscription) msnbc.com
Reuters White House Healthcare Reform Summit: No Losers The IN VIVO Blog (blog) It was surprising, then, to see on live television Obama listening closely to what Coburn had to say on health care waste, fraud , and abuse, and watch him … TV SoundOff: Sunday Talking Heads Huffington Post (blog) Nancy Pelosi: 'A for effort' – elections tell The Swamp (blog) The GOP Can't Be Trusted to Start Over on Health Care. NewsBlaze Media Matters for America
Prosecution, defense spar in Danieal case closings Philadelphia Inquirer A federal prosecutor said during her closing argument yesterday at the fraud trial stemming from the 2006 death of Danieal Kelly that … and more
Charter schools dubious choice Montgomery Advertiser State legislators and education policymakers should safeguard Alabama's public schoolchildren from being victims of education scam artists. and more
HUD Fights Loan Modification Scams About – News & Issues (blog) Being asked to pay a fee in advance to work with your lender to modify, refinance or reinstate your mortgage. The company will only take payment by … and more
Globe and Mail Ian Thow pleads guilty to 20 counts of fraud The Province Thow, 48, led a lavish lifestyle with a Vancouver Island waterfront home , cars and planes, financed by bogus investments, until he fled to the US in 2005 … Former Berkshire Investment vice-president Ian Thow pleads guilty to 20 fraud … Vancouver Sun all 83 news articles
US carmaker announces it is increasing its contribution to the restructuring of Opel from €600m to €1.9bn
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GM increases Opel funding to €1.9bn