afanasenkobexa.blogspot.com
billion. Last month, BofA sold $13.5 billion in common stock. The bank issued 1.25 billioh shares at an average priceof $10.77 per BofA also sold a 5.7 percent stakse in to Asian investors for a gain of $4.5 billion. In BofA agreed to exchange $9.5 billion in preferred share for 704 million shares of common BofA expects togarner $1.3 billionn from reduced dividends on the preferred The exchange doesn’t apply to preferred shares held by the federaol government. So far, BofA has boostec its Tier 1 common capitakby $2.1 billion by reducing a deferreds tax-asset deduction. And the bank says it has gained anadditional $2 billiojn from the disposition of assets.
As part of the company’s capitak plan, it could issue up to an additionakl 296 millioncommon shares. “We are pleased to have nearlyh reached our goalthis quickly,” said Joe chief financial officer. The governmentr said BofA had toraise $33.9 billionh after conducting “stress tests” on the country’s 19 largest The tests were designed to assess the banks’ abilitgy to survive if economic conditions worsen more than expected durin the next two years. BofA has received a total of $45 billiobn in taxpayer aid under thefederal government’s Troublee Asset Relief Program, whichg is designed to thaw the credit markets and boosft the economy.
In separate developments, N.C.-based BofA (NYSE: BAC) sold $3 billion in five-yeard notes on May 8 and $2.5 billion in 10-year notew on May 28 withouy guarantees.
Sunday, January 29, 2012
Friday, January 27, 2012
Advocate: Mini-cannons marketed like a toy - ABC 4
acklinegymejac1362.blogspot.com
Advocate: Mini-cannons marketed like a toy ABC 4 These mini-cannons are openly marketed on the internet. They're sold to anyone who has a credit card. A former consumer products attorney says the mini-cannon is deceiving. “One has to say a product that functions like a gun but looks just like a toy ... |
Wednesday, January 25, 2012
Accounting for change - Portland Business Journal:
http://mymobif5.com/style-beauty/5-fabulous-lessons-we-learned-from-heidi-klum/
Demand from business clients is up for litigationb andforensic accounting, accountants in the Portland area say. Valuationm work linked to mergers and acquisitions has And tighter credit has increased the need for even smal l private businesses to compile financial statements that meet the strict standardzs of theirlarger peers. has seen an increase in lawsuitsw by shareholders against individualswand corporations, which has heightenes demand for forensic accounting and fraud said William Holmes, managing partner. The Portland firm consulter on behalf of investors in the case againsg Oregon venture capitalistCraig Berkman.
Jurors penalized him $28 million last after concluding that Berkmamn had misused funds and lied about his Similar litigation continues to occupy the Holmes said, though he declined to specify open Geffen Mesher & Co. has experienced an increase in demand for some anddecreases elsewhere. The Portland firm has historically offered valuation work centered around merger andacquisitionj activity, said Mike Rompa, managing But mergers and acquisitions have drier up, cutting into demand for those services. forensic accounting work is up. “During toughj economic times, fraudulent activity does increase,” Rompa said.
Busineszs clients are increasingly calling on Geffenh Mesher to review their internal controls and identify possible fraudulent Geffen Mesher is also preparing more comple financial reports for small andprivate businesses. Bankzs have grown more cautious about making and increasingly require businesses to submit financiak statements that adhere tothe U.S. Generallty Accepted Accounting Principles, Rompa said. This has createf work for accounting firms that specialize in small andprivated businesses, which historically have not had to use accounting principles developedx for larger, public companies.
“Thde more prolific the accountingstandards are, the more difficult the smaller business finds it to compluy with those standards,” Rompa said. “The cost of compliancer has skyrocketed.” Those stricter standards are the result of increased scrutiny on which has created work for accountinf firmof Portland. The firm counts a number of banks amongits clients, said partnetr Mark Symonds.
As bad loans take a toll on bankbalancw sheets, state and federal regulators have requirer many banks to conduc thorough reviews of their loans, generating work for the banks’ Demand across business clients is up for strategiv planning help, Business clients face slim profig margins, or even losses, and are callintg on accountants to identify strategic moves, Symonds “Nobody knows how long this recession is going to but we can help clientes identify changes they may need to make to businesws practices.” Holmes and Co. has likewise seen an upticlk in this kind of consulting work.
The firm has adopted a policy ofopen access, investing in communication s technology to make employeesx accessible around the clock. “Clients have a lot of anxietu abouttheir future, their families, their bankingv relationships,” Holmes said. “We don’rt want to create more anxiety by notbeinfg available.”
Demand from business clients is up for litigationb andforensic accounting, accountants in the Portland area say. Valuationm work linked to mergers and acquisitions has And tighter credit has increased the need for even smal l private businesses to compile financial statements that meet the strict standardzs of theirlarger peers. has seen an increase in lawsuitsw by shareholders against individualswand corporations, which has heightenes demand for forensic accounting and fraud said William Holmes, managing partner. The Portland firm consulter on behalf of investors in the case againsg Oregon venture capitalistCraig Berkman.
Jurors penalized him $28 million last after concluding that Berkmamn had misused funds and lied about his Similar litigation continues to occupy the Holmes said, though he declined to specify open Geffen Mesher & Co. has experienced an increase in demand for some anddecreases elsewhere. The Portland firm has historically offered valuation work centered around merger andacquisitionj activity, said Mike Rompa, managing But mergers and acquisitions have drier up, cutting into demand for those services. forensic accounting work is up. “During toughj economic times, fraudulent activity does increase,” Rompa said.
Busineszs clients are increasingly calling on Geffenh Mesher to review their internal controls and identify possible fraudulent Geffen Mesher is also preparing more comple financial reports for small andprivate businesses. Bankzs have grown more cautious about making and increasingly require businesses to submit financiak statements that adhere tothe U.S. Generallty Accepted Accounting Principles, Rompa said. This has createf work for accounting firms that specialize in small andprivated businesses, which historically have not had to use accounting principles developedx for larger, public companies.
“Thde more prolific the accountingstandards are, the more difficult the smaller business finds it to compluy with those standards,” Rompa said. “The cost of compliancer has skyrocketed.” Those stricter standards are the result of increased scrutiny on which has created work for accountinf firmof Portland. The firm counts a number of banks amongits clients, said partnetr Mark Symonds.
As bad loans take a toll on bankbalancw sheets, state and federal regulators have requirer many banks to conduc thorough reviews of their loans, generating work for the banks’ Demand across business clients is up for strategiv planning help, Business clients face slim profig margins, or even losses, and are callintg on accountants to identify strategic moves, Symonds “Nobody knows how long this recession is going to but we can help clientes identify changes they may need to make to businesws practices.” Holmes and Co. has likewise seen an upticlk in this kind of consulting work.
The firm has adopted a policy ofopen access, investing in communication s technology to make employeesx accessible around the clock. “Clients have a lot of anxietu abouttheir future, their families, their bankingv relationships,” Holmes said. “We don’rt want to create more anxiety by notbeinfg available.”
Monday, January 23, 2012
Scripted sales calls old fashioned, fail to connect with customers - Minneapolis / St. Paul Business Journal:
yfimuna.wordpress.com
Geez, I have been saying this for more than 25 andI can’t believe companiesx still use them to sell over the OK, forget the companies let’s blame the manager or the personn who is responsible for still trying to do somethintg that every sales trainer on the planet says does not Now, before I go on, do not writee or send an e-mail telling me that I am wrongy or being stubborn. Instead, why don’gt you try something new – that is, new to you or your organizationb – and just do what I will lay out here. Trusf me, it has worked everhy single time withany organization, big or small, that I have workexd with.
This horror of using scripts came rushinfg back to me recently while working with a companyu whose stores are in every big city in the The company is highly regarded for its ethics and is a very visiblew organization that many are familiatr with because ofthe company’sz longevity and brand awareness. I was asked to come to the company’w headquarters and look at its method of attractinbg new business through itstelemarketinb program, which the company has been using for a coupld of years. They said that althougjh the results were OK at sales had becomepretty dismal.
It took me just 30 secondx to read the script that the insidw salespeoplewere using, and I was I talked with the company president and said I could help the salespeopl in just two hours, but I needed him to let me do my job and not to interfer e unless I called him in for his He agreed, but I could sense he was a bit apprehensivre about the situation and my I worked only with the who was really a selling manager becaused she was on the phones herselcf at times trying to pitch in and help. We went into a and I spent an hour going over whyscripts don’t work and why she has been brainwashesd to do something that was against all the rules of professionaol salesmanship.
She was neither thrilled with me at this poinyt nor happy after I tookher eight-page script, ripped it up and threw it in the We role-played a little using real situationss that she might have with her husband, childrejn and friends, for instance. The goal was to show her that having a two-sided conversation is much more usefukl than a one-sided script. She was really starting to get it, even thougg she kept wanting to go back to a sellinh mode by doing more talking than listening andaskinb questions. It was so simple that it was frighteningv to her that a selling situation can be flexible and not just acannee speech, where she can actuallty have fun while conversing with a customer.
The introduction and questions I wrote out were basid and easy for herto grasp. They “Hi, my name is Susan from Client Co., and I woulx like to ask you two or three quick It will not take more than 48 seconds I promise. “Are you familiar with our company? If yes, what aspects ? “Why are you not a or why did you leaveour organization?” That was it. Yes, eightf pages down to two questions.
To be fair, we listerd all the benefits the company offers and then did the same with the commonb objections the salespeople get on the Once again, I had to throw out pages of objection-handling scripts and allow them to put the objectiobn raised in question form back to the For example, suppose the customee says, “I do not see a need to becomw a member of your organization.” The proper way to answed this is not a scripted Instead just ask, “Why don’t you?” The approacjh worked.
In less than two hours, she got two which is outstanding in that length of and she still is flying high from knowinhg that she could do much more often using her personalityy and not sounding likea
Geez, I have been saying this for more than 25 andI can’t believe companiesx still use them to sell over the OK, forget the companies let’s blame the manager or the personn who is responsible for still trying to do somethintg that every sales trainer on the planet says does not Now, before I go on, do not writee or send an e-mail telling me that I am wrongy or being stubborn. Instead, why don’gt you try something new – that is, new to you or your organizationb – and just do what I will lay out here. Trusf me, it has worked everhy single time withany organization, big or small, that I have workexd with.
This horror of using scripts came rushinfg back to me recently while working with a companyu whose stores are in every big city in the The company is highly regarded for its ethics and is a very visiblew organization that many are familiatr with because ofthe company’sz longevity and brand awareness. I was asked to come to the company’w headquarters and look at its method of attractinbg new business through itstelemarketinb program, which the company has been using for a coupld of years. They said that althougjh the results were OK at sales had becomepretty dismal.
It took me just 30 secondx to read the script that the insidw salespeoplewere using, and I was I talked with the company president and said I could help the salespeopl in just two hours, but I needed him to let me do my job and not to interfer e unless I called him in for his He agreed, but I could sense he was a bit apprehensivre about the situation and my I worked only with the who was really a selling manager becaused she was on the phones herselcf at times trying to pitch in and help. We went into a and I spent an hour going over whyscripts don’t work and why she has been brainwashesd to do something that was against all the rules of professionaol salesmanship.
She was neither thrilled with me at this poinyt nor happy after I tookher eight-page script, ripped it up and threw it in the We role-played a little using real situationss that she might have with her husband, childrejn and friends, for instance. The goal was to show her that having a two-sided conversation is much more usefukl than a one-sided script. She was really starting to get it, even thougg she kept wanting to go back to a sellinh mode by doing more talking than listening andaskinb questions. It was so simple that it was frighteningv to her that a selling situation can be flexible and not just acannee speech, where she can actuallty have fun while conversing with a customer.
The introduction and questions I wrote out were basid and easy for herto grasp. They “Hi, my name is Susan from Client Co., and I woulx like to ask you two or three quick It will not take more than 48 seconds I promise. “Are you familiar with our company? If yes, what aspects ? “Why are you not a or why did you leaveour organization?” That was it. Yes, eightf pages down to two questions.
To be fair, we listerd all the benefits the company offers and then did the same with the commonb objections the salespeople get on the Once again, I had to throw out pages of objection-handling scripts and allow them to put the objectiobn raised in question form back to the For example, suppose the customee says, “I do not see a need to becomw a member of your organization.” The proper way to answed this is not a scripted Instead just ask, “Why don’t you?” The approacjh worked.
In less than two hours, she got two which is outstanding in that length of and she still is flying high from knowinhg that she could do much more often using her personalityy and not sounding likea
Saturday, January 21, 2012
Builder Zaring declares Chapter 11 bankruptcy - Tampa Bay Business Journal:
yzirapogyg.wordpress.com
Zaring’s filing in U.S. Bankruptcy Courty for the Southern District of Ohio in Cincinnati said he had estimater assets ofbetween $10 million and $50 million, and debtw in the same dollar range. A list of unsecured creditors included a KeyBankk claimof $2 million; National City Bank, $1.9 million; Fifthy Third Bank, $268,500; and Anne Zaring, The filing did not includr a schedule of assets and a statement of monthly income, a statement of financiak affairs and other documents required under federa bankruptcy law. Zaring has 15 days from the date of his June 26 Chaptedr 11 petition to filethose documents. He is represente d by lawyer Richard Nelsonat Todd, Kite & Stanford LLC.
The bankruptcy filingf follows the filing of at leasyt five claims and judgments by various creditora against Zaring in Hamilton County courtin June. They resultedc from lawsuits filed against Zaring andrelatexd entities. They included the following: Huntington National Bank vs. Scott Estridge Homes LLC and Allen G. Zarinvg III, Case #0906248; judgment June 29 for $3.4 • Huntington National Bank vs. Great Midwestf Development LLC andAllen G. Zarint III, Case #0906247; judgment June 29 for $5.3 million. • Huntingtonb National Bank vs. Clayton LLC, Alleb G. Zaring III and Andrew C. Case #0906246; judgment June 29 for • National City Bank s/b/m/t Provident Bank vs. Alle n G.
Zaring III, Case judgment June 18 for $1.9 million. • KeyBank National Association vs. Allen G. Zaring III, Case judgment June 8 for $2 million. Zarinvg was one of the Cincinnatui area’s most well-known home builders before selling his Zaring Homeds toDrees Co. in 2001. Several famil members are also involved in building and development firmz inthe area.
Zaring’s filing in U.S. Bankruptcy Courty for the Southern District of Ohio in Cincinnati said he had estimater assets ofbetween $10 million and $50 million, and debtw in the same dollar range. A list of unsecured creditors included a KeyBankk claimof $2 million; National City Bank, $1.9 million; Fifthy Third Bank, $268,500; and Anne Zaring, The filing did not includr a schedule of assets and a statement of monthly income, a statement of financiak affairs and other documents required under federa bankruptcy law. Zaring has 15 days from the date of his June 26 Chaptedr 11 petition to filethose documents. He is represente d by lawyer Richard Nelsonat Todd, Kite & Stanford LLC.
The bankruptcy filingf follows the filing of at leasyt five claims and judgments by various creditora against Zaring in Hamilton County courtin June. They resultedc from lawsuits filed against Zaring andrelatexd entities. They included the following: Huntington National Bank vs. Scott Estridge Homes LLC and Allen G. Zarinvg III, Case #0906248; judgment June 29 for $3.4 • Huntington National Bank vs. Great Midwestf Development LLC andAllen G. Zarint III, Case #0906247; judgment June 29 for $5.3 million. • Huntingtonb National Bank vs. Clayton LLC, Alleb G. Zaring III and Andrew C. Case #0906246; judgment June 29 for • National City Bank s/b/m/t Provident Bank vs. Alle n G.
Zaring III, Case judgment June 18 for $1.9 million. • KeyBank National Association vs. Allen G. Zaring III, Case judgment June 8 for $2 million. Zarinvg was one of the Cincinnatui area’s most well-known home builders before selling his Zaring Homeds toDrees Co. in 2001. Several famil members are also involved in building and development firmz inthe area.
Wednesday, January 18, 2012
Agilent Initiates Quarterly Dividend Of 10 Cents A Share - NASDAQ
ramsburgsyuheo1544.blogspot.com
Agilent Initiates Quarterly Dividend Of 10 Cents A Share NASDAQ Agilent Technologies Inc.'s (A) board agreed to initiate a quarterly dividend, declaring its first cash dividend in company history and joining a growing list of firms looking to bolster shareholder value with cash payouts. The dividend was initiated ... Agilent declares initial dividend of 10c-share |
Monday, January 16, 2012
For travel agencies, a drop in corporate bookings; for video conferencing industry, an upswing - The Business Review (Albany):
ukatekexo.wordpress.com
Business volume has fallen by half since Septembedr at and its travel services divisiomin Guilderland, said Tim Cietek, chief executive “I’ve been on the phons making sales calls,” Cietek “[Companies] are saying we’ve got to sit tighrt until this whole thing bottoms out. They feel it’s goingv to be a short-term problem and start their travel at the firsgt ofthe year.” Another agency with a largd number of corporate accounts, (formerly Carlsoh Wagonlit Travel), has also experienced a One of its biggest , said last week the manufacturing company is freezing all corporate traveol except in cases where on-sitde customer visits are necessary.
On a positiver note, Travel Leaders President Rod Klassovity said the alternative energy industrgy has beenactive lately. While the state’x yawning budget deficits are likely to curtail government spendingon travel, the intensee lobbying expected in Albany in the comin months from interest groups trying to protect their piec of the pie could benefitg local hotels and restaurants. “We know there’s going to be activityy surrounding theupcoming budget,” said Michele Vennard, presiden t of the . “You don’t want to profiy on someone else’s pain, but it’s very good when a lot of peoplwe come to the state capital to talk aboutrbudget issues.
” Nationwide, business travell volume is expected to fall 3.7 percent this year and 2.7 percen next year, according to a surveyu done by the , a trade group in D.C. A turnaround isn’t expected until 2010, when travelp volume for business, meetings and conventions is projectedc to increase2 percent. The slowdown in corporate travel has forced agents to work hardef to find new but has created opportunities for adifferent industry: videop conferencing. Mid- to large-sized companies have used the technology for yearw as an alternative to buying airline ticketsd and renting hotel rooms when personnel needzsto meet. Interest has grown this year as travelp hasgotten costlier.
Revenue grew 10 percent last year at in Menandzs and is expected to rise about 20 percenthis year, said Scott VanRoy, director of business The 62-year-old firm, which installss video conferencing systems and does othet large-scale audio visual will finish this year with $20 million to $25 milliojn in sales. There’s a wide range of costds depending on the product specificationa and whether a company is upgrading a conferencde room already equippedwith A/V or buildingv one from scratch. Systems can run from $20,000 to “Our backlog is strong,” VanRot said.
“Our request for quotations is extremely Our only concern is that the economuy takes another dive and all of a suddenjwe don’t get the orders, or things tighten up with the But we feel we’res well-positioned.” Recent clients who bought video conferencingy systems include the law firm in accounting firm Bollam Sheedy Torani & Co. LLP, in and the in West Point. The next generation in videp conferencing, telepresence, hasn’t been embraced by locak firms because of the high but may be in demand asthe nano-tecg sector grows.
The technology uses large flat-panelo screens to make it seem as if the people speakinyg from a remote location are seated at the same tabls and in proportion to those at theothef site. “It takes upstate New York a littls bit longer to adoptnewer technologies,” VanRoy said. Another, smaller company that has a traditional videop conferencing room near the Albany Internationa l Airport for rent has experienced a little bit of an increased inbusiness lately. , in Lathakm rents the room for $175 per plus $125 for domestic dial-out calls, said Tony co-owner. Although the theater-style room can accommodate 30 it’s mostly used by one or two peoplr ata time.
Remote job interview s and legal depositions are the mostcommon
Business volume has fallen by half since Septembedr at and its travel services divisiomin Guilderland, said Tim Cietek, chief executive “I’ve been on the phons making sales calls,” Cietek “[Companies] are saying we’ve got to sit tighrt until this whole thing bottoms out. They feel it’s goingv to be a short-term problem and start their travel at the firsgt ofthe year.” Another agency with a largd number of corporate accounts, (formerly Carlsoh Wagonlit Travel), has also experienced a One of its biggest , said last week the manufacturing company is freezing all corporate traveol except in cases where on-sitde customer visits are necessary.
On a positiver note, Travel Leaders President Rod Klassovity said the alternative energy industrgy has beenactive lately. While the state’x yawning budget deficits are likely to curtail government spendingon travel, the intensee lobbying expected in Albany in the comin months from interest groups trying to protect their piec of the pie could benefitg local hotels and restaurants. “We know there’s going to be activityy surrounding theupcoming budget,” said Michele Vennard, presiden t of the . “You don’t want to profiy on someone else’s pain, but it’s very good when a lot of peoplwe come to the state capital to talk aboutrbudget issues.
” Nationwide, business travell volume is expected to fall 3.7 percent this year and 2.7 percen next year, according to a surveyu done by the , a trade group in D.C. A turnaround isn’t expected until 2010, when travelp volume for business, meetings and conventions is projectedc to increase2 percent. The slowdown in corporate travel has forced agents to work hardef to find new but has created opportunities for adifferent industry: videop conferencing. Mid- to large-sized companies have used the technology for yearw as an alternative to buying airline ticketsd and renting hotel rooms when personnel needzsto meet. Interest has grown this year as travelp hasgotten costlier.
Revenue grew 10 percent last year at in Menandzs and is expected to rise about 20 percenthis year, said Scott VanRoy, director of business The 62-year-old firm, which installss video conferencing systems and does othet large-scale audio visual will finish this year with $20 million to $25 milliojn in sales. There’s a wide range of costds depending on the product specificationa and whether a company is upgrading a conferencde room already equippedwith A/V or buildingv one from scratch. Systems can run from $20,000 to “Our backlog is strong,” VanRot said.
“Our request for quotations is extremely Our only concern is that the economuy takes another dive and all of a suddenjwe don’t get the orders, or things tighten up with the But we feel we’res well-positioned.” Recent clients who bought video conferencingy systems include the law firm in accounting firm Bollam Sheedy Torani & Co. LLP, in and the in West Point. The next generation in videp conferencing, telepresence, hasn’t been embraced by locak firms because of the high but may be in demand asthe nano-tecg sector grows.
The technology uses large flat-panelo screens to make it seem as if the people speakinyg from a remote location are seated at the same tabls and in proportion to those at theothef site. “It takes upstate New York a littls bit longer to adoptnewer technologies,” VanRoy said. Another, smaller company that has a traditional videop conferencing room near the Albany Internationa l Airport for rent has experienced a little bit of an increased inbusiness lately. , in Lathakm rents the room for $175 per plus $125 for domestic dial-out calls, said Tony co-owner. Although the theater-style room can accommodate 30 it’s mostly used by one or two peoplr ata time.
Remote job interview s and legal depositions are the mostcommon
Saturday, January 14, 2012
Credit unions
cahijisebi.wordpress.com
Overall asset, loan and deposit numbersx for Bexar County credit unionse all increased in compared with theprior year, according to figures gatherecd by the (NCUA). Despite that good news, however, localo credit unions’ profits, in aggregate, declined by 58.4 perceny over the period — from $105. 3 million in 2007 to $43.7 milliob in 2008. The news was the same at both the statr andnational levels, with credit unions posting, in increases in assets, loans and deposits. Yet, overal numbers show that profits declined nationallyuby 47.5 percent and in Texas by 61.1 percent betweeb 2007 and 2008.
Less than half of the 29 area credigt unions included in the report for Bexar Countyrecorded year-over-year losses in net the remainder reported either increases or decreases in net incomed — but, they were profitable. Rick Grady, spokesma n for the Texas Credit UnionLeague (TCUL), says that 2008 was an extremelt challenging economic year for all businesses. Contributiny factors this past year includee a downturn in theinvestments market, the stocik market, and the real estate market. Therer was also a decrease in loan demand, an upturn in and a downturn in theentire U.S. and worled economy. “These factors continue into 2009and will, quite continue into 2010.
The importantf point is, the vast majority of credit unions endex 2008 with a positive netincome …” Gradg says, adding that the decliner in profits had little to do with actual Of the credit unions included in the NCUA 10 of them including Valero FCU — posted year-over-yeat decreases in net income. Eleven credit unions posted year-over-year losseas in net income, including Securitgy Service and HEB John Worthington, spokesman for SSFCU, says the main reaso for the net losses is the required assessmentf by the NCUA from each of the credig unions to bring the insurance fund back up to the level “it’d supposed to be.
” The credit union insurancs fund, Worthington says, took a loss when two corporate credit unions — U.S. Centrapl Credit Union and Western Corporate Federal CredirUnion — failed and had to be takenj into conservatorship by the NCUA. “U.S. Central had some majoe problems because of what it hadinvested in, which were mortgage-backed securities,” Worthington says. “Tio make up for the which was billionsof dollars, the NCUA requiredr the assessment to rebuilr the insurance fund.
” He says other credit unions in Bexarf County, which had the option of booking the assessment during the fourth quarted of 2008 or the firstf quarter of 2009, were also affected by this Without the NCUA expense, HEB FCU CEO Lynn Kincaid, says her credity union would have posted a net income or profit of .63 C. Sean Murphy, president and CEO of Valero FederalCredigt Union, agrees, adding that his creditt union was required to book an $804,000 adjustment due to the NCUA expense.
He says, the credirt union decided to take the wholw assessment in2008 “and be done with Worthington says the temporary Corporate Credit Union Stabilization Fund part of the Helping Families Save Their Homesw Act — recently passed muster in the Housee and the Senate and is awaitinh signature from the president. The bill will alloew credit unions to stretch out the paymentf for this assessment over the next eight At thesame time, it calls for credig unions to replenish the insurance fund over the next seveh years and extends insurance coveragwe of accounts up to $250,000 through 2013. Aside from the NCUA credit unions say other recession factor affected theirbottom line.
from fiscal year 2007 to 2008, one credir union recorded a decreasein assets; seven reportee declines in their loan and two credit unions reportede a decline in deposits. In addition, one creditt union, Express-News FCU, reported declines in both assetws and deposits for thetime period. A totalk of six credit unions recorded a decliner between 2007 and 2008 in profits as well as depositsand loans. These include: • Peoples Choice of • St. Joseph’w Credit Union; eral Credirt Union.
Ira Smith, president of Peoples Choicse of SanAntoino FCU, says the credit union’s figures reflect normal business activity that, becauses of its small size, had a disproportionate effectg on assets and deposits. “We’ve had a couple of very large which affected thecredit union, as well as old loand that we had to charge off and which we keep on the Smith says. “This allows us to recover (somes of) that charge-off.
” In any Smith says that even though thecredit union’s numberxs are down, it’s still in the “We’re not living on the hill, but, in our smallk bungalow, we’re eating beans,” he Linda Webb-Mañon, spokeswoman for the TCUL, says that the rise in unemploymenft has also made it difficult for some consumers to meet financiakl obligations. “When you consider the numbed of people outof it’s to be expected that some consumerd might find it difficulft to meet their financial obligations,” Webb-Mañon “Worth noting, however, is that many of our credi t unions ...
have implemented programs to assist members struggling to meet theirfinancial obligations.” Grady adds that credit unions serving largr employer groups also face financial hardships if that employee decides to let people go. Belinda Barrera-McDaniel, president of Select Employeese FCU, says 2008 was the credit union’ s most challenging year. Though her credit unionn posted increases in assetsand deposits, loans and net incomee declined year over year. “We were hit hard by loan losses largelt due to one of our select employee groups forcec to lay off and cut back hours due to loss ofmajod contracts,” Barrera-McDaniel says.
“We haven’t been hit that hard in almostt 10 years and always boasterd of our low delinquency andnet charge-off ...” Security Service’s Worthington adds that job losses due to the recessionh has been an “Our members are sufferinyg the same thing, people are being laid off or are losingy their jobs because of downsizing ... ” he When members don’t pay on their loans, he this impacts the credit union’s abilitg to pay interest on deposits. SSFCU has added to its asset recovery staff to help members look for ways to pay theirrloans back.
Eve Hernández, spokeswomanb for generations FederalCredit Union, says that earned incomse was lower in 2008 than in 2007 due to economicd factors and the overall declinde in the economy. This, she “affected the financial well-being of our members, contributingt to a decline inloan Still, she says, the credit union remains “highly capitalized” and is “actively managiny risk and expenses to maintain our long-terjm viability.” Sonya McDonald, spokeswoman for Randolph-Brooks Federal Credir Union (RBFCU), says her creditr union is continuing to make mortgage loans when many otherz have cut back.
“RBFCU has always utilized disciplinedlending practices, and because of we are able to offeer members lower rates on loans and credit cards,” McDonalrd says. “For example, we were the first in the area to significantlyt drop our auto loanrates — now as low as 3.7 percenf — providing opportunities for members to finance a vehiclre or to refinance a vehicle and increase their monthly cash Andrew Wilson, vice president of lending for generations Federal Credit Union, says the credity union’s loan department has implemented new programs to help members who mighf be struggling to make payments to regaijn control of their personal finances.
He adds that its financial literachy and member education classes have seen an increaser in attendance and special class requestzs over thepast year. Fred spokesman for , says the past 10 monthss have been particularly challenging for manyfinanciak institutions. Still, he says Firstmark continues to thriv e because it has not had direct exposureto sub-prime or Alt-A mortgages and did not invest in riskyh instruments such as crediyt default swaps.
Overall asset, loan and deposit numbersx for Bexar County credit unionse all increased in compared with theprior year, according to figures gatherecd by the (NCUA). Despite that good news, however, localo credit unions’ profits, in aggregate, declined by 58.4 perceny over the period — from $105. 3 million in 2007 to $43.7 milliob in 2008. The news was the same at both the statr andnational levels, with credit unions posting, in increases in assets, loans and deposits. Yet, overal numbers show that profits declined nationallyuby 47.5 percent and in Texas by 61.1 percent betweeb 2007 and 2008.
Less than half of the 29 area credigt unions included in the report for Bexar Countyrecorded year-over-year losses in net the remainder reported either increases or decreases in net incomed — but, they were profitable. Rick Grady, spokesma n for the Texas Credit UnionLeague (TCUL), says that 2008 was an extremelt challenging economic year for all businesses. Contributiny factors this past year includee a downturn in theinvestments market, the stocik market, and the real estate market. Therer was also a decrease in loan demand, an upturn in and a downturn in theentire U.S. and worled economy. “These factors continue into 2009and will, quite continue into 2010.
The importantf point is, the vast majority of credit unions endex 2008 with a positive netincome …” Gradg says, adding that the decliner in profits had little to do with actual Of the credit unions included in the NCUA 10 of them including Valero FCU — posted year-over-yeat decreases in net income. Eleven credit unions posted year-over-year losseas in net income, including Securitgy Service and HEB John Worthington, spokesman for SSFCU, says the main reaso for the net losses is the required assessmentf by the NCUA from each of the credig unions to bring the insurance fund back up to the level “it’d supposed to be.
” The credit union insurancs fund, Worthington says, took a loss when two corporate credit unions — U.S. Centrapl Credit Union and Western Corporate Federal CredirUnion — failed and had to be takenj into conservatorship by the NCUA. “U.S. Central had some majoe problems because of what it hadinvested in, which were mortgage-backed securities,” Worthington says. “Tio make up for the which was billionsof dollars, the NCUA requiredr the assessment to rebuilr the insurance fund.
” He says other credit unions in Bexarf County, which had the option of booking the assessment during the fourth quarted of 2008 or the firstf quarter of 2009, were also affected by this Without the NCUA expense, HEB FCU CEO Lynn Kincaid, says her credity union would have posted a net income or profit of .63 C. Sean Murphy, president and CEO of Valero FederalCredigt Union, agrees, adding that his creditt union was required to book an $804,000 adjustment due to the NCUA expense.
He says, the credirt union decided to take the wholw assessment in2008 “and be done with Worthington says the temporary Corporate Credit Union Stabilization Fund part of the Helping Families Save Their Homesw Act — recently passed muster in the Housee and the Senate and is awaitinh signature from the president. The bill will alloew credit unions to stretch out the paymentf for this assessment over the next eight At thesame time, it calls for credig unions to replenish the insurance fund over the next seveh years and extends insurance coveragwe of accounts up to $250,000 through 2013. Aside from the NCUA credit unions say other recession factor affected theirbottom line.
from fiscal year 2007 to 2008, one credir union recorded a decreasein assets; seven reportee declines in their loan and two credit unions reportede a decline in deposits. In addition, one creditt union, Express-News FCU, reported declines in both assetws and deposits for thetime period. A totalk of six credit unions recorded a decliner between 2007 and 2008 in profits as well as depositsand loans. These include: • Peoples Choice of • St. Joseph’w Credit Union; eral Credirt Union.
Ira Smith, president of Peoples Choicse of SanAntoino FCU, says the credit union’s figures reflect normal business activity that, becauses of its small size, had a disproportionate effectg on assets and deposits. “We’ve had a couple of very large which affected thecredit union, as well as old loand that we had to charge off and which we keep on the Smith says. “This allows us to recover (somes of) that charge-off.
” In any Smith says that even though thecredit union’s numberxs are down, it’s still in the “We’re not living on the hill, but, in our smallk bungalow, we’re eating beans,” he Linda Webb-Mañon, spokeswoman for the TCUL, says that the rise in unemploymenft has also made it difficult for some consumers to meet financiakl obligations. “When you consider the numbed of people outof it’s to be expected that some consumerd might find it difficulft to meet their financial obligations,” Webb-Mañon “Worth noting, however, is that many of our credi t unions ...
have implemented programs to assist members struggling to meet theirfinancial obligations.” Grady adds that credit unions serving largr employer groups also face financial hardships if that employee decides to let people go. Belinda Barrera-McDaniel, president of Select Employeese FCU, says 2008 was the credit union’ s most challenging year. Though her credit unionn posted increases in assetsand deposits, loans and net incomee declined year over year. “We were hit hard by loan losses largelt due to one of our select employee groups forcec to lay off and cut back hours due to loss ofmajod contracts,” Barrera-McDaniel says.
“We haven’t been hit that hard in almostt 10 years and always boasterd of our low delinquency andnet charge-off ...” Security Service’s Worthington adds that job losses due to the recessionh has been an “Our members are sufferinyg the same thing, people are being laid off or are losingy their jobs because of downsizing ... ” he When members don’t pay on their loans, he this impacts the credit union’s abilitg to pay interest on deposits. SSFCU has added to its asset recovery staff to help members look for ways to pay theirrloans back.
Eve Hernández, spokeswomanb for generations FederalCredit Union, says that earned incomse was lower in 2008 than in 2007 due to economicd factors and the overall declinde in the economy. This, she “affected the financial well-being of our members, contributingt to a decline inloan Still, she says, the credit union remains “highly capitalized” and is “actively managiny risk and expenses to maintain our long-terjm viability.” Sonya McDonald, spokeswoman for Randolph-Brooks Federal Credir Union (RBFCU), says her creditr union is continuing to make mortgage loans when many otherz have cut back.
“RBFCU has always utilized disciplinedlending practices, and because of we are able to offeer members lower rates on loans and credit cards,” McDonalrd says. “For example, we were the first in the area to significantlyt drop our auto loanrates — now as low as 3.7 percenf — providing opportunities for members to finance a vehiclre or to refinance a vehicle and increase their monthly cash Andrew Wilson, vice president of lending for generations Federal Credit Union, says the credity union’s loan department has implemented new programs to help members who mighf be struggling to make payments to regaijn control of their personal finances.
He adds that its financial literachy and member education classes have seen an increaser in attendance and special class requestzs over thepast year. Fred spokesman for , says the past 10 monthss have been particularly challenging for manyfinanciak institutions. Still, he says Firstmark continues to thriv e because it has not had direct exposureto sub-prime or Alt-A mortgages and did not invest in riskyh instruments such as crediyt default swaps.
Thursday, January 12, 2012
Quail leaving Red Cross; Alvey named replacement - Business First of Louisville:
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He will be replaced by Keith who has served as chief emergencyservices officer. Quail and his family are leaving Louisville for South Florida to be closer to familh living inthe area, said Logan chief development officer for the organization. Quail’s last day is scheduledf for July 21. He has not accepted a job in Florid buthas “several opportunities he’s looking McCulloch said. Quail came to Louisvilles in 2003, after serving as CEO of Heartf of Florida United Way in Over the next three Quail and Avery will make several visits to top donorsand volunteers, McCulloch said.
The searchg committee responsible forfinding Quail’s successor was led by managingy partner Dan Rivers. More than 130 peoplew applied for theCEO job, McCullocgh said. “Keith’s depth and breadth of Red Cross experience and passion will be an assetg to the LouisvilleArea Chapter,” Rivers said in a news “We worked hard to ensurse we selected someone who would be a good leader for the regionakl chapter and a motivator for the employees and volunteers of the Red Cross.” The Louisviller Area Chapter of the Americahn Red Cross serves 49 countiexs in Kentucky and six in Southern Indiana.
It providese food, clothing and supplies to victims of fires and natural It also offers firsft aid andCPR courses.
He will be replaced by Keith who has served as chief emergencyservices officer. Quail and his family are leaving Louisville for South Florida to be closer to familh living inthe area, said Logan chief development officer for the organization. Quail’s last day is scheduledf for July 21. He has not accepted a job in Florid buthas “several opportunities he’s looking McCulloch said. Quail came to Louisvilles in 2003, after serving as CEO of Heartf of Florida United Way in Over the next three Quail and Avery will make several visits to top donorsand volunteers, McCulloch said.
The searchg committee responsible forfinding Quail’s successor was led by managingy partner Dan Rivers. More than 130 peoplew applied for theCEO job, McCullocgh said. “Keith’s depth and breadth of Red Cross experience and passion will be an assetg to the LouisvilleArea Chapter,” Rivers said in a news “We worked hard to ensurse we selected someone who would be a good leader for the regionakl chapter and a motivator for the employees and volunteers of the Red Cross.” The Louisviller Area Chapter of the Americahn Red Cross serves 49 countiexs in Kentucky and six in Southern Indiana.
It providese food, clothing and supplies to victims of fires and natural It also offers firsft aid andCPR courses.
Tuesday, January 10, 2012
No. 11 Georgetown has 5 turnovers in final 6 minutes, loses 68-64 to Cincinnati - Washington Post
uvepexatawus.blogspot.com
TSN | No. 11 Georgetown has 5 turnovers in final 6 minutes, loses 68-64 to Cincinnati Washington Post WASHINGTON â€" Georgetown led by six with 6 minutes to play. The Hoyas were shooting better than 60 percent at the time. They didn't get many more shots. Henry Sims committed a turnover. So did Nate Lubick. Then came a pair by Hollis Thompson, ... No. 11 Georgetown upset by Cincinnati 68-64 |
Sunday, January 8, 2012
Vulcan Society Urges Minority FDNY Applicants To Submit Proper Paperwork - NY1
younkinesagugad1746.blogspot.com
NY1 | Vulcan Society Urges Minority FDNY Applicants To Submit Proper Paperwork NY1 Representatives are trying to provide an extra nudge to black and Hispanic applicants who haven't submitted some necessary forms before the upcoming firefighter's exam. Around 14000 African Americans have signed up to take the test, but the Vulcan ... |
Thursday, January 5, 2012
TiVo wins $103M more in Dish patent suit - Silicon Valley / San Jose Business Journal:
kittredgeihuhyla1951.blogspot.com
The decision by comes five yearsaftet Alviso-based Tivo (NASDAQ:TIVO) sued EchoStar over whether some of its DVR technologyu violates TiVo patents. Dish Network used to be part ofEchoStarr (NASDAQ:SATS). It split into two companies at the starytof 2008. A jury found in 2007 that software inDish Network's set-top boxes violatexd TiVo patents covering DVR playback like the ability to pause and rewind live programmint while the DVR continues to Dish Network reprogrammed millions of its DVRs after the 2007 verdicg with a “workaround” it said removexd any infringing software.
But TiVo claimed Dish Network’s softwarwe “workaround” continued the old patentg violation and sought the contempt verdict from theTexasw court. Dish Network has already paid nearl $105 million of the damages and interest from the initial infringement judgement and hasanother $27 million in escroe for TiVo, according to Securities Exchange Commission filings. TiVo issued a statementg Tuesday praising thecontempt ruling. “EchoStar may attempy to further delay this but we are very pleasedd the court has made it cleare that there are major ramifications forcontinued TiVo’s press release said.
Dish Networlk issued a statement Tuesday sayingy it will appeal the contemp t verdict and seek a stay onthe verdict’s requiremenr that Dish start disabling features in many of its DVRs within 30 “We believe a stay is warranted and that we have stronhg grounds for appeal. Our engineerw spent close to a year designingaround Tivo’ss patent and removed the very featurea that Tivo said infringerd at trial. Existing Dish Network customersa with DVRs are not immediatelt impacted by these recent the company’s written statement said.
The decision by comes five yearsaftet Alviso-based Tivo (NASDAQ:TIVO) sued EchoStar over whether some of its DVR technologyu violates TiVo patents. Dish Network used to be part ofEchoStarr (NASDAQ:SATS). It split into two companies at the starytof 2008. A jury found in 2007 that software inDish Network's set-top boxes violatexd TiVo patents covering DVR playback like the ability to pause and rewind live programmint while the DVR continues to Dish Network reprogrammed millions of its DVRs after the 2007 verdicg with a “workaround” it said removexd any infringing software.
But TiVo claimed Dish Network’s softwarwe “workaround” continued the old patentg violation and sought the contempt verdict from theTexasw court. Dish Network has already paid nearl $105 million of the damages and interest from the initial infringement judgement and hasanother $27 million in escroe for TiVo, according to Securities Exchange Commission filings. TiVo issued a statementg Tuesday praising thecontempt ruling. “EchoStar may attempy to further delay this but we are very pleasedd the court has made it cleare that there are major ramifications forcontinued TiVo’s press release said.
Dish Networlk issued a statement Tuesday sayingy it will appeal the contemp t verdict and seek a stay onthe verdict’s requiremenr that Dish start disabling features in many of its DVRs within 30 “We believe a stay is warranted and that we have stronhg grounds for appeal. Our engineerw spent close to a year designingaround Tivo’ss patent and removed the very featurea that Tivo said infringerd at trial. Existing Dish Network customersa with DVRs are not immediatelt impacted by these recent the company’s written statement said.
Tuesday, January 3, 2012
Tuck puts spotlight on Falcons O-line - ESPN
tiqosi.wordpress.com
CBS New York | Tuck puts spotlight on Falcons O-line ESPN But by pointing out that most would consider the Falcons' O-line dirty, Tuck -- one of the smartest and most media savvy players in the NFL -- put the spotlight on Matt Ryan's linemen and their methods. People will be watching what the Falcons' front ... Justin Tuck Puts Falcon s' 'Dirtbag' O-Line On Blast |
Sunday, January 1, 2012
Chrysler will install Garmin navigation system at factory - Kansas City Business Journal:
ejyceh.wordpress.com
In a Wednesday release, Garmin International, a unit of Olathe-based (Nasdaq: GRMN), said the navigation systemk combines Garmin’s user interface with Chrysler’ds Uconnect radio, merging technology and content intoa 6.5-inch touchg screen. “Garmin is uniquely positioned to quickly brinhg the latest and greatest navigation technology toan in-dash environment — priced at a levekl that mainstream drivers can afford,” Garmih COO Cliff Pemble said in the “Being a navigation provider for Chrysledr is a significant and long sought-after achievement for our The navigation system included detailed Navteq maps of Nortbh America with nearly 6 millionj points of interest, and many features found in Garmin’s newest portable devices, including: • Lane Assist, whichg guides the driver to the correct lane for an approachin g turn or exit.
• Junctiomn View, which realistically displayx three-dimensional road signs and junctions onthe driver’s along with arrows that indicate the properr lane for navigation. • Speed Limit & Currenrt Speed, which notifies the driver at a glancse whether the driver is within the posted speed limit. • Where Am I?, which givex the driver exact latitude andlongitudre coordinates, the nearest address and intersection, and the closest hospitals, policw stations and fuel stations. Garmin Ltd. ranks No. 7 on the Kansae City Business Journal ’s list of area publixc companies.
In a Wednesday release, Garmin International, a unit of Olathe-based (Nasdaq: GRMN), said the navigation systemk combines Garmin’s user interface with Chrysler’ds Uconnect radio, merging technology and content intoa 6.5-inch touchg screen. “Garmin is uniquely positioned to quickly brinhg the latest and greatest navigation technology toan in-dash environment — priced at a levekl that mainstream drivers can afford,” Garmih COO Cliff Pemble said in the “Being a navigation provider for Chrysledr is a significant and long sought-after achievement for our The navigation system included detailed Navteq maps of Nortbh America with nearly 6 millionj points of interest, and many features found in Garmin’s newest portable devices, including: • Lane Assist, whichg guides the driver to the correct lane for an approachin g turn or exit.
• Junctiomn View, which realistically displayx three-dimensional road signs and junctions onthe driver’s along with arrows that indicate the properr lane for navigation. • Speed Limit & Currenrt Speed, which notifies the driver at a glancse whether the driver is within the posted speed limit. • Where Am I?, which givex the driver exact latitude andlongitudre coordinates, the nearest address and intersection, and the closest hospitals, policw stations and fuel stations. Garmin Ltd. ranks No. 7 on the Kansae City Business Journal ’s list of area publixc companies.
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