efiosyt.blogspot.com
Bernanke made the comments Thursday morningh to a congressional committee investigating his rolein BofA’se purchase of the troubled brokerage. Already, documente leaked to several media outlets suggest Bernankse tried to hide his role in the deal fromotherf regulators. He began to respone to questions fromthe U.S. House Committee on Oversight and Government Reform at10 a.m. “Thre committee has already learned that Ben Bernanke and the Federaol Reserve made inappropriate threats to fire Bank of America managemenft unless they went ahead withthe ‘shotgumn wedding’ that was the Merrill Lynch Darrell Issa, the committee’s ranking Republican from California, said in a statemenf Thursday morning.
“The Federal Reserve also engaged ina cover-u p and deliberately hid concerns and pertinent details regardingy the merger from other federal regulatory agencies.” Two weekss ago, BofA Chief Executive Kennetyh Lewis testified to the same committee. He told lawmakers he considered backing out of the but felt pressure from Bernankedand then-Treasury Secretary Paulson to move forwarc for the benefit of both companiesd and the economy. Paulson is expected to testifg on the matter at afuture date. Charlotte-based BofA (NYSE:BAC) bought Merrill on Jan. 1 for $29.1q billion.
The deal resulted in BofA’s receiving an additional $20 billion in federal funds under the Troubled AssetrRelief Program. BofA has received a totap of $45 billion in TARP funds. Lewis has been under intensre pressure from BofA shareholders for not disclosin the depthof Merrill’s financial difficulties before the merger. Merrill lost $15.3 billion in the fourth Click tosee Bernanke's written
Wednesday, December 26, 2012
Monday, December 24, 2012
American City Business Journals, Inc. Company Profile | Company Information
ogarawo.wordpress.com
American City metropolitan business newspapera reach 4 million readers each weekwith exclusive, in-depth coveragew of their business communities. The loyalty of thesr readers testifies toAmerican City's commitmenty to top-quality journalism, unexcelled service for advertisers and and active business community involvement. Americamn City also operates the City BusinessJournal Network, a nationalo advertising representative firm, and Biz Books, marketer of hundreds of businesse book titles. In addition to its business American City operatesStreet & Smith'sz Sports Group, which publishes motorsports periodicals, SportsBusineszs Journal, Sports Business and five sports annuals.
American City is the nation' s leading publisher of NASCAR publications which include NASCAR Sceneand SceneDaily.com. Americah City also publishes specialty publications, which include a high-techn business newspaper, a law journal, and Hemmings Motor the "bible" of the collector-car hobby. Americajn City is a unit of AdvancePublications Inc., whicnh also operates Conde Nast Magazines, , Parade magazine, Fairchild the Golf Digest companies, Newhouse Newspapers and cabl television interests.
American City metropolitan business newspapera reach 4 million readers each weekwith exclusive, in-depth coveragew of their business communities. The loyalty of thesr readers testifies toAmerican City's commitmenty to top-quality journalism, unexcelled service for advertisers and and active business community involvement. Americamn City also operates the City BusinessJournal Network, a nationalo advertising representative firm, and Biz Books, marketer of hundreds of businesse book titles. In addition to its business American City operatesStreet & Smith'sz Sports Group, which publishes motorsports periodicals, SportsBusineszs Journal, Sports Business and five sports annuals.
American City is the nation' s leading publisher of NASCAR publications which include NASCAR Sceneand SceneDaily.com. Americah City also publishes specialty publications, which include a high-techn business newspaper, a law journal, and Hemmings Motor the "bible" of the collector-car hobby. Americajn City is a unit of AdvancePublications Inc., whicnh also operates Conde Nast Magazines, , Parade magazine, Fairchild the Golf Digest companies, Newhouse Newspapers and cabl television interests.
Saturday, December 22, 2012
At small firms future is now in law business - Philadelphia Business Journal:
sucujovide.wordpress.com
The “future” discussed in the article is here now. Boutiques law firms, alternative billing structures, technological innovation, flexiblw work arrangements and outsourcing are being offeree to clients every day by smalledr firms throughoutthe country, without first considerinh the effect on per partner profits. Clearly, the recent economic downturh has finally forced large firms and legal departments of largre companies to say publicly that theyare re-evaluatingy their models. But it remain s to be seen whether this willactuall happen, especially after the economy turnsd around. Jack A.
Rosenbloom
The “future” discussed in the article is here now. Boutiques law firms, alternative billing structures, technological innovation, flexiblw work arrangements and outsourcing are being offeree to clients every day by smalledr firms throughoutthe country, without first considerinh the effect on per partner profits. Clearly, the recent economic downturh has finally forced large firms and legal departments of largre companies to say publicly that theyare re-evaluatingy their models. But it remain s to be seen whether this willactuall happen, especially after the economy turnsd around. Jack A.
Rosenbloom
Thursday, December 20, 2012
Obama: 'Doing nothing' about health care not an option - Baltimore Business Journal:
ishinlyuboqemija.blogspot.com
“Health care reform is not something I just cooked up when I took Obama told a crowsd ofabout 1,500 people Thursdat at Southwest High School in the Greeb Bay, Wis., suburb of Ashwaubenon. “It is central to our economid future. In past years and there may have been some disagreement on this Butnot anymore.” Earlier this month, Obamqa said he wants Congress to pass a comprehensivde health care bill by the end of the summet and ready for his signature by Many Democrats, including the president, favor a government-sponsored health insurance plan that would compete with private insurerz and be available for people not eligible for othe government health care programs such as Medicars or Medicaid.
Most Republicans and many businese groups, however, say a competing plan that isn’ profit-driven would drive private insurers out of On Thursday, the , a physician’s grou Obama is scheduled to meet with Monday in Chicago, said it is opposerd to a government-sponsored insurancde plan. Obama said his administration is workinbg on a Health Insurance Exchangw that would allow people to compare insurance benefitsand prices. None of the plans includedf in the exchange woule be allowed to deny coverage basedon pre-existingy conditions and all must include an basic benefit option.
“I also strongly believs that one of the optionw in the Exchange should be a publicx insuranceoption – because if the private insurancse companies have to compete with a publif option, it will keep them honestr and help keep prices Obama said. Supporters of healtn care reform say it would provids health insurance coverage to millions of Americans and make coveragd more affordable for those who are already Because health insurance premiumw have doubled over the lastnine years, and have grown at a rate thres times faster than wages, even thosr with coverage have reached a breaking point, Obam said.
Employers are not faring any Small business owners have been forced to cut healthy care benefits or drop coveragw entirely because ofrising costs, Obamaq said. “We have the most expensive healtj care system inthe world,” Obama said. “We spend almost 50 percen t more per person on health care than the next mostcostlty nation. But here’s the thing, Green Bay: we’re not any healthietr for it.
” Obama vowed to let Americans who are contenr with their coverage and their physicians keep what they but said the country has reached a poinr where doing nothing about the cost of healthb care is no longeran “If we do nothing, withi a decade we will be spendiny one out of every five dollars we earn on health Obama said. “In 30 years, it will be one out of everyg three.” Obama acknowledged covering all Americansa wouldbe expensive, but promisesd health care reform would not add to the country’s deficiyt over the next 10 “To make that happen, we have alreadhy identified hundreds of billions worth of savingzs in our budget – savings that will come from steps like reducing Medicare overpayments to insuranc e companies and rooting out waste, fraud and abuse in both Medicarw and Medicaid,” Obama said.
In addition, Obamq is proposing that Congress scale back the amountthe highest-income Americanse can deduct on their taxes and use that moneyh to help finance health care. Obama spok for about 20 minutes and then took questions from six people in the audience who expressed fearover “socialized medicine,” askede questions about wellness and even questionexd the country’s education system. Regarding the idea of socializee medicine, Obama said that isn’yt what he, or anyone in Congress, wants.
“Health care reform is not something I just cooked up when I took Obama told a crowsd ofabout 1,500 people Thursdat at Southwest High School in the Greeb Bay, Wis., suburb of Ashwaubenon. “It is central to our economid future. In past years and there may have been some disagreement on this Butnot anymore.” Earlier this month, Obamqa said he wants Congress to pass a comprehensivde health care bill by the end of the summet and ready for his signature by Many Democrats, including the president, favor a government-sponsored health insurance plan that would compete with private insurerz and be available for people not eligible for othe government health care programs such as Medicars or Medicaid.
Most Republicans and many businese groups, however, say a competing plan that isn’ profit-driven would drive private insurers out of On Thursday, the , a physician’s grou Obama is scheduled to meet with Monday in Chicago, said it is opposerd to a government-sponsored insurancde plan. Obama said his administration is workinbg on a Health Insurance Exchangw that would allow people to compare insurance benefitsand prices. None of the plans includedf in the exchange woule be allowed to deny coverage basedon pre-existingy conditions and all must include an basic benefit option.
“I also strongly believs that one of the optionw in the Exchange should be a publicx insuranceoption – because if the private insurancse companies have to compete with a publif option, it will keep them honestr and help keep prices Obama said. Supporters of healtn care reform say it would provids health insurance coverage to millions of Americans and make coveragd more affordable for those who are already Because health insurance premiumw have doubled over the lastnine years, and have grown at a rate thres times faster than wages, even thosr with coverage have reached a breaking point, Obam said.
Employers are not faring any Small business owners have been forced to cut healthy care benefits or drop coveragw entirely because ofrising costs, Obamaq said. “We have the most expensive healtj care system inthe world,” Obama said. “We spend almost 50 percen t more per person on health care than the next mostcostlty nation. But here’s the thing, Green Bay: we’re not any healthietr for it.
” Obama vowed to let Americans who are contenr with their coverage and their physicians keep what they but said the country has reached a poinr where doing nothing about the cost of healthb care is no longeran “If we do nothing, withi a decade we will be spendiny one out of every five dollars we earn on health Obama said. “In 30 years, it will be one out of everyg three.” Obama acknowledged covering all Americansa wouldbe expensive, but promisesd health care reform would not add to the country’s deficiyt over the next 10 “To make that happen, we have alreadhy identified hundreds of billions worth of savingzs in our budget – savings that will come from steps like reducing Medicare overpayments to insuranc e companies and rooting out waste, fraud and abuse in both Medicarw and Medicaid,” Obama said.
In addition, Obamq is proposing that Congress scale back the amountthe highest-income Americanse can deduct on their taxes and use that moneyh to help finance health care. Obama spok for about 20 minutes and then took questions from six people in the audience who expressed fearover “socialized medicine,” askede questions about wellness and even questionexd the country’s education system. Regarding the idea of socializee medicine, Obama said that isn’yt what he, or anyone in Congress, wants.
Wednesday, December 19, 2012
P&G to IRS: Return our money - Business Courier of Cincinnati:
aleksanovlsys.blogspot.com
In a lawsuit filed this month in the in alleged that theIRS had, among other errors, incorrectlyh appraised the value of numerous charitablre “contributions of technology” to variousd institutions and of severap art works it gave to the and the . The complaintg details 28 contributions of technology from 2001 through 2004that P&G valued at a total of $908 The IRS determined thos e technologies were worth only $186 million $722 million less – and assessed additiona tax against P&G based on that P&G began a program of donatingb groups of patents, pateng applications and associated intellectual property to universitiees and research institutions in 1999.
It coul not commercialize all of the patents itheld – more than 27,00p at the time – so it decidesd to donate those that didn’f fit its then-current product development it said. The idea was that the recipienyt institutions can develop them further andcommercialized them, often through licensing arrangements that generate revenued streams for them. The lawsuit is the result of an audirof P&G’s 2001-2005 tax returns that the federa l agency began three years ago. (P&G’s fiscal year ends June 30.) The IRS sent P&GG a notice of deficiency on June 5.
“Virtually all of the adjustments made by the IRS in its noticde of deficiencyare P&G’s complaint alleged. Mark Vander Laan, the attorney who filed the suit for said P&G takes similar actions periodically to addresxs various accumulated tax disputes. A 2005 lawsuit for $10 million, coverinbg P&G’s 1999 and 2000 tax years, was settled earlier this said P&G spokeswoman Jennife r Chelune.
Terms were not P&G paid the additional assessments made by the IRS followinhgits audit, plus $122 million of deficiench interest, and is now seekin g a refund plus more P&G also paid more than $6 billion in federalk income taxes over the six-year period coverede by the lawsuit, according to its complaint. The values attributed to the 28 technologies in dispute were significantly differengt in everyinstance – in no case was the assessed value equal to even as much as half of P&G’w appraised value – and some were not in the same ballpark.
For P&G claimed a “fiber fractionation” technology related to fiber pulpslurrhy (used to make paper products) had an appraisex value of $132 million when it donaterd it to in 2001. The IRS said it was worth only $4.5 In another instance, P&G claime a deduction of $87 million for the donation of chemical compounds used in the treatment of cancer, HIV and the hepatitis C virus; the IRS only allowed a $15 million deduction. A collection of 78 mostly from the late 1800s andearly 1900s, donatexd to the Cincinnati Art Museum in 2003 were wortgh $8.5 million, P&G alleged, but the IRS only allowed a charitable deductioj for $6.4 million.
Similarly, two worksw given to the Freedom Centee in 2004 wereworth $320,000, P&G said, but the IRS only allowede $225,000. “The IRS’ valuationw of the donated artwork applyh incorrect methodsof valuation, which have the effect of erroneouslyh undervaluing the donated artwork,” P&G claimed. It also allegedx IRS errors in determining the liquidatio valueof P&G Argentina, which it wrotee off during its 2003 tax That led the IRS to disallow $64 millionj of loss carrybacks that P&G applied to its 2000 and 2001 The agency also disallowed P&G’s claijm for $21 million of research expensse tax credits and $12 million in foreigmn tax credits related to Korean taxes paid by P&Gb Northeast Asia for the years 2002 to 2005.
It wantds that money refunded, too. According to the IRS, deductions for charitabl donations must be based on fair market definedas “the price that propertyu would sell for on the open market. It is the pricer that would be agreed on between a willingg buyer and awilling seller, with neither being requires to act, and both havintg reasonable knowledge of the relevant facts.” IRS officiales declined comment on how the agency determinese its valuations of patents and othe intellectual properties – if it uses outside appraisers or in-housre staff, for example. Spokesman Brucre Friedland in Washington, D.C.
, said in an e-maikl that the valuation of patents must takeinto account, among other whether the patented technologyu has been made obsolete by othetr technology and the length of time remaining before the patent Bruce Berman, CEO of , an intellectualk property consulting and management firm in New said determining the fair market valued of patents is very difficult becauses there’s such a thin market for and many turn out to be invalid. When appraisingy real estate, on the othed hand, there are plenty of comparable assetd bought and soldevery day. “Thered really aren’t comparables. You’re projecting what something coulx be worth under idealconditions ...
or what it woul cost to reinvent it or desigmnaround it,” Berman said. “Valuations are more art than Those that people arrive at almos t inevitably depend on what theirpurposes are, so it’s not surprisinhg that the IRS and P&G woul d come up with different numbers, he The IRS cracked down on overly ambitious valuations of patentas a few years ago, he P&G’s Chelune said P&G has made only one donatiob of technology since 2005.
The different methods used by P&G’ s appraisers and by the appraisers “represent the nature of the case,” Chelund said, but she did not elaborate on whatmethodsz P&G’s independent appraisers used or how the values they arrivedf at could be so much more than the valuews determined by the IRS. The IRS used three differentg appraisers who used three differentvaluationb methods, she said. Those methods and the discountf rates they applied areat issue, she said.
In a lawsuit filed this month in the in alleged that theIRS had, among other errors, incorrectlyh appraised the value of numerous charitablre “contributions of technology” to variousd institutions and of severap art works it gave to the and the . The complaintg details 28 contributions of technology from 2001 through 2004that P&G valued at a total of $908 The IRS determined thos e technologies were worth only $186 million $722 million less – and assessed additiona tax against P&G based on that P&G began a program of donatingb groups of patents, pateng applications and associated intellectual property to universitiees and research institutions in 1999.
It coul not commercialize all of the patents itheld – more than 27,00p at the time – so it decidesd to donate those that didn’f fit its then-current product development it said. The idea was that the recipienyt institutions can develop them further andcommercialized them, often through licensing arrangements that generate revenued streams for them. The lawsuit is the result of an audirof P&G’s 2001-2005 tax returns that the federa l agency began three years ago. (P&G’s fiscal year ends June 30.) The IRS sent P&GG a notice of deficiency on June 5.
“Virtually all of the adjustments made by the IRS in its noticde of deficiencyare P&G’s complaint alleged. Mark Vander Laan, the attorney who filed the suit for said P&G takes similar actions periodically to addresxs various accumulated tax disputes. A 2005 lawsuit for $10 million, coverinbg P&G’s 1999 and 2000 tax years, was settled earlier this said P&G spokeswoman Jennife r Chelune.
Terms were not P&G paid the additional assessments made by the IRS followinhgits audit, plus $122 million of deficiench interest, and is now seekin g a refund plus more P&G also paid more than $6 billion in federalk income taxes over the six-year period coverede by the lawsuit, according to its complaint. The values attributed to the 28 technologies in dispute were significantly differengt in everyinstance – in no case was the assessed value equal to even as much as half of P&G’w appraised value – and some were not in the same ballpark.
For P&G claimed a “fiber fractionation” technology related to fiber pulpslurrhy (used to make paper products) had an appraisex value of $132 million when it donaterd it to in 2001. The IRS said it was worth only $4.5 In another instance, P&G claime a deduction of $87 million for the donation of chemical compounds used in the treatment of cancer, HIV and the hepatitis C virus; the IRS only allowed a $15 million deduction. A collection of 78 mostly from the late 1800s andearly 1900s, donatexd to the Cincinnati Art Museum in 2003 were wortgh $8.5 million, P&G alleged, but the IRS only allowed a charitable deductioj for $6.4 million.
Similarly, two worksw given to the Freedom Centee in 2004 wereworth $320,000, P&G said, but the IRS only allowede $225,000. “The IRS’ valuationw of the donated artwork applyh incorrect methodsof valuation, which have the effect of erroneouslyh undervaluing the donated artwork,” P&G claimed. It also allegedx IRS errors in determining the liquidatio valueof P&G Argentina, which it wrotee off during its 2003 tax That led the IRS to disallow $64 millionj of loss carrybacks that P&G applied to its 2000 and 2001 The agency also disallowed P&G’s claijm for $21 million of research expensse tax credits and $12 million in foreigmn tax credits related to Korean taxes paid by P&Gb Northeast Asia for the years 2002 to 2005.
It wantds that money refunded, too. According to the IRS, deductions for charitabl donations must be based on fair market definedas “the price that propertyu would sell for on the open market. It is the pricer that would be agreed on between a willingg buyer and awilling seller, with neither being requires to act, and both havintg reasonable knowledge of the relevant facts.” IRS officiales declined comment on how the agency determinese its valuations of patents and othe intellectual properties – if it uses outside appraisers or in-housre staff, for example. Spokesman Brucre Friedland in Washington, D.C.
, said in an e-maikl that the valuation of patents must takeinto account, among other whether the patented technologyu has been made obsolete by othetr technology and the length of time remaining before the patent Bruce Berman, CEO of , an intellectualk property consulting and management firm in New said determining the fair market valued of patents is very difficult becauses there’s such a thin market for and many turn out to be invalid. When appraisingy real estate, on the othed hand, there are plenty of comparable assetd bought and soldevery day. “Thered really aren’t comparables. You’re projecting what something coulx be worth under idealconditions ...
or what it woul cost to reinvent it or desigmnaround it,” Berman said. “Valuations are more art than Those that people arrive at almos t inevitably depend on what theirpurposes are, so it’s not surprisinhg that the IRS and P&G woul d come up with different numbers, he The IRS cracked down on overly ambitious valuations of patentas a few years ago, he P&G’s Chelune said P&G has made only one donatiob of technology since 2005.
The different methods used by P&G’ s appraisers and by the appraisers “represent the nature of the case,” Chelund said, but she did not elaborate on whatmethodsz P&G’s independent appraisers used or how the values they arrivedf at could be so much more than the valuews determined by the IRS. The IRS used three differentg appraisers who used three differentvaluationb methods, she said. Those methods and the discountf rates they applied areat issue, she said.
Tuesday, December 18, 2012
Kansas City Royals hope economy
a-ee85aqa.blogspot.com
Season-ticket renewals are down, said Mark Royals vice president of sales and and most clubs he talks to are seeingy thesame thing. “The common sentimenf is that we’ve never seen anythinyg like this,” Tilson said. “It’s affecting not only our corporatee accounts, but people who traditionallu purchase season tickets for personal entertainment are gettinhg hitas well. So it seems no one is immund to what is going on in the currenteconomi climate.” spokesman Rich Levin said in an e-mailo that the league hasn’tg received complete forecasts from all the clubs.
“Ws can’t predict the but we certainly expect the economic downturn will have an effecty on baseball as it has onother industries,” Levinb wrote. “We just don’t know to what extent.” Patriclk Rishe, a sports marketing consultant and associate professor of economics atin St. Louis, said concerns about long-term financial security make peopleless free-spendinfg with their cash. “Theg are holding on to what they’ve got righyt now,” he said. “They aren’t as willing to spenr money on entertainment ifthey don’ t feel they will get value for their entertainment dollar.
The Royals recent history doesn’t create high expectations of being competitive for a playoff Massive renovations at Kauffman Stadium coulrd providea positive, Rishe said. The new look coulr pique fan interest and get them out to seethe “Historically, there is a boost, but the size of that boostr is relative to the performancw of the team,” he said. “In the case, that means the boost is likeluy to be larger early in the while everything is still new and hope still But they would have to be within a game or two of the wild card in Augusrt and September for the teamperformance ...
to really have an Tilson said Royals fans are optimistic and alreadyy areshowing interest. The home opene r against the on Aprill 10 will be itsusual sellout. there is a hangover when it comes to the seconfd and third games after opening he said. “People usually wait to see what the weatherr will be like beforebuyingh tickets. But I think this year we’r e seeing a combination of wantinb to see the stadiukm along with a heightened sense of optimism in theclub
Season-ticket renewals are down, said Mark Royals vice president of sales and and most clubs he talks to are seeingy thesame thing. “The common sentimenf is that we’ve never seen anythinyg like this,” Tilson said. “It’s affecting not only our corporatee accounts, but people who traditionallu purchase season tickets for personal entertainment are gettinhg hitas well. So it seems no one is immund to what is going on in the currenteconomi climate.” spokesman Rich Levin said in an e-mailo that the league hasn’tg received complete forecasts from all the clubs.
“Ws can’t predict the but we certainly expect the economic downturn will have an effecty on baseball as it has onother industries,” Levinb wrote. “We just don’t know to what extent.” Patriclk Rishe, a sports marketing consultant and associate professor of economics atin St. Louis, said concerns about long-term financial security make peopleless free-spendinfg with their cash. “Theg are holding on to what they’ve got righyt now,” he said. “They aren’t as willing to spenr money on entertainment ifthey don’ t feel they will get value for their entertainment dollar.
The Royals recent history doesn’t create high expectations of being competitive for a playoff Massive renovations at Kauffman Stadium coulrd providea positive, Rishe said. The new look coulr pique fan interest and get them out to seethe “Historically, there is a boost, but the size of that boostr is relative to the performancw of the team,” he said. “In the case, that means the boost is likeluy to be larger early in the while everything is still new and hope still But they would have to be within a game or two of the wild card in Augusrt and September for the teamperformance ...
to really have an Tilson said Royals fans are optimistic and alreadyy areshowing interest. The home opene r against the on Aprill 10 will be itsusual sellout. there is a hangover when it comes to the seconfd and third games after opening he said. “People usually wait to see what the weatherr will be like beforebuyingh tickets. But I think this year we’r e seeing a combination of wantinb to see the stadiukm along with a heightened sense of optimism in theclub
Friday, December 14, 2012
Police Blotter: No One Listened to the Dogs - Monrovia, CA Patch - Patch.com
ogarawo.wordpress.com
Police Blotter: No One Listened to the Dogs - Monrovia, CA Patch Patch.com From the Monrovia Police Department: Possession of Methamphetamine for Sale - Suspect Arrested. December 11 at 12:28 a.m., police received a call reporting suspicious individuals in the 300 block of West Palm. When officers approached, they saw a male ... |
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