August 2010

Lakeside Bank Is The One New Bank In 2010

August 28, 2010

The only new start-up bank to open in the United States this year operates out of a secondhand double-wide trailer, on a bare lot in front of the cavernous Trinity Baptist Church.

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Lakeside Bank Is The One New Bank In 2010

August 28, 2010

The only new start-up bank to open in the United States this year operates out of a secondhand double-wide trailer, on a bare lot in front of the cavernous Trinity Baptist Church.

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Lakeside Bank Is The One New Bank In 2010

August 28, 2010

The only new start-up bank to open in the United States this year operates out of a secondhand double-wide trailer, on a bare lot in front of the cavernous Trinity Baptist Church.

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Illinois TRS May Sell 3B In Investments

August 28, 2010

Illinois Teachers Retirement System Springfield is planning to sell 3 billion in investments

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Craig Newmark: Rediscovering the American Dream

August 28, 2010

Throughout the world, people view America as the place to find a better life, still feeling that we are “the shining city on the hill.” People aspire to be part of our vital and large middle class. That was true of my family two generations ago and is still true for much of the world. You work hard, you play by the rules, you move ahead. It works. Sure, in past years politicians and tax policy have been fairly successful transferring wealth from the middle class to a small upper class. That’s the point of tax breaks for the rich. However, I see a lot of vitality in the American middle class. If you want a good look, read the first four parts of Third World America, by Arianna Huffington. It’s not pretty, but we see the results every day in unemployment statistics. A few politicians, over eight years, created an economic Pearl Harbor. After getting your attention, Third World America talks about restoring the American Dream. We have a problem, but we’re not in free-fall. We admit we have a problem, and as Americans, we’re pretty good at getting stuff done. Well, this means that each and every one of us needs to be a kind of new patriot, first facing the problem, then linking up with each other, from the grass roots up. The big danger is that such efforts often get co-opted by the people who created the problem, that’s already happened. America’s response to Pearl Harbor reminds us that Americans can do anything, and we can rise above the current situation and come out ahead. The last part of Third World America talks about that — where when we work together, we really can change things, if we each engage in this new patriotism. The new patriotism means that each of us, if we have the resources, needs to give the other person a break, in a way that connects with others who can help out. Maybe the best example of that are the women and men of the armed forces, which I take personally; if someone’s going overseas to risk a bullet for me, I’ll do what I can to help out. That means supporting the people who support veterans, particularly wounded warriors. It means doing so as part of multiple teams, including Veterans Affairs, the Iraq & Afghanistan Veterans of America, and a bunch of other groups, with more to come. The deal there is traditional American teamwork, where we become part of something bigger than ourselves, where service to others becomes part of our normal expectation of each other. That’s what happened on Pearl Harbor Day. There’re a lot of ways to do this, including the everyday volunteerism of AllForGood.org. Education is a vital part of the American Dream, and I recommend DonorsChoose.org as a small, practical way to help teachers help their kids. Okay, there are lot of such groups, these are just a few of the roughly one hundred I help out. Specifically, I bear witness to the good efforts of others who do the real work. (While I provide other significant assistance, they all tell me what they really need is someone to stand up for them.) Here’s something new: jobs for veterans are desperately needed, and conventional online job boards don’t seem to get it done. Maybe we need a way to mark possible jobs as vet-friendly, and to mark resumes as from recent vets. For sure, we need help from professional recruiters and job placement organizations to translate the way military skills are articulated into private sector terms. Attempts to translate formal job categories, well, I feel that needs a human touch every time. (Yes, that’s a tangent, indulge me.) While I’m at this, here’s the biggest job skill vets have that never gets discussed. Vets, particularly combat vets, are really good at 1) assessing the situation fast, 2) making a decision, and 3) getting stuff done. That’s maybe the most critical skill of all, private or public sector. Hey, maybe that’s what “leadership” is. (Okay, another tangent.) In any case, revitalizing the middle class involves mutual support for each other, we need to stand up for each other. The attitude is that “I got your back” for everyone. I sure don’t know how to do that, but … I feel that social media is key. It’s half baked for now, but I plan to use some social media tool to bear witness for every good effort I work with. The plan is to have those folks do the same, in a spreading grassroots network of networks. You’re going to hear from me. Me, I’ve signed up for twenty years of this, a kind of voyage, to go boldly where no nerd has gone before.

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Americans Pay $140 Billion, Spend 7.6 Billion Hours A Year Just To File Their Taxes, Report Finds

August 28, 2010

Any attempts to simplify the complicated U.S. tax code will produce lower taxes for some people and higher payments for others, including some of the middle-class families President Barack Obama has promised to shield from tax increases, a new report says. The Washington Post flags these eye-popping figures from the report that illustrate what a painful ordeal filing taxes has become under America’s labyrinthine tax code: American taxpayers spend 7.6 billion hours and roughly $140 billion a year to comply with the bewildering thicket of requirements in the federal tax code. Obama asked his Economic Recovery Advisory Board, led by former Federal Reserve chairman Paul Volcker, to review the pros and cons of three tax issues: simplifying the tax code, getting people to pay up and overhauling the corporate tax structure. He specifically asked the board not to consider policies that would increase taxes on families earning less than $250,000 a year, or for individuals making less than $200,000 . But the report by the board’s tax subcommittee said the panel took Obama’s request to mean that “not every option we considered must avoid a tax increase on such families” but rather that the options together should be “revenue neutral” for this particular income category. So while taxes would not increase on the group as a whole, the report says some families would end up paying more and others less if the tax code is simplified. But higher taxes on any family earning less than $250,000 a year and on any person making less than $200,000 annually could prove dicey for Obama, given his promise not to raise taxes on them at all. The report does not recommend any options over others, but rather lays out the pros and cons of all the ideas it considered. The board voted Friday to send the report to Obama. Volcker said the goal was to set out as clearly as possible all the competing considerations and hope that the administration and Congress will draft legislation or put in place practices that can help make navigating the tax system easier. “That’s all we can hope for,” Volcker said. Meanwhile, the White House and Congress will have to grapple with a more immediate tax issue in the run-up to the Nov. 2 midterm elections. A series of tax cuts enacted under President George W. Bush are scheduled to expire in January. Obama wants to renew only those tax cuts that apply to middle-class and lower income taxpayers, those whom Obama says have suffered the most during the recession and could use the break. Republicans want the tax cuts extended for all, including the highest wage-earners. Some of the options in the report for simplifying the tax code include consolidating multiple benefits for children, education and for savings and retirement. The panel also looked at options for overhauling the corporate tax code and for getting more taxpayers to pay what they owe.

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Professional Credit Cards: Banks Flood Consumers With New Cards That Aren’t Covered Under Reform Act

August 28, 2010

Amid all the junk mail pouring into your house in recent months, you might have noticed a solicitation or two for a “professional card,” otherwise known as a small-business or corporate credit card. If so, watch out. While Capital One Financial Corp.’s World MasterCard, Citigroup Inc.’s Citibank CitiBusiness/AAdvantage Mastercard and the others might look like typical plastic, they are anything but.

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Professional Credit Cards: Banks Flood Consumers With New Cards That Aren’t Covered Under Reform Act

August 28, 2010

Amid all the junk mail pouring into your house in recent months, you might have noticed a solicitation or two for a “professional card,” otherwise known as a small-business or corporate credit card. If so, watch out. While Capital One Financial Corp.’s World MasterCard, Citigroup Inc.’s Citibank CitiBusiness/AAdvantage Mastercard and the others might look like typical plastic, they are anything but.

Read the full article →

Professional Credit Cards: Banks Flood Consumers With New Cards That Aren’t Covered Under Reform Act

August 28, 2010

Amid all the junk mail pouring into your house in recent months, you might have noticed a solicitation or two for a “professional card,” otherwise known as a small-business or corporate credit card. If so, watch out. While Capital One Financial Corp.’s World MasterCard, Citigroup Inc.’s Citibank CitiBusiness/AAdvantage Mastercard and the others might look like typical plastic, they are anything but.

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Eight Of America’s Most Secretive Companies: 24/7 Wall Street

August 28, 2010

The need for secrecy in business has led to a shadow industry known as industrial espionage. The practices of “spying” used to be physical. A spy would have to be near the product to describe or photograph it. Electronic surveillance replaced this in the second half of the 20th century and “bugs,” wire taps, and digital theft of documents became more popular. Today, espionage is incredibly sophisticated. Chinese code hackers broke into Google servers at the end of last year. The ability of marketers to collect online data from people using the Internet has become highly sophisticated. Privacy today is often a matter of blocking systems that are complex enough to break though encryption walls. The wars between hacker and protector of digital data has become progressively more sophisticated. Obviously, the federal government has developed encryption to protect its information.

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Eight Of America’s Most Secretive Companies: 24/7 Wall Street

August 28, 2010

The need for secrecy in business has led to a shadow industry known as industrial espionage. The practices of “spying” used to be physical. A spy would have to be near the product to describe or photograph it. Electronic surveillance replaced this in the second half of the 20th century and “bugs,” wire taps, and digital theft of documents became more popular. Today, espionage is incredibly sophisticated. Chinese code hackers broke into Google servers at the end of last year. The ability of marketers to collect online data from people using the Internet has become highly sophisticated. Privacy today is often a matter of blocking systems that are complex enough to break though encryption walls. The wars between hacker and protector of digital data has become progressively more sophisticated. Obviously, the federal government has developed encryption to protect its information.

Read the full article →

Eight Of America’s Most Secretive Companies: 24/7 Wall Street

August 28, 2010

The need for secrecy in business has led to a shadow industry known as industrial espionage. The practices of “spying” used to be physical. A spy would have to be near the product to describe or photograph it. Electronic surveillance replaced this in the second half of the 20th century and “bugs,” wire taps, and digital theft of documents became more popular. Today, espionage is incredibly sophisticated. Chinese code hackers broke into Google servers at the end of last year. The ability of marketers to collect online data from people using the Internet has become highly sophisticated. Privacy today is often a matter of blocking systems that are complex enough to break though encryption walls. The wars between hacker and protector of digital data has become progressively more sophisticated. Obviously, the federal government has developed encryption to protect its information.

Read the full article →

Vodafone likely to sell assets in Poland, China, eventually France

August 28, 2010

Vodafone likely to sell assets in Poland, China, eventually France

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Iran says has withdrawn assets from European banks

August 28, 2010

Iran says has withdrawn assets from European banks

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EU warns Italy on high public debt

August 28, 2010

EU warns Italy on high public debt

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Mexico’s biggest airline goes bankrupt

August 28, 2010

Mexico’s biggest airline goes bankrupt

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Panama, Peru agree to start FTA talks

August 28, 2010

Panama, Peru agree to start FTA talks

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Toyota USA recalls 1.13 million Corollas

August 28, 2010

Toyota USA recalls 1.13 million Corollas

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Iran sanctions begin to bite

August 28, 2010

Iran sanctions begin to bite

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United-Continental Merger Addresses Justice Department Antitrust Concerns

August 27, 2010

MINNEAPOLIS — United and Continental airlines moved a big step closer to their proposed combination on Friday, with the Justice Department saying it has no more antitrust concerns about the deal. On Friday, the two airlines said they would lease takeoff and landing slots in Newark to Southwest Airlines. The Justice Department says that clears up its main competitive concern. Shareholders at Continental Airlines Inc. and United parent UAL Corp. are set to vote on the deal on Sept. 17. The combination would create the world’s biggest airline. The Justice Department says the two airlines overlap on a limited number of routes. The biggest overlap was at Newark (N.J.) Liberty International Airport. Continental and United operate 442 daily roundtrip flights in and out of Newark. Under the deal announced Friday, Southwest would get enough slots from Continental to operate up to 18 roundtrip flights there by June 2011. The move increases competition for Continental at its Newark hub, as well as for United. Currently, Southwest operates a few flights at New York’s LaGuardia Airport but none at Newark or Kennedy. Mike Boyd, an airline and airport consultant in Colorado, said giving up a few slots at Newark was an easy decision for the combining giants. “United and Continental want to get this merger done,” Boyd said, and if federal regulators “stick their nose in there and say, ‘Give something up,’ they’re going to give it up.” Bob Jordan, Southwest’s executive vice president for strategy, said Newark would complement his airline’s service at LaGuardia and increase competition in the New York market. Southwest said it was still deciding what cities it would serve from Newark. From LaGuardia, it flies only to Chicago and Baltimore. ___ Koenig reported from Dallas.

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Grupo Mexicana Suspends Flights Until Further Notice

August 27, 2010

MEXICO CITY–(Marketwire – August 27, 2010) -

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Lloyd Chapman: Double Dip Recession Could be Prevented with Silver Bullet Bill

August 27, 2010

Today it was announced the Gross Domestic Product (GDP) numbers for last month were lower than originally estimated. Home sales and consumer confidence are down, and unemployment claims are up. Many of the world’s top economists are now acknowledging that a double dip recession is a distinct possibility. Despite President Obama’s claims that the nation will avoid a double dip recession, it’s hard to argue with the numbers, and they are not encouraging. There is hope for the nation’s economy in a little known bill titled the Fairness and Transparency in Contracting Act, H.R. 2568 . Georgia Congressman Hank Johnson (GA – D) introduced H.R. 2568. The bill currently has 26 co-sponsors, including Joint Economic Committee (JEC) Chair, Congresswoman Carolyn Maloney (D – NY). H.R. 2568 is just seven and a half pages long. The heart of the bill is one sentence that would put more money into the middle class economy than any bill or stimulus program discussed to date. H.R. 2568 simply states the federal government can no longer give federal small business contracts to Fortune 500 firms, and thousands of other large businesses in the United States and Europe. Sounds reasonable, doesn’t it? Wouldn’t 99.9 percent of all Americans agree the government should not be giving federal small business contracts to Fortune 500 firms? Since 2003, over a dozen federal investigations have found many of the largest firms in the world have received U.S. government small business funds. ABC, CBS and CNN have covered the story. (ABC, http://www.asbl.com/abc_evening_news.wmv ; CBS, http://www.asbl.com/cbs.wmv ; CNN, http://www.asbl.com/showmedia.php?id=1170 ) Some of the corporate giants in America that have received billions of dollars in federal small business contracts include Bechtel, Xerox, Dell Computer, John Deere, Boeing, Microsoft, Lockheed Martin, Northrop Grumman, SAIC, Raytheon, L-3 Communications, General Dynamics and Titan Industries. According to the most recent data released by the Obama Administration, the largest recipient of federal small business contracts in fiscal year (FY) 2008 was Textron. Textron is a Fortune 500 defense contractor with 43,000 employees and over $14 billion in annual sales. Textron received over $775 million in federal small business contracts in a single year. The diversion of federal small business funds to corporate giants is not limited to those companies in the United States. Other firms that received federal small business contracts included Rolls-Royce, British Aerospace (BAE), French firm Thales Communications, Ssangyong Corporation headquartered in Seoul, South Korea and Finmeccanica SpA, which is located in Italy and has 73,000 employees. H.R. 2568 is a free and easy way to create jobs with no new spending and no new taxes. The bill is deficit neutral and will solve a federal contracting scandal that has gone on for more than a decade. H.R. 2568 would even allow President Obama to keep a campaign promise he made when he released the statement, “It is time to end the diversion of federal small business contracts to corporate giants.” ( http://www.barackobama.com/2008/02/26/the_american_small_business_le.php ) H.R. 2568 could redirect over $100 billion a year in existing federal infrastructure spending into the hands of the nation’s 27 million small businesses. According to the U.S. Census Bureau, small businesses create over 97 percent of all net new jobs in America. (http://www.inc.com/news/articles/200708/data.html) A report by the Kaufman Foundation found that firms that are less than five years old create nearly 100 percent of net new jobs. I know President Obama has some of the nation’s top economic advisers, but so far their ideas do not seem to be working. Let’s see if we can’t figure this out, and come up with some new ideas. 1. Small businesses create virtually all the net new jobs in America. 2. Over 12 federal investigations found the federal government is giving billions of dollars in federal small business contracts to many of the largest firms in the world. 3. The government needs to create jobs to stop the nation’s economy from sliding over the edge into a double dip recession. Ohhh, I think I have a crazy idea that we haven’t tried. Why don’t we try not giving billions of dollars a week in federal small business contracts to some of the biggest companies in the world? I know it’s a wild and wacky idea, but what have we got to lose. Let’s just say this, there is no downside to passing H.R. 2568. Compare H.R. 2568 to President Obama’s $30 billion small business lending bill; what do you think will create more jobs? A one time shot of $30 billion in loans to small business, or over $100 billion a year in federal contracts every year, year-after-year.

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Dr. James Lally Named President of the American Osteopathic Foundation

August 27, 2010

POMONA, CA–(Marketwire – August 27, 2010) – James Lally, DO, MMM, President and Chief Medical Officer of Chino Valley Medical Center and an alumnus of Western University of Health Sciences’ College of Osteopathic Medicine of the Pacific (COMP), has been named president of the American Osteopathic Foundation (AOF). Dr. Lally will lead the organization until Dec. 31, 2011.

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Video: OECD’s White Sees `Burden of Debt’ Slowing Global Growth: Video

August 27, 2010

Aug. 27 (Bloomberg) — William White, chairman of the economic development and review committee at the Organization for Economic Cooperation and Development, talks about the possible impact of household and sovereign debt on global economic growth. White, talking with Bloomberg’s Michael McKee at the Federal Reserve’s annual symposium in Jackson Hole, Wyoming, also discusses Fed monetary policy. Bloomberg’s Pimm Fox also speaks. (Source: Bloomberg)

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Video: U.S. Stocks Advance on GDP Data, Bernanke Growth Pledge: Video

August 27, 2010

Aug. 27 (Bloomberg) — Bloomberg’s Courtney Donohoe reports on the performance of the U.S. equity market today. U.S. stocks rose, paring the market’s third straight weekly loss, as Federal Reserve Chairman Ben S. Bernanke vowed to safeguard the recovery and growth in gross domestic product slowed less than estimated. Bloomberg’s Pimm Fox also speaks. (Source: Bloomberg)

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Video: Vincent Reinhart Says U.S. Must Adjust to Slower Growth: Video

August 27, 2010

Aug. 27 (Bloomberg) — Vincent Reinhart, resident scholar at the American Enterprise Institute and Catherine Mann, an economics professor at Brandeis University, talk about the outlook for the U.S. economy and Federal Reserve Chairman Ben S. Bernanke’s speech at the Kansas City Fed’s annual monetary symposium in Jackson Hole, Wyoming. Reinhart and his wife Carmen Reinhart presented a paper at the symposium that finds the U.S., Germany and other advanced economies may face a decade of slow growth and high unemployment if the aftermath of the 2007 financial crisis tracks other post-crisis recoveries of the past century. Reinhart and Mann talk with Matt Miller and Michael McKee on Bloomberg Television’s “Street Smart.” (Source: Bloomberg)

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