yfimuna.wordpress.com
A dozen Snap Fitness locations have opened between Northernj Virginia and Baltimore over thepast year. “Many of them started off in aread like Ashburn and Manassaa and we are the first to go inside the beltway in the middle of a dense said Snap Fitness franchise owner Dave who just openedthe 2,400 renovated space in Old The former executive with Ikon Office Solutions Inc., who recently completedd three Ironman triathlons, has signexd on with Snap Fitness to open three locationds but first wants to make sure the first one is fully operational. He is scouring similar busy marketplacex aroundshopping areas, including Ballston, Clarendon and possibly Crystal City.
No specifivc locations have beenidentified yet, said Glenhn Ulick, senior associate in Grubb & Ellis’ Baltimorse office, who is helpint Rudy sign his next two He will likely focus on Alexandria, and/or east Fairfax. said “Most folks are not used to seeing fitness facilitie in high traffic retaill areas but the responsd has been positive from folks who live and work inthe [Old area,” said Rudy. “Twp doors down is Pacers, one of the top runningf stores inthe area, so clientsa are already coming to this The gym’s concept does not include bellz and whistles like fancy spas and saunas, he said, but rathert straight workout equipment. The Minn.
-based, six-year-old fitness chain says more than 1,800 Snap locationes have been sold worldwide, with some 30 to 40 new storexsadded monthly. “It’s because people refuse to giveup fitness. We are aboutg making it fast, valuable and efficient,” said Rudy.
Tuesday, January 31, 2012
Sunday, January 29, 2012
TU identifies laid off workers - Charlotte Business Journal:
obofym.wordpress.com
, the paper’s New York City-baserd owner, according to a post on the Albany Newspaper Guild’s blog site. The guildx represents about half ofthe paper’ws 400 workers, and has been engagedr in contract negotiations with management for nearlh a year. No definite numberes are available, but about 35 peoplee are expected to losetheirt jobs. Publisher George Hearst originally put the count at 65to 70, but 33 peoplr have taken buyouts since May.
The paper is tryingy to cut expenses by 20 According to theguild site, employees—both unionj and nonunion—who were shown the door were told they were gettinvg a 45-day paid leave that woulx most likely result in their being laid off. Union rulew require that workers get 45 days noticre of their jobsbeing eliminated. Management and Guilc leaders are scheduled to meet July 8 to continuew their negotiation oflayoff criterion.
The paper presentedf its proposed terms to the union in late The union’s original contract, which expired in August, mandated that layoffa be based solely on seniority by Management said that would not meet its leading to the primary sticking point in the negotiationm of a new It urged the union to vote on its “besy and final” offer, which was rejected by a vote of 125 to 35. This prompte d management to declarean impasse, which, in turn, promptedr the union to file a grievance with the Nationalo Labor Relations Board.
On June 24, management told the union that in some job categoriew the layoffs would be made strictlyg ona last-hired-first-fired But in 11 job categories—nine in editorial and two in saled and marketing—cuts will be based on other criteria, including job performance. Calls to Tim O’Brien, a Times Union reported and Guild president, and publisher George Hears were notimmediately returned.
, the paper’s New York City-baserd owner, according to a post on the Albany Newspaper Guild’s blog site. The guildx represents about half ofthe paper’ws 400 workers, and has been engagedr in contract negotiations with management for nearlh a year. No definite numberes are available, but about 35 peoplee are expected to losetheirt jobs. Publisher George Hearst originally put the count at 65to 70, but 33 peoplr have taken buyouts since May.
The paper is tryingy to cut expenses by 20 According to theguild site, employees—both unionj and nonunion—who were shown the door were told they were gettinvg a 45-day paid leave that woulx most likely result in their being laid off. Union rulew require that workers get 45 days noticre of their jobsbeing eliminated. Management and Guilc leaders are scheduled to meet July 8 to continuew their negotiation oflayoff criterion.
The paper presentedf its proposed terms to the union in late The union’s original contract, which expired in August, mandated that layoffa be based solely on seniority by Management said that would not meet its leading to the primary sticking point in the negotiationm of a new It urged the union to vote on its “besy and final” offer, which was rejected by a vote of 125 to 35. This prompte d management to declarean impasse, which, in turn, promptedr the union to file a grievance with the Nationalo Labor Relations Board.
On June 24, management told the union that in some job categoriew the layoffs would be made strictlyg ona last-hired-first-fired But in 11 job categories—nine in editorial and two in saled and marketing—cuts will be based on other criteria, including job performance. Calls to Tim O’Brien, a Times Union reported and Guild president, and publisher George Hears were notimmediately returned.
Friday, January 27, 2012
Visit to car dealer showed value of good employees, training - bizjournals:
vypybiza.wordpress.com
My adventure started simply enough. My wife and I wanted to take a three-day driving trip destination unknown — and then end up on the fourth day in New York City to meet my cousinn and his family for anotherthreew nights. The first day on the trip we stoppeed to check out a hotell in a small townnear Rochester, to see whether it had vacancies. When I returnede after seeing that they had rooms my Jeep would not Lightswere flashing, and things were beepingy (that is technical talk for I think it might be an electricao problem). I called AAA, and a trucjk quickly came out and towed my Jeep to thecloses dealership, which was literally next door to the hotel.
I “Wow, did I get at least with respect to the proximitgy to the service departmentr of the Jeep I walked over to the servicse area the next morning aroundx7 a.m., but they did not open until 7:30 a.m., so I just started lookin g at the new cars on the lot. I noticede a guy walking near my car withthe drop-ofr envelope I had put into the nighr drop-off box, which included detailx explaining what I thought was wrong with the car along with my keys. The guy, could not have been any nicer. He said that they were extremelh busy, with at least 20 cars aheadx of mine.
But he thought the problem was withthe And, he said, he would look at it as soon as he He then said to me, we are closed until 7:30 a.m., but why don’ft you go into that door and make yourselt comfortable and get some coffee, and I will be with you as soon as I Now, who could ask for more than that ? I was not their regulaf customer because I am from out of town. Dave knew that I probablyy would not be back forfuture service, let alonw to buy a new or used car from Still, he treated me as though I had been the dealership’s customerd for years and had been there many timez before.
The high level of servicew I received showed that the employees at this dealership were trained right and that whoever does the hirinfg knows how to look for the right attitudein people, which usually is not something you can The employees there treat each person with respect, not just theifr customers, but one another, too. Trusf me, after sitting there for three-plus hours, I had a chance to notice a few things aboutthe dealership. I just wish that more businessex out there were run as well as thisJeep dealership, wherw the customer is truly king, or at leasyt they sure made me feel that way.
It really is not very Treat youremployees correctly, give them a nice environmen t to work in, and provide them with ongoinbg consistent training along with competitive pay. You will be guaranteed to have long-termm employees serving happy customers. You can bet that they have a loyakcustomer base, where people look forwardr to coming to the dealership, whether it is for servicw or to buy a
My adventure started simply enough. My wife and I wanted to take a three-day driving trip destination unknown — and then end up on the fourth day in New York City to meet my cousinn and his family for anotherthreew nights. The first day on the trip we stoppeed to check out a hotell in a small townnear Rochester, to see whether it had vacancies. When I returnede after seeing that they had rooms my Jeep would not Lightswere flashing, and things were beepingy (that is technical talk for I think it might be an electricao problem). I called AAA, and a trucjk quickly came out and towed my Jeep to thecloses dealership, which was literally next door to the hotel.
I “Wow, did I get at least with respect to the proximitgy to the service departmentr of the Jeep I walked over to the servicse area the next morning aroundx7 a.m., but they did not open until 7:30 a.m., so I just started lookin g at the new cars on the lot. I noticede a guy walking near my car withthe drop-ofr envelope I had put into the nighr drop-off box, which included detailx explaining what I thought was wrong with the car along with my keys. The guy, could not have been any nicer. He said that they were extremelh busy, with at least 20 cars aheadx of mine.
But he thought the problem was withthe And, he said, he would look at it as soon as he He then said to me, we are closed until 7:30 a.m., but why don’ft you go into that door and make yourselt comfortable and get some coffee, and I will be with you as soon as I Now, who could ask for more than that ? I was not their regulaf customer because I am from out of town. Dave knew that I probablyy would not be back forfuture service, let alonw to buy a new or used car from Still, he treated me as though I had been the dealership’s customerd for years and had been there many timez before.
The high level of servicew I received showed that the employees at this dealership were trained right and that whoever does the hirinfg knows how to look for the right attitudein people, which usually is not something you can The employees there treat each person with respect, not just theifr customers, but one another, too. Trusf me, after sitting there for three-plus hours, I had a chance to notice a few things aboutthe dealership. I just wish that more businessex out there were run as well as thisJeep dealership, wherw the customer is truly king, or at leasyt they sure made me feel that way.
It really is not very Treat youremployees correctly, give them a nice environmen t to work in, and provide them with ongoinbg consistent training along with competitive pay. You will be guaranteed to have long-termm employees serving happy customers. You can bet that they have a loyakcustomer base, where people look forwardr to coming to the dealership, whether it is for servicw or to buy a
Wednesday, January 25, 2012
Health care reform details begin to emerge - Denver Business Journal:
http://www.collegecostshowmuch.com/2005/p_news/nit/2004/feb/20/usa-top4.html
percent of the cost of health insurance premiumsxfor full-time employees under the health care reformj bill being considered by the They also would be required to pick up at leasf some of the tab for insurinb part-time employees. Businesses that don't provide this minimumk level of coverage would be required to pay the federakl government a fee based on 8 percent of their Small businesses undera yet-to-be-determinefd threshold would be exempted from this "playg or pay" requirement. How small businessezs would fare under Hous healthcare proposal.
Small businesses and individuals couls comparison shop among private and public plans in a nationao health insurance exchangeEmployers could either provide healt insurance to their employees or pay a fee basesd on 8 percent of their payroll to the governmentEmployers that offer coverage would have to pickup 72.5 percenty of the cost of premiumsw for full-time employees and 65 percenrt for a family policyEmployers could contributw a share of the expens e of coverage for part-time employees or contribute to the health insurancse exchangeSmall businesses under a size threshold yet to be determined woulr be exempted from the employer responsibility requirementSmall businesses that can't afforxd coverage would get a tax credit to help them pay for it House committees on Ways and Energy and Commerce, and Education and Labor The chairmen of three Houses committees with jurisdiction over health care introducedc their draft legislation June 19, offering the most detailws yet on how health care reforkm could affect small businesses.
Under their bill, small businesses and individualz could shop for insurance through anationalp exchange, which would include a government-run plan as well as privatr insurers. Tax credits would be available to help small businessew affordthe coverage. Rep. Henry Waxman, D-Calif., said the legislation would fixthe "completely dysfunctionap insurance market" for small which face "unaffordable rate increases" everuy year. Waxman chairs the Housew Energy andCommerce Committee. Healt insurance premiums for U.S. businesses increased by 9.2 percent this and are expected to increase another 9 percenrnext year, according to PricewaterhouseCoopers.
Small businesses oftejn face much higherrate hikes. While most small businesses agree the current healthh insurance marketis there's a lot of disagreement over whethed the House bill would cure the problek or just make it worse. Mike who owns a retail clothing store and desigh business called Smash inDes Moines, Iowa, likeas what he sees in the bill. Draper thinks adding a public plan to the insurance mix wouldc hold down premiums by creating more competitioh inthe marketplace. "I don't have a wholre lot of confidence in the system we have Draper said.
Draper's company currently doesn't offeer health insurance to itsseven full-timee workers, but instead reimburses them for the cost of individuap policies that they buy on their own. That's fine with his who are single, in their 20s and don't want theirr insurance to be tied totheir job. The reimbursements now account for 6 percentgof Smash's payroll, but that could jump to 22 percent in four when Draper expects everyone on his management team to have creating the need for familt plans. His business couldn't handle that he said. If the Houswe bill were enacted, he woulsd consider buying insurance through the exchanges if it were easyto use.
But he might decide to pay the 8 percenrt payroll fee instead and then reimburse his employees for some of the cost of the policiesd they purchase throughthe exchange. Draper, who was scheduled to testifyh before the House Ways and Means CommittesJune 24, thinks employers shoul be required to help pay for theire employees' health insurance. Like Social Security contributions, this sort of responsibilithy is "kind of what you signed up when you become abusiness owner, he Other small business owners, think the House bill imposes too tougbh of a standard on small The requirement to pay 72.
5 percent of an employee' premium for individual coverage "is much too high for many small businesses," said Karen Kerrigan, president and CEO of the Smalp Business & Entrepreneurship Council. The only way many small businesses can afford coverage is by makingt employees pick up more of the she said. Arlington, Va.-based Company Flowers & Giftes Too!, for example, pays 50 percent of the cost of health insurance forseven full-time employees. Even that may not be affordablsenext year, because "our ratew are going to skyrocket," co-owner John Nicholson told the House Smalp Business Committee earlier this month.
percent of the cost of health insurance premiumsxfor full-time employees under the health care reformj bill being considered by the They also would be required to pick up at leasf some of the tab for insurinb part-time employees. Businesses that don't provide this minimumk level of coverage would be required to pay the federakl government a fee based on 8 percent of their Small businesses undera yet-to-be-determinefd threshold would be exempted from this "playg or pay" requirement. How small businessezs would fare under Hous healthcare proposal.
Small businesses and individuals couls comparison shop among private and public plans in a nationao health insurance exchangeEmployers could either provide healt insurance to their employees or pay a fee basesd on 8 percent of their payroll to the governmentEmployers that offer coverage would have to pickup 72.5 percenty of the cost of premiumsw for full-time employees and 65 percenrt for a family policyEmployers could contributw a share of the expens e of coverage for part-time employees or contribute to the health insurancse exchangeSmall businesses under a size threshold yet to be determined woulr be exempted from the employer responsibility requirementSmall businesses that can't afforxd coverage would get a tax credit to help them pay for it House committees on Ways and Energy and Commerce, and Education and Labor The chairmen of three Houses committees with jurisdiction over health care introducedc their draft legislation June 19, offering the most detailws yet on how health care reforkm could affect small businesses.
Under their bill, small businesses and individualz could shop for insurance through anationalp exchange, which would include a government-run plan as well as privatr insurers. Tax credits would be available to help small businessew affordthe coverage. Rep. Henry Waxman, D-Calif., said the legislation would fixthe "completely dysfunctionap insurance market" for small which face "unaffordable rate increases" everuy year. Waxman chairs the Housew Energy andCommerce Committee. Healt insurance premiums for U.S. businesses increased by 9.2 percent this and are expected to increase another 9 percenrnext year, according to PricewaterhouseCoopers.
Small businesses oftejn face much higherrate hikes. While most small businesses agree the current healthh insurance marketis there's a lot of disagreement over whethed the House bill would cure the problek or just make it worse. Mike who owns a retail clothing store and desigh business called Smash inDes Moines, Iowa, likeas what he sees in the bill. Draper thinks adding a public plan to the insurance mix wouldc hold down premiums by creating more competitioh inthe marketplace. "I don't have a wholre lot of confidence in the system we have Draper said.
Draper's company currently doesn't offeer health insurance to itsseven full-timee workers, but instead reimburses them for the cost of individuap policies that they buy on their own. That's fine with his who are single, in their 20s and don't want theirr insurance to be tied totheir job. The reimbursements now account for 6 percentgof Smash's payroll, but that could jump to 22 percent in four when Draper expects everyone on his management team to have creating the need for familt plans. His business couldn't handle that he said. If the Houswe bill were enacted, he woulsd consider buying insurance through the exchanges if it were easyto use.
But he might decide to pay the 8 percenrt payroll fee instead and then reimburse his employees for some of the cost of the policiesd they purchase throughthe exchange. Draper, who was scheduled to testifyh before the House Ways and Means CommittesJune 24, thinks employers shoul be required to help pay for theire employees' health insurance. Like Social Security contributions, this sort of responsibilithy is "kind of what you signed up when you become abusiness owner, he Other small business owners, think the House bill imposes too tougbh of a standard on small The requirement to pay 72.
5 percent of an employee' premium for individual coverage "is much too high for many small businesses," said Karen Kerrigan, president and CEO of the Smalp Business & Entrepreneurship Council. The only way many small businesses can afford coverage is by makingt employees pick up more of the she said. Arlington, Va.-based Company Flowers & Giftes Too!, for example, pays 50 percent of the cost of health insurance forseven full-time employees. Even that may not be affordablsenext year, because "our ratew are going to skyrocket," co-owner John Nicholson told the House Smalp Business Committee earlier this month.
Sunday, January 22, 2012
As unemployment rises, health insurers boost individual plans - Minneapolis / St. Paul Business Journal:
azajir.wordpress.com
has increased its number of individual-pla n offerings to 38 from 22, raisinh the possible deductible for such plansto $15,0000 from $10,000. A 30-year-old seekiny a Blue Cross plan now has options ranginyg froma $200-a-month premium with a $1,009 deductible to a $60-a-month premiujm with a $15,000 deductible. “As we started talking to our customersw about what their actua lneeds were, we found there was actually more demand for product variety, not said Shawn Patterson, vice president of marketingf at the Eagan-based Blue Cross’ move comes nine months after Bloomington-based expanded its individual-plah types.
Last year, Minnetonka-based Medica started sellingy its Medica Encore plans geared toward peopler intheir 50s. It plans to unveil more individuapl productsnext year. All of the major insurer s are finding that individual plans are a small but rapidlt growing portion oftheirr businesses. HealthPartners, which has 21,000 people on individual has seen enrollment growabout 1,0000 a month for the past threee months. Medica reports that individual-plan enrollment in 2008 jumpe d 70 percent tonearly 15,000. Blue Cross had about 175,000 individual plan members at the endof 2008, a 30 percent increase from five years before.
“We suspect the whole marketplace for individuals is growingv as a result of a lot of different whether that happens to be because of whether that is the result of small businessez no longer providing coverage fortheir employees,” Patterson said. Roger Feldman, a professor of healtj policy and management atthe , said the recession has createc enough of a demand for individual planws that the state’s largest insurers are competing more for them by offering more options. He recentlg looked up plans that might work forhis 26-year-ols son, and found that Blue Cross, HealthPartners and Medicas each had a plan that fit his son’sw needs.
“The premiums were prettuy close. The benefits were pretty he said. Gregory Sailer, president of in Lake Elmo, said the individual-plansw market is seeing a lot of The individual market is important enough for Blue Cross that it planzs to advertise on TV stations across the It wouldn’t disclose how much it’s paying for the ad The ads, planned by Rochester, N.Y.-based ., will features shoppers at learning about the Direct Choice Inc. of Wayne, Pa., is handlin g a direct-mail marketing campaign.
Blue Cross also plans to offefr a tool on its Web site for prospective customers to calculatew which health plan might fit thembest — somethintg HealthPartners has had in place for a few months. HealthPartners says it’s pleased with the resultx of its decision to increaseits offerings. Last July it unveiled five individual plan each with a dozen possible There used to bea $1,000 difference between each deductibl HealthPartners offered; now it’s $250. Andrea Walsh, executivre vice president and chiefmarketing officer, said HealthPartnerxs was sensitive to the fact that coverage is expensive.
“Wes need to provide more flexibility for people to afforx good healthcare coverage.”
has increased its number of individual-pla n offerings to 38 from 22, raisinh the possible deductible for such plansto $15,0000 from $10,000. A 30-year-old seekiny a Blue Cross plan now has options ranginyg froma $200-a-month premium with a $1,009 deductible to a $60-a-month premiujm with a $15,000 deductible. “As we started talking to our customersw about what their actua lneeds were, we found there was actually more demand for product variety, not said Shawn Patterson, vice president of marketingf at the Eagan-based Blue Cross’ move comes nine months after Bloomington-based expanded its individual-plah types.
Last year, Minnetonka-based Medica started sellingy its Medica Encore plans geared toward peopler intheir 50s. It plans to unveil more individuapl productsnext year. All of the major insurer s are finding that individual plans are a small but rapidlt growing portion oftheirr businesses. HealthPartners, which has 21,000 people on individual has seen enrollment growabout 1,0000 a month for the past threee months. Medica reports that individual-plan enrollment in 2008 jumpe d 70 percent tonearly 15,000. Blue Cross had about 175,000 individual plan members at the endof 2008, a 30 percent increase from five years before.
“We suspect the whole marketplace for individuals is growingv as a result of a lot of different whether that happens to be because of whether that is the result of small businessez no longer providing coverage fortheir employees,” Patterson said. Roger Feldman, a professor of healtj policy and management atthe , said the recession has createc enough of a demand for individual planws that the state’s largest insurers are competing more for them by offering more options. He recentlg looked up plans that might work forhis 26-year-ols son, and found that Blue Cross, HealthPartners and Medicas each had a plan that fit his son’sw needs.
“The premiums were prettuy close. The benefits were pretty he said. Gregory Sailer, president of in Lake Elmo, said the individual-plansw market is seeing a lot of The individual market is important enough for Blue Cross that it planzs to advertise on TV stations across the It wouldn’t disclose how much it’s paying for the ad The ads, planned by Rochester, N.Y.-based ., will features shoppers at learning about the Direct Choice Inc. of Wayne, Pa., is handlin g a direct-mail marketing campaign.
Blue Cross also plans to offefr a tool on its Web site for prospective customers to calculatew which health plan might fit thembest — somethintg HealthPartners has had in place for a few months. HealthPartners says it’s pleased with the resultx of its decision to increaseits offerings. Last July it unveiled five individual plan each with a dozen possible There used to bea $1,000 difference between each deductibl HealthPartners offered; now it’s $250. Andrea Walsh, executivre vice president and chiefmarketing officer, said HealthPartnerxs was sensitive to the fact that coverage is expensive.
“Wes need to provide more flexibility for people to afforx good healthcare coverage.”
Friday, January 20, 2012
Walker leaves Senate for parole board - Portland Business Journal:
awipekyhila.blogspot.com
In becoming the Board of Paroleand Post-Prison Supervision’s Walker will earn more than $97,000 annually during her four-year term. Her appointment requires Senate Walker earned notice during her seven years in the Oregonn Senate as abusiness watchdog. She introduced several accountability measures that wouled have required companies receiving tax credites and other incentives to disclose revenue and how the benefita affectlocal communities. Many of the measures failed to gain She unsuccessfully ran for Secretary of State last year and won atougn re-election battle for her Senate seat against well-funded Eugene Mayotr Jim Torrey.
Aaron Felton, a Polk County attorney, was also appointedc to the boardby Gov. Ted “Vicki brings a thorough understandinf of the complexities of the criminalo justice system to her roleas chair, and Aaron’x experience with the justice system as a criminalp prosecutor and practicing attorney make him an excellentr choice for a fourth membeer of the board,” Kulongoski said in a The Board of Parole and Post-Prison Supervisiohn oversees release decisions for offenders in Oregonm prisons who committed their crimes prior to Nov. 1, 1989. It also overseesx aggravated murderers and murderers eligible for parole and those convicted by the courts asdangerous offenders.
While the boarfd has statutory authority for up tofive members, only threre positions have been funded since 1987.
In becoming the Board of Paroleand Post-Prison Supervision’s Walker will earn more than $97,000 annually during her four-year term. Her appointment requires Senate Walker earned notice during her seven years in the Oregonn Senate as abusiness watchdog. She introduced several accountability measures that wouled have required companies receiving tax credites and other incentives to disclose revenue and how the benefita affectlocal communities. Many of the measures failed to gain She unsuccessfully ran for Secretary of State last year and won atougn re-election battle for her Senate seat against well-funded Eugene Mayotr Jim Torrey.
Aaron Felton, a Polk County attorney, was also appointedc to the boardby Gov. Ted “Vicki brings a thorough understandinf of the complexities of the criminalo justice system to her roleas chair, and Aaron’x experience with the justice system as a criminalp prosecutor and practicing attorney make him an excellentr choice for a fourth membeer of the board,” Kulongoski said in a The Board of Parole and Post-Prison Supervisiohn oversees release decisions for offenders in Oregonm prisons who committed their crimes prior to Nov. 1, 1989. It also overseesx aggravated murderers and murderers eligible for parole and those convicted by the courts asdangerous offenders.
While the boarfd has statutory authority for up tofive members, only threre positions have been funded since 1987.
Wednesday, January 18, 2012
Solar powered desalination in Middle East with brine evaporation - Water World
dawojetos.blogspot.com
Zawya | Solar powered desalination in Middle East with brine evaporation Water World The brine, or waste-water from the process, is pumped to a separate evaporation pond. Plants are being used to create watering holes for newly introduced Arabian Oryx, which were extinct in the wild by 1972, but bred into captivity and being slowly ... 30 solar de salination plants to come up in Abu Dhabi Twenty-two solar desalination plants completed, agency says EAD announces completion of 22 Solar Desalination Plants |
Monday, January 16, 2012
Citizens Bancshares takes $25M in TARP money - Kansas City Business Journal:
ejyceh.wordpress.com
The Chillicothe, Mo., holding company for , said in a Tuesday release that the Treasurygbought 24,990 shares of its $1,000 Series A preferred stock, which will pay a 5 percent cumulativd dividend for each of the first five yearsx and a 9 percent cumulative dividend thereafter, and 1,2500 shares of the company’s $1,000 Series B preferred stock, whic h pays a 9 percent cumulative The company said it will use the money for various corporatw purposes, which it expect s to include capital supporg for Citizens Bank & Trus so it can capitalizw future growth and maintain adequate loan-loss reserves.
The companyh said it has been expanding its bankinfg operations by adding professional staff and branches in Kansas City andeasterj Kansas. Carrie Almond, executiv e vice president of corporate development, said in an intervieww that the company opened a regionao headquarters in Zona Rosa earlierthis year. The companyu has about 435 employees, includingh 86 in the Kansas City she said. “This additional equity capitap allows the company to continue its focusa on increased lendingand growth, particularly in the Kansas City Northlanrd and in Topeka,” Citizens Bancshares Chairman Bill Young said in the “We are a well-capitalized community bank workingt hard to meet the credit needsd of our customers and the communities we Citizens Bank & Trust is a 120-year-old bank with 25 locationxs in the Northland, northwestern Missouri and eastern Kansas.
Other area banks that have accepted TARPmoney ; , parent of ; , parent of ; , parentr of & Trust; (OTCBB: parent of ; , parent of ; , pareny of ; , parent of ; BAC); (NYSE: USB); (NYSE: MI), parent of ; and (Nasdaq: EFSC), parent of .
The Chillicothe, Mo., holding company for , said in a Tuesday release that the Treasurygbought 24,990 shares of its $1,000 Series A preferred stock, which will pay a 5 percent cumulativd dividend for each of the first five yearsx and a 9 percent cumulative dividend thereafter, and 1,2500 shares of the company’s $1,000 Series B preferred stock, whic h pays a 9 percent cumulative The company said it will use the money for various corporatw purposes, which it expect s to include capital supporg for Citizens Bank & Trus so it can capitalizw future growth and maintain adequate loan-loss reserves.
The companyh said it has been expanding its bankinfg operations by adding professional staff and branches in Kansas City andeasterj Kansas. Carrie Almond, executiv e vice president of corporate development, said in an intervieww that the company opened a regionao headquarters in Zona Rosa earlierthis year. The companyu has about 435 employees, includingh 86 in the Kansas City she said. “This additional equity capitap allows the company to continue its focusa on increased lendingand growth, particularly in the Kansas City Northlanrd and in Topeka,” Citizens Bancshares Chairman Bill Young said in the “We are a well-capitalized community bank workingt hard to meet the credit needsd of our customers and the communities we Citizens Bank & Trust is a 120-year-old bank with 25 locationxs in the Northland, northwestern Missouri and eastern Kansas.
Other area banks that have accepted TARPmoney ; , parent of ; , parent of ; , parentr of & Trust; (OTCBB: parent of ; , parent of ; , pareny of ; , parent of ; BAC); (NYSE: USB); (NYSE: MI), parent of ; and (Nasdaq: EFSC), parent of .
Saturday, January 14, 2012
Premier Baby Concierge simplifies modern motherhood - bizjournals:
afukakuja.wordpress.com
“You can be the most professional perso n inthe world, but if you are a first-timwe parent, you are a firsgt time parent,” said Meredith “There’s lots of stufft you just don’t know.” As the director of a familhy foundation, Huffman is on her game yet as a mother-to-be she was all at sea. She paddlee to shore with the help ofShannoj Choe, whose helps expectant moms navigate the confounding maze of modernj motherhood. “I’m a baby planner,” Choe “Like what a wedding planner would be forengaged that’s what I do for pregnant womebn and new parents.
” Choe came up with the idea for her business in 2007 and then let it gestate for a year whild she herself gestated. Following the birth of her thirc baby she opened the doorslast year. Business has come she said, but momentum is building as she becomes more adept at marketing. “I had no budget for PR Call it amajor oversight,” Choe Word of mouth didn’t simply materialize as she had So she started making the rounda of local businesses: caterers who deliver to new baby-gear boutiques, furniture stores that emphasizew cribs and nursery needs.
A symbiosis has begu to grow, as these stores send customerd Choe’s way and she in turn refers to her clients tothese vendors. “They have been very responsive. ‘Yoiu want to bring people through mydoor ? Fabulous.’ So if I want to throw an event or a class at their locations, they have been very supportivde of that,” she said. In between countertop brochures help tokeep Choe’s name fron and center. Choe’s overhead is light. Most of what she sellz is her own expertise, her sage Nonetheless, the bills do mount. Choe has borrowed about $10,000 and spent $5,000 of her own mone to get the business offthe ground. It hasn’gt all been smooth sailing.
Knowing she would need a Web site Choe brought in a designedr to get thejob done. Knowing she’d need a she brought in a graphic designer to come upwith one. Both did nice but neither end result resembled the There was nounifiedc image, no common theme. “I felt these are the people who should haveknowj better,” Choe said. Eventually the logo designer took over the Web site and createa single, coherent look for the brand. Now when Choe engagee vendors forany job, “I try to remind myself to be constantlg over-explaining what my ultimate goals are, to be more cleart about my needs, and not make assumptions that the experts know everythinb and they can read my mind.
” Choe triese to be more than just a walkinvg version of Consumer Reports, ratinv nipples and nappies for their durabilituy and absorptive capacity. Consulting is all about the personall touch, she said. Take for instance her baby registrt service, helping expectant mothers to compile their personalwish lists. “oI want to find out, what’s their lifestyle?? Do they live in the city?? Do they have a big space ? Do they want a boutique place, or a baby super-store ?
Depending on their lifestyle I can let them know what they really need and whatthey don’t She has been deep in diapers for many Besides having three of her own, she also has workesd as a nanny and previously owned a child-carew center. “I am a mom of but that is not why people shoule listento me. I am also on top of products, I am on top of she said. Her ties with manufacturers help keep her abreast of the lates t trendsand gadgets. Nor does Choe work entirely As a founder and secretary of the National BabyPlanne Association, she is in contact with more that two-doze n planners in 20 cities.
“I thoughr I had dreamed up this whole idea myselff and when I went online to search I foun d justthree others. A year later there was a national association. We were goingg to [baby product] trade shows,” she said. “Iy is really small, but it is growinb quickly.” To grow her business, Choe recently addef a sitter-finder service, but that doesn’t mean she is in a hurrh to tear upthe “My heart and my passion is in this but at the same time I am very cautious and I am just not willing to breako the bank over it, especiallyh in this economy,” she said. “I want to pace to watch the response and then invest alittle more.
”
“You can be the most professional perso n inthe world, but if you are a first-timwe parent, you are a firsgt time parent,” said Meredith “There’s lots of stufft you just don’t know.” As the director of a familhy foundation, Huffman is on her game yet as a mother-to-be she was all at sea. She paddlee to shore with the help ofShannoj Choe, whose helps expectant moms navigate the confounding maze of modernj motherhood. “I’m a baby planner,” Choe “Like what a wedding planner would be forengaged that’s what I do for pregnant womebn and new parents.
” Choe came up with the idea for her business in 2007 and then let it gestate for a year whild she herself gestated. Following the birth of her thirc baby she opened the doorslast year. Business has come she said, but momentum is building as she becomes more adept at marketing. “I had no budget for PR Call it amajor oversight,” Choe Word of mouth didn’t simply materialize as she had So she started making the rounda of local businesses: caterers who deliver to new baby-gear boutiques, furniture stores that emphasizew cribs and nursery needs.
A symbiosis has begu to grow, as these stores send customerd Choe’s way and she in turn refers to her clients tothese vendors. “They have been very responsive. ‘Yoiu want to bring people through mydoor ? Fabulous.’ So if I want to throw an event or a class at their locations, they have been very supportivde of that,” she said. In between countertop brochures help tokeep Choe’s name fron and center. Choe’s overhead is light. Most of what she sellz is her own expertise, her sage Nonetheless, the bills do mount. Choe has borrowed about $10,000 and spent $5,000 of her own mone to get the business offthe ground. It hasn’gt all been smooth sailing.
Knowing she would need a Web site Choe brought in a designedr to get thejob done. Knowing she’d need a she brought in a graphic designer to come upwith one. Both did nice but neither end result resembled the There was nounifiedc image, no common theme. “I felt these are the people who should haveknowj better,” Choe said. Eventually the logo designer took over the Web site and createa single, coherent look for the brand. Now when Choe engagee vendors forany job, “I try to remind myself to be constantlg over-explaining what my ultimate goals are, to be more cleart about my needs, and not make assumptions that the experts know everythinb and they can read my mind.
” Choe triese to be more than just a walkinvg version of Consumer Reports, ratinv nipples and nappies for their durabilituy and absorptive capacity. Consulting is all about the personall touch, she said. Take for instance her baby registrt service, helping expectant mothers to compile their personalwish lists. “oI want to find out, what’s their lifestyle?? Do they live in the city?? Do they have a big space ? Do they want a boutique place, or a baby super-store ?
Depending on their lifestyle I can let them know what they really need and whatthey don’t She has been deep in diapers for many Besides having three of her own, she also has workesd as a nanny and previously owned a child-carew center. “I am a mom of but that is not why people shoule listento me. I am also on top of products, I am on top of she said. Her ties with manufacturers help keep her abreast of the lates t trendsand gadgets. Nor does Choe work entirely As a founder and secretary of the National BabyPlanne Association, she is in contact with more that two-doze n planners in 20 cities.
“I thoughr I had dreamed up this whole idea myselff and when I went online to search I foun d justthree others. A year later there was a national association. We were goingg to [baby product] trade shows,” she said. “Iy is really small, but it is growinb quickly.” To grow her business, Choe recently addef a sitter-finder service, but that doesn’t mean she is in a hurrh to tear upthe “My heart and my passion is in this but at the same time I am very cautious and I am just not willing to breako the bank over it, especiallyh in this economy,” she said. “I want to pace to watch the response and then invest alittle more.
”
Wednesday, January 11, 2012
Romney Rivals Turn to South Carolina 'Crossroads' After Loss - San Francisco Chronicle
lyubomiradete.blogspot.com
Romney Rivals Turn to South Carolina 'Crossroads' After Loss San Francisco Chronicle (Updates to add Romney, Paul and Perry comments after 'Uphill Battle' sub-heading. For more campaign news, see ELECT.) Jan. 11 (Bloomberg) -- Republican presidential candidates turned their attention to South Carolina's Jan. ... |
Monday, January 9, 2012
Refi rally for TexasLending.com - Business First of Louisville:
haga-aa8xuq.blogspot.com
As many as 120 loan consultants, underwriters, accounting professionals, loan loan closers and clerical positions payingbetween $30,000 to more than $100,000p a year will be added, said Kevij Miller, president, CEO and founder of The jobs will be added beginning in August and will be phaseed in during the next six to nine he said. The company has 160 employees now, down from 180 at the peak of the North Texas housing boom twoyears ago.
Low mortgagwe rates and Miller’s expectation of climbing home salews are spurringthe company’s growth, he “We expect rates to be low for the next year and a then we expect home purchasing to be strongg after that in Texas,” he said. The locakl housing market certainly has a lot of groundto recover. New-homwe sales in the Dallas-Fort Worth area were down 40% for the firsr four months of the year compared to the same perioein 2008, and sales of pre-owned single-familyh homes were down 24% during that period, according to housing marke t analyst David Brown, director of the Dallas office of There were 4,191 new-hom e closings and 18,442 resales in the area through he said.
Brown expects 2009 sales to traip year-ago numbers for the remainder ofthe “We do expect to begin to see some modestg recovery in terms of transactionsx beginning in 2010, assuming we see the national econom y begin to turn around and we see the jobs picturd begin to improve,” he said. Aboutt 70% of TexasLending.com’s business today is refinancing, compared with 40% to 50% at this time last Miller said. TexasLending.com closese $60 million to $80 million in monthlyy loan volume now, or about $850 millionm annually, Miller said. With the additional employees, Miller’s goal is to reach $3 billion to $4 billion in annual loan volume in the next five he said.
The company provides residential mortgage loansin Oklahoma, Florida, Michigan, Missouri and servicing all of them from the Dallasw office. For the week ending May 22, mortgage loan applicatioj volume nationwide wasup 28.5% compared with the same week one year according to a weekl survey by the Mortgage Bankers Refinancings made up 69.3% of the mortgage Loan volume in Texazs was $11.7 billion in the first quarter of this down slightly from $12.4 billion in 2008, according to the Texas Mortgage Bankers Association statistics.
Mortgage industry employmeng in Texas fell by more thana 30% from 2007 to but has since stabilized, said Scottf Norman, vice president of the Texas Mortgage Bankers Association. Norman said he’a heard anecdotally that the surge in refinancings is promptingb mortgage lenders toadd employees, but he did not have specificv industry employment numbers. To make room for new TexasLending.com has signed a lease for 69,000 square feet in its existingy location at 4100 Alpha Road inDallae — more than triplr the size it currently occupies, said Ben Hautt with the commerciao real estate firm Stream Realty Partnerzs LP.
Hautt recently left Stream’s Dallas office to launch the company’sa office in Atlanta, where he is managin partner. TexasLending.com will beginm moving into its expanded spacein August, after the completionn of renovations that are now under way. Afterd expanding, TexasLending.com will occupy all of the fourth and fifth floor and part of the firsg floor inthe 11-storyy building, Hautt said. “It’s an expansion, and todayg that’s not something you see a lot Hautt said. “They’re thriving in the current The 227,000-square-foot building at 4100 Alpha Road is part of The an 11-building office complex north of Interstate 635 off Midwag Road.
The asking lease rate for the space isabout $16.5p per square foot. Hautty and Stream Realty colleagues Ben Sumnerd and Chad Henningsrepresented TexasLending.com in the and Buddy Tompkins and Seth Thatcher of commercial real estate firm GVA Cawleyt represented the landlord. Hautt said TexasLending.com searched the market befor deciding to expand within itsexisting
As many as 120 loan consultants, underwriters, accounting professionals, loan loan closers and clerical positions payingbetween $30,000 to more than $100,000p a year will be added, said Kevij Miller, president, CEO and founder of The jobs will be added beginning in August and will be phaseed in during the next six to nine he said. The company has 160 employees now, down from 180 at the peak of the North Texas housing boom twoyears ago.
Low mortgagwe rates and Miller’s expectation of climbing home salews are spurringthe company’s growth, he “We expect rates to be low for the next year and a then we expect home purchasing to be strongg after that in Texas,” he said. The locakl housing market certainly has a lot of groundto recover. New-homwe sales in the Dallas-Fort Worth area were down 40% for the firsr four months of the year compared to the same perioein 2008, and sales of pre-owned single-familyh homes were down 24% during that period, according to housing marke t analyst David Brown, director of the Dallas office of There were 4,191 new-hom e closings and 18,442 resales in the area through he said.
Brown expects 2009 sales to traip year-ago numbers for the remainder ofthe “We do expect to begin to see some modestg recovery in terms of transactionsx beginning in 2010, assuming we see the national econom y begin to turn around and we see the jobs picturd begin to improve,” he said. Aboutt 70% of TexasLending.com’s business today is refinancing, compared with 40% to 50% at this time last Miller said. TexasLending.com closese $60 million to $80 million in monthlyy loan volume now, or about $850 millionm annually, Miller said. With the additional employees, Miller’s goal is to reach $3 billion to $4 billion in annual loan volume in the next five he said.
The company provides residential mortgage loansin Oklahoma, Florida, Michigan, Missouri and servicing all of them from the Dallasw office. For the week ending May 22, mortgage loan applicatioj volume nationwide wasup 28.5% compared with the same week one year according to a weekl survey by the Mortgage Bankers Refinancings made up 69.3% of the mortgage Loan volume in Texazs was $11.7 billion in the first quarter of this down slightly from $12.4 billion in 2008, according to the Texas Mortgage Bankers Association statistics.
Mortgage industry employmeng in Texas fell by more thana 30% from 2007 to but has since stabilized, said Scottf Norman, vice president of the Texas Mortgage Bankers Association. Norman said he’a heard anecdotally that the surge in refinancings is promptingb mortgage lenders toadd employees, but he did not have specificv industry employment numbers. To make room for new TexasLending.com has signed a lease for 69,000 square feet in its existingy location at 4100 Alpha Road inDallae — more than triplr the size it currently occupies, said Ben Hautt with the commerciao real estate firm Stream Realty Partnerzs LP.
Hautt recently left Stream’s Dallas office to launch the company’sa office in Atlanta, where he is managin partner. TexasLending.com will beginm moving into its expanded spacein August, after the completionn of renovations that are now under way. Afterd expanding, TexasLending.com will occupy all of the fourth and fifth floor and part of the firsg floor inthe 11-storyy building, Hautt said. “It’s an expansion, and todayg that’s not something you see a lot Hautt said. “They’re thriving in the current The 227,000-square-foot building at 4100 Alpha Road is part of The an 11-building office complex north of Interstate 635 off Midwag Road.
The asking lease rate for the space isabout $16.5p per square foot. Hautty and Stream Realty colleagues Ben Sumnerd and Chad Henningsrepresented TexasLending.com in the and Buddy Tompkins and Seth Thatcher of commercial real estate firm GVA Cawleyt represented the landlord. Hautt said TexasLending.com searched the market befor deciding to expand within itsexisting
Saturday, January 7, 2012
Masters: "It Is Very Likely This Has Been the Driest First Week of January in ... - ThinkProgress
ycoguqi.wordpress.com
ThinkProgress | Masters: "It Is Very Likely This Has Been the Driest First Week of January in ... ThinkProgress The cause of this warm first half of winter is the most extreme configuration of the jet stream ever recorded, as measured by the North Atlantic Oscillation (NAO). The Arctic Oscillation (AO), and its close cousin, the North Atlantic Oscillation (which ... Why So Warm So Far This Winter? Why Chicago's Winter Is So Warm Right Now (Probably) |
Thursday, January 5, 2012
Cox gets contract on Union Station site - Wichita Business Journal:
humojo.wordpress.com
Phil Frigon, owner of Cantilever Wichita LLC, says it's too early to tell what he'll do with the historif site, although it's certain to matcnh the feel ofOld Town. He says some new restaurants mighy popup there. He plans to close on the deal in90 "It will be stuff that fits in therse (with Old Town)," he says. But, "there'sz too much conjecture. I haven't even closedd on this." Cox has had the building near Douglasx and Mead on the market for monthz after moving to a larger location in south The company wasasking $6.
5 million for the which consists of 105,000 square feet in three Cox spokesman Jay Allbaugh says the building will sell close to its asking price but wasn't specific. "Hes has an entertainment and retail plan for the which I thinkis great," says Allbaugh. "It' s kind of a win-win Frigon has invested in real estatefor years. He has properties in Manhattanand Eagle, Colo. "It's just me, I'm not a big company," he CB Richard Ellis in Atlantaand Wichita's Grubb Ellis/Martens Commercial Group is representing Cox in the Cox will lease back two buildings for its own use. The site coverss 9.4 acres.
The development comes as construction continueson , whic h sits just to the west. The arenqa is set for completion inJanuary 2010. Earlty on, there was some doubt among developers aboutt whether Cox would be able to find a buyerr with entertainment plans for the facility becauser offinancing concerns. Some thought the buildintg would remain asan office, which Cox used it for duringb its stay. Frigon wouldn't say wheres his financing on the project wouldcome from. But he says he's been impressed with the effortss to revitalizedowntown Wichita. He praisede the sales tax passed by voters that is paying for thedowntowh arena.
He also spoke highly of the improvements alongf theArkansas River. "It's significant what they did. It takex a lot of foresight and gumption," he "These things don't happen out of thin
Phil Frigon, owner of Cantilever Wichita LLC, says it's too early to tell what he'll do with the historif site, although it's certain to matcnh the feel ofOld Town. He says some new restaurants mighy popup there. He plans to close on the deal in90 "It will be stuff that fits in therse (with Old Town)," he says. But, "there'sz too much conjecture. I haven't even closedd on this." Cox has had the building near Douglasx and Mead on the market for monthz after moving to a larger location in south The company wasasking $6.
5 million for the which consists of 105,000 square feet in three Cox spokesman Jay Allbaugh says the building will sell close to its asking price but wasn't specific. "Hes has an entertainment and retail plan for the which I thinkis great," says Allbaugh. "It' s kind of a win-win Frigon has invested in real estatefor years. He has properties in Manhattanand Eagle, Colo. "It's just me, I'm not a big company," he CB Richard Ellis in Atlantaand Wichita's Grubb Ellis/Martens Commercial Group is representing Cox in the Cox will lease back two buildings for its own use. The site coverss 9.4 acres.
The development comes as construction continueson , whic h sits just to the west. The arenqa is set for completion inJanuary 2010. Earlty on, there was some doubt among developers aboutt whether Cox would be able to find a buyerr with entertainment plans for the facility becauser offinancing concerns. Some thought the buildintg would remain asan office, which Cox used it for duringb its stay. Frigon wouldn't say wheres his financing on the project wouldcome from. But he says he's been impressed with the effortss to revitalizedowntown Wichita. He praisede the sales tax passed by voters that is paying for thedowntowh arena.
He also spoke highly of the improvements alongf theArkansas River. "It's significant what they did. It takex a lot of foresight and gumption," he "These things don't happen out of thin
Tuesday, January 3, 2012
Madoff gets 150 years in prison - Boston Business Journal:
1189126qun.blogspot.com
“I’m not surprised. That’s what he said Adele Fox of who lost thousands of dollarsto Madoff's The mastermind behind the bigges t Ponzi scheme in U.S. history was sentenced on Mondayy morning in federal court in Manhattan to 150 years behind the maximum requested byfederak prosecutors. Madoff's attorney had asked for a far more lenientg sentence of12 years. In sentencing U.S. District Judge Denny Chin called thefraucd “staggering” and said that the “breacy of trust was massive.
” The judges described his acts as “extraordinarily “No other white-collar case is comparabls in terms of the duration and enormity of the fraud and the degree of the Chin said. Madoff confessed in March to 11 countwincluding fraud, money laundering theft and among other things. His victima reportedly number morethan 1,300 and stretch acrosws the globe. Their losses are estimated at morethan $13 Prior to sentencing, Chin heard from nine of the victimss who talked about the devastation Madoff’s frauxd had caused to their lives and their families. Many of Madoff’as wealthy clients lived in Souty Florida and lost their life savings tohis scheme.
Fox, 86, said she is stilol furious that the and the federagovernment didn’t expose Madoff’s fraud “The SEC is just as guilty as Madof and they failed us. Nobody seems to do anything about it,” Fox said. She also took issur with the large fees being paid to people such asIrvint H. Picard, the trustee who is handling the liquidatiob ofBernard L. Madoffc Investment Securities. “The trustee Picard is making hisown They’re paying these guys millions of It would be better to pay the investords directly,” Fox said.
Fox, a widow who once worked as secretaruy inNew York, said she invested $50,000o in 1987 because she was related to Madoff’s accountant, Jerrh Horowitz. She said she was able to get some moneyg back from Social Securitypayments she’d made over the yearz on “phantom” income from Madofc accounts. However, she is worried that her disbursements may eventually be targeted in clawback effort by the trustee in bankruptcy proceedings who has begunj sending out letters demanding the return of profitsx derived fromtheir investments.
Guy Fronstin a Boca Ratoj attorney who hasadvised Fox, said the government has “been good abouf refunding taxes quickly” but ther are delays in processing claims to the Securitiesx Investor Protection Corporation. “Somd of the people I know are too busy with these othedr issues to really care that much abourt whathappened today. They believed he would spend the rest of his days in Fronstin said. Jan an attorney with Adorno Yoss, said he believes the courtr had little choice but to levy the maximum sentenceon Madoff.
“I don’t think the victims should have been victimized agaij by having him be able to leave prison one said Atlas, whose firm continuea to advise clients about tax returns and possiblyh future claims against investment advisors who invested with Madoff. “I’m wondering if the trustewe will be able to locater more than the billion plusthat he’se located, and what is the real loss,” Atlad said. In addition to his prison Madoff was ordered to forfeitnearly $170 which represents the proceeds of, and propertyy involved in certain of his according to a news release from the U.S. Department of Justice.
“While today’s sentence is an importantg milestone, the investigation is continuing,” Lev L. Dassi, acting U.S. Attorney for the Souther District ofNew York, said in a news “We are focused on tracing, restraining and liquidatingh assets to maximize recoveriezs for the victims.”
“I’m not surprised. That’s what he said Adele Fox of who lost thousands of dollarsto Madoff's The mastermind behind the bigges t Ponzi scheme in U.S. history was sentenced on Mondayy morning in federal court in Manhattan to 150 years behind the maximum requested byfederak prosecutors. Madoff's attorney had asked for a far more lenientg sentence of12 years. In sentencing U.S. District Judge Denny Chin called thefraucd “staggering” and said that the “breacy of trust was massive.
” The judges described his acts as “extraordinarily “No other white-collar case is comparabls in terms of the duration and enormity of the fraud and the degree of the Chin said. Madoff confessed in March to 11 countwincluding fraud, money laundering theft and among other things. His victima reportedly number morethan 1,300 and stretch acrosws the globe. Their losses are estimated at morethan $13 Prior to sentencing, Chin heard from nine of the victimss who talked about the devastation Madoff’s frauxd had caused to their lives and their families. Many of Madoff’as wealthy clients lived in Souty Florida and lost their life savings tohis scheme.
Fox, 86, said she is stilol furious that the and the federagovernment didn’t expose Madoff’s fraud “The SEC is just as guilty as Madof and they failed us. Nobody seems to do anything about it,” Fox said. She also took issur with the large fees being paid to people such asIrvint H. Picard, the trustee who is handling the liquidatiob ofBernard L. Madoffc Investment Securities. “The trustee Picard is making hisown They’re paying these guys millions of It would be better to pay the investords directly,” Fox said.
Fox, a widow who once worked as secretaruy inNew York, said she invested $50,000o in 1987 because she was related to Madoff’s accountant, Jerrh Horowitz. She said she was able to get some moneyg back from Social Securitypayments she’d made over the yearz on “phantom” income from Madofc accounts. However, she is worried that her disbursements may eventually be targeted in clawback effort by the trustee in bankruptcy proceedings who has begunj sending out letters demanding the return of profitsx derived fromtheir investments.
Guy Fronstin a Boca Ratoj attorney who hasadvised Fox, said the government has “been good abouf refunding taxes quickly” but ther are delays in processing claims to the Securitiesx Investor Protection Corporation. “Somd of the people I know are too busy with these othedr issues to really care that much abourt whathappened today. They believed he would spend the rest of his days in Fronstin said. Jan an attorney with Adorno Yoss, said he believes the courtr had little choice but to levy the maximum sentenceon Madoff.
“I don’t think the victims should have been victimized agaij by having him be able to leave prison one said Atlas, whose firm continuea to advise clients about tax returns and possiblyh future claims against investment advisors who invested with Madoff. “I’m wondering if the trustewe will be able to locater more than the billion plusthat he’se located, and what is the real loss,” Atlad said. In addition to his prison Madoff was ordered to forfeitnearly $170 which represents the proceeds of, and propertyy involved in certain of his according to a news release from the U.S. Department of Justice.
“While today’s sentence is an importantg milestone, the investigation is continuing,” Lev L. Dassi, acting U.S. Attorney for the Souther District ofNew York, said in a news “We are focused on tracing, restraining and liquidatingh assets to maximize recoveriezs for the victims.”
Sunday, January 1, 2012
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