It was one of the most extraordinary public meetings in the Watchdog’s long memory…anywhere. The purpose was to hurriedly approve the restructuring of the Convention Center debt and additional borrowing of $750,000 through an arrangement with Wells Fargo to purchase all outstanding bonds and become the bond owner rather than the bond guarantor.
Tag: featured
U.S. Profits Per Employee Jump As Raises Remain Modest: Study
From the HUFF POST: Companies are squeezing greater profits out of their employees, even as layoffs rise and the outlook for hiring and raises remains mixed, a recent study has found. Profits per employee have gone up for the second year in a row, according to a study by the financial analysis company Sageworks…
Grave reservations: Drilling beneath cemeteries is a deal too far
From the PITTSBURGH POST-GAZETTE: Cemeteries are hallowed ground. They are quiet, green and peaceful — befitting their use as the final resting place for the earthly remains of hundreds, often thousands, of souls. These tranquil grounds are not just for the dead, but perhaps even more for the living, many of whom return to mourn, to plant, to remember.
Doctors, patients assess benefits of Medical Marijuana
From PBS HOURLY NEWS: … Sixteen states have passed laws that allow patients to use the drug to treat side effects of various illnesses. But now some are moving to either limit or repeal those laws. One of them is Montana.
Biden on China trip: ‘I didn’t come to explain a damn thing’
From the LOS ANGELES TIMES: …Ending a trip that began in China, the vice president stated clearly that his visit there was not one of reassurance about American finances, as had been the prevailing sentiment… In an interview Monday night Biden was more diplomatic when discussing his talks with Chinese leaders, saying their comments behind closed doors about U.S. finances didn’t match public criticism.
Russia says North Korea ready to impose moratorium on mass-destruction weapons tests
WASHINGTON POST: …Russian news agencies, meanwhile, reported that North Korean leader Kim Jong Il said his country is ready to resume talks “without preconditions.”…
The six-sided nuclear talks have been long-stalled, but Kim’s Russia trip comes as his country pushes to restart them. South Korea and Washington have demanded that the North first show its sincerity on fulfilling past nuclear commitments…
Stock Tip: Be Worried. Workers are Consumers.
From ROBERT REICH: Repeat after me: Workers are consumers. Consumers are workers… It’s not just the jobless who can’t spend. It’s mainly people with jobs. Median wages continue to fall. Weekly wages in July for Americans with jobs were 1.3 percent lower than eight months before.
No Surprise for Bisexual Men: Report Indicates They Exist
From NEW YORK TIMES: In an unusual scientific about-face, researchers at Northwestern University have found evidence that at least some men who identify themselves as bisexual are, in fact, sexually aroused by both women and men. The finding is not likely to surprise bisexuals, who have long asserted that attraction often is not limited to one sex.
NEW ERA
Editorial “Say no to tax hike for online retailers” opines: “…But online merchants say any savings on sales taxes are offset by delivery charges they pick up…Beyond that, requiring the collection of sales taxes would create a bookkeeping and compliance nightmare…”
Wall Street execs turn back on Obama, donate to Romney
From THE HILL: Dozens of Wall Street executives who supported President Obama in 2008 have donated to Mitt Romney’s presidential campaign this year. According to a review of fundraising data, 67 people who work in the financial sector and live in the New York City metro area gave to Obama in 2008 and the former Massachusetts governor in 2011.
Wall Street Aristocracy Got $1.2T in Loans
From BLOOMBERG: Citigroup Inc. (C) and Bank of America Corp. (BAC) were the reigning champions of finance in 2006 as home prices peaked, leading the 10 biggest U.S. banks and brokerage firms to their best year ever with $104 billion of profits.
Perry criticizes government while Texas job growth benefits from it
From the WASHINGTON POST: … [Texas Gov. Rick] Perry says the “Texas miracle” rests on conservative pillars that he would bring to the White House: minimal regulation and government, low taxes and a determination to limit the reach of Uncle Sam.
A half billion dollar bridge to almost nowhere?
Ocean City, New Jersey is a charming beach front, inter-coastal town just south of Atlantic City. For about five hours each day on a dozen summer Saturdays, vehicles traveling from the Garden State Parkway via Rt. 52 to the beach town can experience an hour of delay.
Concern over world economy drives panic
From the FINANCIAL TIMES: … This time, the problem appears to be the effect of the economy on the banks, rather than the other way around. Banks, like most businesses, are exposed to the economic cycle at the best of times. But this one is more serious than others.