Definitely not seeing Phil Ivey at the World Series of Poker tournament he is definitely expected at

Big time pro poker player Phil Ivey is definitely avoiding the WSOP at the moment, states Big Lead Sports. According to Ivey’s accusation in court, his and WSPO associate Full Tilt Poker has yet to refund online poker player funds long after the United States government shut down online poker houses. As federal agents consistently work with online gambling online websites to refund online poker gamblers, parent business Tiltware, LLC, has held on to over $150 million in customer funds, a decision that has inspired Ivey to take Tiltware to trial.

The ‘deeply disappointed’ Ivey after Full Tilt’s actions

Full Tilt’s actions are more than just embarrassing, Phil Ivey said on his Facebook page. He said it makes it extremely hard for qualified poker players to get a better reputation without going to buy-in tournaments.

“I am not playing in the world Series of Poker, as I do not believe it is fair that I compete when others cannot,” writes Ivey. “I am doing everything I can to seek a solution to the problem as quickly as possible.”

Reputation of Phil Ivey definitely not doing this well

Ivey thinks that his reputation has been damaged in the past few months since he has been closely associated with Full Tilt and the company has not done anything. Ivey had to think of something he could do. He is definitely going decided to sue Full Tilt Poker’s founder, Tiltware, LLC. From Ivey’s Facebook statement against his (perhaps) former team:

“I sincerely hope this statement will ignite those capable of resolving the problems into instant action… I will dedicate the entirety of my time and efforts to finding a solution for those who have been wronged by the painfully slow process of repayment.”

Full Tilt allegedly had no bank reserve account

One thing Levy accuses Tiltware of is not having a financial institution reserve account for Full Tilt Poker. This made it so players could not effortlessly be refunded. Just like banks invest money deposited into them, online poker online websites invest the money deposited into them. Full Tilt does this also, reports International Business Times.

Federal regulators are aware of this, and hence there are laws governing reserves that must be maintained by individual banks (or online gambling sites). It appears that Full Tilt is definitely either unwilling or unable to refund all the customer money in once. Since online gambling websites don’t typically have any kind of FDIC insurance like banks do and generally they don’t get financial institution bailouts, this could possibly be a very risky place for customers to put their money. The government would have to open the nation’s wallet for players to get their money back.

Articles cited

Big Lead Sports

thebiglead.com/index.php/2011/06/01/phil-ivey-is-boycotting-the-world-series-of-poker/

Casino Scam Report

bit.ly/loVhfI

International Business Times

bit.ly/mR3mMV

Wall Street Journal

online.wsj.com/article/SB10001424052748704628404576265060852516194.html

A car headlamp course

Most drivers only know whether their car headlights are working or not. There’s a fascinating story behind the evolution of the headlamp, Popular Mechanics explains to us. Knowing how they work and the way to maintain them is much more than interesting, but can conserve you from unwanted collisions.

From open fire to blinding flash

Either kerosene or acetylene was used over a century ago for headlamps. These open flames were eventually swapped out by small electric blubs within a reflector/lens casing. As old bulbs suffered from insufficient insulation, corrosion was common and would quickly dim the lights. Before the corrosion though, the lights were like constant high beams. In fact, they ended up becoming illegal in 1941 by the U.S. government since they would almost blind people.

Sealed-beam lights around now

Standard household light bulbs seemed to be comparable to Tungsten filament bulbs. By the 1920s, people started to have switches for high and low beam lights. Since bulbs were quite cheap to make, the brightness and beam control was inconsistent. By 1973, sealed-beam lights were exchanged by quartz-iodine technology.

The next move

QI is the Quartz-Iodine light. It is the standard headlight right now. The bulb is fairly much tiny. It is better protected too with the sealing materials we have today. Quartz glass can stand higher temperatures, so the filament can burn hotter, producing brighter light. When a QI bulb is replaced, headlamps do not need re-aiming to occur. Modern filaments make this possible.

HID: Like a bolt from the heavens

HIDs are known as high-intensity-discharge bulbs. They look like little lightning bolts with their arc. While a high initial current is needed to turn the bulb on, once an HID is up and running it requires less energy than a standard QI lamp. Most observers claim an HID produces a crisper beam, but because they take a moment to reach full intensity, high-beams on HIDs could be problematic, particularly in emergency situations. It can cost a lot, but you are able to modify HID arrays with QI bulbs.

Bulbs that shine like crazy

Taillights already use LED (light-emitting diode) lights, but they are not standard for headlamps yet. According to Popular Mechanics, only the Audi A8 has them standard today. LEDs light up very quickly which allows people to see further distances with the bright and power efficient LED light.

If you don’t own an Audi A8 and want to experience LED headlights now, there are DIY options accessible, such as the one described at the Instructables site. Keep in mind that because LEDs use so little power, conventional turn signal switches aren’t compatible. In order to get the right current going, you’ll have to switch them out.

Citations

Instructables

instructables.com/id/DIY-LED-car-headlights!/

Popular Mechanics

popularmechanics.com/cars/how-to/maintenance/how-your-headlights-work

An inside look at LED headlights

youtube.com/watch?v=wSkQ4h-sFiY

Loughner found incompetent

Jared Lee Loughner, arrested for a deadly shooting rampage in Tucson Ariz. on Jan. 8, has been ruled incompetent to endure trial. Loughner, after an angry episode, was pulled out of the trial Wednesday by U.S. Marshals.

Tucson shooting hurt 13 individuals and killed another six

Gabrielle Giffords is a U.S. Representative who was having a community meeting outside a supermarket where the shooting spree occurred on Jan 8. Loughner allegedly opened fire, leaving six people dead, including a 9-year-old girl and U.S. District Judge John Roll. Thirteen other people were hurt, including Rep. Giffords (D), who continues to recuperate from her head injuries. Loughner has pleaded not guilty to all of the 49 federal charges he received from the Jan. 8 shootings.

How he acted in pretrial

The 22 year old defendant said “Thank you for the freak show. She died in front of me,” while in the pretrial hearing, although it was unclear. Who he was referring to is unclear. Nobody knows.

Loughner was asked by U.S. District Judge Larry Burns is he wanted to behave in the court room or watch the court from another room on a TV screen to which Loughner said, “I want to watch the TV screen.”

Those who survived the attack there

There were two survivors, maybe more, of the attack that heard the outburst in the court room. Pam Simon was Gifford’s aide who was shot in the right wrist and chest. A bullet hit the back of Army Col. Bill Badger’s head, and he also attended. Loughner was subdued by people after the attack including Badger.

Defendant considered not competent

Judge Burns was asked in March to choose whether or not Loughner would be able to stand trial, which caused the hearing. After Loughner was looked at by a Jail Bureau psychologist and a court-appointed expert, Burns made his decision. Both decided that Loughner was incompetent. ”The defendant was not able to comprehend the charges,” according to Burns.

Four months at federal facility

Until Loughner is considered competent or about four months, Loughner will be in a federal facility. Another hearing will be scheduled later. It will occur September 21. He will be able to stay even longer after the four months are up. This is assuming he is considered incompetent still. It doesn’t matter how long he stays there. His stay could be extended several, many times.

How the defense will use this

It is unclear whether Loughner’s lawyers plan to argue an insanity defense. They have described him as a “gravely mentally ill man” and say that the problem will make a difference to the trial in court filings though.

Citations

Huffington Post

huffingtonpost.com/2011/05/25/jared-loughner-tucson-shooting_n_866723.html

Bloomberg

bloomberg.com/news/2011-05-25/giffords-shooting-suspect-loughner-taken-out-of-courtroom-after-outburst.html

CNN

cnn.com/2011/CRIME/05/25/arizona.loughner.competency/?hpt=T1

How the NBA mock draft 2011 will go

Basketball authorities like ESPN’s Bill Simmons and Chad Ford do not see big things coming out of the 2011 NBA Draft, but some solid picks will be accessible. Here are the top 10 NBA mock draft picks for 2011, in case your team needs help.

Cleveland Cavaliers can be drafting Kyrie Irving, PG (Duke)

Even though Kyrie Irving isn’t amazing, he has great potential. He should be a top-15 point guard eventually. Considering the Cavs still need the kind of leadership Baron Davis’ scraggly beard and oversized ego could not provide, Irving could serve them well.

Minnesota Timberwolves considering Enes Kanter, C (Turkey) as a pick

The Wolves needs to work on building itself up again even though Kevin Love had a fantastic season. If the team is going to keep Love interested, they’ll need a big male to make them respectable. Many look at the 6-foot-11, 272-pound Kanter as a high-energy rebounder and defender that may scare opposing guards while others think it is a gamble.

Chances of Utah Jazz choosing Derrick Williams, SF (Arizona)

Even though Williams was a power forward as a Wildcat, he will most likely be a small forward in the NBA. Utah may simply give up on the rest of the 2011 NBA Draft crop and ask for a popular man. This would be BYU’s Jimmer Fredette.

Cleveland Cavaliers could pick Jonas Valanciunas, Center (Lithuania)

Anderson Varejao may need a large male such as Valanciunas to help him out.

Toronto Raptors: Kemba Walker, PG (Connecticut) chances

Toronto badly needs a new direction at the point guard position, and Kemba Walker brings the speed, athleticism and moxie the rudderless Raptors’ roster needs.

Washington Wizards have the choice of Kawhi Leonard, SF (San Diego State)

A relentless rebounder and explosive athlete, Leonard is the kind of wing player the Wizards need to run with John Wall.

Sacramento Kings: Brandon Knight, Point Guard, Kentucky

Speed, defense and a good outside shot from the point in Knight would allow the Kings to use Beno Udrih as the super backup or 2nd ball-handler the offense needs to really get moving.

Detroit Pistons: Jordan Hamilton, SF (Texas) possibility

The Pistons will soon be losing Tayshaun Prince. That means they need a small forward soon. Hamilton can both shoot and rebound the ball.

Charlotte Bobcats: Fredette, Shooting Guard (Brigham Young University)

In order to make sure there is at least one consistent scorer, Charlotte will hope to get Fredette. Otherwise, Bismack Biyombo from the Congo should amp up the frontcourt athleticism while aggressively challenging shots.

Milwaukee Bucks wants Tristan Thompson, Power Forward (Texas) probably

Thompson is 6-foot-8 and 225 pounds. He is a fairly athletic man too. After the failed Yi Jianlian pick from 2007, the Bucks can be worried about going international. If they can get over it, they may just pick Biyombo.

Information from

Bleacher Report

bit.ly/kuOQ8z

Fox Sports

msn.foxsports.com/nba/story/2011-NBA-draft-lottery-winner-051711

The Sporting News

bit.ly/kYTnGq

2011 NBA Draft Lottery highlight: The final three

youtube.com/watch?v=GqWuPdf8u2o

Senate does not want 401(k) funds used as personal installment loan

The Senate is trying to keep people from using their 401(k) money as a source of personal loans. The new bill that is being put forth would limit how many times an individual can draw from retirement accounts before retirement.

Reason for retirement account

Business Week states that a permanent cap on the number of times an individual can take money out of an IRA fund such as a 401(k) might become reality with a bill the Senate is looking at. The reason why Senators Herb Kohl (D-WI) and Mike Enzi (R-WY) are hoping to create this limit is so that individuals don’t ruin their futures for an immediate need taken out of their 401(k) accounts. Senator Kohl is especially passionate about the bill. He said a retirement account isn’t “a piggy bank” and should not be treated as such. The “SEAL 401(k) Savings Act” is the bill. That is what it was named.

About 28 percent of people borrow from account

Aon Corp did a study and found that by the end of 2010, about 28 percent of people with a retirement account for instance a 401(k) borrowed, on average $7,860, from the account. About 58 percent of people who took personal installment loans out of their retirement funds had at least two large loans also. Defaulting was common among 70 percent of borrowers too. This was only if they borrowed from their retirement. Fidelity Investments, according to USA Today, found that about 22.5 percent of 401(k) those with accounts with Fidelity had a loan balance outstanding at the end of 2010. Between one fifth and one third of individuals had to use their 401(k) accounts or other retirement accounts for an emergency at some point.

Problem with retirement

The prospect of being able to retire one day, and to do so with confidence, is becoming more daunting for several individuals. Since parts of checks have been taken out for Social Security, Medicare and Medicaid, individuals just expect these programs to be there. These programs might not work as well as expected though. Social Security is on track to becoming insolvent, and the Social Security Administration would have to raise $6.5 trillion to become totally solvent again, according to CNN. In the next 25 years, the Social Security Trust Fund will most likely be depleted, and it cannot be fixed with the current Social Security payroll taxes.

Information from

Business Week

businessweek.com/news/2011-05-18/senate-bill-would-limit-use-of-401-k-s-as-rainy-day-funds.html

USA Today

usatoday.com/money/perfi/retirement/2011-05-11-401k-retiement-accounts-up_n.htm

CNN

money.cnn.com/2011/05/18/pf/expert/expert-social-security.moneymag/?section=money_latest

Powers of CFPB may be cut before it launches

The Consumer Financial Protection Bureau is going to launch in July. There are three bills in Congress that would have an effect on the CFPB. None of these bills have become law yet. All three, however, have been approved for House debate.

CFPB status

The Dodd-Frank Act started the Consumer Financial Protection Bureau to “promote fairness and transparency for mortgages, credit cards and other consumer financial products and services.” The bureau is set to open for the first time in July of 2011. There still is not Consumer Financial Protection Bureau director that has been added, despite the deadline. Without a director, the Consumer Financial Protection Bureau will continue to run. It will be under the direction of the Security of Treasury.

Bills to weaken Consumer Financial Protection Bureau introduced

It might not be long before the Consumer Financial Protection Bureau is weakened. Three bills in the U.S. House of Representatives have been introduced that might do this. Instead of a Consumer Financial Protection Bureau director, there would be a five-member commission with HR 1121. This is called the Responsible Consumer Financial Protection Regulations Act of 2011. HR 1315, called the Customer Financial Protection Safety and Soundness Act, would give the Financial Stability Oversight Council of the Department of Treasury the right to overturn any rules made by the CFPB. The agency wouldn’t be able to start without a director if the Bureau of Customer Financial Protection Transfer Clarification Act were to pass, or HR 1667. These three bills have been approved by the Financial Services Committee and will be debated in the House.

What the Consumer Financial Protection Bureau will do

Though the duties and responsibilities of the Consumer Financial Protection Bureau may change, there are several things the Bureau will likely remain responsible for. The Consumer Financial Protection Bureau will be in charge of customer protection. They’ll monitor financial products with this in mind. There are already a lot of federal financial laws. The Consumer Financial Protection Bureau would be in charge of enforcing this. Finally, the Bureau will have a ton of information available. Consumers will be able to access the information.

Information from

Treasury.gov

treasury.gov/initiatives/Pages/FSOC-index.aspx

WalletPop

walletpop.com/2011/05/12/5-things-the-consumer-financial-protection-bureau-will-do-for-yo/

House.gov

house.gov/

Mississippi river crests as worst is finished for Memphis

For the past few several weeks, the Mississippi river has been flooding and battering the American south. The most detrimental of it is over for Memphis, Tenn., as the river has crested near the Music City and floodwaters will only recede from here on. Though Memphis is past the worst of it, several other areas are still in danger of flooding.

Homeless people

Some of Tennessee’s amazing landmarks are just fine, although finished 1,000 people are considered homeless now. BBC states that Music City’s Beale Street district was not hurt by floodwaters at all. The Mississippi has not harmed Graceland, the estate that was the home of Elvis Presley in his later life until his death in 1977. One of the officials of the Shelby County Emergency Management Agency, the county Memphis is located in, was quoted as saying people would be willing to “charge hell with a water pistol” to keep Graceland safe. CBS reports that there have been over 1,300 homes evacuated in fears that the Memphis area could have more flash floods. It will take time for the water to recede back to normal.

Swollen Mississippi crests

After the snowfall near record on the East Coast of the United States, the Mississippi river has gotten very high. There was a 48 feet flood near Memphis though. That is just 10 inches lower than the 1937 record was. Though the worst of the danger is coming to an end in Memphis, there is considerable danger left for the rest of the cities and states along the path of the Mississippi river. Precautions are being taken to make sure that other areas are saved although floodwaters in the Mississippi river system and Mississippi river delta are showing lots of problems already. Pressure on the New Orleans’ levees should be relieved by the Bonnet Carre Spillway, reports MSNBC. The Army Corps of Engineers just opened it up. Floodwaters are already coursing through the delta, but measures are being taken to further prepare the area for the huge volume of water that is heading in that direction.

Not as bad as 1927 floods

The Christian Science Monitor reports that even though the flood levels are bad, they are not as bad as the floods in 1927 killing hundreds and costing millions. Due to the 1927 floods, there were finished 2,000 miles of levees made by the U.S. Army Corps of Engineers. The caveat is that every time a spillway has to be opened to keep flooding from becoming too harmful, other areas are flooded as water is diverted from the bulging Mississippi. As the water gets closer to the Gulf of Mexico and spillways have to open, finished 900,000 acres of farmland in Arkansas is anticipated to flood.

Information from

BBC

bbc.co.uk/news/world-us-canada-13337548

MSNBC

msnbc.msn.com/id/42973616/ns/us_news-environment/

CBS

cbsnews.com/stories/2011/05/09/travel/main20061138.shtml

Christian Science Monitor

csmonitor.com/USA/2011/0509/Mississippi-River-nears-crest-in-Memphis-but-concern-shifts-south

Tax day - Nearly half of Americans owe nothing

Tax Day, probably the most infamous date on the calendar to many people, falls upon April 18 this year. The legal obligation must be observed, in spite of the resentment toward paying an income tax. Tax Day is certainly resented by the individuals who have to write the government a check on tax day, however the nearly 50 percent who do not may be fine with it. Article source – Tax day – Nearly half of Americans owe nothing by MoneyBlogNewz.

Little over half of Americans pay taxes on income

Tax Day 2011 falls on April 18 instead of April 15. This year almost 45 percent of households will not have to pay any taxes on their 2010 income, according to Bloomberg. The Earned Income Credit and Making Work Pay Credit are examples of exemptions and deductions that are common in the low-income households. Anyone that makes hardly any money or lives on fixed incomes such as disability or Social Security will not pay any income taxes. If you do not make much and have kids, you probably will not pay taxes either. This is generally the case. The average tax refund, according to CNN, was $3,003 last year.

Wealthy paying less

The tax burden for the wealthiest taxpayers, according to Daily Finance, has been falling for some time. In 2007, 17 percent of income was paid by 300 highest income returns which were 26 percent in 1992. The wealthiest 5 percent account for 44 percent of the nation’s tax revenue while the top 10 percent is more than half of it. The tax breaks for the rich are becoming more readily accessible also. In the United States tax code, there are over $1 trillion in tax breaks. That means $8,000 to every tax payer could be given as a refund. However, attempting to catch the Internal Revenue Service napping is not a good idea. USA Today reports that now, there are more charges than ever the IRS wants to put out.

Developed countries typically pay more in taxes than Americans

Though many people protest the U.S. tax system for myriad reasons, most technical literature reveals that Americans pay very little income tax in contrast to the rest of the developed world, according to MSNBC. The tax data for the developed world is kept by the OECD, or Organization for Economic Co-operation and Development. According to the OECD, income tax in the U.S. typically averages 24 percent. In Danes, it is 48 percent; in France it is 42 percent; in Germany it is 37 percent; and in Australia it is 27 percent.

Articles cited

Bloomberg

bloomberg.com/news/2011-04-18/nonpayers-complicate-republican-effort-at-overhaul-of-u-s-tax-code.html

CNN

money.cnn.com/2011/01/14/pf/taxes/tax_refund/index.htm

Daily Finance

dailyfinance.com/2011/04/18/super-rich-see-federal-taxes-drop-dramatically/

USA Today

usatoday.com/money/perfi/taxes/2011-04-17-Prosecutions-of-tax-evaders-up.htm

MSNBC

msnbc.msn.com/id/42612937/ns/business-tax_tactics

Same day loan critics attack NFL lockout loans

For every $100 loaned to customers via same day loans, a 15 to 25 percent fee is added for the convenience. This amounts to $50 or $60 in most cases, which is hardly earth-shattering. According to Yahoo! Sports, now there’s a high-dollar variant of such instant payday advances for disenfranchised athletes: the NFL lockout loan. Players out of cash because of the labor dispute are being solicited by lending agents. Source of article – NFL lockout loans: More money, more problems by MoneyBlogNewz.

Interest on lockout loans of 36 percent Annual Percentage Rate

A 36 percent APR on a loan as little as $300 to $400 will not mean much while it can cost quite a bit for NFL lockout loans of over $60,000. The loans have been accessed by many players. Yahoo! Sports reports they were given to players from at least 16 teams.

The NFL Players Association lockout fund has helped some players, but clearly the response to high-risk lockout loans indicates that some players have not curbed their extravagant lifestyles in the absence of their paydays. The National Football League Players Association advised players to save at least three game checks from the previous season in anticipation of the 2011 lockout, but insiders report the advice may not have been heeded. MSNBC reports that it was also suggested by the NFLPA that players do other things to save and make money. This would contain autograph signings, fly coach or refinance their homes.

Why do NFL players have money issues

From a young age, star athletes are surrounded by enablers, according to psychologists. Since the players have never had to be in charge of their own finances, they have no idea how to do it once they get to professional ranks. Millions being given to somebody who was poor might also be a problem. These individuals might just spend it all up. After retirement, most NFL players end up bankrupt. Sports Illustrated estimates this to be about 80 percent of players. MSNBC indicates that as many as 380 of the NFL’s 1,700 players live from paycheck to paycheck, even though the average NFL annual salary in 2010 was $1.87 million. Players who spend too much can have a lot of difficulties, after taxes and agents, especially since rookie averages were at $320,000.

Lockout loan support

Sherard Rogers, a financial adviser to numerous NFL athletes, told Yahoo! Sports that lockout loans are a legitimate product that meets player demand. While franchises will endure, players who live to spend can run into trouble.

“Every NFL team was valued at over $1 billion, so they can weather the storm of a lockout. But could players if there weren’t resources to cover this short-term labor dispute?” asked Rogers. “The key is to figure out how to solve the short-term liquidity issue and put the pieces in place to ensure they don’t have this liquidity issue again.”

Information from

MSNBC

msnbc.msn.com/id/41855264/ns/business-personal_finance/41855226

Philly Sports Column

philly.sportscolumn.com/showthread.php?t=11751

The Real Athlete Blog

accessathletes.com/blog/blogDisplay.cfm?/Education-is-Key-for-Pro-Athletes-596

The Post Game

thepostgame.com/features/201104/tpg-exclusive-cash-strapped-nfl-players-seeking-high-risk-lockout-loans

Both sides are feeling the ‘deal heat’

youtu.be/CQD7MvhD3sI

The majority of Americans believe that housing is still a good financial investment

The majority of Americans nevertheless believe in real estate as a good long term investment. It seems an odd thing to think, given that the average value of a home has dropped by almost a 3rd since 2006. Furthermore, more than a quarter of all homes are now worth less than the amount of money that is owed for them. Housing will eventually recover its value, but it may take a while.

Housing confidence in Americans

The majority of Americans are confident in real estate investments even with the economic downturn, a survey noted. Reuters states that 81 percent of Americans thought that a long term financial investment in real estate was a good idea according to the Pew Research Center. The Social and Demographic Trends project, as part of the Pew Research Center, surveyed over 2,000 adults asking if a home was the best long term investment. 44 percent said that they “somewhat agreed” while 37 percent said they “strongly agreed” with the statement. About 23 percent of individuals said that if they could go back and do it again, they wouldn’t have purchased their home. Still, most people believe homes will recover in three years.

Several hopeful

Realtors, according to MSNBC, are hoping that sales pick up during the spring and summer of 2011 and the current trend of slowing sales is reversed. The number of home sales and values may end up staying down though which realtors and housing industry analysts are worried about considering the amount of underwater mortgages. The National Association of Realtors has high hopes. It thinks that this year alone there could be a 7.4 percent increase in home sales. One of the biggest grievances from the housing industry has been that lenders are being too stingy, and standing in the way of the recovery that would benefit them by being too conservative with loan capital.

Skeptics created

The real estate industry is in a hard place right now. The American Dream is danger due to this. Robert Shiller, Case-Shiller Index co-founder, was quoted in a USA Today article that said security and lifestyle reasons are the only ones that individuals have to buy a home. There was another economist that talked about the return on a home. Usually, the return is around 6 percent. A lot of people may not get much of a return at all too considering depressed prices and fees.

Articles cited

Reuters

reuters.com/article/2011/04/12/us-usa-housing-survey-idUSTRE73B0T220110412

MSNBC

msnbc.msn.com/id/42521765/ns/business-real_estate/

USA Today

usatoday.com/money/economy/housing/2011-03-20-home-ownership.htm

Transocean safety bonuses go to catastrophe victims

The Gulf oil leak cost lives and billions of dollars and for that Transocean execs received safety bonuses for 2010. Transocean’s Deepwater Horizon oil rig rests on the bottom of the Gulf, but the business said it set records for safety in 2010. The bonuses did not go over well with the public or the government and Transocean backpedaled by promising to give some of the money to a disaster victim charity. Post resource – Transocean execs donate safety bonus after firestorm of criticism by MoneyBlogNewz.

Safest year for Transocean in 2010

Transocean decided that there was a problem with safety in 2009 when four employees were killed on the job. This meant all executive bonuses were withheld “to underscore the company’s commitment to safety.” Safety last year was really good though, according to Transocean. This is why execs were given bonuses on April 2 for safety. There were 200 million gallons of oil put, for 86 days, into the Gulf of Mexico while 11 individuals were killed at the Transocean Deepwater Horizon oil rig because of an explosion. Still, Transocean said the bonuses were deserved. There were rationalized: “Notwithstanding the tragic loss of life in the Gulf of Mexico, we achieved an exemplary statistical safety record.” They used their total rate of incidents and severity to say, “we recorded the best year in safety performance in our company’s history.” To calculate safety bonuses, Transocean factors the rate of accidents per 200,000 employee ! hrs with a number that rates the severity of the accidents. The 2010 Gulf oil leak disaster was not that bad for Transocean’s numbers. Evidently there was still a 4 percent drop in the rate of accidents.

Transocean negligence discussed

A few days after Transocean declared the safety bonuses, Interior Secretary Ken Salazar was in Mexico City with members of the presidential commission that investigated the British Petroleum oil leak to discuss offshore drilling regulation with Mexican authorities. The 2010 Gulf oil spill may have been avoided. This was announced by the oil spill commission in January. The disaster occurred because of negligence and errors by Transocean, Halliburton and BP. Because of these three corporations, including Transocean, “the greatest season of pain” in deepwater drilling occurred last year. William K. Reilly, co-chairman of commission, called the Transocean bonuses “embarrassing.” To offset the PR destruction, Transocean issued an apology Monday for “insensitive” wording in the securities filing about the bonuses. Transocean said the top executives are donating bonuses on Tues.

Executives keep most of their bonuses

According to the securities filing, safety accounted for 25 percent of Transocean’s 2010 executive bonuses. The bonuses were at $898,282 for the top five executives. That is about 45 percent of the performance bonuses the whole season will give. The Deepwater Horizon Memorial Fund will get the safety portion of that. That is over $250,000. More than $1.6 million was distributed to 11 families of workers killed which Transocean has funded. Transocean CEO Steven L. Newman is on the hook for about $93,500 of that money. Newman made $6.6 million last year in the form of salary, bonuses, incentives, stocks, options and allowances. The $650,000 in cash Newman and his team can be keeping on top of the stocks and options as “long term incentives” given away.

Articles cited

Wall Street Journal

online.wsj.com/article/SB10001424052748703806304576236661289767034.html

New York Times

nytimes.com/2011/04/05/business/05transocean.html?src=busln

Forbes

blogs.forbes.com/jeffmcmahon/2011/04/06/transocean-execs-keep-most-of-their-bonuses/

CNN

cnn.com/2011/US/04/05/gulf.spill.bonuses/index.html?npt=NP1

Twitter receives tax holiday windfall from City of San Francisco

The San Francisco Board of Supervisors has voted to extend a new employee payroll tax holiday to Twitter, reports the Los Angeles Times. Over six years, Twitter will enjoy a 1.5 percent payroll tax shelter. While San Francisco Mayor Edwin Lee sees this as an optimistic step toward keeping Twitter around and revitalizing sagging business districts within the city, critics view the ordinance as a major misstep toward allowing corporations to hold cities as economic hostages. Resource for this article – City of San Francisco grants Twitter a payroll tax break by MoneyBlogNewz.

The necessity that Twitter is as ‘rejuvenation’

Offering Twitter a payroll tax break was necessary to keep the social media giant in San Francisco for years to come, said Lee.

“This moment represents a real step forward in the effort to revitalize and transform the Central Market area,” he said. “Central Market and the Tenderloin have been burdened with high vacancies and blight for decades.”

Lee said that he appreciated Twitter's help in those districts to the San Francisco Chronicle although Twitter officials did not make a statement about the Wednesday tax exclusion. Those areas need some job creation. It would help out San Francisco a lot.

“There is great synergy between Twitter and the arts organizations and small retail businesses who are looking to expand in the area," said Lee. "The city can work collaboratively with businesses, community-based organizations, property owners and area residents to catalyze meaningful change.”

Companies will expect the tax holiday, critics claim

Over the next six years, the Twitter payroll tax break is projected to save the company about $22 million on its taxes, the Chronicle states. That’s $22 million that San Francisco needs, said city supervisor John Avalos.

“I don’t believe giving an exception to our payroll tax is the way to go,” he said. “I believe that businesses in San Francisco and around the country should be socially responsible. … If we allow a company to threaten to leave, then give them a tax break so they don’t, we’re setting a bad precedent."

Citations

Los Angeles Times

latimesblogs.latimes.com/technology/2011/04/twitter-gets-6-year-payroll-tax-break-from-san-francisco-board-of-supervisors.html

San Francisco Chronicles

sfgate.com/cgi-bin/article.cgi?f=/c/a/2011/04/05/BA7R1IQM9D.DTL

San Francisco Mayor's Office

sfmayor.org/index.aspx?page=330

Minnesota Gov. Tim Pawlenty on corporate tax holidays and offshoring

youtube.com/watch?v=MIRncAiu9Vw

CEOs give themselves large raises while wages go nowhere

CEO pay in the U.S. was up 12 percent last year, averaging about $9.6 million. Fourth quarter profits for United States businesses grew at a 30 percent rate, the most in several years of Sundays. CEOs have been seeing outsize pay increases while at the same time the rank and file has worked increasingly harder for the same amount of money. Resource for this article – CEO pay soars as flat middle class wages erode with inflation by MoneyBlogNewz.

CEO pay rises at the expense of U.S. workers

The pay of CEOs has increased during the recession, while the normal hard working American’s has declined. Even as employment is increasing, employee pay isn’t, however CEO pay is. Over 13 million people are currently looking for work, yet CEO’s are getting by on what they already have and increasing their own wallets. There seems to be little reason for a CEO to hire more employees. Last year, an average of 12 percent raises was given to CEO’s by economic bail out sectors. Yet, private sector pay rose by about 2 percent. Unemployment hovered at 8.8 percent in March. Most economists predict the jobless rate will continue to remain high for years.

CEO stock options on the rise

The richest CEO of 2010 was Phillipe Dauman of Viacom, making in only nine months $84.5 million. Ray Irani of Occidental Petroleum made $76.1 million past year, making him take the place of the second highest paid CEO. Larry Ellison of Oracle, the third-richest American with a net worth of $39.5 million according to Forbes, took home $70.1 million. Fueled by Wall Street, CEOs are raking in the biggest paydays since 2007 with stock opportunities. Many CEOs accepted stock opportunities during the recession when they held little value, knowing that huge paydays lied ahead when the market recovered. CEOs are now cashing in on their stock choices and making the millions they anticipated. There was well over $20 million made by several CEOs cashing in their stock options according to USA Today.

The increasing commodity costs impact middle class

The huge CEO pay increases are hard to swallow for the American middle-class, who has viewed wages stagnate for a generation. In the last five months, wages for U.S. hourly workers have not increased one penny, according to the Bureau of Labor Statistics. While United States workers who nevertheless have jobs are not getting raises, employers in creating nations are hiring new consumers who are pushing up demand and prices for food, oil, cotton and other commodities. The direction of costs of products and income are going in different direction. Gas costs alone eat up more than half the average worker’s wage increase. The average middle-class employee buys about 12 gallons of gas a week alone. People have reported that filling a gas tank is costing $40 more per month than it did past year. Yet the average weekly raise only increased by about $18.

Information from

New York Times

nytimes.com/2011/04/10/business/10comp.html?_r=2#38;ref=business

USA Today

usatoday.com/money/companies/management/2011-04-04-1Aoptions04_ST_N.htm

NPR

npr.org/2011/04/10/135272006/paychecks-cant-keep-up-with-rising-prices

Keep away from payday advance default with an Extended Payment Plan

Unforeseen circumstances sometimes lead consumers into being unable to repay their payday loans when they come due – it takes place. If the lender is a member of the Community Financial Services Association of America, you are able to ask for an Extended Payment Plan (EPP). These types of personal financing enable customers to repay their loans over a period of additional weeks even with the reason for default and free of additional charges.

EPP provisions vary by state and lender

Whether or not the lender is a member of CFSA will depend on the Extended Payment Plan rules. The state where the payday loan comes from may also have a say in the requirements. Sometimes states already have laws on consumer EPP. In this case, this will always win. In states where there isn’t already a specific law, members of the CFSA will follow these requirements. The loans have to be paid in four equal payments on the next four paydays for the consumer behind, eHow Money states. This is for any CFSA member. Borrowers will see that additional fees may apply if one of the EPP payments is missed.

Get an EPP from loan providers in CFSA

• Make sure the lender is a CFSA member. The CFSA’s blue oval logo should be on display in the payday lender’s office or on the site. A lender does not have to be a CFSA member to offer an Extended Payment Plan. This could nevertheless be accessible. Get the details by asking.
• The lender needs to be contacted. Do this prior to the due date end of business day. If you’re going to run into trouble repaying your payday loans, contact your lender just before close of business on the day right before your loan is due. You are able to go to the office if you have to. You may be able to contact the lender online too. The topic will be an Extended Payment Plan. Say this is what you need. You’ll then have to sign an agreement form that will specify the additional due dates. Check the extended payment plan out. Read it prior to you sign anything.

If the lender is a CFSA member and also you have not used an EPP in the past 12 months, however the lender refuses to offer you an EPP to help you stay away from default, you can file a complaint. The CFSA is available at cfsa@multistate.com. You might also consider calling 888-572-9329 (fax 703-684-1219) during Eastern time business hours. The CFSA is available with mail too. 515 King St., Suite 300, Alexandria, Va., 22314 is where you will send your complaint.

Citations

CFSA Consumer Complaint Form

cfsaa.com/cfsa-member-best-practices/how-to-file-a-customer-complaint.aspx

CFSA

cfsaa.com/cfsa-member-best-practices/what-is-an-extended-payment-plan.aspx

eHow

ehow.com/how_5906522_extended-can_t-pay-payday-loan.html

Consumer must be on alert after Epsilon database hack

The email market messaging firm Epsilon was hacked by hackers hacking its database. Millions of consumer names and emails were stolen. The Epsilon database includes millions of consumers of banks with credit cards, also as those of big retailers. Phishing attacks are expected to be the inevitable result of the Epsilon data base hack, and the company’s clients began warning their consumers Monday. Source for this article – Epsilon database hack exposes millions to phishing attacks by MoneyBlogNewz.

Epsilon clients hit by database hack

There were millions of emails and names stolen in the database hack at Epsilon. This could make history with how large it was. Friday, Epsilon declared that consumer files were hacked meaning email addresses and other information at sites might have been stolen as Epsilon sends over 40 billion marketing emails for 2,500 businesses yearly.

This hurt at least a dozen corporations. Banks were affected by this including J.P. Morgan Chase, Citigroup, U.S. Bancorp, Barclays Bank and Capital One. Consumers have to watch for phishing scams in the future. Watch out if you have been at other businesses as well. These will include Kroger, Walgreens, TiVo, Best Buy and HSN. The hacker may have also stolen student email addresses from The College Board, an organization that oversees SATs in the U.S. for about 5,900 colleges and universities.

Knowing if you are in a con

Spam is more than likely the goal of all the email addresses and names stolen out of the Epsilon database. This data security breach could make “phishing” attacks more effective because cyber-criminals can target actual account holders with a bank or retailer. The phishing email tries to trick them into logging in at a fraudulent site created to look like the real site, which captures the login information and gives hackers access to the account. The hacker can find more information on Facebook about a person after a name and email address is found. This will make the email seem real. Phishing scams often ask customers to update charge card information or urgently warn that if a response isn’t really received the account can be closed. Sometimes the phishing scam will say the account is compromised. They will say information needs to be updated because of this.

Making history with this breach

Although Epsilon said the database hack was limited to consumer names and email addresses, the business hasn’t yet made clear how several consumers or students have been exposed. Epsilon clients already mentioned were not the only ones at risk. AstraZeneca, Kraft Foods, Hilton Hotels and Verizon Communications might also be at risk. Internet security analysts believe the Epsilon database hack might surpass the Heartland Payment Systems hack, currently recognized as the biggest identity-theft incident in United States history. After stealing over 40 million payment card numbers in the Heartland Payment Systems hack, Albert Gonzalez got 20 years in prison as a sentence.

Citations

Associated Press

finance.yahoo.com/news/Banks-creditcard-issuers-warn-apf-754015157.html?x=0&sec=topStories&pos=main&asset=&ccode=

MSN Money

money.msn.com/identity-theft/news.aspx?feed=OBR&date=20110403&id=13261200

Computer world

computerworld.com/s/article/print/9215443/Update_Bank_customers_warned_after_breach_at_Epsilon_marketing_firm?taxonomyName=Security&taxonomyId=17

Microsoft

microsoft.com/security/online-privacy/phishing-symptoms.aspx

Need for same day loans is tremendous, FDIC states

According to FDIC chair Sheila Bair, personal loans are in "tremendous demand" in the U.S. This means small-dollar loans are attractive to consumers and to mainstream financial institutions like banks and credit unions. Findings in a recent Government Accountability Office report indicate that banks have tried to meet the demand, however failed miserably. Post resource – Demand for same day loans is tremendous, FDIC says by MoneyBlogNewz.

Payday advance alternatives – and the banks that can’t deliver them

same day personal loans from a small lending outlet and same day loans from banks and credit unions will be entirely different due to the fees and terms that are required. The GAO suggest that the Dodd-Frank Act and other FDIC changes in recent months may increase traditional financial institutions’ willingness to offer same day loans, but the results may not be what banks expect:

“Recent statutory and regulatory changes and FDIC initiatives may encourage more institutions to offer small-dollar loan alternatives to payday loans or expand their availability, but many consumers may still chose to use payday loans for their wide availability and relative lack of eligibility,” says the GAO report.

Banks and credit unions could not do lots of payday cash advance alternatives without subsidies from either the government or charitable organizations in accordance with a two-year FDIC program. The consumer base for personal loans was excluded in the needs for underwriting also.

Use payday loan without concern of losing a job

Just because you get a same day loan does not mean that your financial reputation is ruined. The GAO report proved this. A screening process is done, including financial history, for all applicants of Federal agencies including the Transportation Security Administration, the Federal Bureau of Investigations and the Department of Homeland Security. There are financial evaluation tools for instance credit states used.

The screening process was done to hire for high security positions, explained the Government Accountability Office. Whether or not a short term installment loan was used didn’t factor into that. The presence of risky patterns of financial behavior is essential, however, which underscores the important of financial responsibility – for government employees and customers in general. If banks and credit unions could ever free themselves from the policy maze and judge same day loan applicants over a more broad range of financial responsibility, perhaps the institutions could sell same day personal loans directly to consumers.

Citations

Community Financial Services Association of America

cfsaa.com/about-the-payday-industry/myth-vs.-reality.aspx

Government Accountability Office

gao.gov/highlights/d11147high.pdf

Don’t live beyond your means, even with payday loans

youtube.com/watch?v=KjZBOCAgR64

Patent reform bill seeks to streamline authorization, spur job creation

The U.S. Patent and Trade Office are outdated, inefficient and overwhelmed by technological evolution. After kicking the can down the road again and again, Congress may be about to make meaningful changes to a United States patent system in stasis since 1952. More innovation, more patent office money and more jobs are benefits touted by supporters of patent reform. Post resource – Patent reform bill aims to streamline approval, spur job creation by MoneyBlogNewz.

Patent reform: “millions of jobs lying in wait”

It was clear that Senate was happy to pass the patent reform bill earlier this month. It was voted 95 to 5 to pass. The patent reform bill is being debated in House this week though. The House will probably not like the Senate version of the patent reform bill very much. All of the lawmakers agree a patent reform bill is necessary; the way to go about that is argued on quite a bit. An average three year wait for approval is now standard while there’s a backlog of over 700,000 patent applications due to the six decades of technology advancements while the United States Patent and Trade Office has stayed the same. The bill would make the wait time go down to a year so that "millions of jobs lying in wait" might be resolved quicker according to USPTO director David Kappos. Kappos gave a presentation Wednesday on Intellectual Property to the House Subcommittee.

Additional patent reform provisions to consider

Each year the USPTO accepts about 500,000 patent applications. Congress sets the USPTO spending budget, determines the fees it can charge and spends some of the revenue on programs unrelated to patent approval. Probably the most significant change in patent reform would allow the patent office to create its own fee structure and keep all the money. Kappos said the USPTO would have an extra $300 million a year to hire more staff and invest in a state-of-the-art patent review and approval system. Right now, litigation looks at commercially viable patents that a 3rd party tries to get invalidated which could be done by the USPTO instead keeping patent disputes out of courts. Probably the most controversial aspect of patent reform may be changing the United States patent system from first-to-invent to first-to-file.

Benefit not for small investors

The first-to-file provision in patent reform has generated the most opposition so far. Small inventors are unable to file patent applications as easy as large corporations. This can be a concern many against the U.S. Senate version have made known. Currently, a small inventor that proves it has beat a large competitor to advancement gets the patent, regardless of whether the large business filed first. The bill’s opponents also believe the 3rd party review is just adversarial litigation by another name that will force smaller inventors to give up on their innovations due to the cost. Almost everything in the U.S. Senate bill is anticipated to be taken away except the part about increasing the USPTO budget, many expect.

Citations

CNN Money

money.cnn.com/2011/03/30/technology/patent_reform/index.htm?iid=HLM

bNET

bnet.com/blog/technology-business/senate-passes-a-patent-bill-but-don-8217t-hold-your-breath-for-actual-reform/9124

Washington Post

washingtonpost.com/blogs/post-tech/post/qanda-small-inventors-raise-patent-overhaul-concerns/2011/03/28/AFLJ9NpB_blog.html

Work-from-home ideas for the careful consumer

With a sluggish U.S. job industry continuing to spread grim tidings, many out-of-work Americans are scratching their heads for money-making suggestions. Thankfully, work from home tips are out there, particularly to those with some imagination. With a few tips to steer you in the right direction, working from home can be a true saving grace. Post resource – Work-from-home job ideas you can use by MoneyBlogNewz.

Why work from home

Gainful employment is something individuals need. It helps individuals pay for every little thing they need. However, by working at home or even telecommuting 50 percent of the time, United States workers and employers could save more than $750 billion per year, according to the Telework Research Network.

Lots of that money comes from less oil being used to pay for gas. There would be about $200 billion in annual labor saved as productivity would increase by 6.2 million man-years. Companies would reduce spending on real estate and utilities by at least the exact same amount each year, while highway maintenance costs and traffic accidents would drop considerably.

Best work from home option for you

Unless you occur to have a product that can be delivered without spending much money that everybody wants, selling on eBay cannot help several individuals. Work from home choices are always accessible on the internet for individuals to find. There may be some Craigslist frauds, however several of the choices are legitimate. It’s likely a scam if a business says you’ll get a work from your home career after paying a huge upfront fee, states Clark Howard. Make sure there aren’t too several red tape frauds. The work from home opportunities does not typically have red tape like this. Companies often will ask for background check fees. This doesn’t mean the company is not legitimate.

Opportunities to work from home

• AlpineAccess.com: After paying $45 for the required background check, AlpineAccess.com can match you with a virtual call center job. Positions typically involve consumer service work.
• ConvergysWorkatHome.com: In addition to consumer service telephone positions, Convergys can help you discover work from home human resources and billing service opportunities.
• Elance.com: This is a source for freelance talents. They have the flexibility of time. Elance contracts smaller businesses for graphic design, copywriting professionals, web design, programming and SEO. Bid for jobs, however watch out: Elance is so popular that unless you are a highly experienced, award-winning professional, you may have to bid lower than you are comfortable in order to secure work.
• LiveOps.com: Want to work from home as a virtual call center agent for a Fortune 200 business? You are more likely to get the career at LiveOps.com with the $175 extensive background check over the $50 check. You’ll need a dedicated land phone line for LiveOps.com.

Work at home scams happen

Check with the Federal Trade Commission and Better Business Bureau websites for advice on how to spot work from your home rip-offs. It can conserve you time, money and big headaches.

Information from

Better Business Bureau

bbb.org/Alerts/article.asp?ID=436

Clark Howard

clarkhoward.com/news/employment-military/work-home-guide/nFZH/

Dr. Phil

drphil.com/articles/article/494

Federal Trade Commission

ftc.gov/bcp/menus/consumer/invest/workhome.shtm

John Tesh has everything you need to work from home

youtube.com/watch?v=RLSvN6f-nvw

banks cutting debit card rewards into extinction

Financial reform is starting to prove fairly costly. banks are cutting debit card reward programs at an increasing rate. Financial institutions have to be fairer about fees thanks to financial reform laws, however the cost may be that consumers have to lose a little convenience. Legislators are starting to debate whether financial reform is too costly to keep on the books. Source for this article – More banks ending debit card rewards by MoneyBlogNewz.

Giving up consumer advantages for interchange fee cap

To be able to complete debit card transactions, merchants have to pay interchange fees, or "swipe fees," which banks would lose money on with the proposed cap leading them to try to find other ways to make money. There have been fewer free checking and debit card programs available. JP Morgan Chase ended its debit card rewards program and additional are following suit, in accordance with CNN. Wells Fargo subsidiary Wachovia has stopped offering debit advantages to new customers, and Wells Fargo will do likewise on April 15. Citibank recently disclosed that the bank is "in the process of evaluating potential changes," which means it is likely going to cut debit advantages programs for customers as well.

Getting financial reform is costing Additional than anticipated

USA Today states the Government Accountability Office estimated a $1 billion per year price tag on the financial reform bill or Dodd Frank Act. The Consumer Financial Protection Bureau is a whole new agency. There has been lots of arguing amongst lawmakers on the new agency. The Government Accountability Office estimated that federal agencies would have to hire Additional than 2,000 individuals to enforce the laws, including any the Consumer Financial Protection Bureau would be enforcing. Republicans believe the agency will have too much authority. This side of the argument has been openly expressed. Bloomberg states that the agency has been defended by Warren who is in charge of setting it up and claims that "Wall Street behemoths" are going to be targeted, not the Consumer Financial Protection Bureau. Both personal loans and charge cards will be monitored by the agency. It will be in charge of consumer financial products.

Credit could be lost

Stopping financial institutions from taking advantage of customers it he main goal of the financial reform laws. It may be a good idea. Still, financial institutions are already attempting to make up for losses. This has caused debit card advantages and frees checking to disappear. banks have to make up for losses. banks and loan companies will most likely have loan credit get tighter. Many debate this. It might not really be worth it in the end.

Information from

CNN

money.cnn.com/2011/03/25/pf/debit_rewards/index.htm

USA Today

usatoday.com/money/economy/2011-03-28-financial-overhaul.htm

Bloomberg

bloomberg.com/news/2011-03-25/warren-says-consumer-bureau-foes-should-look-at-bank-behemoths-.html

Fukushima disaster will drive up future nuclear power costs

Before the Fukushima disaster, nuclear power appeared on the brink of a comeback. However, the darker side of nuclear energy has been exposed by Japan’s struggle to contain radiation from the reactor damaged by the earthquake and tsunami. Expensive new safety measures that might be required because of the Fukushima disaster could make the expense of nuclear power prohibitive to investors as a primary source of energy in the future.

The financial truth about nuclear power

Increasing the use of nuclear power as a clean, reliable source of energy won the support of 62 percent of the public in a 2010 Gallup poll. The Obama administration announced plans to provide $54.2 billion in loan guarantees for the construction of nuclear power plants. The Fukushima disaster was not the reason why it was unlikely that nuclear reactors would be built in the U.S. Mark Cooper of the Institute for Energy and the Environment at Vermont Law School explained it was already unlikely. Cooper said the United States nuclear industry was a bubble that was going to burst just like any. This was said in Ottawa, Canada, at a presentation at the House of Commons. In 2001, he said, the bubble started. Nuclear energy was given loan guarantees in billions of dollars by the Bush administration. In 2008, many were upset about the nuclear industry. It was not doing also as several hoped it would. The recession, cheap natural gas and growing sources for clean energy alte! rnatives effectively finished it off.

Paying more for nuclear power

The Fukushima disaster has many individuals worried. It might cost more money to build a new reactor. After the 1979 Three Mile Island accident in Pennsylvania, construction costs for nuclear reactors rose 95 percent, according to Cooper’s research. This caused a huge increase in electricity costs. About 40 percent more was being paid for it. Construction costs went up 89 percent causing electricity to rise 42 percent in 1986 after the Ukraine Chernobyl disaster. Construction costs for nuclear reactors skyrocketed due to design changes required to address safety concerns. The Nuclear Regulatory Commission has already assembled a task force to investigate the design changes required for planned nuclear plants in the United States, depending on lessons learned from Fukushima.

Risking it’s asking too much of investors

Now that the Fukushima incident has occurred, investors are worried about where they put their money. Rather than invest in nuclear power plants, they’re more likely to put money into clean energy alternatives such as solar, wind and natural gas. It also might affect utilities. The corporations don’t want the nuclear plant risk. Sometimes you don’t want to pay much for energy. If this is the only consideration, nuclear energy makes probably the most sense. The cost to clean up a nuclear accident aside, it is cheaper to do most other choices. Onshore wind farms are 35 percent cheaper than nuclear power plant building. In the future, choice sources will become increasingly capable of helping meet the world’s energy needs without the financial and ecological costs of nuclear power. As an investor, it makes more sense to do a clean energy option. It can be more lucrative for probably the most part.

Citations

Reuters

reuters.com/article/2011/03/25/idUS423443138820110325

Fast Company

fastcompany.com/1742619/what-are-the-economics-of-nuclear-power-after-fukishima

The National

thenational.ae/lifestyle/personal-finance/japans-nuclear-woes-add-pressure-to-invest-in-green-energy

Decoding the information on home sales and consumer spending

An uptick in February pending home sales followed a precipitous January drop. consumer spending logged a modest February increase that was rendered flat after adjusting for inflation. Stocks edged upward on the new data and real estate analysts expect the trend in pending home sales to continue as the economy improves. Post resource – Analyzing new data on pending home sales and consumer spending by MoneyBlogNewz.

consumer spending changes with inflation

The Commerce Department states a rise from January to February in consumer spending. It went up 0.7 percent. Consumer spending has risen eight months in a row, however February’s increase, adjusted for inflation, is just 0.3 percent, matching the increase reported in January. Rising food and energy prices pushed up inflation in February. The fastest rate since June 2009 was recorded by the Commerce Department in the personal consumption expenditures price index increase. In January it was 0.3 percent while going to 0.4 percent in February. February's 0.3 percent increase in personal income was more than canceled out with the consumer expenditures price index increase. In order to cover rising food and energy costs, households have been going into savings. From January to February, there was a decrease in savings from $710.5 billion to $676.7 billion.

Sales of homes determines economy

Pending home re-sales increased 2.1 percent in February after dropping 2.8 percent in January, according to the National Association of Realtors. There was a drop from February 2010 though. It totaled a 9.3 percent drop. Pending home sales represent signed contracts. They’re an economic indicator for this very reason. After the contract closes, the existing home sales personal details are then affected in a few months. There was a 9.6 percent decrease in February in existing home sales which accounts for 95 percent of today's market. The increases since February 2002 in home values have all been erased now. This is because since February 2010, there has been a 5.2 percent decrease in existing residences sales. In February, there was a 17 percent decrease in new home sales which is the lowest recorded rate. There was an 8.9 percent decrease from February 2010 in new home sales also.

Is it going to get any lower

Because home costs continue to fall, the National Association of Realtors expects existing home sales to eventually rise 5 to 10 percent overall in 2011. Very few people are getting regardless of the truth that housing has become so affordable it should be one of the most attractive investments in the U.S. Renting a home costs more currently than it would to pay mortgages and homeownership costs in several markets, suggests Deutche Bank. In fact, 28 of the 54 major markets are this way. Optimistic real estate analysts are betting that this affordability will eventually entice potential homeowners into pulling the trigger. The re-emergence of homebuyers could start raising housing costs in many markets, which could get even more homebuyers off the fence.

Citations

Bloomberg

bloomberg.com/news/2011-03-28/pending-sales-of-u-s-existing-homes-unexpectedly-climbed-2-1-in-february.html

New York Times

nytimes.com/2011/03/29/business/economy/29econ.html?src=busln

Fortune

finance.fortune.cnn.com/2011/03/28/real-estate-its-time-to-buy-again/

Fed move to green light shareholder dividend boost problematic

Bank of America stockholders will only make a penny per share this year, so says the Federal Reserve. Based on the outcomes of the latest stress tests, the Fed has set several big banks free to raise shareholder dividends, but Bank of America is still in detention. The fragile economic recovery leads some industry experts to question the Fed’s decision, which weakens banks in the event of a double dip. Post resource – Why allowing banks to boost shareholder dividends is a bad idea by MoneyBlogNewz.

Fed throttles Bank of America dividends

The Federal Reserve heard from Bank of America that it wanted to, in the second half of 2011, to boost shareholder dividends in January. The quarterly dividend would have to go up 8 cents which would be about 20 percent of earnings. According to analysts, the Fed forbid Bank of America from doing so because of the bank’s exposure in the housing sector after buying out Countrywide in 2008, a decision that cost it $2.24 billion last year. Investor groups have also been pressuring B of A to purchase back billions in bad mortgage securities the bank foisted on them before the meltdown. Dividend increases were declared by JPMorgan Chase, Wells Fargo and U.S. Bancorp after getting permission from the Fed. The Fed could be getting a revised version of the dividend plan by June from Bank of America.

Why would banks boost dividends for shareholders?

The economy won’t be able to grow without increasing dividends helping banks raise more equity in the future, Wall Street banks argue. By paying shareholder dividends, banks attract investors however lose equity. Bankers disdain equity and love leverage. While a company like Google is funded almost entirely by equity, the average bank lives on other people’s money, funding more than 95 percent of investments with debt. Equity is something banks don't need because leverage makes executives and shareholders lots of money. This is assuming there is health in the financial sector. banks become more liable for risks when they have more equity too. They don't count on working class individuals to bail them out when things go bad while instead decreasing default risk.

Fed decision risks another bailout

There were many highly leveraged banks noticed during the financial crisis. The Fed was worried about this. There are some that disagree with the Fed allowing shareholder increases. They thing the boosts shouldn't take place until the economy is stronger. Sometimes individuals will purchase a home with a small down payment and a mortgage that is 98 percent of the purchase price. This is compared to the leveraged bank by Simon Johnson of the New York Times. It ends up being a good risk with a rise in the home price. Both the creditor and borrower are part of the risk. A drop will hurt both of them. The main difference, however, between highly leveraged banks and highly leveraged homebuyers are the banks have learned they’re too large to fail. Having a leveraged bank fail doesn't mean anything. Working class individuals will end up paying for it to be okay.

Articles cited

New York Times

economix.blogs.nytimes.com/2011/03/24/dividends-lost/?emc=eta1

Business Insider

businessinsider.com/how-bank-dividends-help-wall-street–and-hurt-almost-everyone-else-2011-3

CNN Money

money.cnn.com/2011/03/23/news/companies/bank_of_america_dividend/index.htm

Firefox 4 wipes out Internet Explorer 9 in first day downloads

A short time after Internet Explorer 9 was launched, Firefox 4 made its debut. A week after Internet Explorer counted about 2.4 million first day downloads, Firefox 4 scored three times as many. Microsoft could be faulted for some of the beating, because Internet Explorer 9 has no support for Windows XP, while Firefox 4 does.

Firefox 4 eats Internet Explorer 9’s release

There were almost 7 million downloads of Firefox 4 within the first twenty-four hours it launched on Tues. One day after Internet Explorer 9 was launched, 2.4 million users had downloaded the upgrade. IE9 is definitely losing to Firefox 4. Still, nothing can compare to the "Download Day" that Mozilla did to win a Guinness World Record with Firefox 3.0 having 8 million download in the first twenty-four hours. Most of the Firefox 4 downloads came from Europe, where Mozilla has a huge following. About 44 percent of the Firefox 4 first-day downloads came from Europe. About 26 percent came in North America. Asian users followed with 20 percent. The remainder came from the rest of the world.

Microsoft claims goodbye to the old Windows XP

In the first day download competition, Firefox was bound to beat Internet Explorer 9 based on what Microsoft did. Microsoft developed Internet Explorer 9 for Windows 7 and Windows Vista only, a strategy that could find company CEO Steve Ballmer in need of a personal bank loan. Net Applications explained that Windows XP is 10 years old and used by about 61 percent of Windows machines in Feb. although it can't use Internet Explorer 9. It was really significant to create a Firefox 4 that those on Windows XP could enjoy because it’s such a big group. Firefox engineer Jonathan Nightingale explained this is why it was so essential to put together, states GeekWire. Microsoft wasn't preparing on wasting time developing Internet Explorer 9 "to the lowest common denominator," in accordance with a statement over it. Windows XP users might be forced to upgrade because of this change Microsoft has made.

How Firefox makes Mozilla money

The stakes in the browser market for Mozilla are high. Tracking user information for advertisers is the way that Microsoft and Google make money. Mozilla has links in the built in search bar to make money from though. Mozilla makes more money as a non-profit foundation while there are more users for Firefox. In 2009, the foundation made $104 million – up 34 percent from 2008, when revenues were $78 million. In 2009, Internet Explorers market share was at 68 percent, which it now has dropped to 56.8 percent, although that is nevertheless in the lead. Firefox has a 21.7 percent market share although it lost 2.5 percentage points in market share because of all the delays for Firefox 4. The large winner in the browser war is Google Chrome, which has grown from nothing to capture about 11 percent of the market in the same period.

Citations

MSNBC

technolog.msnbc.msn.com/_news/2011/03/23/6327891-firefox-4-soars-thanks-to-microsofts-luddite-customers

Computerworld

computerworld.com/s/article/9214982/Firefox_4_thumps_IE9_in_first_day_download_contest

TechCrunch

techcrunch.com/2010/11/18/state-of-mozilla/

Google deal with book publishers overturned by court

Google’s vision of a universal virtual library has hit a snag in court . Using copyright and antitrust arguments, Google’s opponents successfully overturned a $125 million offer between Google and the publishing industry to complete the project. Even though the negotiation was declined, those involved in the offer said the ruling provided guidance as to how it will achieve approval in the future.

Settling on Google Books

There was a program called Google Books that was started. The idea of the program is to take all books that have been published and make them accessible on the internet digitally. The Association of American Publishers put together a lawsuit in 2005 with the Authors Guild. The book-scanning project got Google sued. Finding a way to pay authors and publishers for the novels being viewed was something Google agreed to do after having to pay $125 million up front in 2008. Many groups argued against the settlement such as Amazon, Microsoft, the Justice Department, foreign governments and copyright experts making it go into the legal system. On Tuesday, Manhattan federal court judge Denny Chin said the Google Books settlement would solidify the company’s search monopoly and give it the right to exploit published works without the permission of copyright holders.

The orphan works problem

Google Books would be able to digitize any book without permission unless the author and publisher opted out of the agreement because of a provision with Judge Chin objected to the most. An "opt-in" option was one Chin liked better. This was his suggestion. The opt-out provision was written due to an issue with so-called “orphan works.”. Anytime a book has a copyright holder that can't be found or is unknown, it is an orphan work. An opt-in would make it impossible to use orphan works, Google claims. The point of this was for Google Books to be able to contain orphan novels to be available to anyone. Opponents of the settlement said the availability of orphan works is an issue best addressed by Congress, not the settlement of a private lawsuit.

Sensing antitrust problems in there

Google defends its book-scanning project as an effort to “democratize knowledge” by offering every book ever written, which is about 130 million and counting, in accordance with the business. Antitrust issues are there also though. Nobody would be able to compete with such a complete library as Google would have with this program. Google would be in a position where it would never lose with Google Books having so several novels on the internet. Google has not wasted any time during the fights. About 15 million novels have been scanned by the company already. In Google's Book Search, you are able to find novels with expired copyrights also as 20 percent of copyrighted titles. On Google, sample texts are available for all copyrighted titles. It does not matter if they have been licensed or not.

Information from

New York Times

nytimes.com/2011/03/23/technology/23google.html?_r=1&emc=eta1

Financial Times

ft.com/cms/s/2/f7ee4948-54bf-11e0-b1ed-00144feab49a.html#axzz1HR3IHDr1

PC World

pcworld.com/article/222963/judge_rejects_google_book_deal_over_monopoly_concerns.html

Beware phantom financial debt pains from charge-offs

Maintaining good credit could be challenging, particularly after a life-altering event like job loss. Understand that if a creditor throws in the towel and charges off one of your debts, that does not mean that you’re in the clear. Even if the record has dropped off your credit score, financial debt collectors might still be able to legally hound you. Article source – Beware phantom debt pains from charge-offs by MoneyBlogNewz.

Good part to charge off

There are several credit history charge-off scenarios. Consider this one. You might get something dropped off your credit score but nevertheless owe money on it. This is because, states Bankrate, there are different financial debt collecting and debt reporting rules to go by. The Fair Debt Collection Practices Act (FDCPA) provides the guidelines for financial debt collection, while the Fair Credit Reporting Act (FCRA) holds jurisdiction over how a charge-off is reported.

On the plus side, the FCRA mandates that a charge-off must be removed from your credit history after 7 years. That includes whatever financial debt collection agency owned the financial debt. Check your credit score about a month after the charge-off is designed to occur. Dispute the bad debt with Equifax, Experian and TransUnion if it is still there.

You can't charge off Chapter 7 bankruptcies, student loans or tax liens.

Charge off financial debt does not necessarily leave

FCRA rules help people out a bit. It keeps bad credit from staying on a credit history forever. The FDCPA does not have the exact same rules though. Financial debt collectors can still bother you for money. As there is a lucrative secondary market that purchases bad debt, there is still cause for concern on the part of the consumer who needs debt repair. At least once, an agency will make an effort to collect from you. A charge-off won't happen until then.

Taking out charge card debt has become more common. This is because joblessness has kept individuals from spending money. A customer can get from the charge cards though due to a statue of limitations. The state and court system will determine how long this time period is although it’s usually 6 to 10 years for installment loans, auto loans and pay day loans and 4 to 6 years for charge cards. If you need to know, specifically, talk to you state's attorney general.

Financial debt collection law

Nobody can contact you about financial debt anymore if it has been charged off past the statue of limitations for state. You can do a counter-suit if a debt collector continues.

Legal action will require time, money and the advice of a lawyer, however. What should you do if a debt collector is pursuing you legally then? Just settle or pay the financial debt for the easiest way out.

Information from

Bank Rate

bankrate.com/finance/debt/debt-dropped-from-credit-report-still-owed.aspx

Equifax

ai.equifax.com/CreditInvestigation/

Experian

experian.com/consumer/cac/InvalidateSession.do?code=DISPUTE

Trans Union

annualcreditreport.transunion.com/entry/disputeonline

How to deal with collections

youtube.com/watch?v=9SVFdH0Ayco

Winners and non-winners of Google algorithm modification

When Google changed its algorithm, every company in the business of internet content was right away affected. No aspect of doing business as an Internet content provider was unaffected. Google changed its search algorithm to stem the tide of worthless content material that has been overwhelming its search engine results, a move that shifted an estimated $1 billion across the content industry.

Google rewards high quality content

In the past year Google’s search quality has been degraded with garbage content material. To be able to repair search quality, Google has been told to modification things by many groups. The Google algorithm modification is meant to punish content farms and reward research, in-depth reports and thoughtful analysis, Google states, and it affected the internet writing industry as soon as Google flipped the switch. Any websites that had original quality content on them all the sudden got lots of traffic. Sites that exist simply to lure search engine traffic were devastated. The algorithm update has noticeably changed 11.8 percent of search queries, in accordance with Google. ComScore is an internet marketing research business that explained that the algorithm may change 1.4 billion searches in just one month based off of the 12 billion search queries in January that Google had.

Not helping content farms at all

There was a 5 to 50 percent increase in traffic to the Online Publishers Association's website a day after Google's algorithm change. Sistrix is a web metrics firm that explained "click bait" content material farms got a major hit with this. Websites for instance Mahalo.com, Wisegeek.com, Ezinearticles.com and Yahoo’s Associated Content material suffered a drop in Google search traffic in excess of 75 percent. Just last week Mahalo.com had to fire 10 percent of workers. Another content material farm is Demand Media. It has high quality and click bait on it though. Stock for eHow.com went down after the recent $1.7 billion IPO due to this. Demand Media benefited in the end though. There were issues that came with Demand Media online websites like AnswerBag.com and Trails.com though.

Traffic hits on Google

About 20 to 30 percent of traffic on a page is brought in when on the top listing of a Google search which helped internet publishing. Between 5 and 10 percent of traffic goes to second and third spots. Results on the page other than that get almost nothing. It’s at about 1 percent. Falling to the second page, in impact, creates search listings invisible. Google algorithms now tend to follow the Personal Blocklist on its Chrome browser. This allows users to block any web sites that seem offensive to them. Google said that although it does not use data gathered from Personal Blocklist, 84 percent of the domains blocked by Chrome users have been demoted by the algorithm change.

Articles cited

CNN

money.cnn.com/2011/03/08/technology/google_algorithm_change/index.htm

CNN Money

money.cnn.com/2011/03/08/technology/google_algorithm_change/index.htm” target=”_blank

Adweek

adweek.com/aw/content_display/news/e3i0fcd39a826b5c1cd3b13fba6c2a9dfba” target=”_blank

International Business Times

ibtimes.com/articles/116434/20110225/demand-media-google-algorithms-content-farms.htm

Sistrix

sistrix.com/blog/985-google-farmer-update-quest-for-quality.html

Google blog

googleblog.blogspot.com/2011/02/finding-more-high-quality-sites-in.html

Congress eyes United States oil reserve as fuel costs soar

The United States strategic oil reserve is being eyed by some members of Congress as a remedy to rising gasoline and oil costs. Politicians are urging the Obama administration to open the spigot, despite a worldwide surplus of oil production capacity. United States supplies of oil and gasoline are also far above average seasonal levels. The administration’s position is that the modest rise in gasoline prices isn’t yet enough to warrant tapping into U.S. oil reserves, which could spook international oil markets into further price increases.

The plan Congress has with the oil reserve/span>

About 727 million barrels of oil are found in the United States strategic petroleum reserve. In the last 10 days, there has been a 28 cent increase in the average price of gas per gallon. Selling a part of the strategic oil reserve was suggested by Senator Bingaman, D-N.M., as the chairman of the Senate Energy and Natural Resources Committee. He said this would help keep oil prices stabilized. Reducing oil consumption in the U.S. could be more likely to occur with the sell also, giving tax breaks for hybrids and electric car. Also, it was suggested the deficit may be reduced with the sell along with getting gas prices back to normal.

U.S. not running low on oil/span>

The Obama administration objects to tapping the United States strategic petroleum reserve as a reaction to the current spike in gasoline and oil prices, even though its 2012 spending budget proposal calls for selling $500 million worth of oil from the reserve to fund certain programs. The administration contends that tapping the oil reserve would send a false panic signal to customers and markets when the U.S. isn’t running low on oil. A major oil storage facility in OK that supplies the interior U.S. has record inventories. From Canada, the United States is getting gasoline while North Dakota is starting to produce. There are 346.4 million barrels of United States crude oil inventories, states the U.S. Energy Information Administration. You will find 9.86 billion gallons of U.S. gasoline in the inventories. For this time of year, the amounts of the inventories are both higher than normal.

Oil increasing costs need a solution/span>

Oil industry analysts agree with the Obama administration that tapping into the strategic oil reserve now would have virtually no effect on oil and gas prices, and it would validate the fear that is driving up prices. The supply of oil isn't the problem, many suggest. They think a shortage of surplice production capacity is the problem everybody is facing. Speculators are betting that spreading Middle East unrest will reduce surplus oil production capacity. The oil price problem would become a severe problem if the surplus oil production capacity perished off. The oil markets can be better if the capacity to produce oil settles rather than attempting to temporarily stop the problem.

Information from/span>

New York Times

nytimes.com/2011/03/04/business/energy-environment/04oil.html?_r=1

Foreign Policy

oilandglory.foreignpolicy.com/posts/2011/03/04/the_weekly_wrap_march_4_2011

UPI

upi.com/Business_News/2011/03/03/Crude-oil-supplies-fall-slightly/UPI-22221299189942/

Unsafe manufacturing might derive from low-cost medications

Prescription medications intended to treat allergies and colds isn’t typically on the list of dangerous drugs. The Food and Drug Administration has recalled over 500 medicines intended to do just that. This recall cites the belief that many of these medications are simply untested. As this recall highlights, the cost savings from manufacturing medicines in emerging markets may not be worth the security trade-off.

Specific medications recalled by FDA

There were over five hundred prescription drugs recalled by the Food and Drug Administration recently. These were cold, allergy and cough medications. The drug's use a combination of decongestants and cough suppressants in them and come from many suppliers. Several of the medicines were very old. The Food and Drug Administration couldn't even get information from some of the companies on the medicine. Many of the medications never got FDA approval. They were just sold anyway. Several of the drugs were recommended for kids and babies. The Food and Drug Administration does not recommend that this kind of medication be used for kids under 2 years old.

Spending money on medications that do not work

It can cost lots of money to manufacture prescription medicine. Before a compound is changed into pills, sometimes it’s created in a different country. In other cases, a business will send chemical information to a production plant in another country. Emerging markets, such as India and China, have plants that report to cut costs of a medicine by 20 percent to 50 percent. Especially for generic medications, this helps cut the cost to customers by even more. A failure rate between 4 and 10 percent is clear in these markets though. That means billions are spent on medications that do not work right because of the $287 billion United States industry.

Government spending contains senior citizen medication

New programs that help cover the cost of prescription medications for senior citizens started at the first of the year by the federal government. The cost of prescription medicines costs the government millions and medicine companies millions to get out there. The investment may not be worth it for several. On average, every $1 that is spent on prescription medication saves, in hospital care, about $4, according to a 1999 study. You will find definitely a lot of troubles with prescription medications. As long as they are working and safe though, it may be a really good investment to make.

Articles cited

National Center for Policy Analysis

ncpa.org/pub/st230

CNN

articles.cnn.com/2009-03-19/health/ep.prescription.drug.costs_1_prescription-drugs-elderly-patients-coumadin?_s=PM:HEALTH

Heartland

heartland.org/healthpolicy-news.org/article/29447/Study_Drugs_from_Emerging_Markets_Have_High_Failure_Rates.html

FDA

fda.gov/Drugs/GuidanceComplianceRegulatoryInformation/EnforcementActivitiesbyFDA/SelectedEnforcementActionsonUnapprovedDrugs/ucm245106.htm

Underneath the surface of smaller sized Wall Street bonuses

Wall Street bonuses shrank an average of 8 % year-over-year in 2010. Even though Wall Street profits soared, bonuses were deliberately held down. Increasing earnings offset decreasing bonuses to account for an overall increase in payment on Wall Street. Resource for this article – Wall Street bonuses fall as executive salaries rise by MoneyBlogNewz.

Wouldn't it be nice to get a Wall Street bonus?

NY State Comptroller Thomas DiNapoli explained that an average of $128,530 was paid in 2010 for Wall Street bonuses in the financial services industry. That figure represents an 8 percent drop from the $140,730 average for Wall Street bonuses the year before. There was a 33 percent drop in the total Wall Street bonuses from 2006, before the financial meltdown, to 2010. They went from $34.3 billion in 2006 to $20.8 billion last year. In 2010, Wall Street profits were at $27.6 billion which is second to 2009 only when profits were at $55 billion due to government bailouts and record low rates of interest.

Wall Street bonus deception

The decrease in Wall Street bonuses for 2010 isn’t a signal of executive compensation in decrease. Handing out scaled-down bonuses was because of what the public wants. The public was angry that there were huge bonuses passed out during the financial crisis to executives. DiNapoli explained that Wall Street financial service compensation went up last year. It went up by 6 % total. Financial reform regulation, along with the controversial nature of obscene bonuses, has motivated big banks to change the way they pay employees. Base earnings are larger than bonuses now.

A new way taxes are prevented

Some of the compensation is being deferred by Wall Street firms. This will make financial regulators think that short-term gain is exchanged for long-term profitability. By doling out scaled-down bonuses, Wall Street firms have also discovered a new and effective tax avoidance tactic. About 20 percent of the tax revenue in New York before the financial crisis came from tax revenue from the financial sector, DiNapoli reports. Now it’s only 13 %. NY City’s tax revenue from Wall Street dropped from 13 % before the crisis to 7 percent in 2010.

Information from

CNN Money

money.cnn.com/2011/02/24/news/economy/wall_street_bonus/index.htm

Wall Street Journal

blogs.wsj.com/metropolis/2011/02/24/wall-street-bonuses-dropped-in-2010/?mod=google_news_blog

NPR

npr.org/2011/02/24/134017725/wall-street-bonuses-fell-from-2009-level

Mortgage refinancing programs targeted by Republicans

Mortgage refinancing programs offered by the government are considered by many to be a failure. Congressional Republicans have made clear their intention to cut any remaining mortgage modification plans, as few have a success rate worth boasting of. The recent quagmire and scandal involving foreclosure processes has slowed the number of foreclosures nationwide. Article resource – Mortgage modification programs under fire from Republicans by MoneyBlogNewz.

Failed mortgage relief programs prime target for spending cuts

Congressional Republicans are taking aim at failing programs that throw money down the drain, and mortgage refinancing plans are prime targets, according to CNN. House of Representative members have suggested that $38 billion could be saved in the spending budget if federal programs that are there to help those with failing mortgages would just be taken away. A huge focus on is the Home Affordable Modification Program. This is because it was called a failure by Neil Barofsky who’s the Inspector General for the TARP.

Finding more to cut

You will find several other mortgage helping programs that could possibly be cut. These consist of the Emergency Homeowner Relief Fund, the Neighborhood Stabilization Program and all other plans under the FHA. However, these plans have not been smashing successes, either. Mississippi Representative and chair of the House Financial Services Committee Spencer Bacchus said that ending plans that do not work only makes sense as "it's time to pull the plug" to them. There has been a success rate of less than 50 percent with these programs since only about 500,000 permanent mortgage modifications have been made. Processing foreclosures has taken forever. The time is getting longer.

Lengthier foreclosure process

There are more procedural rules that have been put on foreclosure processes. This means that it is taking lengthier for lenders to foreclose on homes, USA Today reports. A distressed homeowner will spend about 19 to 20 months living in a foreclosed home at current rates, which might increase to 22 to 23 months. Before the mortgage crisis, the normal time a person would have gone in a foreclosed home was 250 days which changed from Jan 2010 to Dec. 2010 alone from 410 days to 507 days. Increased scrutiny due to the “robo-signing” controversy has led to foreclosures taking far lengthier, which causes loan companies to lose considerable amounts of money.

Information from

CNN

money.cnn.com/2011/02/25/news/economy/gop_Obama_housing_help/index.htm

USA Today

usatoday.com/money/economy/housing/2011-02-21-unpaidmortgages21_ST_N.htm