PAUL B. FARRELL
20 reasons new megabubble pops in 2011
Greed blinded us to subprime meltdown, it'll blind us next time too
By Paul B. Farrell, MarketWatch
Last update: 7:31 p.m. EDT June 2, 2008ARROYO GRANDE, Calif. (MarketWatch) -- You think I'm drinking that famous Beltway Kool-Aid, maybe because I'm predicting another meltdown coming in 2011? Well, you're being served from the same punch bowl, my friends.
Wall Street, Washington and the Fed are all praying the credit crisis is under control. Unfortunately, all their happy-talking is just a lot of hype, to hide their next bubble.
World markets are headed into another meltdown by the end of the first term of the next president ... and you won't even hear it coming under all the happy-talk.
Cycles happen. Bubbles blow, pop, meltdowns happen. Significantly, they're getting bigger and more frequent. Think 1987, 2000, 2007 -- the next in 2011. All the happy-talk from Washington and Wall Street gurus can't start the bull before it's time.
Nor will a lot of non-happy-talker warnings make a bubble burst early.
For example, two years ago I analyzed the 2000-2002 bear phase of "The Cycle." We reported on 16 reasons why all the happy-talk failed to restart the bull market during that 30-month recession, while investors slowly lost $8 trillion.
Now you'll see how all the warnings of a housing bubble and a coming meltdown also had no effect on the 2004-2007 bull phase of "The Cycle."
Why? Because bull/bear, bubble/bust, expansion/recession cycles have a natural pattern that ebbs and flows on their own time, making fools of all gurus predictions. And all the happy-talk and not-so-happy-talk in the world has no effect: Happy-talk won't restart a bull. Nor can not-so-happy-talk warnings puncture a bubble. Cycles have lives of their own, they mature and die unpredictable, age and pop when they feel like it.
Another will happen, soon. A busted bubble and a new meltdown coming by the end of the next presidential term. Why then? Because the last few occurred with increasing frequency, separated by thirteen years then seven, and the next will come within four years. These trends are obvious from studying the works of masters like former Commerce Department chief economist Ed Dewey's classics, including his Cycles, the Mysterious Forces that Trigger Events.
Here's my list of warnings from 20 not-so-happy-talkers. Notice how they were as unable to pop the 2004-2007 bubble before its time, as the happy-talkers were unable to restart a bull during the 2000-2002 recession:
2000: Fed governor warns Greenspan. Former Federal Reserve governor Ed Gramlich served 1997-2005. He was warning Alan Greenspan as early as 2000 about the coming subprime crisis. See his book "Subprime Mortgages: America's Latest Boom & Bust."
2004: Nixon's secretary of commerce. In "Running on Empty," Peter Peterson says: "This administration and the Republican Congress have presided over the biggest, most reckless deterioration of America's finances in history" creating a "bankrupt nation."
June 2005: The Economist. Cover story two years before collapse: "The worldwide rise in house prices is the biggest bubble in history. ... Rising property prices helped to prop up the world economy after the stock market bubble burst in 2000." Values increased 75% worldwide in five short years. "Never before have real house prices risen so fast, for so long, in so many countries ... This is the biggest bubble in history."
January 2006: Fortune. Interview with Richard Rainwater. "This is the first scenario I've seen where I question the survivability of mankind." He's 112th on the Forbes 400, worth $2.3 billion: "Most people invest and then sit around worrying what the next blowup will be. I do the opposite. I wait for the blowup, then invest." He waited with a half-billion-dollar war chest.
February 2006: Faber's Market Newsletter. "Correction Time is Here!" was Faber's headline: "If we combine the overbought condition of the stock market, investors' sentiment high optimism, equity mutual funds' low cash positions, and also heavy foreign buying, we have all the ingredients for a stock market correction in the US getting underway very shortly."
March 2006: Forbes. Economist Gary Shilling wrote: "The current housing weakness will develop into a full-scale rout ... It's clearly a bubble and is nationwide ... The house-price collapse will induce a painful recession that will send U.S. stocks into a tailspin ... China will suffer a hard landing ... and weakness in the U.S. and China will spread worldwide."
March 2006: "Sell Now." Former Goldman Sachs investment banker John Talbott's book: "Sell Now! The End of the Housing Bubble." His statistics covered America's top 130 metropolitan areas. The top 40 were facing an average 47.2% decline.
March 2006: Pimco Investment Outlook. In the quarterly newsletter, "The Gang That Couldn't Shoot Straight," Pimco's boss Bill Gross took a big swipe at a presidential economic report: "It's not so much that the report was a compilation of untruths or even half-truths. It's just that it failed to tell the truth," and hid the fact that Washington's "borrowed from the future to pay for today's party."
March 2006: Buffett in Fortune. Remember Warren Buffett's famous farmer story: "Our country has been behaving like an extraordinarily rich family that possesses an immense farm. In order to consume 4% more than they produce -- that's the trade deficit -- we have, day by day, been both selling pieces of the farm and increasing the mortgage on what we still own."
May 2006: Harper's magazine. Michael Hudson wrote an article, "Guide to the Coming Real Estate Collapse," analyzing 20 trends: "Taken together, these factors will further shrink the 'real' economy, drive down those already declining real wages, and push our debt-ridden economy into Japan-style stagflation or worse."
August 2006: Wall Street Journal. Countrywide's CEO Angelo Mozilo: "I've never seen a 'soft-landing' in 53 years, so we have a ways to go before this levels out. I have to prepare the company for the worst that can happen." He did little. A year later, he was in full denial mode.
November 2006: Fortune. Cover story asks: "Can the Economy Survive the Housing Bust?" They said "the correlation between current builder confidence and future stock market returns over the past 10 years is downright unnerving." The NAHB confidence index is a leading indicator because the stock market inevitably follows in lockstep a year later. The index had "plummeted 54%."
November 2006: The Economist. In a cover story: "The Dark Side of Debt," Timothy Geithner, president of the Federal Reserve Bank of New York, said in a Hong Kong speech: "The same factors that have reduced the probability of future systemic events, however, may amplify the damage caused by, and complicate the management of, very severe financial shocks. The changes that have reduced the vulnerability of the system to smaller shocks may increase the severity of the larger ones." Geithner later negotiated the Bear Sterns collapse.
January 2007: Los Angeles Times. Schwab "averaged 242,300 trades a day the first nine months of 2006. That was up 29% from the same period a year earlier, and a click above its 242,000 peak in 2000"and the last collapse.
April 2007. GMO Quarterly Newsletter. GMO manages $145 billion. CEO Jeremy Grantham wrote: "The First Truly Global Bubble: From Indian antiquities to modern Chinese art; from land in Panama to Mayfair; from forestry, infrastructure, and the junkiest bonds to mundane blue chips; it's bubble time. ... Everyone, everywhere is reinforcing one another. ... The bursting of the bubble will be across all countries and all assets ... no similar global event has occurred before."
June 2007: Shilling's Insight Newsletter. "Just as the U.S. housing bubble is bursting, speculation elsewhere will come to a violent end if history is any guide. ... Richard Bookstaber, who designed various derivative-laden strategies over the years, now fears that financial derivatives and hedge funds, focal points of today's huge leverage, will trigger a financial meltdown."
June 2007: Pop! Then it happened! And Dan Gross had a well-timed book: "Pop! Why Bubbles are Great for the Economy." He says bubbles work miracles, so just let them pop, Pop, POP!
July 2007: Fortune. As the contagion spread, Treasury Secretary and former Goldman Sachs CEO Henry Paulson tells Fortune "this is far and away the strongest global economy I've seen in my business lifetime." He's repeated the same remark often since. Earlier, he and Fed Chairman Ben Bernanke said the subprime crisis was "contained." Clueless, Bernanke assembled hedge fund managers, asking them to explain the global derivatives market.
August 2007. Wall Street Journal. Former SEC Chairman Arthur Levitt wrote on the Journal's Op-Ed page: "In terms of market meltdowns and the degree of pain inflicted on the financial system, the subprime mortgage crisis has the potential to rival just about anything in recent financial history, from the savings and loan crisis of the late 1980s to the post-Enron turndown in the beginning of this decade."
August 2007: 60 Minutes. While Paulson and Bernanke were claiming the subprime crisis was "contained," the chief architect of the subprime-housing meltdown, Alan Greenspan, was on tour, making millions, hustling his new book, "The Age of Turbulence."
On 60 Minutes he made a totally incredulous denial that he "really didn't get it until very late." He "didn't get it?" Yes, and to this day Greenspan rigidly maintains his blind faith in the free-market myth.
His latest argument: Bubbles are a function of innovation, like the dot-coms and subprime derivatives. Regulators should trust the free markets, never micromanage innovation.
But what blinded Greenspan? His ideology? A brain quirk? Genetics? The president's reelection? It doesn't matter why: Whatever it was, it's bad news for America. Why? Because if the leader of America's monetary system for 18 years "doesn't get" that he was also the chief architect of the biggest economic blunder in American history since the 1929 Crash, can we ever trust any future leaders?
Scary, isn't it! How can we have faith in the next guy? Are our leaders the problem? Or is the system broken? Is capitalism itself at risk when the best and brightest are "blinded," unable to see disasters until it's too late?
But that is our "system," and in this system our leaders inevitably morph into bulls, ideologically blinded by their power. And like real bulls, all they see is red. So eventually ... they must run onto a sword, and self-destruct!
Showing posts with label Wall Street Journal. Show all posts
Showing posts with label Wall Street Journal. Show all posts
Tuesday, April 28, 2009
Thursday, March 5, 2009
The epitome of Fraud Waste and Abuse
The epitome of Fraud Waste and AbuseSummary: The Wall Street Journal reported that Richard Scott, "the former chief executive of HCA Inc," had formed the non-profit organization Conservatives for Patients' Rights as part of a "lobbying campaign to derail or modify" President Obama's health care proposals, but failed to note that Scott resigned from HCA in 1997 amid a federal investigation into the company's Medicare billing, physician recruiting, and home-care practices. HCA eventually pleaded guilty to fraud charges and paid approximately $1.7 billion in fines and penalties.
Who is Richard Scott? Who is Richard Rainwater? Who is Darla Moore?
Before GW Bush was affiliated with Richard Rainwater may I remind you-Richard Scott was the ex-partner of Richard Rainwater with Columbia Homecare Group.
THURSDAY, JUNE 26, 2003; WWW.USDOJ.GOV;
HCA Inc. (formerly known as Columbia/HCA and HCA - The Healthcare Company)
LARGEST HEALTH CARE FRAUD CASE IN U.S. HISTORY SETTLED; HCA INVESTIGATION NETS RECORD TOTAL OF $1.7 BILLION
Note: Hospital Corporation of America (HCA) was acquired by Columbia in 1994.
Why does this matter? Because the wrath of Richard Scott’s fraud just ended in December 2008 in the largest private financial fraud case in our country's history in 2002 when FBI raided the offices of National Century Financial Enterprises Dublin, Ohio, headquarters.
Guess where Columbia and many of the other publicly traded healthcare companies DUMPED their losing asset, Home healthcare? National Century Financial Enterprises
National Century Financial Enterprises:
“This case is one of the largest corporate fraud investigations involving a privately held company headquartered in small town America,” said Assistant Director Kenneth W. Kaiser of the FBI Criminal Investigative Division.
The following is an excerpt from a 10-K SEC Filing, filed by J P MORGAN CHASE & CO on 3/9/2006: Enron litigation. JPMorgan Chase and certain of its officers and directors are involved in a number of lawsuits arising out of its banking relationships with Enron Corp.; the three current or former Firm employees are sued in their roles as former members of NCFE's board of directors
March 26, 2008; By Jodi Andes; THE COLUMBUS DISPATCH
Nine other executives have been convicted or pleaded guilty in National Century's collapse. Only Poulsen and executive James Happ still await trial.
Only Poulsen and executive James Happ still await trial?
December 9, 2008. James K. Happ, 48, is charged with conspiracy, money-laundering conspiracy and three counts of wire fraud; the 11th National Century executive to be tried or admit guilt. , Also today, a former friend of Happ's testified that, while working at National Century, Happ boasted that he never could be charged with any fraud because he didn't sign anything.
December 18, 2008 - The ONE AND ONLY acquittal; James K Happ!
By Jodi Andes THE COLUMBUS DISPATCH
Prosecutors' case fell short, juror says National Century fraud case produces 1st acquittal ; The "not guilty" verdicts that came in federal court yesterday were not so much a vindication of the last National Century Financial Enterprises executive to stand trial, a juror said.
Instead, they were more a belief that federal prosecutors had not done their job, the juror said after he and his fellow jurors acquitted James K. Happ of five counts after 12 hours of deliberation. "He very well may have been guilty. A lot of us thought he was," said the juror who wouldn't give his name. "But if he was, you gotta have the evidence."
July 26, 1997- Where was James K Happ?
SEC Form September 9, 2003 Annual Meeting of Stockholders, Med Diversified Inc.:
Previously, Mr. Happ served for three years as executive vice president of NCFE, during which time he restructured the servicer department to improve operational performance and accelerated the utilization of technology to increase operational efficiency.
Mr. Happ also served as chief financial officer of the Dallas-based Columbia Homecare Group, Inc.,
… In this role, he directed the company through the challenging reimbursement climate, known as the interim payment system, and participated in the divestiture of all of Columbia/HCA's home care operations
Columbia-Richard Rainwater-GW Bush-and the PROSECUTOR did not do his JOB!
Who is Richard Scott? Who is Richard Rainwater? Who is Darla Moore?
Before GW Bush was affiliated with Richard Rainwater may I remind you-Richard Scott was the ex-partner of Richard Rainwater with Columbia Homecare Group.
THURSDAY, JUNE 26, 2003; WWW.USDOJ.GOV;
HCA Inc. (formerly known as Columbia/HCA and HCA - The Healthcare Company)
LARGEST HEALTH CARE FRAUD CASE IN U.S. HISTORY SETTLED; HCA INVESTIGATION NETS RECORD TOTAL OF $1.7 BILLION
Note: Hospital Corporation of America (HCA) was acquired by Columbia in 1994.
Why does this matter? Because the wrath of Richard Scott’s fraud just ended in December 2008 in the largest private financial fraud case in our country's history in 2002 when FBI raided the offices of National Century Financial Enterprises Dublin, Ohio, headquarters.
Guess where Columbia and many of the other publicly traded healthcare companies DUMPED their losing asset, Home healthcare? National Century Financial Enterprises
National Century Financial Enterprises:
“This case is one of the largest corporate fraud investigations involving a privately held company headquartered in small town America,” said Assistant Director Kenneth W. Kaiser of the FBI Criminal Investigative Division.
The following is an excerpt from a 10-K SEC Filing, filed by J P MORGAN CHASE & CO on 3/9/2006: Enron litigation. JPMorgan Chase and certain of its officers and directors are involved in a number of lawsuits arising out of its banking relationships with Enron Corp.; the three current or former Firm employees are sued in their roles as former members of NCFE's board of directors
March 26, 2008; By Jodi Andes; THE COLUMBUS DISPATCH
Nine other executives have been convicted or pleaded guilty in National Century's collapse. Only Poulsen and executive James Happ still await trial.
Only Poulsen and executive James Happ still await trial?
December 9, 2008. James K. Happ, 48, is charged with conspiracy, money-laundering conspiracy and three counts of wire fraud; the 11th National Century executive to be tried or admit guilt. , Also today, a former friend of Happ's testified that, while working at National Century, Happ boasted that he never could be charged with any fraud because he didn't sign anything.
December 18, 2008 - The ONE AND ONLY acquittal; James K Happ!
By Jodi Andes THE COLUMBUS DISPATCH
Prosecutors' case fell short, juror says National Century fraud case produces 1st acquittal ; The "not guilty" verdicts that came in federal court yesterday were not so much a vindication of the last National Century Financial Enterprises executive to stand trial, a juror said.
Instead, they were more a belief that federal prosecutors had not done their job, the juror said after he and his fellow jurors acquitted James K. Happ of five counts after 12 hours of deliberation. "He very well may have been guilty. A lot of us thought he was," said the juror who wouldn't give his name. "But if he was, you gotta have the evidence."
July 26, 1997- Where was James K Happ?
SEC Form September 9, 2003 Annual Meeting of Stockholders, Med Diversified Inc.:
Previously, Mr. Happ served for three years as executive vice president of NCFE, during which time he restructured the servicer department to improve operational performance and accelerated the utilization of technology to increase operational efficiency.
Mr. Happ also served as chief financial officer of the Dallas-based Columbia Homecare Group, Inc.,
… In this role, he directed the company through the challenging reimbursement climate, known as the interim payment system, and participated in the divestiture of all of Columbia/HCA's home care operations
Columbia-Richard Rainwater-GW Bush-and the PROSECUTOR did not do his JOB!
Wednesday, March 4, 2009
Who is Richard Scott? What the Wall Street Journal won't reveal
Group launches health care offensive
By JONATHAN MARTIN | 3/3/09 4:18 AM EST
Firing some of the first shots in the coming showdown over health care, a conservative group led by the former owner of the Hospital Corporation of America is beginning a multimillion-dollar campaign Tuesday in opposition to government-run coverage.
Conservatives for Patients Rights is going on TV, radio and the Web in the same week President Barack Obama hosts a health care summit at the White House. The group’s leader, Richard Scott, is hoping a pro-free-market message will rally the right to join the fray on what may be the most hard-fought policy battle in the first year of the new administration.
“If we have more government involvement we’re going to have dramatically worse health care,” said Scott, the wealthy health care executive who is overseeing the effort and seeding it with $5 million of his own cash.
Scott, a major GOP donor, is pushing for four principles to any health care reform package: individual choice, competition between carriers, giving patients’ ownership over their own coverage and rewarding those who make healthy lifestyle choices.
“I want health care reform to happen but I want it the right way,” Scott said.
Toward that goal, Scott’s group is enlisting a group of veteran Republican consultants to fashion a multi-media battle, warning against the move toward more government involvement. The new group starts a three-week TV and radio campaign featuring Scott Tuesday and will plaster the Internet with ads while also launching its homepage.
The goal is to provide conservatives with a central organization to resist any move by Obama and congressional Democrats toward universal coverage. Scott said the group would spend up to $20 million on the campaign, and volunteered that he would consider reaching further into his pocket.
Scott shied away from comparing his effort to the famous industry-led “Harry and Louise” ad campaign that helped torpedo universal coverage in the Clinton administration, saying that while they may receive some aid from health care stakeholders, the “goal is to get support from individuals.”
Scott’s first salvo is being fired Tuesday largely on conservative talk radio shows and on cable news.
“Imagine waking up one day and all your medical decisions are made by a central national board,” Scott says in the radio ad. “Bureaucrats decide the treatments you receive, the drugs you take, even the doctors you see.”
He goes on to raise the prospect of “national boards” and “waiting lists” as in the nationalized systems of Great Britain and Canada. “That’s what some in Washington mean by reform,” Scott says in the spot.
Page 2
Some on the left have already formed their own group, Health Care for America Now, a coalition to push for guaranteed health care for all Americans. The group has a $35 million budget this year and is planning on spending half of that on advertising in addition to holding grass-roots events in Washington, and in the districts of key members of Congress.
“We are fully operational, organized, and mobilized to make sure Congress supports the president’s plan to win quality, affordable health care for all this year,” said Jacki Schechner, the group’s communications director
Pro-health reform activists also have begun circulating information in an effort to discredit Scott, a move that underscores the huge stakes involved in the issue.
According to a 2000 article in Forbes, Scott was forced to resign as head of what became known as Columbia/HCA after fraud charges against the massive health care company in 1997. He was replaced by Thomas Frist Jr., the original founder of HCA and brother of future Senate Majority Leader Bill Frist (R-Tenn.)
The company eventually paid over $880 million to reach a settlement with the Justice Department in 2002 on the charges.
Obama already has sought to rebut criticism that he wants a government takeover of health care by outlining eight principles of any overhaul, including letting patients stick with their own doctors and health care plans, reducing insurance premiums and guaranteeing that Americans will have a choice of health plans and physicians.
Beyond that, the Obama administration has signaled that it will push back hard on conservatives who try to label Obama’s efforts as “socialized medicine” or a massive government takeover of day-to-day health decisions. In his radio address Saturday, Obama said he’s ready for a fight against anyone who tries to block his efforts to remake health care and other programs.
But that’s exactly one of Scott’s key arguments. He said he’ll try to draw a comparison between Obama’s plan and nationalized health care systems in Great Britain and Canada, during the second round of its campaign, Scott said in an interview.
“We’ll give people information about how single-payer systems…impact the average person that needs expensive care,” he said.
To do so, Scott has enlisted former CNN reporter Gene Randall and another former producer from the cable network to travel to the two countries to gather footage.
Scott is now primarily an investor, but he does own an urgent care company with over 20 facilities across the country. He said he draws a “very insignificant amount of money from Medicare and Medicaid” and that his primary interest is not his own bottom line.
“What I care about is the free-market system,” he said.
Editor’s Note: Conservatives for Patients’ Rights purchased advertising space on POLITICO.com for this campaign.
By JONATHAN MARTIN | 3/3/09 4:18 AM EST
Firing some of the first shots in the coming showdown over health care, a conservative group led by the former owner of the Hospital Corporation of America is beginning a multimillion-dollar campaign Tuesday in opposition to government-run coverage.
Conservatives for Patients Rights is going on TV, radio and the Web in the same week President Barack Obama hosts a health care summit at the White House. The group’s leader, Richard Scott, is hoping a pro-free-market message will rally the right to join the fray on what may be the most hard-fought policy battle in the first year of the new administration.
“If we have more government involvement we’re going to have dramatically worse health care,” said Scott, the wealthy health care executive who is overseeing the effort and seeding it with $5 million of his own cash.
Scott, a major GOP donor, is pushing for four principles to any health care reform package: individual choice, competition between carriers, giving patients’ ownership over their own coverage and rewarding those who make healthy lifestyle choices.
“I want health care reform to happen but I want it the right way,” Scott said.
Toward that goal, Scott’s group is enlisting a group of veteran Republican consultants to fashion a multi-media battle, warning against the move toward more government involvement. The new group starts a three-week TV and radio campaign featuring Scott Tuesday and will plaster the Internet with ads while also launching its homepage.
The goal is to provide conservatives with a central organization to resist any move by Obama and congressional Democrats toward universal coverage. Scott said the group would spend up to $20 million on the campaign, and volunteered that he would consider reaching further into his pocket.
Scott shied away from comparing his effort to the famous industry-led “Harry and Louise” ad campaign that helped torpedo universal coverage in the Clinton administration, saying that while they may receive some aid from health care stakeholders, the “goal is to get support from individuals.”
Scott’s first salvo is being fired Tuesday largely on conservative talk radio shows and on cable news.
“Imagine waking up one day and all your medical decisions are made by a central national board,” Scott says in the radio ad. “Bureaucrats decide the treatments you receive, the drugs you take, even the doctors you see.”
He goes on to raise the prospect of “national boards” and “waiting lists” as in the nationalized systems of Great Britain and Canada. “That’s what some in Washington mean by reform,” Scott says in the spot.
Page 2
Some on the left have already formed their own group, Health Care for America Now, a coalition to push for guaranteed health care for all Americans. The group has a $35 million budget this year and is planning on spending half of that on advertising in addition to holding grass-roots events in Washington, and in the districts of key members of Congress.
“We are fully operational, organized, and mobilized to make sure Congress supports the president’s plan to win quality, affordable health care for all this year,” said Jacki Schechner, the group’s communications director
Pro-health reform activists also have begun circulating information in an effort to discredit Scott, a move that underscores the huge stakes involved in the issue.
According to a 2000 article in Forbes, Scott was forced to resign as head of what became known as Columbia/HCA after fraud charges against the massive health care company in 1997. He was replaced by Thomas Frist Jr., the original founder of HCA and brother of future Senate Majority Leader Bill Frist (R-Tenn.)
The company eventually paid over $880 million to reach a settlement with the Justice Department in 2002 on the charges.
Obama already has sought to rebut criticism that he wants a government takeover of health care by outlining eight principles of any overhaul, including letting patients stick with their own doctors and health care plans, reducing insurance premiums and guaranteeing that Americans will have a choice of health plans and physicians.
Beyond that, the Obama administration has signaled that it will push back hard on conservatives who try to label Obama’s efforts as “socialized medicine” or a massive government takeover of day-to-day health decisions. In his radio address Saturday, Obama said he’s ready for a fight against anyone who tries to block his efforts to remake health care and other programs.
But that’s exactly one of Scott’s key arguments. He said he’ll try to draw a comparison between Obama’s plan and nationalized health care systems in Great Britain and Canada, during the second round of its campaign, Scott said in an interview.
“We’ll give people information about how single-payer systems…impact the average person that needs expensive care,” he said.
To do so, Scott has enlisted former CNN reporter Gene Randall and another former producer from the cable network to travel to the two countries to gather footage.
Scott is now primarily an investor, but he does own an urgent care company with over 20 facilities across the country. He said he draws a “very insignificant amount of money from Medicare and Medicaid” and that his primary interest is not his own bottom line.
“What I care about is the free-market system,” he said.
Editor’s Note: Conservatives for Patients’ Rights purchased advertising space on POLITICO.com for this campaign.
Wednesday, December 24, 2008
Go back to Grasso ....
SEC Chief Defends His Restraint
Cox Rebuffs Criticism of Leadership During Crisis
By Amit R. Paley and David S. Hilzenrath
Washington Post Staff Writers
Wednesday, December 24, 2008; Page A01
Christopher Cox, the embattled chairman of the Securities and Exchange Commission, is defending his restrained approach to the financial crisis, saying he has provided steady leadership as Wall Street's main regulator at a time when other federal regulators have responded precipitously to upheaval in the markets.
During his tenure, the SEC has watched as all the investment banks it oversaw collapsed, were swallowed up or got out of their traditional line of business. The agency, meanwhile, was on the sidelines while the Treasury Department and Federal Reserve worked to bail out the financial sector. And the SEC, by its own admission, failed to detect an alleged $50 billion fraud by Bernard L. Madoff that may be the largest Ponzi scheme in history.
But in his first interview since the Madoff scandal broke, Cox said he was not responsible for the agency's failure to detect the alleged fraud and that he had responded properly to the broader financial crisis given the information he had. Confronted with a barrage of criticism from lawmakers, former officials and even some of his staff, Cox said he took pride in his measured response to the market turmoil.
"What we have done in this current turmoil is stay calm, which has been our greatest contribution -- not being impulsive, not changing the rules willy-nilly, but going through a very professional and orderly process that takes into account unintended consequences and gives ample notice to market participants," Cox said. This caution, he added, "has really been a signal achievement for the SEC."
Taking a swipe at the shifting response of the Treasury and Fed in addressing the financial crisis, he said: "When these gale-force winds hit our markets, there were panicked cries to change any and every rule of the marketplace: 'Let's try this. Let's try that.' What was needed was a steady hand."
Cox said the biggest mistake of his tenure was agreeing in September to an extraordinary three-week ban on short selling of financial company stocks. But in publicly acknowledging for the first time that this ban was not productive, Cox said he had been under intense pressure from Treasury Secretary Henry M. Paulson Jr. and Fed Chairman Ben S. Bernanke to take this action and did so reluctantly. They "were of the view that if we did not act and act at that instant, these financial institutions could fail as a result and there would be nothing left to save," Cox said.
Although Cox speaks of staying calm in the face of financial turmoil, lawmakers across the political spectrum counter that this is actually another way of saying that his agency remained passive during the worst global financial crisis in decades. And they say that Cox's stewardship before this year -- focusing on deregulation as the agency's staff shrank -- laid the groundwork for the meltdown.
"The commission in recent years has handcuffed the inspection and enforcement division," said Arthur Levitt, SEC chairman during the Clinton administration. "The environment was not conducive to proactive enforcement activity."
Cox, 56, a former Republican congressman from California, became chairman in mid-2005 and plans to step down early next year before his full five-year term expires. President-elect Barack Obama has nominated Mary L. Schapiro, a former SEC commissioner, to replace him.
In a 90-minute conversation in his 10th-floor corner office last week, Cox said the SEC's emphasis on enforcement is as strong as ever. "We've done everything we can during the last several years in the agency to make sure that people understand there's a strong market cop on the beat," he said.
"That's why Madoff is such a big asterisk," he added. "The case is very troubling for that reason. It's what the SEC's good at. And it's inexplicable."
Cox argued that the agency has carefully defined responsibilities and that it was unfair to blame it for every problem on Wall Street.
"The public might not understand that that wasn't the SEC's job," he said, adding that the agency was not responsible for preventing investment banks from collapsing but rather for sheltering their securities trading units from problems in the broader corporation. "The SEC is not a safety and soundness regulator," he said.
Cox said that when he first took office he emphasized the importance of simplifying the rulemaking process and increasing transparency. Outside experts say he has succeeded.
"He's made it lot easier for the public to get information and made strong attempts at better disclosure," said Lee A. Pickard, a former director of the SEC's division of market regulation. "He unfortunately has had a couple of hurricanes that have evolved on this watch, like the credit crisis and the Bernie Madoff situation. But I'm not sure you can point to him as responsible for either one of those."
But former officials said enforcement has suffered during his tenure. A pilot program begun last year required enforcement staff to meet with the commissioners before beginning settlement talks in certain cases involving non-financial firms. Some former officials said the change was just one example of new bureaucratic impediments that slowed enforcement work. The commissioners also made clear that they thought staff members were being too aggressive in some cases, the officials said.
"I think there has been a sentiment communicated to rank-and-file staff, lawyers and accountants that you don't go after the establishment," said Ross Albert, a former special counsel in the enforcement division.
Another staffing shift was underway at the Office of Risk Assessment, formed by Cox's predecessor, William H. Donaldson, to spot emerging problems in the financial markets. But under Cox, the office, which once had slots for seven people, eventually dwindled to just one. "That office withered away," said Bruce Carton, a former SEC enforcement lawyer. "It died on the vine under Cox."
The agency's overall staff also began to drop during Cox's tenure, to 3,442 full-time employees in fiscal 2008 from 3,773 in fiscal 2005, according to agency data. The agency's budget over that time has increased 2 percent, to $906 million from $888 million, an amount that the National Treasury Employees Union, which represents SEC staff, says is far too small.
"There just hasn't been enough resources or staffing over the years for the SEC to oversee the number of companies it is responsible for," said Colleen M. Kelley, the union's president. "Cox needs to take responsibility that he failed as the leader of the agency to ask for what was needed."
SEC officials said the staffing cuts were required to stay within the constraints of the budgets approved by Congress.
Cox defended his record on enforcement and risk assessment. His aides said that risk assessment is done by staff spread throughout the agency and that the total number focused on it over Cox's tenure has increased from 26 to 37 people. He also said that the 671 enforcement actions brought last year was the second-highest number in the agency's history.
While the statistics look good, former SEC general counsel Ralph Ferrara said, "they put a huge bottleneck in the ability of that enforcement division to function. Cases would linger for months or years because they didn't have the guidance to get the cases done." Ferrara, now a partner with Dewey & LeBouef, added that the enforcement division "was roped to the ground like Gulliver by the Lilliputians."
An analysis by law firm Morgan, Lewis & Bockius, however, showed that the SEC's actions against broker-dealers, who serve as middlemen in financial trades, actually dropped about 33 percent, to 60 cases in fiscal 2008 from about 89 cases in fiscal 2007.
"In one of its core areas -- regulation of Wall Street firms -- its caseload was down significantly," said Ben A. Indek, a securities lawyer at the firm.
Under Cox, the SEC has taken particular heat for its oversight of the five major investment banks -- all finance titans synonymous with Wall Street.
It became the agency's responsibility to monitor them for financial and operational weaknesses under a program set up before Cox's tenure, but under his watch they got into such trouble that today they no longer exist as investment banks. Bear Stearns and Lehman Brothers failed, Merrill Lynch had to be taken over, and Goldman Sachs and Morgan Stanley converted themselves into bank holding companies.
The March collapse of Bear Stearns illustrated an array of agency shortcomings, according to a review by the SEC's inspector general. He concluded that agency officials had been aware of "numerous potential red flags" at Bear Stearns "but did not take actions to limit these risk factors."
"It is undisputable," the inspector general concluded, that the "program failed to carry out its mission in its oversight of Bear Stearns."
The SEC was aware that the firm's exposure to mortgage securities exceeded its internal limits and represented a significant risk, but the agency made no effort to reduce that exposure, the report found. The agency also knew about but failed to adequately address various weaknesses in Bear Stearns's management of mortgage risk, such as a lack of expertise, persistent understaffing and an apparent lack of independence between risk managers and traders. In violation of an SEC rule, agency officials also allowed Bear Stearns and other investment banks to entrust critical checks and balances to internal, rather than outside auditors, the report found.
Cox shut down the oversight program this year. "This voluntary regulation of investment bank holding companies was flawed from the inception," he said. Instead, he went to Congress and asked for the explicit authority to regulate investment bank holding companies. In the interview, he said he wished he had gone to Congress earlier to get the authority.
Outside securities experts and government officials said they were surprised this year to see the SEC and Cox on the sidelines after Bear Stearns collapsed in March and Lehman Brothers failed in September.
Treasury and Fed officials viewed Cox and his staff as nonplayers who had failed to foresee the brewing problems, according to people who were involved in those efforts but spoke on condition of anonymity because of the sensitivity of the matter. They said Cox was often brought in for consultation only after major decisions had been made by Treasury and Fed officials.
Cox said it was natural that the SEC would have less of a role once it became necessary to bail out the firms. "We don't have macroeconomic levers," he said. "That's not what we do."
At the moment, the agency's biggest problem is the Madoff scandal, Cox said. Last week, Cox ordered an internal investigation into the agency's failures to uncover fraud at Madoff's investment advisory firm despite multiple warnings.
Cox has declined to talk about the specifics of the investigation. He has said that concerns about Madoff's activities were never presented to the commissioners.
When Cox was asked whether he should be blamed for a culture of lax enforcement that allowed multiple warnings about the fraud to go undetected, he said: "Absolutely not. In fact, it's in the DNA here that people thrive on bringing big cases."
Staff writers Binyamin Appelbaum and Neil Irwin contributed to this report.
Cox Rebuffs Criticism of Leadership During Crisis
By Amit R. Paley and David S. Hilzenrath
Washington Post Staff Writers
Wednesday, December 24, 2008; Page A01
Christopher Cox, the embattled chairman of the Securities and Exchange Commission, is defending his restrained approach to the financial crisis, saying he has provided steady leadership as Wall Street's main regulator at a time when other federal regulators have responded precipitously to upheaval in the markets.
During his tenure, the SEC has watched as all the investment banks it oversaw collapsed, were swallowed up or got out of their traditional line of business. The agency, meanwhile, was on the sidelines while the Treasury Department and Federal Reserve worked to bail out the financial sector. And the SEC, by its own admission, failed to detect an alleged $50 billion fraud by Bernard L. Madoff that may be the largest Ponzi scheme in history.
But in his first interview since the Madoff scandal broke, Cox said he was not responsible for the agency's failure to detect the alleged fraud and that he had responded properly to the broader financial crisis given the information he had. Confronted with a barrage of criticism from lawmakers, former officials and even some of his staff, Cox said he took pride in his measured response to the market turmoil.
"What we have done in this current turmoil is stay calm, which has been our greatest contribution -- not being impulsive, not changing the rules willy-nilly, but going through a very professional and orderly process that takes into account unintended consequences and gives ample notice to market participants," Cox said. This caution, he added, "has really been a signal achievement for the SEC."
Taking a swipe at the shifting response of the Treasury and Fed in addressing the financial crisis, he said: "When these gale-force winds hit our markets, there were panicked cries to change any and every rule of the marketplace: 'Let's try this. Let's try that.' What was needed was a steady hand."
Cox said the biggest mistake of his tenure was agreeing in September to an extraordinary three-week ban on short selling of financial company stocks. But in publicly acknowledging for the first time that this ban was not productive, Cox said he had been under intense pressure from Treasury Secretary Henry M. Paulson Jr. and Fed Chairman Ben S. Bernanke to take this action and did so reluctantly. They "were of the view that if we did not act and act at that instant, these financial institutions could fail as a result and there would be nothing left to save," Cox said.
Although Cox speaks of staying calm in the face of financial turmoil, lawmakers across the political spectrum counter that this is actually another way of saying that his agency remained passive during the worst global financial crisis in decades. And they say that Cox's stewardship before this year -- focusing on deregulation as the agency's staff shrank -- laid the groundwork for the meltdown.
"The commission in recent years has handcuffed the inspection and enforcement division," said Arthur Levitt, SEC chairman during the Clinton administration. "The environment was not conducive to proactive enforcement activity."
Cox, 56, a former Republican congressman from California, became chairman in mid-2005 and plans to step down early next year before his full five-year term expires. President-elect Barack Obama has nominated Mary L. Schapiro, a former SEC commissioner, to replace him.
In a 90-minute conversation in his 10th-floor corner office last week, Cox said the SEC's emphasis on enforcement is as strong as ever. "We've done everything we can during the last several years in the agency to make sure that people understand there's a strong market cop on the beat," he said.
"That's why Madoff is such a big asterisk," he added. "The case is very troubling for that reason. It's what the SEC's good at. And it's inexplicable."
Cox argued that the agency has carefully defined responsibilities and that it was unfair to blame it for every problem on Wall Street.
"The public might not understand that that wasn't the SEC's job," he said, adding that the agency was not responsible for preventing investment banks from collapsing but rather for sheltering their securities trading units from problems in the broader corporation. "The SEC is not a safety and soundness regulator," he said.
Cox said that when he first took office he emphasized the importance of simplifying the rulemaking process and increasing transparency. Outside experts say he has succeeded.
"He's made it lot easier for the public to get information and made strong attempts at better disclosure," said Lee A. Pickard, a former director of the SEC's division of market regulation. "He unfortunately has had a couple of hurricanes that have evolved on this watch, like the credit crisis and the Bernie Madoff situation. But I'm not sure you can point to him as responsible for either one of those."
But former officials said enforcement has suffered during his tenure. A pilot program begun last year required enforcement staff to meet with the commissioners before beginning settlement talks in certain cases involving non-financial firms. Some former officials said the change was just one example of new bureaucratic impediments that slowed enforcement work. The commissioners also made clear that they thought staff members were being too aggressive in some cases, the officials said.
"I think there has been a sentiment communicated to rank-and-file staff, lawyers and accountants that you don't go after the establishment," said Ross Albert, a former special counsel in the enforcement division.
Another staffing shift was underway at the Office of Risk Assessment, formed by Cox's predecessor, William H. Donaldson, to spot emerging problems in the financial markets. But under Cox, the office, which once had slots for seven people, eventually dwindled to just one. "That office withered away," said Bruce Carton, a former SEC enforcement lawyer. "It died on the vine under Cox."
The agency's overall staff also began to drop during Cox's tenure, to 3,442 full-time employees in fiscal 2008 from 3,773 in fiscal 2005, according to agency data. The agency's budget over that time has increased 2 percent, to $906 million from $888 million, an amount that the National Treasury Employees Union, which represents SEC staff, says is far too small.
"There just hasn't been enough resources or staffing over the years for the SEC to oversee the number of companies it is responsible for," said Colleen M. Kelley, the union's president. "Cox needs to take responsibility that he failed as the leader of the agency to ask for what was needed."
SEC officials said the staffing cuts were required to stay within the constraints of the budgets approved by Congress.
Cox defended his record on enforcement and risk assessment. His aides said that risk assessment is done by staff spread throughout the agency and that the total number focused on it over Cox's tenure has increased from 26 to 37 people. He also said that the 671 enforcement actions brought last year was the second-highest number in the agency's history.
While the statistics look good, former SEC general counsel Ralph Ferrara said, "they put a huge bottleneck in the ability of that enforcement division to function. Cases would linger for months or years because they didn't have the guidance to get the cases done." Ferrara, now a partner with Dewey & LeBouef, added that the enforcement division "was roped to the ground like Gulliver by the Lilliputians."
An analysis by law firm Morgan, Lewis & Bockius, however, showed that the SEC's actions against broker-dealers, who serve as middlemen in financial trades, actually dropped about 33 percent, to 60 cases in fiscal 2008 from about 89 cases in fiscal 2007.
"In one of its core areas -- regulation of Wall Street firms -- its caseload was down significantly," said Ben A. Indek, a securities lawyer at the firm.
Under Cox, the SEC has taken particular heat for its oversight of the five major investment banks -- all finance titans synonymous with Wall Street.
It became the agency's responsibility to monitor them for financial and operational weaknesses under a program set up before Cox's tenure, but under his watch they got into such trouble that today they no longer exist as investment banks. Bear Stearns and Lehman Brothers failed, Merrill Lynch had to be taken over, and Goldman Sachs and Morgan Stanley converted themselves into bank holding companies.
The March collapse of Bear Stearns illustrated an array of agency shortcomings, according to a review by the SEC's inspector general. He concluded that agency officials had been aware of "numerous potential red flags" at Bear Stearns "but did not take actions to limit these risk factors."
"It is undisputable," the inspector general concluded, that the "program failed to carry out its mission in its oversight of Bear Stearns."
The SEC was aware that the firm's exposure to mortgage securities exceeded its internal limits and represented a significant risk, but the agency made no effort to reduce that exposure, the report found. The agency also knew about but failed to adequately address various weaknesses in Bear Stearns's management of mortgage risk, such as a lack of expertise, persistent understaffing and an apparent lack of independence between risk managers and traders. In violation of an SEC rule, agency officials also allowed Bear Stearns and other investment banks to entrust critical checks and balances to internal, rather than outside auditors, the report found.
Cox shut down the oversight program this year. "This voluntary regulation of investment bank holding companies was flawed from the inception," he said. Instead, he went to Congress and asked for the explicit authority to regulate investment bank holding companies. In the interview, he said he wished he had gone to Congress earlier to get the authority.
Outside securities experts and government officials said they were surprised this year to see the SEC and Cox on the sidelines after Bear Stearns collapsed in March and Lehman Brothers failed in September.
Treasury and Fed officials viewed Cox and his staff as nonplayers who had failed to foresee the brewing problems, according to people who were involved in those efforts but spoke on condition of anonymity because of the sensitivity of the matter. They said Cox was often brought in for consultation only after major decisions had been made by Treasury and Fed officials.
Cox said it was natural that the SEC would have less of a role once it became necessary to bail out the firms. "We don't have macroeconomic levers," he said. "That's not what we do."
At the moment, the agency's biggest problem is the Madoff scandal, Cox said. Last week, Cox ordered an internal investigation into the agency's failures to uncover fraud at Madoff's investment advisory firm despite multiple warnings.
Cox has declined to talk about the specifics of the investigation. He has said that concerns about Madoff's activities were never presented to the commissioners.
When Cox was asked whether he should be blamed for a culture of lax enforcement that allowed multiple warnings about the fraud to go undetected, he said: "Absolutely not. In fact, it's in the DNA here that people thrive on bringing big cases."
Staff writers Binyamin Appelbaum and Neil Irwin contributed to this report.
Thursday, October 9, 2008
One week into the trial for the CEO Lance Poulsen, yes. However, this case has been ongoing since February. However, there is an ex executive, James J Happ that has yet to go on trial. His is scheduled for December 2008.
Funny, all the other executives and partners/founders have been sentenced except other than the one on 'America's Most Wanted' list.
Who is James K Happ, perhaps the most important criminal of all?
If only reporters would follow the money with this ex-CFO of Columbia Homecare Group, Inc., NCFE and Med Diversified Inc. (Can you follow the money?)
In 1998, a time when no one wanted homecare companies, stated in SEC records, James K Happ assisted with the divestiture of the losing homecare group within HCA/TN Inc.: Columbia Homecare Group Inc. And who is related to that group? Richard Rainwater and Richard Scott. Who is Richard Rainwater? G W Bush's ex-partner)
Who financed this divestiture? NCFE, National Century Financial Enterprises Inc.
Funny, all the other executives and partners/founders have been sentenced except other than the one on 'America's Most Wanted' list.
Who is James K Happ, perhaps the most important criminal of all?
If only reporters would follow the money with this ex-CFO of Columbia Homecare Group, Inc., NCFE and Med Diversified Inc. (Can you follow the money?)
In 1998, a time when no one wanted homecare companies, stated in SEC records, James K Happ assisted with the divestiture of the losing homecare group within HCA/TN Inc.: Columbia Homecare Group Inc. And who is related to that group? Richard Rainwater and Richard Scott. Who is Richard Rainwater? G W Bush's ex-partner)
Who financed this divestiture? NCFE, National Century Financial Enterprises Inc.
Saturday, October 4, 2008
Credit Suisse Boston which would help sell the bonds, about his employer:National Century was also out of reserves
National Century bond ratings, reserves topics of morning trial testimony
Former CEO Poulsen accused in company's collapse
Friday, October 3, 2008 12:31 PM
By Jodi Andes
THE COLUMBUS DISPATCH
Business was so dire at Dublin-based National Century Financial Enterprises in the month before its bankruptcy, the company could not issue new bonds to raise money. A rating agency had downgraded the company's ranking, a red flag to investors indicating something was wrong.
Yet, National Century's director of securities, Jon Beacham, went with company Chief Executive Lance K. Poulsen to a conference in the Bahamas, Beacham testified at Poulsen's trial in federal court this morning, where he faces fraud and other charges in the collapse of the health-care financing company in 2002.
At that offshore conference, Beacham said he learned another troubling fact from Credit Suisse Boston, which would help sell the bonds, about his employer: National Century was also out of reserves.
Beacham said he questioned Poulsen about it at a breakfast meeting and Poulsen said he depleted the reserves to generate more business. Beacham said encouraged Poulsen to tell investors. Poulsen did, Beacham testified, sending a letter asking investors to sign a waiver that would have allowed National Century to "cure the default in a timely fashion."
However, Beacham told Department of Justice trial attorney Kathleen McGovern that Poulsen's pledge to investors was false.
National Century had offered so many unsecured loans to health-care providers that the providers couldn't have had sufficient accounts receivables to cover the loans. There was no way investors could get all their money back, Beacham testified.
Within a month, National Century filed for bankruptcy and investors lost more than $1.9 billion. About 350 who worked at the Dublin-company at the time also lost their jobs.
When cross-examined, Poulsen's attorney, Pete Anderson, went over in detail the numerous number of people from rating agencies and banks who were reviewing National Century's books through the years. Poulsen's attorneys are contending that were no criminal violations with the company's business practices, with so many watching.
The trial broke for lunch before Anderson finished his cross-examination. The trial is expected to continue at 1:15 p.m.
Poulsen is currently being tried in U.S. District Court in Columbus before Federal Judge Algenon L. Marbley on fraud charges tied to the collapse of National Century.
Beacham is the second witness in the trial that is expected to last about a month. If convicted, Poulsen, 65, could be sentenced to what would amount to life in prison.
jandes@dispatch.com
Former CEO Poulsen accused in company's collapse
Friday, October 3, 2008 12:31 PM
By Jodi Andes
THE COLUMBUS DISPATCH
Business was so dire at Dublin-based National Century Financial Enterprises in the month before its bankruptcy, the company could not issue new bonds to raise money. A rating agency had downgraded the company's ranking, a red flag to investors indicating something was wrong.
Yet, National Century's director of securities, Jon Beacham, went with company Chief Executive Lance K. Poulsen to a conference in the Bahamas, Beacham testified at Poulsen's trial in federal court this morning, where he faces fraud and other charges in the collapse of the health-care financing company in 2002.
At that offshore conference, Beacham said he learned another troubling fact from Credit Suisse Boston, which would help sell the bonds, about his employer: National Century was also out of reserves.
Beacham said he questioned Poulsen about it at a breakfast meeting and Poulsen said he depleted the reserves to generate more business. Beacham said encouraged Poulsen to tell investors. Poulsen did, Beacham testified, sending a letter asking investors to sign a waiver that would have allowed National Century to "cure the default in a timely fashion."
However, Beacham told Department of Justice trial attorney Kathleen McGovern that Poulsen's pledge to investors was false.
National Century had offered so many unsecured loans to health-care providers that the providers couldn't have had sufficient accounts receivables to cover the loans. There was no way investors could get all their money back, Beacham testified.
Within a month, National Century filed for bankruptcy and investors lost more than $1.9 billion. About 350 who worked at the Dublin-company at the time also lost their jobs.
When cross-examined, Poulsen's attorney, Pete Anderson, went over in detail the numerous number of people from rating agencies and banks who were reviewing National Century's books through the years. Poulsen's attorneys are contending that were no criminal violations with the company's business practices, with so many watching.
The trial broke for lunch before Anderson finished his cross-examination. The trial is expected to continue at 1:15 p.m.
Poulsen is currently being tried in U.S. District Court in Columbus before Federal Judge Algenon L. Marbley on fraud charges tied to the collapse of National Century.
Beacham is the second witness in the trial that is expected to last about a month. If convicted, Poulsen, 65, could be sentenced to what would amount to life in prison.
jandes@dispatch.com
Thursday, September 25, 2008
rightchange.com Just how ignorant do you think Americans are?
Before you look at the websites list for'Obamanamics' , let us look at President Bush's 'Proclamation' on June 13,2003.
Yes, 2003!
For Immediate Release
Office of the Press Secretary
June 13, 2003
National Homeownership Month, 2003
By the President of the United States of America
A Proclamation
Homeownership is more than just a symbol of the American Dream; it is an important part of our way of life. Core American values of individuality, thrift, responsibility, and self-reliance are embodied in homeownership. I am committed to helping more families know the security and sense of pride that comes with owning a home.
The Department of Housing and Urban Development is leading an Administration-wide effort to bring new tools and resources to would-be homeowners. We are providing financial assistance to qualified families through the American Dream Downpayment Fund, funding educational programs that stress financial literacy, and offering a compassionate hand to those who dream of moving from subsidized housing into homeownership. And through the Self-Help Homeownership Opportunity Program, my Administration partners with nonprofit organizations that offer homeownership oppor-tunities to families willing to contribute their skills and labor to help build a home of their own. We are also proposing ways to make it easier to shop for a mortgage and to make mortgages available to more families through the Federal Housing Administration.
Today, the United States is fortunate in that our homeownership rate is at an all-time high, and low interest rates continue to encourage millions of Americans to become first-time homeowners. Although a record number of Americans own their own homes, we continue to see a gap between the homeowner-ship rates of minorities and nonminorities. By a significant margin, minority families are less likely to own their own homes. Therefore, I have called upon the entire housing industry to join with my Administration to expand minority homeownership across the Nation. Our goal is to help at least 5.5 million minority families become homeowners by the end of this decade, and our Blueprint for the American Dream Partnership is taking bold steps to make this a reality.
Below is on this so-called non-profit disguise of REPUBLICANS.
10 Things You Need to Know About Senator Obama’s Tax Proposals
Under the tax plans of Barack Obama and his Democratic friends in Congress, American families will only be left with… the change in their pockets.
In 2009, Barack Obama and the Democratic Congress have an idea for a bill. Well, really, it’s a lot of bills that will be paid for by nearly every American in the form of higher taxes and higher costs for food, energy and other products.
So if you have a retirement account, work in or shop at a small business, are close or in retirement, or even flip on a light switch, then there are a few things that you should consider.
Under that plan:
Small main street businesses would be forced to pay tax rates as high as 62.3% under Senator Obama’s tax proposals.1
Senator Obama’s tax plan would tax small businesses at a higher rate than large corporations!2
Taxes on retirement income and savings could increase by at least 33%, hitting millions of seniors when they need these resources the most.3
4 million workers over the age of 50 – those eagerly looking forward to retirement – would be hit with increased tax bills. 4
Millions of Americans would only keep 38 cents of every dollar that they earn.5
Senator Obama’s tax plan would reduce the after tax wages of millions of workers by 17.7%.6
It will take 227 days per year, nearly 8 months, just to pay your tax bill!7
97,065 carpenters, 110,908 police officers, 254,992 nurses, 208,562 postsecondary teachers and 237,000 dentists would see tax increases, if the earnings cap was successfully eliminated.8
10.3 million workers would see an average of $5,650 taken from their paycheck and given to government programs.9
Even YOU might be considered “Rich.”
But don’t just take our word for it.
Be a geek. Click Here. Learn More.
Citations
Yes, 2003!
For Immediate Release
Office of the Press Secretary
June 13, 2003
National Homeownership Month, 2003
By the President of the United States of America
A Proclamation
Homeownership is more than just a symbol of the American Dream; it is an important part of our way of life. Core American values of individuality, thrift, responsibility, and self-reliance are embodied in homeownership. I am committed to helping more families know the security and sense of pride that comes with owning a home.
The Department of Housing and Urban Development is leading an Administration-wide effort to bring new tools and resources to would-be homeowners. We are providing financial assistance to qualified families through the American Dream Downpayment Fund, funding educational programs that stress financial literacy, and offering a compassionate hand to those who dream of moving from subsidized housing into homeownership. And through the Self-Help Homeownership Opportunity Program, my Administration partners with nonprofit organizations that offer homeownership oppor-tunities to families willing to contribute their skills and labor to help build a home of their own. We are also proposing ways to make it easier to shop for a mortgage and to make mortgages available to more families through the Federal Housing Administration.
Today, the United States is fortunate in that our homeownership rate is at an all-time high, and low interest rates continue to encourage millions of Americans to become first-time homeowners. Although a record number of Americans own their own homes, we continue to see a gap between the homeowner-ship rates of minorities and nonminorities. By a significant margin, minority families are less likely to own their own homes. Therefore, I have called upon the entire housing industry to join with my Administration to expand minority homeownership across the Nation. Our goal is to help at least 5.5 million minority families become homeowners by the end of this decade, and our Blueprint for the American Dream Partnership is taking bold steps to make this a reality.
Below is on this so-called non-profit disguise of REPUBLICANS.
10 Things You Need to Know About Senator Obama’s Tax Proposals
Under the tax plans of Barack Obama and his Democratic friends in Congress, American families will only be left with… the change in their pockets.
In 2009, Barack Obama and the Democratic Congress have an idea for a bill. Well, really, it’s a lot of bills that will be paid for by nearly every American in the form of higher taxes and higher costs for food, energy and other products.
So if you have a retirement account, work in or shop at a small business, are close or in retirement, or even flip on a light switch, then there are a few things that you should consider.
Under that plan:
Small main street businesses would be forced to pay tax rates as high as 62.3% under Senator Obama’s tax proposals.1
Senator Obama’s tax plan would tax small businesses at a higher rate than large corporations!2
Taxes on retirement income and savings could increase by at least 33%, hitting millions of seniors when they need these resources the most.3
4 million workers over the age of 50 – those eagerly looking forward to retirement – would be hit with increased tax bills. 4
Millions of Americans would only keep 38 cents of every dollar that they earn.5
Senator Obama’s tax plan would reduce the after tax wages of millions of workers by 17.7%.6
It will take 227 days per year, nearly 8 months, just to pay your tax bill!7
97,065 carpenters, 110,908 police officers, 254,992 nurses, 208,562 postsecondary teachers and 237,000 dentists would see tax increases, if the earnings cap was successfully eliminated.8
10.3 million workers would see an average of $5,650 taken from their paycheck and given to government programs.9
Even YOU might be considered “Rich.”
But don’t just take our word for it.
Be a geek. Click Here. Learn More.
Citations
Tuesday, September 23, 2008
‘The Rise and Fall of America" JPMorgan Chase CEO and chair James Dimon
Economic Panel: Greenspan, Buffett, Paulson, Rubin, Volker, Levitt, Bloomberg
April 19, 2007
Christopher Bjorke, AFP
April 19,2007
"...addressing the health of U.S. capital markets.."
“If they write a book called, ‘The Rise and Fall of America,’ the fall would be from the legal system,” said JPMorgan Chase CEO and chair James Dimon, who called class-action suits “one-sided crap shoots” that mostly benefit outside lawyers.
“Where is the balance between hobbling the U.S. economy in a more competitive global marketplace and protecting investors from another Enron?”
Immelt said. “But is it in the best interest of the investors?”
Buffett was talking about the intensity of focus investors and regulators should bring to their scrutiny of companies
“In my judgment, we must rise above a rules-based mindset that asks, ‘Is this legal?’ and adopt a more principles-based approach that asks, ‘Is this right?’ ” Paulson said, according to a transcript from Treasury.
Buffett, Greenspan and Paulson were just a few of the big names at a U.S. Treasury conference addressing the health of U.S. capital markets. With SOX, IFRS and lawsuits, they had plenty to talk about.
A gathering of economic and financial superstardom in Washington, D.C., in March revealed a number of opinions from notables past and present.
Former Treasury Secretary Robert Rubin thinks Sarbanes-Oxley places too much liability on CEOs.
New York Mayor Michael Bloomberg believes future competitiveness requires increased immigration and better schools.
Legendary investor Warren Buffett really likes reading financial statements.
“I have an enthusiasm for reading reports. It’s like a teenager reading Playboy,” Buffett said, drawing the biggest laugh of the federal Treasury’s Conference on U.S. Capital Markets Competitiveness. “At 76, you have to get excited about something.”
Buffett was talking about the intensity of focus investors and regulators should bring to their scrutiny of companies. He and his fellow panelists met to bring their collective wisdom and experience to the question of American competitiveness in capital markets.
Current Secretary of Treasury Henry Paulson, recently returned from the latest travels in his campaign to influence Chinese economic policies, hosted the public panel discussions by the most famous and influential players in economics. Other names worthy of E.F. Hutton-type attentiveness were Alan Greenspan, Paul Volker, Arthur Levitt and Jeffrey Immelt, to name only a few.
And the question their discussions frequently came down to was, “Where is the balance between hobbling the U.S. economy in a more competitive global marketplace and protecting investors from another Enron?”
SOX and suits
U.S. companies are “digesting” regulations like Sarbanes-Oxley, Buffett said, though they have “no choice but to digest what’s being served up. ... Most of my friends are not pleased, but they, in a way, brought it on themselves.”
Since “Enron” became a byword for corporate chicanery rather than an energy company, executives in public companies have paid for the misdeeds of others, and questioned the burden of regulations like Sarbanes-Oxley and their effects on the strength of U.S. companies internationally.
“Having high standards is not a bad thing for business,” said Immelt, General Electric’s chief executive and board chair. Like other panelists, he showed an unwillingness to discount the ability of American business to adapt to a changing environment.
“Whatever the regulation is today, I can win. I can win in China, I can win in India,” Immelt said. “But is it in the best interest of the investors?”
The panelists, however, did not hesitate to discuss their frustration with audit committees, SOX 404 requirements and the threat of litigation.
“I think I’d be scared to death to sign one of these things now,” in light of the lawsuits an incorrect SOX 404 statement could bring, said former Treasury Secretary Robert Rubin.
Lawsuits and the jackpot mentality behind some litigation came in for a good share of the panelists’ ire, perhaps more so than the more politically sensitive Sarbanes-Oxley.
“If they write a book called, ‘The Rise and Fall of America,’ the fall would be from the legal system,” said JPMorgan Chase CEO and chair James Dimon, who called class-action suits “one-sided crap shoots” that mostly benefit outside lawyers.
International rules, competition
Beyond the internal regulations and legal system of the United States is the fact that it is not alone in the world as much as it was in the past. Other countries’ economies have grown up and so have international capital markets and the day when all international companies had to play by American rules—and Generally Accepted Accounting Principles—has passed.
Paulson in his opening statement broached the differences between the rules-based U.S. standards and the principles-based international standards.
“In my judgment, we must rise above a rules-based mindset that asks, ‘Is this legal?’ and adopt a more principles-based approach that asks, ‘Is this right?’ ” Paulson said, according to a transcript from Treasury.
Securities and Exchange Commission Chairman Christopher Cox, Paulson’s co-chair on the conference’s panels, put the rules/principles dichotomy another way.
“It’s ‘like tastes great, less filling.’ Everybody wants both,” Cox said. “Enron taught us that following rules punctiliously is not necessarily the way to truth.”
Former Federal Reserve Chairman Paul Volker said American adherence to its standards was out of step with companies.
“An overwhelming number of companies big and small are adopting IFRS,” he said. “The U.S. is going to be left behind.”
A frequent statistic meant to instill in business people and policy-makers a healthy fear of over-regulation is the issue of companies choosing to list on overseas equity markets and the shift of public companies to private ownership. Not all the panelists were convinced that complex U.S. rules were driving a trend.
According to former SEC chair Arthur Levitt, now an advisor to the Carlyle Group, companies listing overseas were merely a result of other countries mimicking American financial services, “the greatest export the U.S. has had.”
“It doesn’t make any difference in terms of jobs and basic business,” Levitt said.
Immelt and others said companies going private may be just a passing fad.
“We’re at a moment in time where that’s being played up as the nirvana of business.”
Bloomberg and Greenspan both took a long view on the economy, citing big-picture concerns such as immigration restrictions, poor education and wide income disparity as threats to the economy.
As for the more immediate regulatory concerns of the panel, opinions stayed on a theme: Laws are fine as long there is balance and clarity.
As Bloomberg expressed it, “Just tell us what the law is and we can compete.”
Copyright © 2007 Association for Financial Professionals. All Rights Reserved.
April 19, 2007
Christopher Bjorke, AFP
April 19,2007
"...addressing the health of U.S. capital markets.."
“If they write a book called, ‘The Rise and Fall of America,’ the fall would be from the legal system,” said JPMorgan Chase CEO and chair James Dimon, who called class-action suits “one-sided crap shoots” that mostly benefit outside lawyers.
“Where is the balance between hobbling the U.S. economy in a more competitive global marketplace and protecting investors from another Enron?”
Immelt said. “But is it in the best interest of the investors?”
Buffett was talking about the intensity of focus investors and regulators should bring to their scrutiny of companies
“In my judgment, we must rise above a rules-based mindset that asks, ‘Is this legal?’ and adopt a more principles-based approach that asks, ‘Is this right?’ ” Paulson said, according to a transcript from Treasury.
Buffett, Greenspan and Paulson were just a few of the big names at a U.S. Treasury conference addressing the health of U.S. capital markets. With SOX, IFRS and lawsuits, they had plenty to talk about.
A gathering of economic and financial superstardom in Washington, D.C., in March revealed a number of opinions from notables past and present.
Former Treasury Secretary Robert Rubin thinks Sarbanes-Oxley places too much liability on CEOs.
New York Mayor Michael Bloomberg believes future competitiveness requires increased immigration and better schools.
Legendary investor Warren Buffett really likes reading financial statements.
“I have an enthusiasm for reading reports. It’s like a teenager reading Playboy,” Buffett said, drawing the biggest laugh of the federal Treasury’s Conference on U.S. Capital Markets Competitiveness. “At 76, you have to get excited about something.”
Buffett was talking about the intensity of focus investors and regulators should bring to their scrutiny of companies. He and his fellow panelists met to bring their collective wisdom and experience to the question of American competitiveness in capital markets.
Current Secretary of Treasury Henry Paulson, recently returned from the latest travels in his campaign to influence Chinese economic policies, hosted the public panel discussions by the most famous and influential players in economics. Other names worthy of E.F. Hutton-type attentiveness were Alan Greenspan, Paul Volker, Arthur Levitt and Jeffrey Immelt, to name only a few.
And the question their discussions frequently came down to was, “Where is the balance between hobbling the U.S. economy in a more competitive global marketplace and protecting investors from another Enron?”
SOX and suits
U.S. companies are “digesting” regulations like Sarbanes-Oxley, Buffett said, though they have “no choice but to digest what’s being served up. ... Most of my friends are not pleased, but they, in a way, brought it on themselves.”
Since “Enron” became a byword for corporate chicanery rather than an energy company, executives in public companies have paid for the misdeeds of others, and questioned the burden of regulations like Sarbanes-Oxley and their effects on the strength of U.S. companies internationally.
“Having high standards is not a bad thing for business,” said Immelt, General Electric’s chief executive and board chair. Like other panelists, he showed an unwillingness to discount the ability of American business to adapt to a changing environment.
“Whatever the regulation is today, I can win. I can win in China, I can win in India,” Immelt said. “But is it in the best interest of the investors?”
The panelists, however, did not hesitate to discuss their frustration with audit committees, SOX 404 requirements and the threat of litigation.
“I think I’d be scared to death to sign one of these things now,” in light of the lawsuits an incorrect SOX 404 statement could bring, said former Treasury Secretary Robert Rubin.
Lawsuits and the jackpot mentality behind some litigation came in for a good share of the panelists’ ire, perhaps more so than the more politically sensitive Sarbanes-Oxley.
“If they write a book called, ‘The Rise and Fall of America,’ the fall would be from the legal system,” said JPMorgan Chase CEO and chair James Dimon, who called class-action suits “one-sided crap shoots” that mostly benefit outside lawyers.
International rules, competition
Beyond the internal regulations and legal system of the United States is the fact that it is not alone in the world as much as it was in the past. Other countries’ economies have grown up and so have international capital markets and the day when all international companies had to play by American rules—and Generally Accepted Accounting Principles—has passed.
Paulson in his opening statement broached the differences between the rules-based U.S. standards and the principles-based international standards.
“In my judgment, we must rise above a rules-based mindset that asks, ‘Is this legal?’ and adopt a more principles-based approach that asks, ‘Is this right?’ ” Paulson said, according to a transcript from Treasury.
Securities and Exchange Commission Chairman Christopher Cox, Paulson’s co-chair on the conference’s panels, put the rules/principles dichotomy another way.
“It’s ‘like tastes great, less filling.’ Everybody wants both,” Cox said. “Enron taught us that following rules punctiliously is not necessarily the way to truth.”
Former Federal Reserve Chairman Paul Volker said American adherence to its standards was out of step with companies.
“An overwhelming number of companies big and small are adopting IFRS,” he said. “The U.S. is going to be left behind.”
A frequent statistic meant to instill in business people and policy-makers a healthy fear of over-regulation is the issue of companies choosing to list on overseas equity markets and the shift of public companies to private ownership. Not all the panelists were convinced that complex U.S. rules were driving a trend.
According to former SEC chair Arthur Levitt, now an advisor to the Carlyle Group, companies listing overseas were merely a result of other countries mimicking American financial services, “the greatest export the U.S. has had.”
“It doesn’t make any difference in terms of jobs and basic business,” Levitt said.
Immelt and others said companies going private may be just a passing fad.
“We’re at a moment in time where that’s being played up as the nirvana of business.”
Bloomberg and Greenspan both took a long view on the economy, citing big-picture concerns such as immigration restrictions, poor education and wide income disparity as threats to the economy.
As for the more immediate regulatory concerns of the panel, opinions stayed on a theme: Laws are fine as long there is balance and clarity.
As Bloomberg expressed it, “Just tell us what the law is and we can compete.”
Copyright © 2007 Association for Financial Professionals. All Rights Reserved.
Monday, September 22, 2008
ENRON,NCFE, Richard Rainwater & Darla Moore
Forgot to mention his DUMPING of HCA/TN HOME HEALTHCARE to NCFE, the PONZI scheme dubbed by Federal Prosecutors in Ohio as BIGGER THAN ENRON!
Next up, at No. 163 with $2.5 billion in the bank, is Fort Worth, Texas-based investor Richard Rainwater, husband of Lake City native and part-time Charleston resident Darla Moore. The past year hasn't been as good to the 64-year-old spouse of the Palmetto Institute founder. He skidded from the 91st spot a year ago, when his net worth was $1 billion higher. What happened? Forbes said Rainwater unloaded "extensive oil holdings" earlier this year and got dinged by capital gains taxes. Also, an ill-timed investment in a mortgage business resulted in an estimated loss of $100 million. "The worst investment I've ever made," the magazine quoted Rainwater as saying.
List of 400 richest has a few with ties to S.C.
Monday, September 22, 2008
Forbes magazine's annual tally of the 400 wealthiest Americans shows that no full-time South Carolina residents had the minimum $1.3 billion required for admission to this exclusive club.
But the list once again included a handful of Forbes 400 perennials with close ties to the Charleston region.
Among them, Charleston-born Martha Rivers Ingram and her family — they own Tennessee-based book distributor Ingram Industries — was ranked 147th with $2.8 billion. That's an improvement from last year, when their $2.4 billion fortune earned them the 188th spot. Ingram's father was local TV broadcasting pioneer John M. Rivers, who started WCSC-Channel 5. The Nashville resident still owns a home on lower Meeting Street.
Next up, at No. 163 with $2.5 billion in the bank, is Fort Worth, Texas-based investor Richard Rainwater, husband of Lake City native and part-time Charleston resident Darla Moore. The past year hasn't been as good to the 64-year-old spouse of the Palmetto Institute founder. He skidded from the 91st spot a year ago, when his net worth was $1 billion higher. What happened? Forbes said Rainwater unloaded "extensive oil holdings" earlier this year and got dinged by capital gains taxes. Also, an ill-timed investment in a mortgage business resulted in an estimated loss of $100 million. "The worst investment I've ever made," the magazine quoted Rainwater as saying.
Media mogul and CNN founder Ted Turner, a big property owner in these parts with holdings that include Hope Plantation in the ACE Basin, was No. 190 among the Forbes U.S. wealth elite with $2.3 billion. Last year, that same amount placed Captain Outrageous at No. 195.
Then comes the low-key Michael E. Heisley at No. 215 with $2.1 billion, according to Forbes' accounting. Though he claims Jupiter Island, Fla., as his primary residence, the 71-year-old self-made industrialist and investor — he's also majority owner of the NBA's Memphis Grizzlies — is a longtime property owner on Kiawah Island. He vaulted from the 380th spot last year, when he was worth an estimated $1.3 billion.
Finally, more or less holding steady at the 321st position with $1.5 billion since last year, is former energy honcho Robert McNair, who with wife Janice owns a 13,000-square-foot oceanfront getaway on Kiawah. He's a University of South Carolina graduate, and she's an Orangeburg native and Columbia College alumnus.
Known in the horse-racing world for their world-class thoroughbred holdings, the McNairs are scaling back their equestrian pursuits to focus on his ownership of the NFL's Houston Texans. Last year, the philanthropic couple sold their 106-acre Saratoga Springs farm in upstate New York for about $19 million. A few weeks ago, they sold their Stonerside Stables in Paris, Ky., to the crown prince of Dubai, Sheikh Mohammed bin Rashid al Maktoum. The deal included the 2,000 acres of Kentucky farm land, a South Carolina training center in Aiken, about 80 horses in training, and 170 broodmares, yearlings and weanlings, according to a statement. The sale price was not disclosed.
Cup coup
The U.S and European Ryder Cup players who did battle in Kentucky this weekend were able to take a load off after their matches in a Charleston company's chairs and other furnishings.
Six truckloads of imported mahogany furniture and accessories recently made the trip from Bauer International Inc. 's Island House showroom on Clements Ferry Road to the venue at Valhalla Golf Club. The company outfitted the hospitality chalet, VIP areas and various players' areas, including their dining room, locker rooms and team lounges, said Ken Bauer, co-founder, president and chief executive.
Bauer International is the official supplier of furnishings and clubhouse fixtures for the PGA of America. It recently picked up a four-year extension of its licensing agreement with the association.
Get carded
The president and CEO of North Charleston-based Bulldog Hiway Express testified before a House subcommittee last week about the Transportation Worker Identification Credential, a federal ID that will be required of all workers at the nation's seaports.
Philip Byrd Sr. , speaking on behalf of the American Trucking Associations, asked that TWIC be accepted as a universal security program to trump all others. As it stands, drivers often need a different credential for access to every secure location they visit.
Byrd told the Subcommittee on Border, Maritime and Global Counterterrorism of the House Committee on Homeland Security that these multiple checks hurt drivers' morale.
He also asked that Congress require the Transportation Security Administration to recognize commercial drivers who have TWICs as also being compliant with the Hazardous Materials Endorsement Security Threat Assessment program, which is required to obtain, renew or transfer a hazardous materials endorsement.
Charleston's compliance deadline for the TWIC program will is Dec. 1. For more information, visit www.tsa.gov/twic.
Capital idea
Interest rates on Santee Cooper mini-bonds being offered through Oct. 15 will range from 3 percent to 4.8 percent, depending on their maturity dates.
Bonds in $200 and $500 denominations are available for purchase by state residents, Santee Cooper customers, electric cooperative members in South Carolina and electric customers of Bamberg Board of Public Works and the city of Georgetown.
Bonds can be bought in person or by mail by contacting Nan Cline, Debt Administrator, Santee Cooper Headquarters, One Riverwood Drive, Moncks Corner, SC 29461. For more information, call toll-free 877-246-3338, go to www.santeecooper.com/minibonds or e-mail questions to scbonds@santeecooper.com.
Next up, at No. 163 with $2.5 billion in the bank, is Fort Worth, Texas-based investor Richard Rainwater, husband of Lake City native and part-time Charleston resident Darla Moore. The past year hasn't been as good to the 64-year-old spouse of the Palmetto Institute founder. He skidded from the 91st spot a year ago, when his net worth was $1 billion higher. What happened? Forbes said Rainwater unloaded "extensive oil holdings" earlier this year and got dinged by capital gains taxes. Also, an ill-timed investment in a mortgage business resulted in an estimated loss of $100 million. "The worst investment I've ever made," the magazine quoted Rainwater as saying.
List of 400 richest has a few with ties to S.C.
Monday, September 22, 2008
Forbes magazine's annual tally of the 400 wealthiest Americans shows that no full-time South Carolina residents had the minimum $1.3 billion required for admission to this exclusive club.
But the list once again included a handful of Forbes 400 perennials with close ties to the Charleston region.
Among them, Charleston-born Martha Rivers Ingram and her family — they own Tennessee-based book distributor Ingram Industries — was ranked 147th with $2.8 billion. That's an improvement from last year, when their $2.4 billion fortune earned them the 188th spot. Ingram's father was local TV broadcasting pioneer John M. Rivers, who started WCSC-Channel 5. The Nashville resident still owns a home on lower Meeting Street.
Next up, at No. 163 with $2.5 billion in the bank, is Fort Worth, Texas-based investor Richard Rainwater, husband of Lake City native and part-time Charleston resident Darla Moore. The past year hasn't been as good to the 64-year-old spouse of the Palmetto Institute founder. He skidded from the 91st spot a year ago, when his net worth was $1 billion higher. What happened? Forbes said Rainwater unloaded "extensive oil holdings" earlier this year and got dinged by capital gains taxes. Also, an ill-timed investment in a mortgage business resulted in an estimated loss of $100 million. "The worst investment I've ever made," the magazine quoted Rainwater as saying.
Media mogul and CNN founder Ted Turner, a big property owner in these parts with holdings that include Hope Plantation in the ACE Basin, was No. 190 among the Forbes U.S. wealth elite with $2.3 billion. Last year, that same amount placed Captain Outrageous at No. 195.
Then comes the low-key Michael E. Heisley at No. 215 with $2.1 billion, according to Forbes' accounting. Though he claims Jupiter Island, Fla., as his primary residence, the 71-year-old self-made industrialist and investor — he's also majority owner of the NBA's Memphis Grizzlies — is a longtime property owner on Kiawah Island. He vaulted from the 380th spot last year, when he was worth an estimated $1.3 billion.
Finally, more or less holding steady at the 321st position with $1.5 billion since last year, is former energy honcho Robert McNair, who with wife Janice owns a 13,000-square-foot oceanfront getaway on Kiawah. He's a University of South Carolina graduate, and she's an Orangeburg native and Columbia College alumnus.
Known in the horse-racing world for their world-class thoroughbred holdings, the McNairs are scaling back their equestrian pursuits to focus on his ownership of the NFL's Houston Texans. Last year, the philanthropic couple sold their 106-acre Saratoga Springs farm in upstate New York for about $19 million. A few weeks ago, they sold their Stonerside Stables in Paris, Ky., to the crown prince of Dubai, Sheikh Mohammed bin Rashid al Maktoum. The deal included the 2,000 acres of Kentucky farm land, a South Carolina training center in Aiken, about 80 horses in training, and 170 broodmares, yearlings and weanlings, according to a statement. The sale price was not disclosed.
Cup coup
The U.S and European Ryder Cup players who did battle in Kentucky this weekend were able to take a load off after their matches in a Charleston company's chairs and other furnishings.
Six truckloads of imported mahogany furniture and accessories recently made the trip from Bauer International Inc. 's Island House showroom on Clements Ferry Road to the venue at Valhalla Golf Club. The company outfitted the hospitality chalet, VIP areas and various players' areas, including their dining room, locker rooms and team lounges, said Ken Bauer, co-founder, president and chief executive.
Bauer International is the official supplier of furnishings and clubhouse fixtures for the PGA of America. It recently picked up a four-year extension of its licensing agreement with the association.
Get carded
The president and CEO of North Charleston-based Bulldog Hiway Express testified before a House subcommittee last week about the Transportation Worker Identification Credential, a federal ID that will be required of all workers at the nation's seaports.
Philip Byrd Sr. , speaking on behalf of the American Trucking Associations, asked that TWIC be accepted as a universal security program to trump all others. As it stands, drivers often need a different credential for access to every secure location they visit.
Byrd told the Subcommittee on Border, Maritime and Global Counterterrorism of the House Committee on Homeland Security that these multiple checks hurt drivers' morale.
He also asked that Congress require the Transportation Security Administration to recognize commercial drivers who have TWICs as also being compliant with the Hazardous Materials Endorsement Security Threat Assessment program, which is required to obtain, renew or transfer a hazardous materials endorsement.
Charleston's compliance deadline for the TWIC program will is Dec. 1. For more information, visit www.tsa.gov/twic.
Capital idea
Interest rates on Santee Cooper mini-bonds being offered through Oct. 15 will range from 3 percent to 4.8 percent, depending on their maturity dates.
Bonds in $200 and $500 denominations are available for purchase by state residents, Santee Cooper customers, electric cooperative members in South Carolina and electric customers of Bamberg Board of Public Works and the city of Georgetown.
Bonds can be bought in person or by mail by contacting Nan Cline, Debt Administrator, Santee Cooper Headquarters, One Riverwood Drive, Moncks Corner, SC 29461. For more information, call toll-free 877-246-3338, go to www.santeecooper.com/minibonds or e-mail questions to scbonds@santeecooper.com.
"...Administration-wide effort to bring new tools and resources ..."
"...Administration-wide effort to bring new tools and resources ..."
I would like to know what NEW TOOLS & RESOURCES were used in 2003? For Immediate Release
Office of the Press Secretary
June 13, 2003
National Homeownership Month, 2003
By the President of the United States of America
A Proclamation
Homeownership is more than just a symbol of the American Dream; it is an important part of our way of life. Core American values of individuality, thrift, responsibility, and self-reliance are embodied in homeownership. I am committed to helping more families know the security and sense of pride that comes with owning a home.
The Department of Housing and Urban Development is leading an Administration-wide effort to bring new tools and resources to would-be homeowners. We are providing financial assistance to qualified families through the American Dream Downpayment Fund, funding educational programs that stress financial literacy, and offering a compassionate hand to those who dream of moving from subsidized housing into homeownership. And through the Self-Help Homeownership Opportunity Program, my Administration partners with nonprofit organizations that offer homeownership oppor-tunities to families willing to contribute their skills and labor to help build a home of their own. We are also proposing ways to make it easier to shop for a mortgage and to make mortgages available to more families through the Federal Housing Administration.
Today, the United States is fortunate in that our homeownership rate is at an all-time high, and low interest rates continue to encourage millions of Americans to become first-time homeowners. Although a record number of Americans own their own homes, we continue to see a gap between the homeowner-ship rates of minorities and nonminorities. By a significant margin, minority families are less likely to own their own homes. Therefore, I have called upon the entire housing industry to join with my Administration to expand minority homeownership across the Nation. Our goal is to help at least 5.5 million minority families become homeowners by the end of this decade, and our Blueprint for the American Dream Partnership is taking bold steps to make this a reality.
Across our Nation, every citizen, regardless of race, creed, color, or place of birth, should have the opportunity to become a homeowner. Homeownership represents a pathway to pride and prosperity for many families, encourages values of responsibility and sacrifice, creates stability for neighborhoods and communities, and generates economic growth that helps strengthen the entire Nation.
NOW, THEREFORE, I, GEORGE W. BUSH, President of the United States of America, by virtue of the authority vested in me by the Constitution and laws of the United States, do hereby proclaim June 2003 as National Homeownership Month. I call upon the people of the United States to join me in recognizing the importance of offering every American the opportunity to realize their dream of homeownership and to help work towards making that dream a reality.
IN WITNESS WHEREOF, I have hereunto set my hand this thirteenth day of June, in the year of our Lord two thousand three, and of the Independence of the United States of America the two hundred and twenty-seventh.
GEORGE W. BUSH
I would like to know what NEW TOOLS & RESOURCES were used in 2003? For Immediate Release
Office of the Press Secretary
June 13, 2003
National Homeownership Month, 2003
By the President of the United States of America
A Proclamation
Homeownership is more than just a symbol of the American Dream; it is an important part of our way of life. Core American values of individuality, thrift, responsibility, and self-reliance are embodied in homeownership. I am committed to helping more families know the security and sense of pride that comes with owning a home.
The Department of Housing and Urban Development is leading an Administration-wide effort to bring new tools and resources to would-be homeowners. We are providing financial assistance to qualified families through the American Dream Downpayment Fund, funding educational programs that stress financial literacy, and offering a compassionate hand to those who dream of moving from subsidized housing into homeownership. And through the Self-Help Homeownership Opportunity Program, my Administration partners with nonprofit organizations that offer homeownership oppor-tunities to families willing to contribute their skills and labor to help build a home of their own. We are also proposing ways to make it easier to shop for a mortgage and to make mortgages available to more families through the Federal Housing Administration.
Today, the United States is fortunate in that our homeownership rate is at an all-time high, and low interest rates continue to encourage millions of Americans to become first-time homeowners. Although a record number of Americans own their own homes, we continue to see a gap between the homeowner-ship rates of minorities and nonminorities. By a significant margin, minority families are less likely to own their own homes. Therefore, I have called upon the entire housing industry to join with my Administration to expand minority homeownership across the Nation. Our goal is to help at least 5.5 million minority families become homeowners by the end of this decade, and our Blueprint for the American Dream Partnership is taking bold steps to make this a reality.
Across our Nation, every citizen, regardless of race, creed, color, or place of birth, should have the opportunity to become a homeowner. Homeownership represents a pathway to pride and prosperity for many families, encourages values of responsibility and sacrifice, creates stability for neighborhoods and communities, and generates economic growth that helps strengthen the entire Nation.
NOW, THEREFORE, I, GEORGE W. BUSH, President of the United States of America, by virtue of the authority vested in me by the Constitution and laws of the United States, do hereby proclaim June 2003 as National Homeownership Month. I call upon the people of the United States to join me in recognizing the importance of offering every American the opportunity to realize their dream of homeownership and to help work towards making that dream a reality.
IN WITNESS WHEREOF, I have hereunto set my hand this thirteenth day of June, in the year of our Lord two thousand three, and of the Independence of the United States of America the two hundred and twenty-seventh.
GEORGE W. BUSH
GW BUSH Strikes again!
Home Ownership-
As Larry Elder notes, since Bush has taken office, home ownership is way up for blacks:
Half of all minority households are homeowners, an all-time high. In 2002, Bush vowed to increase minority homeownership by 5.5 million families by 2010. Bush pushed for programs on down payment assistance, and called for increased funding for housing counseling services.
While some worry themselves half to death about the impending burst of the housing bubble, others celebrate that so many Americans-- of all races-- now own their own homes. When a family owns a home, they are far more likely to act to increase the value of their home, as well as their community. This means more volunteering, more upkeep on the house itself, and more concern for neighbors. Home owners typically have a much greater stake in their communities than renters, taking more interest in the quality of schools, and contributing more to community initiatives.
Owning a home can transform a family, but it can also transform communities. George W. Bush has made minority home ownership a priority of his administration, and his efforts are paying off nicely.
As Larry Elder notes, since Bush has taken office, home ownership is way up for blacks:
Half of all minority households are homeowners, an all-time high. In 2002, Bush vowed to increase minority homeownership by 5.5 million families by 2010. Bush pushed for programs on down payment assistance, and called for increased funding for housing counseling services.
While some worry themselves half to death about the impending burst of the housing bubble, others celebrate that so many Americans-- of all races-- now own their own homes. When a family owns a home, they are far more likely to act to increase the value of their home, as well as their community. This means more volunteering, more upkeep on the house itself, and more concern for neighbors. Home owners typically have a much greater stake in their communities than renters, taking more interest in the quality of schools, and contributing more to community initiatives.
Owning a home can transform a family, but it can also transform communities. George W. Bush has made minority home ownership a priority of his administration, and his efforts are paying off nicely.
George W. Bush has made minority home ownership a priority of his administration
George W. Bush has made minority home ownership a priority of his administration, and his efforts are paying off nicely.
« September 2005 | WILLisms.com | November 2005 »
Home Ownership-
As Larry Elder notes, since Bush has taken office, home ownership is way up for blacks:
Half of all minority households are homeowners, an all-time high. In 2002, Bush vowed to increase minority homeownership by 5.5 million families by 2010. Bush pushed for programs on down payment assistance, and called for increased funding for housing counseling services.
While some worry themselves half to death about the impending burst of the housing bubble, others celebrate that so many Americans-- of all races-- now own their own homes. When a family owns a home, they are far more likely to act to increase the value of their home, as well as their community. This means more volunteering, more upkeep on the house itself, and more concern for neighbors. Home owners typically have a much greater stake in their communities than renters, taking more interest in the quality of schools, and contributing more to community initiatives.
Owning a home can transform a family, but it can also transform communities. George W. Bush has made minority home ownership a priority of his administration, and his efforts are paying off nicely.
« September 2005 | WILLisms.com | November 2005 »
Home Ownership-
As Larry Elder notes, since Bush has taken office, home ownership is way up for blacks:
Half of all minority households are homeowners, an all-time high. In 2002, Bush vowed to increase minority homeownership by 5.5 million families by 2010. Bush pushed for programs on down payment assistance, and called for increased funding for housing counseling services.
While some worry themselves half to death about the impending burst of the housing bubble, others celebrate that so many Americans-- of all races-- now own their own homes. When a family owns a home, they are far more likely to act to increase the value of their home, as well as their community. This means more volunteering, more upkeep on the house itself, and more concern for neighbors. Home owners typically have a much greater stake in their communities than renters, taking more interest in the quality of schools, and contributing more to community initiatives.
Owning a home can transform a family, but it can also transform communities. George W. Bush has made minority home ownership a priority of his administration, and his efforts are paying off nicely.
1999....What a yea, for Rainwater. Follow the Money
1999 Rainwater was closing shop (Largest assets in Texas) in the HOMEHEALTH CARE industry by the DUMPING method through FINANCE , thus NCFE and affiliates via James K Happ.
The LAST , yes LAST, Executive to go on trial in Columbus, Ohio, scheduled for December 2008. Meanwhile, the DOJ issues a statement "...end of an era..." As if the case is closed! My goodness. The CEO and ex-Executive from NCFE who came from Richard Rainwater's HCA/TN HOMECARE after dumping onto NCFE with the promise of finance.
But despite the fact that Bush increased state spending on public schools by $3 billion a year since 1995, local school property taxes continued to rise and the tax cuts were enjoyed by few Texans. (“State’s Budget Crunch Haunting Bush,” February 18, 2001)
According to the Houston Chronicle article cited above, the Texas tax cuts caused a decrease in state funds to local governments, which meant local governments had to raise property taxes to make up the difference. Further, in 1999 the state legislature decided to fund Medicaid for 23 months of the next 24, so that $110 million would be available to make the budget balance. The imbalance was passed on to the 2001 budget.
On the other hand, Richard Rainwater enjoyed a $1 million tax break. Texas billionaire Rainwater, a former co-owner of the Texas Rangers, is another Bush benefactor who has done well by investing in Bush’s political career. Rainwater was able to buy several buildings from the Texas teachers’ retirement system without bidding, at a $70 million loss to the teachers. Also, according to Bush Watch, Tom Hicks invested $9 million of UTIMCO money in one of Rainwater’s equity funds.
As Paul Krugman pointed out in his July 16 column, Bush’s record as a businessman and a governor reveal three characteristic traits. First, he likes to work in secret, as if the people have no right to know what their chief executive is doing on their behalf. Second, he freely appropriates public monies and institutions to reward his friends and reinforce his political power. And third, he is utterly indifferent to conflicts of interest.
***********
Follow the Money
The captains of several American industries did not want Al Gore to be elected president.
Clinton was bad enough, they thought. Clinton had faced down the timber industry, the automobile industry, major utilities, coal, and Big Oil itself by decreeing anti-pollution measures that cut into profits. Yes, Clinton was bad enough. But Al “Earth in the Balance” Gore promised to be even worse.
According to the Center for Responsive Politics, industry put its money on Bush, not Gore.
The LAST , yes LAST, Executive to go on trial in Columbus, Ohio, scheduled for December 2008. Meanwhile, the DOJ issues a statement "...end of an era..." As if the case is closed! My goodness. The CEO and ex-Executive from NCFE who came from Richard Rainwater's HCA/TN HOMECARE after dumping onto NCFE with the promise of finance.
But despite the fact that Bush increased state spending on public schools by $3 billion a year since 1995, local school property taxes continued to rise and the tax cuts were enjoyed by few Texans. (“State’s Budget Crunch Haunting Bush,” February 18, 2001)
According to the Houston Chronicle article cited above, the Texas tax cuts caused a decrease in state funds to local governments, which meant local governments had to raise property taxes to make up the difference. Further, in 1999 the state legislature decided to fund Medicaid for 23 months of the next 24, so that $110 million would be available to make the budget balance. The imbalance was passed on to the 2001 budget.
On the other hand, Richard Rainwater enjoyed a $1 million tax break. Texas billionaire Rainwater, a former co-owner of the Texas Rangers, is another Bush benefactor who has done well by investing in Bush’s political career. Rainwater was able to buy several buildings from the Texas teachers’ retirement system without bidding, at a $70 million loss to the teachers. Also, according to Bush Watch, Tom Hicks invested $9 million of UTIMCO money in one of Rainwater’s equity funds.
As Paul Krugman pointed out in his July 16 column, Bush’s record as a businessman and a governor reveal three characteristic traits. First, he likes to work in secret, as if the people have no right to know what their chief executive is doing on their behalf. Second, he freely appropriates public monies and institutions to reward his friends and reinforce his political power. And third, he is utterly indifferent to conflicts of interest.
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Follow the Money
The captains of several American industries did not want Al Gore to be elected president.
Clinton was bad enough, they thought. Clinton had faced down the timber industry, the automobile industry, major utilities, coal, and Big Oil itself by decreeing anti-pollution measures that cut into profits. Yes, Clinton was bad enough. But Al “Earth in the Balance” Gore promised to be even worse.
According to the Center for Responsive Politics, industry put its money on Bush, not Gore.
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