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Filed Under : debt out of by admin
Jan.16,2012Avesta Capital Advisors LLC, a $636 million equity hedge fund run by William Tung, is giving back outside capital after almost a decade in business, according to a letter sent to investors.
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Tags : advisors, Avesta, capital, capital advisors, Decade, equity hedge, Hedge-fund, investor, Money, Moore, Moves, Returns, Tung, William Tung
Filed Under : debt out of by admin Jan.10,2012Asian stocks reversed losses as shares of Chinese lenders and developers rallied after China’s new lending and money supply increased. Exporters dropped after a Federal Reserve official said the central bank probably won’t begin a new round of bond purchases.
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Tags : Asian, asian stocks, China, Easing, Erasing, federal reserve, federal reserve official, Lenders, lending, losses, Monetary, Money, money supply, Rise, Seen, Stocks, Supply
Filed Under : debt settlement by admin Aug.23,2011Washington, DC, United States (AHN) – As incoming college freshman start this next chapter of their lives, more than 40 percent of them will not graduate. According to analysts, college dropouts will cost the United States billions of dollars in lost earnings and therefore millions of dollars in lost tax revenue.
The American Institutes for Research examined the more than 1.1 million full-time students who entered college in 2002 seeking bachelor degrees. Of that total, almost 500,000 did not graduate within six years – costing a combined $4.5 billion in lost income and lost federal and state income taxes.
“These findings represent just one year and one graduating class. Therefore, the overall costs of low graduation rates are much higher since these losses accumulate year after year,” explained Mark Schneider, a vice president at AIR who co-authored the report, The High Cost of Low Graduation Rates: Taxpayers Lose Millions, with Lu (Michelle) Yin. “This is just the tip of the iceberg. While this report focuses on only one cohort of students, losses of this magnitude are incurred annually by each and every graduating class.”
The Obama administration and the nation’s governors are encouraging more students to earn college degrees because of the importance to the nation’s economic future of having a highly skilled workforce that can compete in the global economy
“Students who start college and don’t graduate incur large personal expenses. They have paid tuition, they have taken out loans, they have changed their lives and they have failed in one of the biggest goals they have ever set for themselves,” said Schneider.
“Taxpayers have paid billions of dollars in subsidies to support these students as they pursue degrees they will never earn, and as a nation, we incur billions in lost earnings and lost income taxes each year.”
According to the U.S. Bureau of the Census, young adults between the ages of 25 and 34 with a college degree earn nearly 40 percent more than someone who has not completed a degree and around two-thirds more than someone with just a high school degree.
Previous research has proven that over the course of a lifetime college graduates earn more than half a million dollars than someone who just completed high school.
Some states are losing substantial sums of revenue because of the large number of dropouts from their colleges and universities. For instance, California suffers with $386 million in lost income, and New York with close to $360 million. Louisiana, Massachusetts, North Carolina and New Jersey have all lost between $100 and $107 million in earnings based on the AIR report.
The loss is seen on the federal level as well. California, New York and Texas have losses in federal income taxes exceeding $50 million per year. Massachusetts, North Carolina and New Jersey have losses of more than $15 million.
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Tags : american institutes for research, California, College, college dropouts, DC, degree, earner, Government, Income, incoming college freshman, Less, Louisiana, Mark Schneider, Massachusetts, Means, Michelle, Money, New Jersey, New York, North Carolina, O. Chase - AHN, skilled workforce, state income taxes, Texas, U.S. Bureau, Unfinished, United States, wage, Washington, year, Yin
Filed Under : debt settlement by admin Aug.11,2011Washington, D.C., United States (AHN) – The majority of Americans do not have enough money to deal with a $1,000 emergency, according to the National Foundation for Credit Counseling’s (NFCC).
NFCC conducted an online poll in July that found 64 percent of Americans would have $1,000 in savings to cover an unplanned expense and they would have to use some other source of money to cover it.
Nearly 2,700 people participated in the poll.
To resolve the problem, 17 percent of the respondents said they would borrow money from family or friends, 17 percent said they would have to neglect an existing financial obligation to come up with money for an emergency, 12 percent said they would have to pawn or sell an asset and 9 percent each said they would take out a loan or a cash advance from a credit card.
Only 36 percent of respondents said they tap a savings account to obtain funds for an unplanned expense.
Although using rainy day funds for emergency expenses is the best option to protect a person from the unknown and the reason to establish savings to begin with, it is likely that with high unemployment and underemployment and decades of stagnant or declining wages that many respondents no longer have enough money to save or they have already had to use all their emergency savings.
But the 64 percent who would not be able to tap savings to deal with an unplanned $1,000 expenditure are on shaky ground.
“Without adequate savings, consumers have poor resolution choices when an emergency arises,” said Gail Cunningham, spokesperson for the NFCC. “People often say they can’t afford to save, but the truth is that they can’t afford not to.”
However, Cunningham says it’s important to try to get in better financial shape.
“Selecting any option other than taking the money from savings should be a red flag,” continued Cunningham. “If saving money has always seemed out of reach, there is no better time than now to get to the root of the problem and protect yourself, your family and your financial future”
A study earlier this year by the National Bureau of Economic Research had found that 50 percent of Americans would have trouble coping with a $2,000 emergency.
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Filed Under : business debt by admin Jun.24,2011Washington, D.C., United States (AHN) – More Americans continue to save in banks rather than borrow money from financial institutions. According to latest data from the Federal Reserve, savings in U.S. banks hit a record $1.45 trillion in May.
The growing savings has been observed since the global financial crisis in 2008.
A similar trend was observed in Japan, where the gap between savings and borrowing is at an all-time high.
Japanese banks use the money to purchase bonds to help keep yields the lowest in the world even if Tokyo has more outstanding debts than the U.S. and a lower credit rating.
Before 2008, U.S. deposits exceeded loans at an average of $100 billion.
Because of the worst recession experienced in the U.S. since the 1930s, consumers trimmed household debt to $13.3 trillion from the 2008 peak of $13.9 trillion. The reduction resulted in savings going up 4.9 percent of income from 1.7 percent in 2007.
For the same period, banks reduced lending amid over $2 trillion in losses and writedowns. Rather than grant more loans, American financial institutions instead bought Treasuries and government-related debt, which boosted their holding of such instruments to $1.68 trillion from $1.08 trillion in early 2008.
Economists forecast it would take the U.S. and Japanese economies at least a decade to extricate themselves from the mess of being a debt-ridden society.
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Filed Under : debt elimination by admin Apr.13,2011Washington, D.C., United States (AHN) – A House subcommittee took on the thorny issue Tuesday of how to transport hazardous materials across the nation without spilling them and without regulating transportation companies out of business.
The House Transportation and Infrastructure subcommittee on railroads, pipelines and hazardous materials is preparing a bill that seeks to make transportation of dangerous chemicals, radioactive materials and other toxins safer.
The subcommittee wants to “ensure the safe transportation of hazardous materials” but also want to avoid “any unnecessary economic barriers or burdens to the industry,” a congressional staff member told All Headline News.
Transportation industry leaders are urging Congress to move cautiously on any new regulatory legislation.
They say they should not need to pay more of their own money to reach higher safety goals.
Instead, the federal government should help pay the added costs of new safety technologies, such as “positive train control” systems that automatically take control of trains when they speed too quickly around corners, encounter obstacles in their paths or confront other hazards.
Other safety devices can track the movement of trucks on highways with global positioning satellites.
Members of the railroads subcommittee, which is chaired by Rep. Bill Shuster (R-Pa.), largely agree more regulation is not the answer.
“I am deeply concerned with the regulatory overreach that cripples our economy, stifles job creation and ties up our nation in red tape,” Shuster said.
Expert witnesses at the congressional hearing Tuesday included the administrator of the U.S. Pipelines and Hazardous Materials Safety Administration, the chairwoman of the American Trucking Association and the director of safety and health for the International Brotherhood of Teamsters.
Concerns raised by transportation company officials include the regulatory procedures used by the Pipelines and Hazardous Materials Safety Administration. A rule change last year allows the agency to institute new regulations without a public notice and comment period.
Transportation industry officials say the new rulemaking procedure gives them too little influence over new regulations. They also complain about an inconsistent pattern of regulations under the new procedure.
Cynthia L. Quarterman, administrator of the Pipelines and Hazardous Materials Safety Administration, defended the agency’s new procedures.
“As a result of our actions, we had a banner year in fiscal year 2010, with the lowest number of hazardous materials incidents in recorded history,” she said.
Her claims were disputed by David W. Boston, a representative of the trade group Institute of Makers of Explosives, who said in his testimony that the Pipelines and Hazardous Materials Safety Administration’s “actions lack transparency and predictability and have increased costs with no corresponding safety benefit.”
The railroads subcommittee is struggling with improving hazardous materials transport safety at a time other members of Congress say transportation programs cannot expect more government funding.
Republicans won deep cuts in a budget compromise last week that narrowly averted a government shutdown. They are promising even deeper cuts in the next fiscal year budget as they struggle to cut the nation’s $14 trillion deficit.
Transportation funding is among the programs on the fiscal chopping block.
A recurring issue for the railroads subcommittee has been the national security implications of hazardous materials transport.
For years, congressional and major city officials have been dealing with how to avoid a well-placed terrorist bomb or missile striking a truck or train transporting radioactive material or dangerous chemicals, such as chlorine.
So far, their regulatory answer has been a requirement that trains and trucks carrying the hazardous materials avoid large urban areas. The transportation companies say diverting their vehicles drives up their costs, which get passed on to their customers and eventually hurt the economy.
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Tags : american trucking association, Congress, Cynthia L. Quarterman, D.C., David W. Boston, global positioning satellites, Hazardous, infrastructure subcommittee, international brotherhood of teamsters, Less, materials, Money, Pa., positive train control, Rep. Bill Shuster, safer, safety, spend, subcommittee, train control systems, Transport, Transportation, U.S. Pipelines, United States, wants, Washington
Filed Under : business debt by admin Mar.18,2011Nohel Corral One of the most common areas of concern for college bound students and their families is money. Even community colleges in the Bay Area are among the many educational institutions that have been forced to raise their tuition and other related… March 16, 2011
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Filed Under : debt elimination by admin Mar.8,2011England, London, United Kingdom (CNS) – Sarah Ferguson, the Duchess of York, is admitting to having made another big mistake by receiving money from billionaire and convicted sex offender Jeffrey Epstein.
In an exclusive interview with the London Evening Standard, Ferguson said she accepted the money from Epstein to help pay off her debts.
“I personally, on behalf of myself, deeply regret that Jeffrey Epstein became involved in any way with me,” she told the British newspaper. “”I abhor pedophilia and any sexual abuse of children and know that this was a gigantic error of judgment on my behalf.”
According to the report, the money was paid to Ferguson’s former assistant, Johnny O’Sullivan, who was claiming £78,000 (more than $126,000 U.S.) in unpaid wages and other bills.
Epstein reportedly stepped in after discussing the issue with her ex-husband Prince Andrew’s office. Epstein then dealt directly with O’Sullivan, who accepted £15,000 (almost $25,000 U.S.) and then allowed a wider restructuring of Ferguson’s £5 million (more than $8 million U.S.) debts to take place.
Ferguson claims that she had no contact with Epstein and had no idea of the string of allegations and court cases against him.
“I am distraught that I should have allowed myself to get out of debt with any help from him when my judgment was clouded.”
Epstein, who’s an American financier and philanthropist, was sentenced to 18 months in jail in 2008 for soliciting an underage girl for prostitution. Epstein remains under FBI investigation.
Ferguson said she is coming forward in defense of her former husband, whose future as a trade envoy in England has been in jeopardy since revelations of ties with Epstein, which included a recent stay at the tycoon’s home in New York.
It is also reported that Prince Andrew has stayed several times at Epstein’s mansion in Florida, where the convicted pedophile allegedly groomed young women for sex.
“I am not going to stand back and let him take any more abuse from any suggestion or implications of impropriety. It is so wrong,” she said of her ex-husband. “He is a first-rate father; he’s a first-rate man, the finest that I know. I will not have his name tarnished by me yet again. Look at all that he has done for the country. He works tirelessly.”
She added: “I would throw myself under a bus for him. It is in times of difficulty that character shows itself.”
But it looks like the Duchess can’t seem to keep herself out of trouble.
Last year, she was caught on a hidden video camera offering a reporter posing as a businessman access to her former husband in exchange for $500,000.
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Tags : accepting, american financier, apologizes, convicted, Duchess, duchess of york, England, Epstein, Ferguson, Florida, From, Jeffrey, Jeffrey Epstein, Johnny O'Sullivan, London, london evening standard, Money, New York, pedophile, Prince Andrew, Reporter England, Sarah, Sarah Ferguson, sarah ferguson the duchess of york, sex, U.S., United Kingdom, York
Filed Under : debt elimination by admin Mar.2,2011Tampa, FL, United States (AHN) – Two Florida lawmakers are suing the state’s governor for failing to accept $2.4 billion in federal funds for a high-speed rail system.
The money was for a project that voters had approved and would link Tampa to Orlando on a technologically advanced railway people mover.
Melbourne Republican Thad Altman and Tampa Democrat Arthenia Joyner filed a 25-page emergency petition supported by close to 240 pages of documents.
“If every newly elected governor decided to stop the major infrastructure project which were under way when he was elected … Florida will not be able to plan, finance, and construct the major infrastructure projects it requires for its people and its future,” their petition said.
In a response, Scott issued a statement saying, “My position remains unchanged. I’ve yet to see any evidence that Florida taxpayers would not be on the hook.”
He also said, “Senators Altman’s and Joyner’s disrespect for taxpayers is clear by their lawsuit trying to force the state to spend this money.”
In a statement issued after the suit was filed, Joyner said, “The issue at hand is the ability to create a state-of-the-art rail line, at no cost to the taxpayers, and put people to work now and in the future.”
She added that “Stopping this project not only went against everything the governor promised during his campaign, it goes against his constitutional authority as well. The money Florida taxpayers sent to Washington should return to benefit Florida. Unfortunately, litigation was the only way to make that happen.”
“We need to let (Scott) know that this is not a monarchy and he is not a king,” Joyner said.
Altman added, “Our founding fathers created a system of three separate and co-equal branches of government. To maintain the integrity of our democracy, it is incumbent that we assert the rights of the people who elect their representatives. And the Supreme Court is the proper venue to seek relief.”
The emergency petition was filed because of a one-week deadline given by U.S. Transportation Secretary Ray LaHood for Florida to accept the rail funding. Altman and Jones have since asked for an extension on that deadline as the case is being investigated.
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Filed Under : debt settlement by admin Minneapolis, MN, United States (AHN Sports) – There is still no new deal between NFL owners and players, but the players still scored a big win Tuesday.
U.S. District Judge David Doty reversed an earlier ruling and has denied NFL owners access to $4 billion in television revenues during a possible lockout.
The decision is considered a big win for the union as owners now face the prospect of not having all that money available to them during a lockout.
“The record shows that the N.F.L. undertook contract renegotiations to advance its own interests and harm the interests of the players,” United States District Court Judge David S. Doty said.
Judge Doty will hold a hearing with both sides to rule on the award of monetary damages to the players.
“This ruling means there is irrefutable evidence that owners had a premeditated plan to lockout players and fans for more than two years,” said George Atallah, the NFLPA’s assistant executive director for external affairs. “The players want to play football. That is the only goal we are focused on.”
Despite the setback, the league said the ruling will not affect its efforts at negotiating a new deal.
“Today’s ruling will have no effect on our efforts to negotiate a new, balanced labor agreement,” NFL spokesman Greg Aiello said.
Special Master Stephen Burbank heard a complaint from the players uniuorn in February that the league violated terms of the Stipulation and Settlement agreement when it reworked television contracts.
The union said the league left money on the table in 2009 and 2010 in exchange for lockout insurance in 2011.
Burbank ruled in favor of the league but did find two violations and awarded the union roughly $7 million in damages.
The Players Association appealed the ruling last Thursday to Judge Doty, who did not rule that day so he would not impact negotiations one way or the other. With no agreement in place yet, Doty apparantly felt compelled to rule on the case and came down in favor of the players.
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Tags : Against, Burbank, david doty, dispute, district judge david, Federal, George Atallah, Greg Aiello, john nestor, John Nestor - AHN, Judge, Judge David Doty, Judge David S, Judge Doty, League, lockout, Minneapolis, Money, N.F.L, nfl owners, owners', Players, ruling, sides, Stephen Burbank, U.S. District, United States
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