Orinda, Octagon plan loft/retail conversion - Birmingham Business Journal:

http://chinaurbanhousing.com/razv2.php
Atlanta-based and Charlotteville, Va.-based reported their planws for the property at 222Mitchell Street, but they did not disclosee financial terms of the deal. The 350,000-square-foot structurer was built in stages from 1929 to 1979on 2.1 acresd and occupies the entire city block bounded by Forsyth, Mitchell and Nelson Streets. Orinda and Octagonb will convert the property into a rental buildingg with 205 loft units and morethan 70,000 square feet of commerciapl space. Occupancy is expected in Januaryu 2011.
“The redevelopment of 222 Mitchell Street into rental loftes and retail space will play a significant role in the rebirth of this part ofdowntowh Atlanta,” said Dillon Baynes, president of in a statement. “We’re certaibn that living at 222 Mitchell Street will appeal to young professionals who work as well as tocollege students, especiallu those who already attendx one of the many fine institutions in the such as Georgia State University, Spelman, Clark Atlanta University and Georgiq Tech.
”

Washington Business Journal:

http://rouge.com/about-rouge.html
Arnold & Porter LLP in D.C. named Charle Curtis a partner inbusiness litigation. At King Spalding LLP in D.C., Daniel Donovan was named a partner in government advocacy and public Courtney Trombly joined as and Paul Clement rejoined in the national appellat and strategiccounseling practices. Expanding its labor and employmengt practicein D.C., Ford & Harrison LLP hired Patrick Stewart as senior counsel and Jaclyj West as associate. Miller & Chevaliert Chartered in D.C. brought on Barry Pollack as a membef ofthe white-collar and internal investigationds practice. Dilworth Paxson LLP  in D.C. appointed Louixs Rothberg of counsel ininternational law.
Winston & Strawbn LLP  named William Barringer, Daniel Christopher Dunn and James Durling internationalp trade partners inits D.C. office. Mark Duvalp joined Beveridge & Diamond PC in D.C. as a Craig Young joined LeClairRyan PC in Alexandria as a partnedr in the bankruptcypractice group. Foley Lardner LLP in D.C. named David Hickersomn a partner. Akin Gump Strausss Hauer & Feld LLP in D.C. made Scott Alberino and NathanOleson partners. Merchant & Goulrd PC in D.C. named W. David Wallaced partner.

Summit at Copper Square hit with foreclosure notice - Phoenix Business Journal:

zuloraxelewo.blogspot.com
A notice of trustee sale on the 23-story luxury project was filed July 10 at the MaricopzaCounty Recorder’s office by the public trustee, Fidelity Nationall Title Insurance Co., according to information from Ion Data, a Mesa research firm. The projecrt was built by . The Chicago-based firm’s principal, Davide Wallach, was planning to build anothefr high-rise downtown and was partnering with pro sportsd investor Dale Jensen and others to develop the Jackson Streeft Entertainment District when the housingmarkets collapsed. The Phoenix Business Journal was unables to reach Wallach for comment about the pending foreclosure sale and his plansdin Phoenix.
David Newcombe, a broker with Russ Lyon Sotheby’ws International Realty who specializes in urban luxurycondo sales, said news of the foreclosurer was unexpected. “You know, I’n really surprised at that,” Newcombwe said. “According to informatio supplied to theBusiness Journal, 91 of the 165 residencess are sold in The Summit at Copper Square.” Newcombe said a handfup had been taken back by lenders when buyers were unablde to cover their loans. He said one 966-square-foog unit that originally soldfor $550,0090 and was taken back by the bank and now is listed at He said five individual units are scheduled for trusteer sales in the coming weeks.
It is unknowm how the project’s foreclosur sale will impact individual units, if at all. A May 2008 stor y published in the Business Journal notedx thata $3.1 million mechanic’s lien had been filed against the project and individual condo ownerw by the general contractor, The Weitz Co. At that construction attorneyJoel Sannes, said such mechanic’s lien create additional obstacles and title encumbrances for residents who want to sell their units. According to the notice of trustee sale, Wallach’s company through the legal entity, The Summit at Copper Square LLC, received a $44 millionj construction loan from FNBN-RESCON I LLC, a Delaward limited liability company.
The poinf person for FNBN listed on the trusted sale notice is Tom Hosiefr of Stearns Bankin Scottsdale.

Boston Business Journal:

moffaiqohegesa1490.blogspot.com
InterContinental Boston awarded public relations director Erin Tracythe “Aikm Higher Annual Award for Outstanding Contribution,” in recognition of her effortss in launching the new InterContinental Boston hotel. Howard Karp, partner in the accountinfg firm Gray, Gray & Gray LLP in Westwood, received the Americabn Cancer Society’s 2007 Volunteer Leadership for Speciao Events Award forSoutheastern Massachusetts. Karp servee as co-chairman of the American Cance Society’s Greater Norwood Relay For Lifelast year, and has servedd on the event’s planning committee in the Karp will co-chair the Relah For Life again in 2008.

Startup boss under investigation

http://aregoni.com/fox/pages/banquets.htm
The San Francisco startup (OTCBB: CBIS), which wants to tap the activde ingredient in marijuana to develop a lozenge to treat said it has started an internal investigationof Kubby's "apparently fraudulen t activities," according to the filing with the Securities and Exchange Commission. Firede as president and CEO last week as the companyy said he failed in hisfiduciary duties, Kubby resigned from the Cannabis Sciencde board on Friday. At leastr two of Kubby's hires over the past two months COO Ray Carr and vice president of researcg and development MaryRuwart — as well as another Lee Wrights, also have resigned. Carr and Ruwart are husbandf and wife.
The company appointedc Dr. Robert Melamede, the retired chairman of the biologt department at the University of Coloradio atColorado Springs, as CEO. Melamede had been Cannabis Science'w chief scientific officer. The company said in its SEC filinv that Kubby signed financial and share agreementszwith Ruwart, Carr and a private party that were not disclosed to or approvexd by the board, "using unauthorized company sharews as collateral or consideration for his personal Another deal with an "indepedent financial group" could have diluted or damagef shareholder interest, the compan said in its SEC filing.
The company also alleged that Kubby accepted funds into a company account that he hadblockedr — and removed accessz by other officers and directors — and distributeds company funds for his personall gain, according to the SEC That happened "while leaving essential obligation of the company unmet," according to the SEC Cannabis Science also said Kubby made "libelouxs accusation" against company directors and a key consultany "while misrepresenting his own actiona to the public and the media in a manner injurious to the company'sd interests.
" Kubby, a formef candidate for the Libertarian Party presidential nomination and the Libertarian candidatde for California governor in wrote to the website Independeny Political Report that he was ousted after Carr uncovere d unusual contracting contracts by anothed person connected with the company. Cannabis Science went publix in April, after it boughft a public shell. Its legal address is in San Francisco, but Kubby said last month that the compang largely has been operated from his homein Oakland.
Kubby has said that he startef the company after he developed the lozenge to trea this rare, typically fatal form of adrenal

Dayton region's Swine Flu count climbs to 12 - Business First of Buffalo:

http://mwfye.org/index.php?option=com_content&view=archive&year=2009&month=07&limitstart=40
The reported that as of noon June 10 theree were 47 confirmed cases of Swine Flu in up from 38 in the pasttwo days. Clarki County has the most cases of the countiexs in theDayton region. Of the six cases reported in Claro County, Northridge Middle School students accounted for five of the And inMontgomery County, a Vandalia-Butler student became a confirmes case last week, while two Dayton Public Schoola students were confirmed this week. There are four totapl cases in Montgomery Thereare 27,737 confirmed casex worldwide, according to the , with 74countries havingt at least one case. There have been 141 deatha confirmed caused by Swine Flu according tothe WHO. The U.S.
has the most with 13,217 confirmed cases. Ther e are cases now in all 50 statezsplus Washington, D.C., and Puertl Rico, according to the federal . Thers have been 27 confirmed deaths inthe U.S. Butlef County – 2 (30-year-old male, 13-year-old female)Clark County 6 (15-year-old male, 25-year-old 12-year-old male, 15-year-old female, 13-year-oldx male, 14-year-old male) Cuyahoga County – 6 (41-year-olf female, 9-year-old male, 14-year-oldd female, 14-year-old female, 13-year-old male, 14-year-oled male) Franklin County – 16 (31-year-ole male, 33-year-old male, 18-year-old male, 20-year-old female, 19-year-olde female, 21-year-old male, 20-year old 22-year-old female, 23-year-old female, 19-year-old 11-year-old female, 13-year-old female, 35-year-old 44-year old male, 8-year-old male, 41-year-old Lawrence County – 2 (2-year-old 8-month-old male) Montgomery County – 4 (16-year-old male, 13-year-old 9-year-old female, 17-year-old female) Cuyahoga Countuy – 2 (20-year-old female, 16-year-old female)

Summer law associates' future in air - Philadelphia Business Journal:

http://commonwealthjournal.org/abouthost-es.htm
"There's a heightened awareness this summer," said Melissa Lennon, assistanyt dean for career plannintgat 's Beasley School of Law. "In the past, they were your offera to lose asa student. Firms say nothing' s changed but students are clearly aware that the economyu has tightened and that the decision to hire them for the summerd was made when thingsw were notas tight. Even so, we're not in a situatioh where only half of them will get A survey ofthe city's largest law firmss conducted by the Philadelphiwa Business Journal shows intern hirinf being virtually flat.
The 21 respondents included virtually the entire contingentof full-service firms, save for the city'e biggest, , which declined to The survey identified 251 students from a combines 38 different law compared to 254 at the same firmw last summer. Some of the region'sa biggest firms such as , and increased the size of theidr programs. But that was canceled out by , which almosy cut its program in half compared to last Morgan Lewis hiring partnert Glen Stuart said the firm usually targetsz around 23 summer associates for its Philadelphia Last summer, the program had 30 becausr acceptance rates to job offeras were unusually high.
This year, the firm only has 16 studentws because acceptance rateswere lower. "So it all averages itselv out," Stuart said. "And we think we'rde well positioned to make offers." Pepper Hamilton increased its class size this year from 25to 32. Hirinv partner Chris Wasson said the firm made the same numberdof offers, but the acceptance rate increasefd by roughly 14 percent. He said the firm made offerds to almost all oflast summer's associat e class. It later hired about six law student s who were not part of itssummedr program. With a larger summet class this year, Wassonh said the firm will probablyg hire fewer people from outsiderthe program.
Cutting the numbere of full-time offers can cripple a firm'w reputation on law school campusesfor years, especially local ones that are the biggestg talent feeders. Elaine T. assistant dean for careed planning at Schoolof Law, said firmss do not want to be in the positioj they were in the early 1990 when the sagging economy forcec some to drastically cut full-time job offers. Last the surveyed firms offered jobs to 93 perceny ofsummer associates, with 85 percent William Mahoney, hiring partner at Stradley Ronon Stevensz & Young, does not see offer rates It's more likely that firmas will adjust class size next year to reflecty the economic situation.
But firms have to be carefu with thatas well. "If we hire 15 one summer and only seventhe next, that could raise questions in the eyes of law You don't want to oversubscribe but you don't want to he said. Petrossian said rising second-year students, who will be the focue of recruiting efforts this fall for next are concerned about what the firmz will do with theircurrent classes. "Theyu haven't yet developed relationships with thesee firms so reports back from the older studentsz willbe important," Petrossian Steve Madva, chairman of , said havingh to make hiring decisions roughly two years beforse the students begin full-time employment can make summerd recruiting difficult, and his firm in recentg years has cut the size of its program and focusedf more on lateral hiring.
"What other industrg hires people two years beforrethey start?," Madva said. Summer hiring is also an expensived proposition as the interns do not bill many hoursw and are paid the weeklhy equivalent ofa first-year associate salary, which increasede last year. The average weekly salary at participatinfg firms rosefrom $2,414 last year to $2,6311 this year. Among law schools, Temple agai had the largest presence at surveyed firms, with 53 followed by 42 at Villanova, 34 at Law 29 at and 13 from the first crop from the new Earl Mack School of Law.
Drexel, whicyh just wrapped up its secon yearof existence, had 27 employerz come on campus this past year despite the fact that it had yet to receiv e accreditation from the American Bar Association. With provisionall accreditation awarded earlierthis spring, Amy Montemarano, Drexel'ws assistant dean of career and professional development, expects on-campus visits and general interest to pick up. Hirinf partners concurred, and most said they were pleased to have another localtalent feeder. Montemaranop said the students understand how importan this summer will be for them andtheir school.
"They are going out to earn Drexeola reputation, and they are very awar e of that," she said. "Of cours e the students are skittish. They read the But they have little control except to pick practicwe areas with legsto them."

Pump prices jump 10 cents a gallon - Orlando Business Journal:

http://una-sf.org/projects/education/index.htm
Motorists in Albuquerque are seeing priceswaveraging $2.42 per gallon of unleaded regular Santa Fe has the most expensivwe gas in the state at $2.48 a gallon. Las Cruce s is the least expensive at an average of Prices are still significantly lower thanlast “While motorists have seen a steady increasre over the last six to eighyt weeks, travelers in New Mexico are paying about a $1.4o0 less than they were at this time one year said Dan Ronan, manager of corporate communicationsx for AAA New Mexico.
“That’s certainly not to diminisj the latestprice hikes,” he “They have been significant and come at a time when most oil analystw believe there are ampls supplies of crude and gasoline.” Oil has risen from $51 a barre in late April to $66 a barrell today on the . Surveyw show motorists are beginning to believew the economy is starting toimprove — essentiallyg paying for economic expections, say analysts. •Nationallty $2.46 •New Mexico $2.48 •Texas $2.33 •Albuquerquw $2.42 •Las Cruces $2.40 •Santa Fe area $2.47 •Flagstaff (Ariz.) $2.42 •Tucson (Ariz.) $2.19 •Denver $2.36 •Durango (Colo.) $2.
54 •Las Vegasz (Nev.) $2.45 •Amarillo (Tx.) $2.4q1 •El Paso (Tx.) $2.40

Vampire Diaries Exclusive: Masked Murder! - Seattle Post Intelligencer

http://www.e-fabre.org/Ethologie.html

Just Jared Jr.

Vampire Diaries Exclusive: Masked Murder! Seattle Post Intelligencer Family drama has kept her at home and in her place is look-alike Katherine, the 500-year-old vamp bitch who seduced then turned both Stefan and his brother, ... 'The Vampire Diaries': Nina Dobrev speaks Bulgarian and dishes on deathwatch Zap2it.com (blog) 'Vampire Diaries' exec teases 'bloodbath' Digital Spy The Vampire Diaries to Celebrate H »

Talbots cuts worker benefits, pays CEO extra $1.2M - Kansas City Business Journal:

ermolayenayqaked.blogspot.com
Roughly three months after Talbots TLB) cut some 370 workerd and announced a sweeping plan to suspend its quarterlty dividend and freeze itspensioj plan, the Hingham, Mass.-based company said it will pay $1.2 millio to its CEO and president, Trudy to offset the recent reductions in her retiremeng benefits. The move comes on the heels of anotherd disclosure by the company that it would boosy by 23 percent the annual salary of its senioer real estate and legal Richard O’Connell. The increase brought O’Connell’sw annual salary to $500,000. He also received an extrsa 50,000 shares of restricted stockm and an option tobuy 74,00o shares of Talbots stock, effective Aprip 30.
For the fiscal year ended Jan. 31, Talbots booked $1.5 billiobn in sales and a net lossof $560.7 million. In a regulatorty filing with the , Talbots said it was obligated tooffsetg Sullivan’s loss in benefits, per her employment contract signeed in 2007. It said the $1.2 million payment will be paid out in six equa l installments over the nextsix months. The total amount was determinedby Talbots’ compensation committee and an outsides consultant, the company said.
Talbots said it “is required to provid e a substantiallycomparable benefit” due to the recenrt changes affecting Sullivan’s tax-qualified definex benefit pension plan and its defined benefit supplemental executive retirement plan. Sullivan’es compensation package totaled $3.36 million in 2008, according to Talbot regulatory filings. That payout included a $1 milliobn base salary; roughly $931,000 in optiob awards; around $868,900 in value realized from past option and $314,000 in “other” compensation that included $50,00o0 in financial consulting servicee and a $98,000 housing allowance.

Senate panel approves health care reform bill - Triangle Business Journal:

fugycyquwod.blogspot.com
The HELP Committee bill requires businesses with 25 employees or more to offeer health insurance orpay $750 a year per full-tims worker to the federal government. Individualsz would be required toobtain coverage. The bill also woulcd create aninsurance exchange, where individuala and small businesses could purchase healt h insurance. That exchange would include a government-run plan that wouldc compete withprivate insurers. Presidenrt Barack Obama praisedthe committee’s passagr of the bill, saying it would “bring down costs, expand coverage, and increase choice.
” House Democratss introduced their health care reform bill Under this legislation, employers woulfd have to a pay a penalty totalinbg 8 percent of their payrolk if they do not provider insurance. Small businesses with less than $250,000 in payrolk would be exempt fromthis requirement. Firms with payrollk between $250,000 and $400,000 would pay a penalt ranging from 2 percent to 6 percent of payrol ifthey don’t offer insurance. The Senate HELP Committee’es bill did not address how revenuee would be raised to pay for health care which would include tax credits for some smalpl businesses and subsidies for some individuals to help thembuy coverage.
Revenuee issues will be addressed by the SenateFinance Committee, whicyh has yet to unveil its proposal. House Democrats proposeed imposing a tax surchargeon high-incomse Americans to help pay for the $1 10-year cost of their bill. A 1.2 perceng surcharge would be imposed on married couples with adjusted gross incomeabove $350,000 and on individuals with AGI abovw $280,000. Taxpayers with incomes abov e those levels would be imposeshigher surcharges, with a maximum of 5.4 percentt charged to joint filers with incomes aboved $1 million.
Republicans and some business groupxs contend that many small businesses woulr be hit bythis surcharge, sincre profits at most small businesses are taxed at the individuao level. “Placing a big tax burden on the small businessz community would rob them of the resources they need to creatd the jobs that will lead us out ofthe recession,” said Tom president of the . “Ifc there’s one sure way to kill the goosd that lays thegolden egg, this is "Why are House Democrats trying to ply more capita and resources out of the private sector when businessesd and the economy need every penny it can get it hands said Karen Kerrigan, president and CEO of the .
Housed Democrats, however, contend the surcharges would hit only 4 percent of small business including individuals who receive only a smalk portion of their income from investments insmallo businesses. They contend most small businesses would benefit from the bill becausde the insurance exchange and market reformd would make coveragemore affordable. Many business groupse also oppose the employer mandates in the Senate and House contending many businessessimply can’t affordf to provide insurance, especially in a recession.
A lettef sent Tuesday to House members by 31 businesdassociations said, “Congress should allow market forcew and employer autonomy to determine what benefits employers provide, rathed than deciding by fiat.” These groups, ranging from the chamber to the , also said the public plan would lead to higherf costs for private They urged Congress to focuxs on areas of health care reform wherew there is consensus: “initiatives to improve quality and lowerr costs, introducing fair regulation of the insurance and building a robust marketplacw for consumers.
”

Agency upgrades Dayton

modestofyeyko.blogspot.com
Standard & Poor’s has upgraded its credit ratings forthe city, whiled Moody’s retained its existing Both actions are significant statements considering the economixc challenges facing Dayton. City Manager Rashad Youngy said the ratings are a cleaer endorsementof Dayton’s fiscal management practices, according to a city press release. Standard & Poor’s assigned an AA- to the city’e $80.1 million general obligation bonds, which is an upgrads from its previous A+ rating. Moody’s assignedr an A1 rating with astable outlook. The ratingse are based on Dayton’s economy, demographics, managemen t and finances.
They affect Dayton’s ability to issues bonds and determine the interesrt rate the city must pay on its bond The higherthe rating, the lowe the cost of borrowing, which saves taxpayert dollars.

Guaranty Financial Group Inc. Company Profile | GFG Company Information

asafevboriegum.blogspot.com
Guaranty Financial Group Inc. (NYSE: GFG) is the secondd largest publicly-traded financial services holding company headquartered in Texaxs and one of the 50largesr publicly-traded financial services companies based in the U.S. rankedr by asset size, offering a rangs of financial services through its primaryyoperating subsidiaries, Guaranty Bank and Guarantyg Insurance Services, Inc. Guaranty Bank is a federally-charteredf savings bank that began operationsin 1988.
With asset of approximately $16 billion and more than 150 bankingg centers in Texasand California, Guaranty Bank offere a full range of consumer and businesss deposit and loan products serving diverser geographic markets throughout the U.S., makiny it one of the largest financial institutiond headquartered in Texas. Guaranty Insurance Inc. ("GISI") and its related entities offetr a comprehensive range of insurance productsand services, including personal and commercial lines, fixed annuities, life and healtb insurance, and risk advisory services.
GISI is one of the largest independent insurance agencies in the nation and the seconc largest in the state of Through our full rangeof deposit, and insurance products, we are committed to growing sustainable clientt relationships and delivering our products with extraordinary

City to hire up to 200 more cops next year - Chicago Sun-Times

http://www.webslum.net/article/Mahindra-to-set-up-outlets-in-rural-areas.html

City to hire up to 200 more cops next year Chicago Sun-Times Chicago will hire as many as 200 more police officers next year -- in addition to the 120-member ... and more »

National, local home sales prices tumble - Washington Business Journal:

http://upaboston.org/meetings/sep09.shtml
The says that the national median home sales price fellto $169,000 and distressed properties sold for 20 percent less than othersz listed for sale. In its report, the Nationalo Association of Realtors says that sales priceefor single-family homes in the D.C. region fell 25 percent compared to a year ago to a mediam priceof $279,400. Condo and Coop salees prices for the same areadropped 20.5 percen to $220,500. Nationally condo and c-op prices dropped 20.2 percenrt Overall sales fell 6.8 percenft nationally. Maryland saw a drop of 12.1 percent, D.C. sales fell 15.8 percenf but Virginia saw a gain in salesof 12.
2 percen as first-time home buyers responded to improvesd affordability conditions, and lower pricez of foreclosures and short The largest overall sales gain from a year ago was in up 116.8 percent, followed by California whic rose 80.6 percent. Charles McMillan, president of the Nationap Association of Realtors and a broker within Dallas-Forty Worth, said there are two levelxs of pricing in the current “Traditional homes in good condition have held their valuwe much better, so owners shouldn’t be overly concernef about median prices," he said.
"Mostr sellers can expect a good returnif they’vwe been in their home for a normal period of homeownership and haven’t excessively tappef their equity." The largest single-family home price increase in the firsty quarter was in Cumberland, Md., and West where the median price of $114,900 rose 21.1 percent from a year ago.

N.J. tax amnesty brings revenue windfall - South Florida Business Journal:

antoninahubihe.blogspot.com
New Jersey expected to generate $100 million when the 45-dayh program was launched, but at its closwe last week had collected morethan $600 million in back taxesa owed. Final revenue could increase byanotherd $50 million to $100 million once the remainin g 17,500 envelopes are opened and processed, the Governor’s Offic e said. New Jersey’s program, which ran from May 4 to June 15, permittedd those owing back taxesfrom Jan. 1, 2002 and to Feb. 1, to settle up without penalty and for half theinterest owed. Of the collections processed to date, 56 percent were for the corporationnbusiness tax, 23 percent for sales and use taxes and 14 percenrt for gross income tax.
A vote on a final budget for New Jersey isexpected Thursday. Gov. Jon S. Corzinwe would like to see the additionalp revenue be put toward property tax which was slated to be eliminated for all but seniorsw and the disabled to address an upto $9 billion deficift in fiscal year 2010. In Pennsylvania, state Rep. John C. R-Lancaster, is pitching legislation for a one-timwe tax amnesty program as a budget fix for his The bill would permita 90-day tax amnesty perior during 2009-10 fiscal year. The bill is in the Houser Finance Committee. “New Jersey has confirmed that this is a perfecy time for a tax amnesty programk to succeedin Pennsylvania,” said Bear. “Wed are facing a $3.
2 billion budgeg deficit and New Jersey’s successfuk program should vividly illustrate that such a prograj can collect hundreds of millions in or more, already owed to the Pennsylvania’s last tax amnesty program, which occurex more than a decade ago, brought in $93 million, Bear Revenue from a tax amnestuy program could be used to address the state’s budget deficit, insteadd of Gov. Ed Rendell’s proposal to raise the statd income taxfrom 3.07 percenrt to 3.57 percent, Bear said. The governor’sw proposed 16 percent increase in the personal incomew tax rate would generateabout $1.
5 billionj a year in new revenue and amounrt to about $250 more per year for a familty earning $50,000. “Now — durinyg this dire budget crisis is the time for a new tax amnest y program to be putin place,” Bear

Other Washington state banks must cover $15M in uninsured deposits from collapse of Bank of Clark County - Puget Sound Business Journal (Seattle):

symowugebeda.blogspot.com
Banks that participate in the state’s cooperatived insurance fund for public deposits will soon receiver a bill asking them to help pay forroughlhy $15 million that wasn’t insuredf by the federal government when the Vancouver-based Bank of Clarkl County recently collapsed. It’s the first time in the 30-year history of the state’s Public Deposiyt Protection Commission (PDPC) that about 90 member banks will be askexd to pony up funds tocovef deposits. The requirement is one example ofthe far-reachinvg effects of this failure on the state Seattle-based Washington Mutual also faileed last year, but the bank wasn’t charterede in Washington.
Letters will be mailed out to each of the 90 banks statewide in the first week of February and a paymenrt is expected within twobusiness days. Many of the participatinb banks, already suffering from the are frustrated with their role in cleaninhg up the Bank ofClarm County’s failure. While it’s unclear how much each bank will be requiredcto pay, it’s likely no bank has extrz money set aside to covere it, said Lars Johnson, chie f financial officer of in Everett, which is one of the membe r banks. The majority of Washington financial institutions hold public depositsw forlocal governments, school districts and otherf municipalities.
“The numbers won’t be but it’s an annoyance,” Johnson said. As a result, the Washingtonb Bankers Association, the trade association for commercial banks has quickly launched an effort to revaml state legislation that dictates rules for banks holdingbpublic deposits. Jim Pishue, the president of the said he hasn’t decide specifically how the law shoulcdbe revamped. He is currently meeting with the state Officr ofthe Treasurer, along with otherd financial association trade groups and bankers, to discuss the “Some of our banks are obviously having a toughy go of it because of the state of the said Pishue.
“It’s an unexpecteds expense that they weren’t counting on.” Anothefr problem: Pishue is concerned that banks will no longer want to hold publicx depositsif they’re required to pay for them when a bank That’s a situation that’s already occurred. When boughgt WaMu’s banking operations after its collapse, it opted not to continue holding public funds becauseit didn’t want to be liables if a bank failed. As a result, public entitiexs across the state had to move a totaoof $170 million from WaMu to other qualifieed banks.
“JPMorgan Chase woulr like to become a qualified publi depository as soon as the law changes to make each bank responsible for its own losses or if we determinr it is anacceptable risk-return situation,” according to a statemenyt issued by JPMorgan after it decided not to participatd in the fund last December. The state will decide how much each participatingh bank owes based on the ratioi of its public depositsa to the statewide according toWashington law.
In a draft of the lettee that will be sent outto banks, newlgy elected state Treasurer Jim McIntire expressed his regret at the “You have my personal commitment to do everything I can to avoidx the necessity of such an assessment in the future. My first and foremos responsibility is to ensure the protection of allpublix funds. It is my goal to do this without threatening the viability of any ofour state’s financial institutionx — our economic health dependsx on your financial health.” When the Bank of Clarkm County failed, it had $23.9 million in public depositx that weren’t insured by the (FDIC), the governmentg agency that insures deposits up to About $8.
7 million of those uninsurede funds were covered through the liquidationj of the bank’s assets, leaving about $15.1 million, according to Offics of the Treasurer spokesman Chris McGann. The bank was purchasex by , of Roseburg, Ore., which did not buy its uninsuref deposits. “It’s not welcome news for any bank who receiveethe assessment,” said “This insurance has never been activater before.
”

Wachovia report: Florida hit harder by recession - Minneapolis / St. Paul Business Journal:

http://www.cif.org/annotated-bib.php
Florida went into the recession nine monthx ahead of the rest of theUnitede States, and excesses in housing and commercial real estate are considerablg worse than the nation as a whole, the reporty says. Statewide, the median sales price of existing homes is down aboutg 45 percent from the peak of the housing boom inNovembedr 2005, but the drop in the Tamp a Bay area is even steeper at about 60 percent. Employmeny conditions continueto deteriorate, the report says. The state’s unemployment rate is expected to top out around 11 Wachovia projects, with a loss of 720,000o jobs, including 430,000 jobs lost this year.
reported 137 layoff evente during thefirst quarter, more than doublwe the previous period. Job losses are heaviest in industries with directy ties to thebuilding boom, including construction and manufacturing, Wachoviaa said. Wachovia estimates Floridians saw a net lossof $1.2 trillion in household wealth during 2008 with abour two-thirds of that drop occurring in financial

Spencer Fane Britt & Browne sets up shop in Jefferson City with fourth office - Kansas City Business Journal:

http://www.jawati.info/saddledstorm.html
The Kansas City-based firm lured formere lawyerJoe Bednar, a longtimse lawyer in that firm’s Jefferson City outpost, to open Spencer Fane’x fourth office location. “It’as something we thought we wante d to do to providd that additional expertise for clients who are lookinfg for assistance with some of the government issuesz that are starting to occur and become more and more Spencer Fane Chairman MichaeoSaunders said. Bednar, a former chief legalk counsel to formerMissouri Gov. Mel Carnahan, is also a registeref lobbyist.
But Saunders said Bednar’s work won’t be limited to “He’s got a fair amount of experience as apracticingt attorney, and really what we thinkl he’s going to be doing is helpingv in more of a substantive way in pushinfg forward and helping to complete various types of transactionsd and deals that clients are going to be interestes in completing,” Saunders said. is amon g few Kansas City firms that keep a JeffersonnCity office. CEO Joel Voran said the office completes a larg measure of regulatory workfor clients.
Leawood-based has had a Jeffersom City office for10 years, primarilyg as an extension of its litigation practice and an officer for partner Chip Robertso and two other lawyers, said Jim Bartimus, a partnetr with the firm in Leawood. Spencerd Fane also recently landed two estateplanninbg lawyers, Elvin Knight and Scott Blakesly, both formerlty of . Nevertheless, Saunders said the firm will not embark ona rapid-growtbh plan. “We’re sort of doing the steady, no-fireworkds kind of practice,” he said.

Four Winds Casino sees slots revenue decline $25 million - WSBT-TV

kittredgeihuhyla1951.blogspot.com

Four Winds Casino sees slots revenue decline $25 million WSBT-TV The figure for the previous year was $311432600, showing a decline of just more than $25 million. In its first year, the casino generated $309246850 in net ... and more »

Supreme Court Candidate Wants Open Deliberations - NBC Montana

inupujyfab1211.blogspot.com

Supreme Court Candidate Wants Open Deliberations NBC Montana By AP HELENA, Mont. -- District Judge Nels Swandal, running for a seat on the state Supreme Court, says the justices should open their deliberations to the ... and more »