Barack Obama presents rescue plan after GM declaration of bankruptcy

Monday, June 1, 2009

In a televised speech from the White House at 16:00 UTC today, President of the United States Barack Obama presented a reorganization plan following the 12:00 UTC announcement by General Motors that it had filed for bankruptcy and Chapter 11 protection from its creditors, the largest bankruptcy of a U.S. manufacturing company.

Describing the problem with the company as one that had been “decades in the making,” Obama explained the rationale behind his proposed reorganization plan for General Motors. He stated that his intent was not to “perpetuat[e] the bad business decisions of the past,” and that loaning General Motors money, when debt was its problem, would have been doing exactly that. His plan, he stated, was for the United States government, in conjunction with the governments of Canada and Ontario (which he thanked for their roles alongside the government of Germany which he thanked for its role in selling a corporate stake in GM Europe), to become shareholders in General Motors. The United States government would hold a 60% stake. The government will give GM a capital infusion of US$30 billion in addition to the funds it has already received.

Of the government ownership he stated that he refused “to let General Motors and Chrysler become wards of the state”, and described the bankruptcy of Chrysler, and the bankruptcy of General Motors that he envisioned as being “quick, surgical, bankruptcies”. He pointed to the bankruptcy of Chrysler as an example of what he envision for General Motors, but stated that General Motors was a “more complex company” than Chrysler.

Responding to challenges voiced by political opponents, before the speech, that the federal government would actively participate in the affairs of the restructured company, he stated that he had “no interest” in running GM, and that the federal government would “refrain from exercising its rights” as a corporate shareholder for the most part. In particular, he stated that the federal government would not exercise its rights as a shareholder to dictate “what new type of car to make.” He stated that he expected the restructured GM to make “high quality, safe, and fuel-efficient cars of tomorrow,” and several times described what he anticipated as “better” and “fuel-efficient” cars, after a streamlining of GM’s brands.

He said to the general public that “I will not pretend that the hard times are over.” He described the financial hardship that some — shareholders, communities based around GM plants, GM dealers, and others — would undergo as a “sacrifice for the next generation” on their parts, so that their children could live in “an America that still makes things,” concluding that one day the United States might return to a time when the maxim (a widely-repeated mis-quotation of what Charles Erwin Wilson once testified before the U.S. Senate when nominated for the position of Secretary of Defense) would once more be true that “what is good for General Motors is good for the United States of America.”

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Mass evictions from Oakland’s public housing

Monday, May 15, 2006

Due to an Oakland housing official’s acts of fraud, 34 poor families face eviction from Lockwood Gardens, by order of the Oakland Housing Authority.

Fear and panic have set in at some of East Oakland’s public housing units, as police agents from the Oakland Housing Authority have been making late-night visits to tenants, and demanding that the families pack up and move within a five-day period.

After refusing to pack up and run, more than 30 families are facing mass eviction by the Oakland Housing Authority (OHA) from their public housing units at Lockwood Gardens, a Hope VI Project on 65th Avenue in East Oakland.

The OHA is claiming that at least 34 families currently facing eviction from Lockwood Gardens are unlawful occupants (squatters) who have illegally gained possession of the housing units. OHA officials have served them 30-day, forcible-detainer eviction notices in an effort to remove them.

On April 28, the first three cases out of 34 families facing eviction were headed for Alameda County Superior Court, but the court hearings have been delayed repeatedly as Judge Winifred Smith moves to consolidate all the cases.

In defense of some of the evictees, Oakland’s Eviction Defense Center has teamed up with attorney Bob Salinas, of Sundeen Salinas & Pyle, to file a demurrer seeking dismissal of evictions on behalf of the first three families that were served forcible-detainereviction notices. Lockwood Gardens has 372 units; and it is part of a revitalization project of East Oakland’s public housing properties, and a partial recipient of $26,510,020 in grant funding from the Hope Vl program administered by the Department of Housing and Urban Development.

The revitalization funds were divided between three public housing projects in 1994 and 1996, and renovations have since taken place to demolish and rebuild the three locations into modern housing units in Oakland’s eastside neighborhoods.

Laura Lane, an attorney with the East Bay Community Law Center, is also representing a number of the families facing eviction at Lockwood Gardens and those cases will head to court at a later date.

Currently, out of the 34 families facing eviction, the Eviction Defense Center (EDC) is representing nine families in court, and the East Bay Community Law Center (EBCLC) is representing 12 families. One family has already been frightened into moving away fromtheir public housing unit by the OHA; no one seems to know if the remaining seven families facing eviction have moved away or are seeking legal representation elsewhere.

Jennifer Bell of Goldfarb and Lipman is the General Counsel for the Oakland Housing Authority, and is leading the charge in court to evict the 34 families from their housing units in East Oakland.

During an April 24th interview with David Lipsetz, a Senior Policy Analyst with the Oakland Housing Authority, he blamed the tenants for what is occurring and accused all the families of committing fraud to move into public housing. At first, 29 families facedeviction, although that number has slowly risen to 34 as new families are served with eviction notices.

“The OHA has served eviction notices to 29 families at Lockwood Gardens because none of the families applied for, or got onto the waiting list to move into their public housing units,” said Lipsetc. “The tenants worked with a former clerk to gain access to theunits. The OHA does not have any files on the families, and the OHA does not believe that any of the families signed a lease before moving into those units. Forcible detainers are standard procedure for those that have illegally moved into the OHA’s public housing units.”

Lipsetz said that the OHA just recently discovered that the 29 families who are now living in those housing units did not match the names of the clients on the OHA list waiting to move into those units.

“As far as we can tell,” said Lipsetz, “there were no signed leases, no files established for these families, no security deposits have been paid before moving in, and those families got ahead of all the other families on the waiting list to move in.”

Contrary to what Lipsetz stated on behalf of the Oakland Housing Authority, the facts reveal that the families have all signed Leases, Tenant Agreements To Maintain A Drug-Free Environment, Occupant’s Responsibility statements, Lease Compliance forms anda host of other documents before moving in otheir public housing units. Those documents were all counter-signed by a host of clerks and managers working for the OHA. The soon-to-be-evicted tenants’ Billing Summaries, Tenant Leases and Notices have a host of names on them, such as Kim Boyd, an OHA Supervisor; Donald McShane, an OHA Manager; and Alice Ferguson, another OHA Manager.

In addition, as important as it may be that low-income tenants should not jump in line ahead of one another to move into this much-needed subsidized housing, most housing authorities across the nation recently have said the hell with their waiting lists, and allowed Hurricane Katrina’s victims to jump in ahead of all of those already waiting in line for housing.

A web page called “HUD’s Public Housing Program” has a section titled “WHEN WILL I BE NOTIFIED?” HUD’s website states: “If the HA determines that you are eligible, your name will be put on a waiting list, unless the HA is able to assist you immediately.” Theweb page may be found at http://www.hud.gov/renting/phprog.cfm

After discovering that the families facing eviction did indeed sign leases and other documents before moving into Lockwood Gardens, suddenly no one at the OHA would go on record to comment about the signed documents that contradicted the accusations of OHA spokesman David Lipsetz.

The documents clearly reveal that the 34 families facing eviction at Lockwood Gardens have all beenchecked out, and qualified as being eligible to move into those units, regardless of what the OHA may say at this point.

The entire controversy appears to have been triggered by acts of deception and fraud on the part of an official of the Oakland Housing Authority, Carolyn Wilson. “The police have been looking for Carolyn Wilson of the Oakland Housing Authority ever since shedisappeared recently,” said Ms. Kelly, a resident of Lockwood Gardens who prefers to use only her last name for this story.

“I moved into Lockwood Gardens on October 27, and Carolyn Wilson’s name is on my lease,” said Kelly. “I first received a message from the OHA at my mother’s home, telling me that a unit was available at Lockwood Gardens, and I went to their office location on 65thAvenue to fill out the necessary forms to move in. I supplied birth certificates, photo IDs, Social Security numbers, income statements and everything else asked of me to qualify for moving in. There’s no way that I committed fraud by following through witheverything being asked of me by the Housing Authority.”

Kelley said she and her young child were disturbed by an unexpected, late-night arrival of OHA police at her door.

“I am a 41-year-old woman with an 11-year-old child, and I am very frightened by the way the OHA has been treating me,” she said. “I was terrified recently when the OHA Police showed up at my door around 10 p.m. at night, accusing my family of committing fraud to move into this townhouse; and they served me a five-day notice to surrender my home to the OHA, or else.”

Officer Jerold Coates, a 13-year employee of the OHA Police Department, and Officer Malcolm Williams are involved in the investigation taking place at Lockwood Gardens. According to Ms. Kelly, “Officer Coates told me that Carolyn Wilson was demanding that everyone must pay her $500 to $1,000 to move in, and he wanted to know how much I paid her before moving in. I denied payingMs. Wilson anything extra to move into Lockwood Gardens.”

Kelly added, “From what I am being told by others is that Carolyn Wilson of the OHA skipped town with everyone’s security deposits of $500 to $1,000 for each family involved in the scam, and that the OHA will not receive a subsidy from HUD for the familiesfacing eviction in those units, because the OHA believes that the wrong families are residing in those housing units.”

One of the families that moved into Lockwood Gardens, and is now facing eviction, moved away from another public housing location in Oakland in order to move into the Hope Vl project on 65th Avenue. It takes permission to move from one location to another in public housing, and managers or staff at the OHA had to give their blessings before this family was allowed to relocate to Lockwood Gardens.

Jorge Aguilar, an attorney for the Eviction Defense Center, has his own understanding of what is going on. “An agent of the Oakland Housing Authority defrauded nearly 30 families of the most vulnerable segment of the community,” he said. “They are now trying to cover their wrongful act by evicting those families. The OHA is trying to circumvent Measure EE [Oakland’s Just Cause for eviction measure]. The irony is that the OHA is using forcible detainers to evict, which have traditionally been used to defend tenants fromlandlords using self-help evictions.”

Aguilar recently witnessed the human suffering already caused by the OHA’s eviction threats and rough handling of the families involved. He said, “During a recent interview with one of the families facing eviction, a little boy started crying and stated thatthe police came by and tried to take my bedroom away from me.”

Another Lockwood Gardens tenant named Winou Wakeyo said, “I’m from Jimma, Ethiopa, and I moved into Lockwood Gardens on November 22, 2005. I work 12 hours a day on Sundays for a pastor who told me to come here to find housing, and I did everything the HousingAuthority asked of me before moving in. A big policeman came by recently late at night with a five-day notice telling me that I must surrender my home to the Housing Authority. There were two policemen. It scared me very much, and someone later told me to find a defender to save my housing, and I contacted the Eviction Defense Center for help.

“I do not understand the customs of this country, and I asked my defender what I did wrong, and I was told that someone stole some money. The Housing Authority stopped accepting my rent for April, and about two weeks ago, they suddenly sent back the rent that Ipaid for March, and I do not understand why they are doing this to me.”

Laura Lane, an attorney for the EBCLC, said, “The Oakland Housing Authority seems to be in a complete disarray. The management has failed to adequately screen, train or supervise its employees. But when the employees make mistakes or fail to follow the law, theOakland Housing Authority’s response is to blame the tenants, blame the attorneys, blame the federal government — blame anyone but the Oakland Housing Authority. There is an utter failure to accept personal responsibility.”

After it became apparent that many families were seeking legal help to fight the evictions, a meeting was held on March 20 at the East Bay Community Law Center for the victims of the housing scam. When the tenants started sharing what had occurred to them,most of the families involved suddenly realized that Carolyn Wilson of the OHA had stolen their security deposits, and skipped out of town.

Tenants at Lockwood Gardens believe that there may be another 40 families or more to face eviction, since they learned that OHA police are also investigating other public housing properties in Oakland that may be caught up in the housing scam.

As recently as April 22, OHA police were back at Lockwood Gardens pounding on the tenants’ doors, and demanding to know if the families have moved yet.

“This time the police were not satisfied to know if my family had moved yet,” said Kelly, “but they wanted to know if any of us noticed any other families moving out of here lately. Considering the way they have been treating us, I don’t think we have to tell them anything at this point, and they need to talk to my attorney if they have any further questions.”

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Forex Day Trading Tips

Most people look at what has already come to pass on their chart. After that, they come up with a one trade idea and then wish it will work out.

Since we can’t see what happens next, untested traders tend to assume circumstances of what they want to happen, or what they fear.

Traders think about registering a trade and the price hovering in their direction for easy revenue and high-fives from acquaintances.

However, we want to be concerned about all the possibilities. The price may possibly drop, rally, or do nothing.

If you are very confident, you may miss clues that the market is turning versus you. If you are very doubtful you may dodge a good trade or jump out of it too early.

What Do You Need?

Strategies are what you must have that could have gotten you into a trade, with an initial income target and stop loss.

This article will offer traders with meaning and classification of day trading and intraday trading.

Moreover, you will be exploring different day trading systems, how traders generate profits with day trading systems, some recommendations for the best Forex day trading systems, and some insightful tips for you to use in your daily trading.

Get To Know What Is Forex Day Trading

Forex Day Trading is the buying and selling of securities, but only within that same trading day.

Day Trading can take place in any market but frequently it happens in either the Forex trading market or the stock trading market.

[youtube]http://www.youtube.com/watch?v=4fe1zJsuqt4[/youtube]

In order to be profitable as a Forex day trader, you must have a decent amount of capital with a good amount of knowledge regarding the market behind you.

However, having all of those does not necessarily assure success.

Why Do Traders Day Trade?

Forex day trading is used in order to reduce the need to pay fees for maintaining a position overnight.

The fees are discussed as “Swaps.”

In some cases, the swaps may perhaps be positive.

A trading strategy established on acquiring assets with positive swaps is described as a “Carry Trade.”

However, this strategy is ahead of the scope of this article. Day traders hang on a lot of importance for the Forex market.

Day trading Forex is a very much speculative activity. Yet, it keeps the market functioning smoothly.

Forex day traders are the ones who furnish the market with liquidity.

How to Day Trade in Forex

The guide to a lucrative Forex day trading may possibly be considered controversial, as it is something that everyone has an outlook about.

What everyone agrees on though, is that it is a very dangerous activity. It should only be believed if one has an in-depth understanding of the market and a clear awareness of those risks.

Qualities of A Successful Day Trader or A Professional Day TraderCapital Requirement

A large quantity of capital at the trader’s clearance with an adequate risk/reward ratio is definitely necessary. It is even though day traders are considering for more return contrasted to the average sizes that traders achieve. It is still suggested to keep the trade size fairly low.

Market Knowledge

Comprehensive knowledge of how the market performs and what the main governing factors of market moves are is essential.

A successful day trader must keep an eye on both fundamental and technical gauges.

Extraordinary Discipline

In every portion of life, discipline is essential. On the flip side, disregarding discipline in day trading may possibly result in huge losses.

Success without discipline is essentially impossible. You need to be able to observe prices for prolonged periods of time without making any reckless trading decisions.

Most of the time, you may notice profitable market moves that you have projected but did not implement is painful. Yet, it is better to waste a chance, than to guarantee a loss.

Strategy

One has to embrace one or many strategies in order to reduce losses and boost profits.

Market conditions differ from day to day, so should a day trader’s strategy.

A lucrative day trader has to come up with a new strategy almost every other day. They should also at least regulate their current strategy to the new market conditions.

In order to day trade Forex effectively, an innovative mind is vital.

Conclusion

A strategy will give you more detailed information for implementing your day trades while depending on the defined technical indicators and objects.

It is also recommended to try executing a few systems and evaluate which one is the most fascinating and comfortable for you.

Don’t compete for profits straight away, the most important idea when picking a system is to be confident in what you are doing.

Also, keep in mind that a trader may perhaps not be able to shield their account with stop orders around the news.

If there is no liquidity on the market, the order won’t close. It will remain sleeping until the first available counterparty is inclined to trade.

So basically, it is only at their price that you will trade. However, the best day trading strategy in Forex is always to trade at your price.

G7 says “all available tools” will be used to solve crisis

Saturday, October 11, 2008

In the midst of the intensifying global financial crisis, finance ministers and central bankers of the G7 nations – Canada, France, Germany, Italy, Japan, the United States, and the United Kingdom – met in Washington, D.C. and released a joint statement.

With failures of large financial institutions in the United States, the crisis rapidly evolved into a global crisis resulting in bank failures in Europe and the Americas, and sharp reductions in the value of stocks and commodities worldwide. The crisis further lead to a liquidity problem and the de-leveraging of world assets, which further accelerated the problem. The crisis has roots in the subprime mortgage crisis and is an acute phase of the financial crisis of 2007–2008.

After the meeting, a joint statement was released with a commitment to “stabilize financial markets and restore the flow of credit.” The statement outlined five steps to achieve these goals:

  1. Take decisive action and use all available tools to support systemically important financial institutions and prevent their failure.
  2. Take all necessary steps to unfreeze credit and money markets and ensure that banks and other financial institutions have broad access to liquidity and funding.
  3. Ensure that our banks and other major financial intermediaries, as needed, can raise capital from public as well as private sources, in sufficient amounts to re-establish confidence and permit them to continue lending to households and businesses.
  4. Ensure that our respective national deposit insurance and guarantee programs are robust and consistent so that our retail depositors will continue to have confidence in the safety of their deposits.
  5. Take action, where appropriate, to restart the secondary markets for mortgages and other securitized assets. Accurate valuation and transparent disclosure of assets and consistent implementation of high quality accounting standards are necessary.
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“Central banks from around the world have acted together to provide additional liquidity for financial institutions, taking the necessary steps to support the global economy,” said US Secretary of the Treasury Henry Paulson in a statement after the meeting.

“We have taken a lot of actions,” said European Central Bank President Jean-Claude Trichet. “My experience of markets is that it always takes a little time to capture the elements [of the decisions taken].”

The Governor of the Bank of England Mervyn King said: “Central banks will work together as we demonstrated this week, to ensure sufficient short term liquidity is provided to stabilise banking systems. But it is also vital that governments work together to ensure their banking systems are recapitalised to enable them to lend to finance spending in the real economy.”

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Kansas School Board has copyright withheld over teaching Intelligent Design

Monday, October 31, 2005

Kansas has been denied permission to use two key documents commonly used in the writing of science education standards for states, the National Science Education Standards (published by the National Research Council) and Pathways to Science Standards (published by the National Science Teacher Association). The respective organizations argued that they could not grant the state of Kansas permission to use these documents in the current form of the Kansas Science Educational Standards, as these overemphasize controversy between the scientific theory of Evolution and the argument of Intelligent Design. Moreover, the organizations criticize that the standards in their current form distort the definition of science. The American Association for the Advancement of Science has expressed its support for the decision to deny Kansas the use of copyrighted material, as “the proposed standards misrepresent both the content and the standing of evolution as a scientific organizing principle”.

Proponents of Intelligent Design have characterized the refusal as “an effort to censor the discussion of scientific criticism of Darwinian theory by intimidation and threat”.

This is likely to further delay the ratification of the final vote on the Kansas Science Educational Standards as they will have to be rewritten either to not violate any copyright restrictions or modify their account of evolution and outlook on science. According to University of Kansas professor Steve Case, rewriting the standards will be very difficult, as “there is copyrighted material on every page” of the current document.

This is the second time that Kansas was denied the right to use copyrighted materials in their state standards, following the case in 1999, when Kansas included Creationism, a precursor of Intelligent Design, into the school curriculum. A later school board overturned that directive.

The dispute in Kansas has brought nationwide responses, ranging from a rebuke by the American Association for the Advancement of Science to the creation of internet-sensation Flying Spaghetti Monster mythology (which is lobbying the Kansas School Board to give equal time teaching their creationism theory as well.)

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Bobby Robson recovering from operation

Wednesday, August 23, 2006

Earlier today former England-manager Bobby Robson underwent surgery to remove a tumour from his brain.

A statement was made saying the surgery went “very well”, and that the tumour has been completely removed.

The Football Association of Ireland hopes that Sir Bobby Robson will be able to resume his duties as a consultant for the Republic of Ireland team for the games against Cyprus and the Czech Republic in early October.

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Glass Fencing Frameless Or Semi Frameless

There are two kinds of glass fencing product that ar used for pool safety fences: frameless and semi-frameless. the majority once buying costs enquire regarding each, however there ar bound circumstances once one or the opposite can’t be put in.

Semi frameless glass pool fencing is put in with the assistance of alloy or stainless-steel posts. These posts ar concreted within the ground or connected to decking or concrete with a base plate. The posts have grooves from either side into that the glass is slotted then secured with rubber glazing or glass siloxane. Semi-frameless glass fencing will primarily be put in anyplace and it’s the foremost fashionable style of fencing particularly around natatorium areas.

Frameless, that is additionally called “fully-frameless” doesn’t have these fence posts between glass panels. Instead the glass is fastened to the bottom with the assistance of permit or stainless-steel spigots. These spigots ar concreted or latched to the bottom, holding the glass from rock bottom. as a result of there’s lots less support for the glass, a thicker glass is employed. additionally, a correct fence footing is needed for this sort of fencing. In different words, there has to be a position or a foundation underneath the complete length of the fence.

Both style of fencing glass is secure round the house, as a result of it’s factory-made in accordance with the Australian safety standards. All 8mm, 10mm or 12mm glass is, what’s known as, “toughened safety glass”. If it will break, it’ll comprise a heap of tiny items, therefore minimising the chance of injury.

For all of your glass pool fence brisbane, visit QLD Pool Fencing, Glass Pool Fencing

James Brown dies of pneumonia

Monday, December 25, 2006

James Brown, often referred to as the Godfather of Soul, died in Atlanta due to congestive heart failure, combined with pneumonia. His death at age 73 was announced by his agent. After his dentist noticed something unusual with him, Brown was told to visit a doctor immediately. He was taken into the hospital yesterday for treatment of his pneumonia until his death at around 1:45 AM (6:45 AM GMT). It is not known whether he received a pneumonia vaccination, as recommended for people of his age.

He was born in 1933 and grew up in poverty until he formed James Brown & The Famous Flames. His influence on 20th century music, from funk to hip hop was profound.

Before he died, he scheduled a New Year’s Eve concert series in New Jersey and New York that would help kick off a 2007 tour.

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Honda Civic tops Canada’s list of most stolen cars

Wednesday, November 22, 2006

The 1999 and 2000 year model Honda Civic SiR tops the list of Canada’s most stolen cars.

Consumer popularity also assures the cars will be popular with thieves. Its the second year in a row the Honda SiR has topped the list.

Rick Dubin Vice President of Investigations for the Insurance Bureau of Canada said “The Civics are easy targets.”

Dubin said that once stolen, the cars are most often sold to “chop shops” where thieves completely dismantle the vehicles. The automobile’s individual parts are worth more than the entire car.

The sheer numbers of the cars and their lack of theft deterrent systems make them thieves’ preferred choices.

1999 and 2000 Honda Civics do not come with an electronic immobilizer, however all Hondas from 2001 and onward are equipped with an immobilizer. Immobilizers will be mandatory on all new cars sold beginning September 2007. The devices enable an engine computer to recognize an electronic code in the key. If the code in the key and the engine don’t match exactly, the vehicle can’t be started.

In third place was the 2004 Subaru Impreza, while the 1999 Acura Integra came in fourth, with the 1994 Honda Civic rounding out the top five.

In sixth place, the 1998 Acura Integra, and the 1993 Dodge Shadow completed seventh.

When asked why early model vehicles are selected, he said that, “auto thieves continue to find it easier to steal older vehicles lacking an IBC-approved immobilizer. We’ve seen this trend developing for several years, and these results confirm it.”

Another Honda automobile, the 1996 year model Civic filled eighth place, with the 2000 German Audi TT Quattro in ninth.

The American 1996 Chevrolet/GMC Blazer rounded out the top ten.

None of the above cars had an electronic immobilizer.

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Aerial collision over Austria kills 8

Monday, March 5, 2007

An aerial collision near Zell am See, Austria has killed 8 people, 5 Swiss citizens, 1 French, 1 German and 1 Austrian.

The collision occurred Monday afternoon between a Super Puma helicopter belonging to Helog S.A, based in Küssnacht (Switzerland), and a private Diamond DA20 “Katana” light aircraft which had taken off from the aerodrome at Zell am See.

All 7 of the passengers and crew from the helicopter were pronounced dead at the scene, as was the pilot of the light aircraft, which had no passengers on board.

The debris from the accident spread over a 20 metre radius and bystanders near to the incident reported seeing a “huge ball of fire in the sky”.

The reason for the accident is presently unclear as both craft have been confirmed as passing pre-flight testing at their respective take-off locations. Furthermore, Zell am See tower radioed the helicopter that a plane was taking off, to which the helicopter replied positively. This conversation should have been heard over radio by the pilot of the plane.

The site of the accident is now being guarded by police, pending the arrival of an investigation team and a delegate of the state attorney.

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