|
|
While Republicans and Democrats argue about extending the Social Security payroll tax, a voice in the cyber wilderness reminds us why the tax is there.
Mike Alberti writing for the Remapping debate points out the original intent of the tax was to provide those collecting it a right to do so, as they paid in.
The article’s worth a click and raises some good questions:
http://www.remappingdebate.org/article/fdr-congress-don%E2%80%99t-mess-payroll-tax
One of the owners of SBC restaurants told lawmakers Monday the chain cut 26 jobs to escape the new paid sick leave law. The reduction in staff hit part-time servers, mostly people who had other full-time jobs or college students and more of the story will be available on line tonight and in Dec. 6, 2012′s paper.
The comment was made during a wide-ranging discussion about the economy with other businessmen and women at the Fairfield University Bookstore in downtown.
One of the points of concern raised was the lack of consumer confidence. A blow to family incomes as a result of lost part-time work in restaurants and possibly other small businesses racing to avoid paying sick leave, probably won’t help with this, especially after nearly three years of income stagnation in the state.
Look for the next state job report on Dec. 19 to provide a clearer picture on this front, as it will update October acvtivity and provide a glimpse of November hiring.
Connecticut residents whose primary homes were foreclosed on in 2009 and 2010 might be eligible for compensation.
A federally-backed review of claims against loan servicers and their foreclosure tactics is underway.
Some situations that might allow a borrowers some compensation include:
Here’s the official release from the State Attorney General and Banking Commissioner, urging people to apply to the claims process.
HARTFORD – Attorney General George Jepsen and state Banking Commissioner Howard F. Pitkin are encouraging Connecticut borrowers who believe they suffered financial injury because of harmful mortgage loan servicing and foreclosure practices to participate in an Independent Foreclosure Review and claims process.
“This presents an opportunity for Connecticut borrowers to receive some compensation for damages they suffered as a result of harmful practices by the loan servicing companies during foreclosure,” Attorney General Jepsen said. “I would encourage them to take advantage of this program.”
Commissioner Pitkin added, “This is an important program and I encourage anyone who was involved in the foreclosure process and is eligible to participate in this review.”
To be eligible for review and financial remediation, borrowers must have had a mortgage in the foreclosure process between Jan. 1, 2009, and Dec. 31, 2010. In addition, the property securing the loan must have been the borrower’s primary residence, and the loan must have been serviced by one of the following loan servicers:
|
|
|
The Independent Foreclosure Review and claims process was ordered by the Office of the Comptroller of the Currency and the Board of Governors of the Federal Reserve System – the federal agencies with responsibility and authority to regulate and supervise the loan servicers.
The federal agencies have ordered independent firms to evaluate whether individual borrowers suffered financial injury as a result of their loan servicer’s errors, misrepresentations, or other deficient foreclosure practices; and to determine the appropriate amount of financial remediation that the loan servicer must provide to individual borrowers.
Many Connecticut borrowers have already received letters from the independent firms approved by the federal regulators. Those and other eligible borrowers are advised to complete the forms and mail them to the address provided by the April 30, 2012 deadline. Borrowers who have questions regarding the Independent Foreclosure Review and claims process should call the program administrator at 1-888-952-9105 or visit the program website at www.independentforeclosurereview.com.
Connecticut homeowners experiencing difficulty making their mortgage loan payments currently should contact the state Department of Banking’s Foreclosure Assistance Hotline. The Department assists homeowners who are attempting to achieve loan modifications and prevent foreclosure. The Department’s website, www.ct.gov/dob, has valuable information about avoiding scams, applying for loan modifications, and navigating the foreclosure process. Homeowners can call the Foreclosure Assistance Hotline at 1-877-472-8313.
###
Partisanship continues to hold the floor in Congress as two proposals to extend a payroll tax cut were shot down in the U.S. Senate.
Last year, the Social Security payroll tax was reduced from 6.2 percent to 4.2 percent for 2011. The Senate offered up two proposals to extend the tax break, but Democrats wanted to cover the drop in revenue with higher taxes on the wealthy, while Republicans wanted to cover the balance by extending a wage freeze on government workers to 2015. Right now federal workers’ wages are supposed to be frozen until 2012.
One West Virginia Senator told the Washington Post the tax break wasn’t doing any good and that no one really even notices they get it.
He might be right, but once the government starts taking a bigger bite out of checks, there’s a distinct possibility people will notice as the average American will take home about $83 less a month in pay than he or she is taking home now.
More information will be available in the business section on the Web tonight and in print Saturday.
Last week was slow for the State Banking Department, which usually reports a slew of activity, including cease and desist orders, new bank branch activity and check cashing. But the DOB did report credit unions are merging in North Central Connecticut are planning to merge.
The weekly report said Enbic Employees Credit Union Inc. in Simsbury and 360 Federal Credit Union in Windsor Locks filed an application to merge Enbic into 360 Federal.
Credit unions have been pushing to snap up depositors fleeing larger banks who have been instituting new fees to increase revenue and defend profit streams that are being affected by new and proposed regulations. The credit unions have been advertising and expanding in some cases through new branches and mergers.
360 Federal, formerly the Hamilton Standard Credit Union, has 17,000 members and more than $180 million in assets.
The Wall Street Journal and New York Times are reporting a federal probe into insider trading activity in the hedge fund world has landed on the doorstep of Connecticut funds in Greenwich and Stamford.
According to the two publications. FBI and the U.S. Attorney for the Southern District of New York are looking into the activity of traders from Diamondback Capital Management of Stamford and Level Global Investors of Greenwich. The Journal also said New York-based Neuberger Berman Group is also in the soup. The Journal also said charges could be forthcoming soon.
The two firms were built by former associates of hedge fund legend, Steven A. Cohen, founder of SAC Capital Advisors, according to DealBreaker.
Tom Carson, a spokesman for the U.S. Attorney District of Connecticut, referred calls from Hearst Media to the office of the U.S. Attorney Southern District of New York.
Connecticut’s U.S. Attorney formed a special financial fraud task force, but the U.S. Department of Justice also has a unit dedicated to financial crimes throughout the U.S. The Southern District office, often referred to as the U.S. Attorney of Manhattan, is often involved in these types of cases as wire transfers from out of state can run through New York.
Ellen Davis, a spokeswoman for the New York U.S. Attorney declined to comment on the issue.
To read more details, visit http://dealbook.nytimes.com/2011/11/30/new-round-of-insider-trading-charges-expected/
or, for subscribers to the WSJ, visit
With gold prices continuing to tickle $1,750 an ounce, speculation in old mines remains strong evoking a rebirth in even one of the nation’s most famous strikes, the Comstock Lode in Nevada.
Comstock Mining Inc., a company founded in 1999, said earlier this month, surveys indicate there could be 1.78 million gold equivalent ounces in the old mines surrounding historic Virginia City, Nevada.
The company, trading on the NYSE’s American Exchange under the symbol LODE, reported losing $9.2 million during the first nine months of this year, as it continues its search for gold and restarting the mines. It faces some local regulatory hurdles over its mining methods.
The Comstock Lode itself was most famous for the silver it produced, though there was gold mining in the area.
The Comstock gained international fame in 1859 when news of the silver strike spread through newspapers. It drew dreamers from many nations and from many states, including a young newspaper man named Sam Clemens. In 1861 Sam Clemens, better known as Mark Twain tagged along with his brother Orion Clemens, who had been appointed the Secretary of the Territory of Nevada.
The local newspaper featured a series on the project to restart the mines and you can find it by following by visiting its website:
Is the Oracle of Omaha investing with his heart, these days, trying to save his hometown newspaper, or does Buffett think there’s reason to believe readers do still value the newspapers as they transition into the digital age and fight for attention in a cluttered environment?
Buffett’s Berkshire Hathaway announced it bought the Omaha World-Herald on Thursday Nov. 30, 2011.
Here’s the release:
Copyright © 2013 Hearst Communications Inc.
