Thursday, April 21, 2005

U.S. President George W. Bush signed into law Wednesday a major bankruptcy reform bill, making the most sweeping changes to the laws of personal bankruptcy in the past two decades. Bill S.256 is predicted to reduce the chances of filing Chapter 7 bankruptcy for 30,000 to 210,000 families per year, according to the American Bankruptcy Institute.

The legislation was strongly opposed by some consumer advocates and by some Democrats in Congress, who complained about the lack of debate on exemptions they attempted to introduce and tried to derail the passage of the bill. Those who are unable to file for Chapter 7 bankruptcy will then be forced to file under Chapter 13, which requires payment of some debts by order of a judge based on the financial resources of the debtor.

Opponents said the bill will end a chance for a fresh start in the financial lives of the American people by keeping them in debt to collection agencies, as well as credit card companies and banks who have made it easy to obtain high credit limits amid mounting consumer debt.

In his remarks before signing the bill, which he supported, Bush said, “The bipartisan bill I’mabout to sign makes common-sense reforms to our bankruptcy laws. By restoringintegrity to the bankruptcy process, this law will make our financial systemstronger and better. By making the system fairer for creditors and debtors,we will ensure that more Americans can get access to affordable credit.”

The bankruptcy bill received a 302-126 approval in the house, after receiving a 74-25 vote in the Senate last month following strong, mostly partisan debate.

The US bankruptcy system was established in 1898. It allowed judges and debtors to come to terms with the costly medical bills that can follow a relative’s death, or a family illness. Such cases form nearly half of all bankruptcies filed in the USA, according to the American Bankruptcy Institute.

Now many of those people will have to work out repayment plans suitable to creditors instead of having debts erased by a judge, according to the new law, which takes effect in six months.

In the past, a judge or court representative would calculate an individual’s income and subtract necessities of life to come up with a practical repayment plan of some debt. The new law stipulates that a graph, showing the poverty level in whichever state the consumer is living will be the criteria. It assumes that if people can subsist at that poverty level, then everything over that can be used to repay creditors.

Additionally, a provision that allowed debtors to file their own Chapter 7 fresh start bankruptcy has been changed to require a lawyer, paid by the debtor, to do the filing.

The new law also erased “usury” provisions in lending laws, with some lawmakers saying that paying 30 percent interest was not too much when a debtor was behind on payments.

But Bush said that credit will “be more affordable because when bankruptcy is less common, credit can be extended to more people at better rates,” meeting demands of the credit card companies which they have been pressing for the last eight years.

“The big winners under the new law will be the special interests that literally wrote it, particularly the credit card industry,” said Travis B. Plunkett, legislative director of the Consumer Federation of America. “This is particularly ironic because reckless and abusive lending practices by credit card companies have driven many Americans to the brink of bankruptcy.”

The forces arrayed on the losing side of this bill said it will hurt low-income working people, single mothers, minorities, and elderly and will end a safety net for people who have lost jobs or face major medical bills. People who fail (refuse) to pay or refuse to go to court will punished by a fine and or arrest warrant made out in their name. About fifty thousand Americans will be punished by a fine and or warrant about three thousand Americans every year will go to jail under the new bankruptcy law. For some people this will be a third strike so they will be put in jail for life.

But Mallory Duncan, a lawyer for the National Retail Federation, said “Bankruptcy has gone from a stigma to a financial planning tool for many.”

New personal bankruptcy filings have increased from 172,423 in 1978 to 1,599,986 last year, an increase of 828% during that time; however, it edged down slightly last year.

About 2 percent to 13 percent of those who dissolve their debts in Chapter 7 bankruptcy each year in exchange for forfeiting some assets will be disqualified from doing so under the law, according to the American Bankruptcy Institute.

Bankruptcy lawyers anticipate a rush to the courthouse to beat the six-month window before the new reforms take effect.

Thursday, July 3, 2014

Ian Narev, the CEO of the Commonwealth Bank of Australia, this morning “unreservedly” apologised to clients who lost money in a scandal involving the bank’s financial planning services arm.

Last week, a Senate enquiry found financial advisers from the Commonwealth Bank had made high-risk investments of clients’ money without the clients’ permission, resulting in hundreds of millions of dollars lost. The Senate enquiry called for a Royal Commission into the bank, and the Australian Securities and Investments Commission (ASIC).

Mr Narev stated the bank’s performance in providing financial advice was “unacceptable”, and the bank was launching a scheme to compensate clients who lost money due to the planners’ actions.

In a statement Mr Narev said, “Poor advice provided by some of our advisers between 2003 and 2012 caused financial loss and distress and I am truly sorry for that. […] There have been changes in management, structure and culture. We have also invested in new systems, implemented new processes, enhanced adviser supervision and improved training.”

An investigation by Fairfax Media instigated the Senate inquiry into the Commonwealth Bank’s financial planning division and ASIC.

Whistleblower Jeff Morris, who reported the misconduct of the bank to ASIC six years ago, said in an article for The Sydney Morning Herald that neither the bank nor ASIC should be in control of the compensation program.

Saturday, June 4, 2005

After an investigation of allegations that Islam’s holy book the Qu’ran was mishandled in front of inmates at Guantanamo Bay, Cuba, the Bush administration has acknowledged the credibility of some of these reports. According to Robert Burns of the Associated Press, U.S. military officials acknowledged that, “a Muslim holy book was splashed with urine,” and “a detainee’s Quran was deliberately kicked and another’s was stepped on.” The US government first denied a specific report that the Qu’ran had been flushed down a toilet at the prison facility, but on Friday agreed that similar allegations were indeed true.

On May 16, Newsweek magazine apologized to the victims of deadly riots that ensued due to a Newsweek article stating that U.S. officials defiled the Qur’an. White House Press Secretary Scott McClellan criticized Newsweek’s initial response to the incident, saying it was “puzzling.” Later that day, Newsweek retracted the story, which the White House said was a “good first step”.

On May 20, the International Red Cross (IRC) revealed in a rare public announcement that it had documented and reported to the United States credible information concerning desecration of the Qur’an by Guantanamo Bay personnel. Pentagon spokesman Bryan Whitman, acknowledged that allegations were made on “rare occasions” but were uncorroborated. Simon Schorno, a Red Cross spokesman, disputed the Pentagon’s denial saying, “All information we received were corroborated allegations.” He added that, “We certainly corroborated mentions of the events by detainees themselves,” and that “the ICRC considers such reports “very seriously, and very carefully, and [we] document everything.”

Scott McClellan explained in a press conference that the White House is not trying to tell Newsweek what to print. McClellan said, “Look, this report caused serious damage to the image of the United States abroad. And Newsweek has said that they got it wrong. I think Newsweek recognizes the responsibility they have. We appreciate the step that they took by retracting the story. Now we would encourage them to move forward and do all that they can to help repair the damage that has been done by this report. And that’s all I’m saying. But, no, you’re absolutely right, it’s not my position to get into telling people what they can and cannot report.”

On May 25, Amnesty International called for the shutdown on Guantanamo Bay due to numerous human rights violations, saying “The ‘war on terror’ appeared more effective in eroding international human rights principles than in countering international ‘terrorism’.” Amnesty International’s view was shared by both the International Red Cross (IRC) and the American Civil Liberties Union (ACLU). The IRC has said it reported to the U.S. government detainee’s reports of desecration of the Qur’an. In the foreword of the report, written by Amnesty International Secretary General Irene Khan, Guantanamo was compared to a Soviet-era gulag in that it is “entrenching the practice of arbitrary and indefinite detention in violation of international law”.

White House spokesman Scott McClellan responded saying the report’s allegations were “ridiculous and unsupported by the facts. The United States is leading the way when it comes to protecting human rights and promoting human dignity. We have liberated 50 million people in Iraq and Afghanistan. We have worked to advance freedom and democracy in the world so that people are governed under a rule of law and that there are… protections in place for minority rights, that women’s rights are advanced so that women can fully participate in societies where now they cannot”, as well as supporting the fight against AIDS in Africa.

About the allegations of abuse at Guantanamo, which McClellan has previously called isolated incidents, he said, “We hold people accountable when there is abuse. We take steps to prevent it from happening again, and we do so in a very public way for the world to see that we lead by example, and that we do have values that we hold very dearly and believe in.”

On May 31, U.S. President George W. Bush dismissed the human rights report as “absurd” for its harsh criticism of U.S. treatment of terrorist suspects at Guantanamo Bay, Cuba, saying the allegations were made by prisoners “who hate America.” “It’s an absurd allegation. The United States is a country that promotes freedom around the world,” Bush said of the Amnesty International report.

William F. Schulz, executive director of Amnesty International USA, defended the report, saying, “What is ‘absurd’ is President Bush’s attempt to deny the deliberate policies of his administration.” and “What is ‘absurd’ and indeed outrageous is the Bush administration’s failure to undertake a full independent investigation”. Irene Khan also responded saying, “The administration’s response has been that our report is absurd, that our allegations have no basis, and our answer is very simple: if that is so, open up these detention centres, allow us and others to visit them.”

And, on Friday, the U.S. military released the results of their investigation and confirmed that in 5 separate incidents, American guards at the Guantánamo Bay prison “mishandled” the Islamic holy book. However, they stress that guards were usually “respectful” of the Qur’an. One incident involved splashing a Koran with urine by urinating near an air vent while others involved kicking, stepping on and writing in Qur’ans.

Brigadier-General Jay Hood, the commander of the jail, looked into the allegations, published and then retracted by Newsweek, that American personnel flushed a Qur’an down a toilet. He said that the inquiry did not find any evidence supporting this particular allegation. “The inquiry found no credible evidence that a member of the Joint Task Force at Guantanamo Bay ever flushed a Qur’an down a toilet. This matter is considered closed.”

Friday, August 19, 2022

Three people were injured Sunday night, August 14, at a Six Flags amusement park after a drive-by shooting in Gurnee, Illinois. The theme park, Six Flags Great America, was evacuated after gunfire was reported around 7:50pm.

An early summary stated that the shooters had jumped out of a white sedan and shot at guests in the parking lot, and drove off. Two victims were transported to Advocate Condell Medical Center in Libertyville, Illinois. Another victim declined transportation to the hospital, and instead was treated on-site. The victims, ranging from ages 17-19, suffered non-life threatening injuries.

Guests inside the park had uploaded video to social media, showing guests hiding in restaurant kitchens and ride lines, while others were escaping through backstage areas.

A spokeswoman for the theme park released a statement to the press, saying that “shots were fired from a single vehicle,” and that “[p]ark security personnel and officers… responded immediately.” Gurnee police clarified that the incident was not an active shooter incident inside the park, but it was a targeted shooting. No one was in custody as of Sunday night and at that time, the situation remained under investigation.

The park re-opened on Monday morning and the hospitalized victims were released.

Friday, June 1, 2007

A former mailman who proposed to paint the town hall pink, turn the local town square into a nudist pool, and to plant a marijuana field in the local park has been elected to the Reus, Spain town council.

Ariel Santamaria promised to show up to the town’s council meetings dressed up as Elvis Presley if he was elected and kept his word at the town’s first meeting on Thursday.

Before being elected, Santamaria who is a member of the Reus Independent Coordination, had also promised the town’s 100,000 residents that he would install a GPS system at the police department that would allow officers to track people who are smoking marijuana and provide them with a light if they need one.

An unnamed media consultant who works for Santamaria set up a website for his campaign and followed Santamaria wherever he went, dressed as a pirate.

Sunday, January 27, 2008

Viktor Schreckengost, the father of industrial design and creator of the Jazz Bowl, an iconic piece of Jazz Age art designed for Eleanor Roosevelt during his association with Cowan Pottery died yesterday. He was 101.

Schreckengost was born on June 26, 1906 in Sebring, Ohio, United States.

Schreckengost’s peers included the far more famous designers Raymond Loewy and Norman Bel Geddes.

In 2000, the Cleveland Museum of Art curated the first ever retrospective of Schreckengost’s work. Stunning in scope, the exhibition included sculpture, pottery, dinnerware, drawings, and paintings.

Warning: The information on this page may be incorrect and/or outdated. Don’t trust it.

Information about the world’s markets index, no longer maintained.

• Forex Gold Index: $424.30/barrel, $0.80

• 1 US Dollar (US$):

= STG£0.5349 = €0.7727 = ¥106.4000

• 1 Euro (€):

= STG£0.6923 = $1.2942 = ¥137.6900

• 1 Pound Sterling (STG£):

= US$1.8694 = €1.4443 = ¥198.8550

• 1 Japanese Yen (¥)

= STG£0.0050 = $0.0094 = €0.0073

(Commodities & currencies as of 2005-03-24 T 23:00 UTC, or last close were applicable. None of this data is guaranteed to be correct. Please read our General disclaimer and Risk disclaimer.)|}

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Tuesday, January 15, 2008

The Bush administration officially notified Congress Monday of its intention to sell sophisticated precision-guided bombs to Saudi Arabia. The action, coinciding with President Bush’s visit to Saudi Arabia, is part of a broader U.S. effort to bolster Gulf allies in the face of a more assertive Iran. VOA’s David Gollust reports from the State Department.

The Bush administration has already briefed Congress on its arms sales plans for Saudi Arabia. Monday’s announcement sets in motion a 30-day period in which the House and Senate can block the plan with a joint resolution – an action that appears highly unlikely.

Under the proposed deal, worth more than $120 million, the United States would provide Saudi Arabia with 900 kits and associated equipment to convert conventional gravity bombs into GPS-guided smart-bombs, known as JDAMs.

The weapons are a mainstay of the U.S. military arsenal and their accuracy would vastly enhance the capability of the Saudi Air Force, which has top-of-the-line U.S.-made fighter-bomber aircraft.

The sale is part of a broader $20-billion arms package for Saudi Arabia and other Gulf states announced by Secretary of State Condoleezza Rice and Defense Secretary Robert Gates last August on a mission to the Gulf, aimed at shoring up U.S. allies concerned about Iranian influence in the region.

Several elements of the broader package including sales of Patriot anti-missile systems to Kuwait and the United Arab Emirates, and upgrades for Saudi Arabia’s AWACS airborne command and control planes, have already gotten congressional assent. Officials here say they also expect the Saudi J-DAMS sale to proceed despite concerns expressed by some congressional supporters of Israel.

At the time the Gulf weapons sales package was announced last year, the Bush administration also committed to a 10-year, $30-billion arms package for Israel, representing a 25 per cent increase in annual U.S. arms aid to that country.

Briefing reporters, State Department Spokesman Sean McCormack said the administration has assured Congress it would do nothing to upset Israel’s military edge over potential enemies in the region.

“We’ve spent a lot of time assuring that we abide by our commitments to a qualitative military edge for Israel,” said Sean McCormack. “This is something that President Reagan first talked about and it’s been reiterated and reconfirmed by each successive president after that. We’re committed to maintaining that qualitative military edge for Israel.”

Israel itself has not protested the pending sale. Israeli officials have said they anticipate being provided with a new-generation U.S. smart bomb more capable than J-DAMS, which have been in service for more than a decade.

A spokesman for House Foreign Affairs Committee Chairman Tom Lantos, a prominent advocate for Israel in Congress, said he does not intend to push a resolution of disapproval.

However one House member, New York Democrat Anthony Weiner, said he would introduce such a measure and already has more than 30 co-sponsors.

Critics of the package have faulted Saudi Arabia’s record in combating terrorism and advancing political reform. Under questioning here, Spokesman McCormack said the Saudi government has made “quantum leaps” in action against terrorist cells and financing in recent years and has begun the process of reform, though not necessarily at a pace that would please some critics.

Two-thirds majorities of the members in both houses would be required to block the sale and officials here say chances for that appear nil.

Thursday, October 7, 2010

After 27 years, the Australian Dollar has achieved a record high by equating to 98.73 U.S. cents. The previous record was set in 1983, when the currency was floated by foreign exchange markets — since then the last peak that it experienced was in July 2008, when it was worth 98.49 U.S. cents. Local economists believe this is a clear indication that interest rates will rise in the near future.

The Australian Minister for Jobs, Chris Evans, has attributed the spike in the Australian dollar to government stimulus rolled out at the crux of the global financial crisis of the last several years, from which Australia exited relatively unscathed.

The news comes as the Australian Bureau of Statistics released a report stating Australian unemployment was set a 5.1 per cent after additional jobs were gained in previous months. American magazine Forbes magazine recently named Australian businessperson and CEO of Westpac Gail Kelly as the eighth most powerful woman in the world.