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  • Some dairy farmers not keen on settlement
    case the plaintiffs lawyers say A federal judge in Burlington is reviewing the settlement It covers Delaware Connecticut Maryland Massachusetts New Hampshire New Jersey New York Pennsylvania Rhode Island Vermont Virginia and the District of Columbia The proposal also includes a deal that would require Dean get 10 to 20 percent of the raw milk it buys for three Northeastern plants from sources other than DMS for 30 months The plaintiffs say the provision would jumpstart competition but DFA and DMS object It s the old strategy where you divide and conquer What they want to do break up this DMS system where we go to the customers as one unified voice Anytime you have farmers working together it s dangerous for them said Mark Magnan a Fairfield dairy farmer who is on the board of the St Albans Coop and a DMS director They are not opposed to Dean settling but say the provision takes business from their farmers and gives it to someone else said Steven Kuney a Washington based lawyer for DFA and DMS U S District Court Judge Christina Reiss appears to be lukewarm on the provision She said she is likely to sever it from the settlement or said the two parties could I m optimistic Howrigan said Kit Pierson a Washington based attorney for the plaintiffs said he doesn t mind if the judge severs the provision since Dean says it has started to get milk from some independent farmers If Dean is moving in that direction anyway he said Dean also says it intends to honor any supply agreements with DFA and DMS under the provision But Howrigan worries that such competition could lead to lower prices paid to farmers They could come back and say we re getting X amount of pounds

    Original URL path: http://www.911omissionreport.com/milk_price_fixing.html (2016-02-14)
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  • California: Citibank Stole $14 Million from its Customers
    internal audit team In the words of a Citibank executive Stealing from our customers is a business decision not a legal decision The same executive later said that the sweep program could not be stopped because it would reduce the executive bonus pool Brown charged The attorney general s office launched its investigation of Citibank in 2005 to determine whether the company violated the California False Claims Act by filing false holder reports with the California State Controller that omitted any reference to the swept funds The 3 year investigation led to today s settlement The settlement includes Permanent injunction Citibank will be permanently prevented from re initiating the credit sweeps Refunds to victims Citibank will refund all improperly swept funds to customers who were victimized by the sweeps Citibank will also pay California customers 10 interest on the amount taken Penalties Citibank will pay 3 5 million in damages and civil penalties to the State of California Compliance audit After Citibank s refund process is complete an independent auditor will review Citibank s work to ensure that it has lived up to its obligations Citibank has affirmed that it can identify most of the victims of the credit sweeps and has begun the process of reviewing archived account data and refunding the improperly swept funds going back to 1992 New York Charges Earlier this month Citigroup Global Markets Inc and Citi Smith Barney have agreed to settle allegations stemming from its marketing and sales of auction rate securities The firm marketed and sold auction rate securities as safe cash equivalent products when in fact they faced increasing liquidity risk a number of states alleged New York Attorney General Andrew M Cuomo hailed the agreement as a turning point for investors nationwide seeking relief from the collapse of the auction

    Original URL path: http://www.911omissionreport.com/citibank_stole.html (2016-02-14)
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  • Exclusive - MF Global mixed funds, transferred abroad
    the matter Until now it was believed that only customer futures accounts were affected The source also told Reuters that MF Global had been using customer funds for several days if not weeks rather than just a few days before the firm collapsed Regulators had previously thought the firm was using customer funds on the Thursday and Friday before it filed for bankruptcy on October 31 CME Group the Chicago exchange where MF Global traded said it had reviewed the company s books a week before the bankruptcy and found no issues with the customer money If MF Global started improperly dipping into its customers accounts long before the firm s collapse the allegation would raise questions of why the regulators and auditors failed to spot such behaviour Congress has already started asking questions about potential lapses in regulatory oversight of MF Global The pressure on regulators would only increase if MF Global turns out to have misused customer funds over an extended period of time Establishing the specifics of what happened is key to figuring out how the system failed and how to fix it going forward Republican Senator Chuck Grassley of Iowa said in a statement on Thursday

    Original URL path: http://www.911omissionreport.com/mf_global_mixed_funds.html (2016-02-14)
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  • E-Mail Clues in Tracking MF Global Client Funds
    customer money Ms O Brien could not be reached for comment Mr Weingarten did not respond to several requests for comment A spokesman for the Commodity Futures Trading Commission which is leading the investigation declined to comment Mr Weingarten a former Justice Department official has also represented Bernard J Ebbers the former chief executive of WorldCom and other top corporate executives Lloyd C Blankfein the chief executive of Goldman Sachs hired Mr Weingarten this year The transfer to JPMorgan was not the only questionable one Investigators suspect that later on Oct 28 MF Global continued using customer money to settle payments with trading partners and others leading to the roughly 1 billion hole in customer cash Regulators have spent nearly two months hunting for the missing money Angry customers who have yet to receive roughly a third of their money have taken their grievances to Washington Jon S Corzine the company s former chief executive has testified on Capitol Hill three times this month about the firm s collapse Mr Corzine a former United States senator and New Jersey governor testified that on the morning of Oct 28 JPMorgan told him that one of the firm s accounts at the bank in London was overdrawn He said he passed the notice along to his staff At that time I was trying to sell billions of dollars of securities to JPMorgan Chase in order to reduce our balance sheet and generate liquidity Mr Corzine told lawmakers JPMorgan Chase told me that they would not engage in those transactions until overdrafts in London were cleaned up After the transfer JPMorgan one of MF Global s main banks questioned Mr Corzine about the source of the money Since I had no personal knowledge of the issue I asked senior people in the back

    Original URL path: http://www.911omissionreport.com/mf_global_jp_morgan.html (2016-02-14)
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  • Claims that surplus money is available in state budgets reveal complexity of laws and finances
    health insurance premiums But either step would require the breaking of contracts negotiated with unions and contracts have never been subject to legislative approval Telfer did not return a call for comment Other funds Ken Rocco has worked in the Legislative Fiscal Office which advises lawmakers about the budget since October 1990 and has led it since November 2001 He said that questions about ending fund balances also arose during the state s most recent recession in 2002 when both chambers had Republican majorities and officials had similar answers then about why they were of limited use to offset spending cuts He said his staff has been combing through agencies other funds accounts which differ from the ending fund balances described in the report to see if there is money that can offset cuts in the tax supported general fund In budget talk these are known as fund sweeps Last time I talked with him which was when we met as a committee in January he told me he was working with the two of them Winters said referring to Telfer and Ferrioli Winters said such accounts can be pared but the work is painstaking and the results not always spectacular During the 2009 session she and Rep Nancy Nathanson D Eugene spent weeks trimming 50 million from various accounts at the Department of Administrative Services the central management agency for state government There is often confusion about the nature of other funds accounts Rocco said These monies collected by state agencies are dedicated to specific purposes described in law Boquist who called Rocco politically partisan said the Legislature can do whatever it wants In reality a simple majority of the Legislature can re appropriate any statutory funds with majority vote Likewise any constitutional change can be referred to the citizens by majority vote Boquist said Past missteps Past Legislatures however have fared poorly sometimes when they did just that In 1982 lawmakers at the urging of Republican Gov Vic Atiyeh transferred 81 million from reserves of SAIF Corp to balance the budget in what was then Oregon s most severe economic downturn since the Great Depression SAIF had been converted in 1980 from a state agency to a public corporation providing workers compensation insurance Among the opponents were two future Democratic governors John Kitzhaber and Ted Kulongoski who were then state senators Twelve years later the Oregon Supreme Court ruled that the transfer was illegal Under a settlement negotiated through Kulongoski who was attorney general then SAIF policyholders were paid back 225 million including interest in the 1990s while Kitzhaber was governor In 2003 lawmakers passed a budget balancing bill that drew 10 million from a state trust fund for management of forest lands in 15 counties mostly in Tillamook and Clatsop counties The state acquired the lands from counties after the Tillamook Burn a series of disastrous fires between 1933 and 1945 and replanted trees Two years later a Coos County judge ruled that a consensual arrangement existed

    Original URL path: http://www.911omissionreport.com/surplus_money.html (2016-02-14)
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  • New Jersey Auditor Questions $27 Light Bulbs Billed Under Stimulus Program
    700 in auditing fees when no services had been performed and 69 000 in construction costs that couldn t be verified Weatherization agencies have been reimbursed for unreasonable costs because of inadequate review of financial reports and lack of guidance from the state and federal governments said the audit It said the state agency s review of contractor expenditures was cursory The state didn t pay for the 27 light bulbs and the 75 carbon monoxide detectors after the audit according to Lori Grifa the Community Affairs Department s commissioner Since Eells began the review the two most senior state employees overseeing the program have been replaced and a third has been reassigned Grifa said in a written response to the audit The 27 included labor and materials for compact fluorescent light bulbs Lisa Ryan a spokeswoman for the department said today in an e mailed response to questions Accountants Hired In May the department hired an accounting firm to review invoices from the 23 agencies that carry out the weatherization work under program contracts Grifa said The added controls will help the state make more than 13 000 residential units more energy efficient within three years she said Senate

    Original URL path: http://www.911omissionreport.com/27dlr_light_bulbs.html (2016-02-14)
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  • The Grace Commission Report
    9 in 1948 to 2 218 in 1983 or by 246 times This is runaway taxation at its worst Importantly any meaningful increases in taxes from personal income would have to come from lower and middle income families as 90 percent of all personal taxable income is generated below the taxable income level of 35 000 Further there isn t much more that can be extracted from high income brackets If the Government took 100 percent of all taxable income beyond the 75 000 tax bracket not already taxed it would get only 17 billion and this confiscation which would destroy productive enterprise would only be sufficient to run the Government for seven days Resistance to additional income taxes would be even more widespread if people were aware that One third of all their taxes is consumed by waste and inefficiency in the Federal Government as we identified in our survey Another one third of all their taxes escapes collection from others as the underground economy blossoms in direct proportion to tax increases and places even more pressure on law abiding taxpayers promoting still more underground economy a vicious cycle that must be broken With two thirds of everyone s personal income taxes wasted or not collected 100 percent of what is collected is absorbed solely by interest on the Federal debt and by Federal Government contributions to transfer payments In other words all individual income tax revenues are gone before one nickel is spent on the services which taxpayers expect from their Government Our survey studied the small as well as the major items of cost savings items of broad national impact as well as those of a more localized nature I believe you will be interested in a few random examples of what we found In the Northwest the Federal Power Marketing Administration is selling subsidized power at one third of market rates If the Federal power were priced at market there would be a three year increase in revenues of 4 5 billion which equates to the three year personal income taxes of 676 000 median income American families who are thus subsidizing a discrete group in one part of the country The Civil Service and Military Retirement Systems provide to participants three times and six times the benefits respectively of the best private sector plans The Government s civilian and military employees retire at an earlier age typically age 55 and 40 respectively versus 63 to 64 in the private sector with substantially more liberal benefit formulas than their private sector counterparts In addition the pensions of Federal retirees are fully indexed for inflation a rarity in the private sector Modifying major Federal pensions to provide benefits comparable to those of the best private sector plans slightly better in the case of military pensions would result in three year savings of 60 9 billion equivalent to the three year income taxes of 9 2 million median income families A relatively small item in the overall but

    Original URL path: http://www.911omissionreport.com/grace_commission.html (2016-02-14)
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  • Withholding Tax
    Senator Clark So far as the impact on the public is concerned it is precisely the same as a sales tax except you give the money back sometimes Mr Jacobstein That is right That is a very fair statement I think Senator Danaher used the word self assessment If I buy a dollar necktie I pay 1 10 under his plan A withholding tax is usually withheld at the source Here you withhold it not at the manufacturer s end but at the retailer s end You are using the retailer instead of the manufacturer to siphon off several billion dollars depending on the rate of the assessment of a tax It may be that several systems can be used Any one of them might be very useful to the Treasury in accomplishing this purpose But for siphoning off purchasing power into the Treasury from day to day or week to week or month to month and it has that advantage Now there is an aspect to this question which was not brought out in the original memorandum which would make the scheme perhaps a little more palatable if certain deductions were made by any method either by the withholding tax method or direct sales tax method or by Senator Danaher s proposal Statement of Charles O Hardy of the Brookings Institution Mr Hardy First mainly for the purpose of providing an exemption from the tax or forced loan either one Now as has been stated a moment ago this is a forced loan It should be pointed out I think that you can do the same thing with the mechanics of any other tax that is under the income tax you can give out bonds or coupons redeemable in bonds instead of giving receipts for the income tax You can do that as far as I can see with any tax for the whole schedule of taxes I would like to say that we have to bring about a readjustment of consumption in the country to the amount of consumers goods and services that we can spare the resources to produce under war conditions First we have got to devote our productive energies to the war Or you can use the mechanism of the sales tax as far as I can see by mopping up the increased purchasing power that is created by the rising amount they receive in their paychecks On the other hand if the money is stored up whether it is in the form of these stamps or in the form where people haven t spent it because they have had no way to spend it in either case if it is too large a proportion you are going to have the problem whenever you do turn it loose that you have now in the other case namely of having a lot more purchasing power than you have goods and services to make it good with That is the answer I think to the question that

    Original URL path: http://www.911omissionreport.com/withholding_tax.html (2016-02-14)
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