Free Republic

Former IRS Employee Sued for Tax Scam Chicago (Sept. 5, 2008) By WebCPA staff | The Justice Department has accused a former Internal Revenue Service secretary of cheating her tax prep clients and the government out of approximately $850,000. The government filed suit in a federal district court in Chicago seeking a permanent injunction against Debra Windham to prevent her from preparing tax returns from others. Windham, who prepares returns under the business name Special Circumstances, allegedly claimed false deductions for her clients and then applied without their knowledge for refund anticipation loans in their names.

Africa Becoming a Biofuel Battleground By Horand Knaup Western companies are pushing to acquire vast stretches of African land to meet the world's biofuel needs. Local farmers and governments are being showered with promises. But is this just another form of economic colonialism? Everything will turn out alright. Correction: everything is going to get better. There will be new roads, a new school, a pharmacy, even a proper water supply. Most of all, there will be jobs -- 5,000, at the very least. "If there are jobs for us, then it's a good thing," says Juma Njagu, 26, who hopes...

Hedge fund Atticus denies liquidation rumors: report Thu Sep 4, 7:28 PM ET Hedge fund company Atticus Capital denied market rumors it was liquidating its positions and closing down and said it had a large net capital position and was looking for investment opportunities, the Wall Street Journal reported on Thursday. Atticus's two main hedge funds have been hit with losses of between 25 percent and 32 percent this year through August, but investors are largely sticking with it, according to unnamed investors cited by the Journal. Stocks the Wall Street Journal said Atticus held in recent months, including Burlington...

Mystery of the missing millionaire Samuel Israel III was living the good life with other people's money — playing a dangerous game, with staggeringly high stakes By Dennis Murphy Correspondent NBC News updated 7:51 p.m. ET Sept. 5, 2008 This report aired Dateline Friday, Sept. 5, 10 p.m. Dennis Murphy Correspondent NEW YORK CITY - No one knows for sure why the story of Sam Israel III found its way to Bear Mountain Bridge. Israel a millionaire living the high life. He had a boat, a nice house, and some cars. Suddenly, he was at the center of a mystery...

"When it comes to action over Georgia, Russia has the European Union over a barrel. In fact, 1.2 million barrels. That’s how much Russian crude is pumped westward every day down the Druzhba pipeline to fuel Europe’s economies.” So began an article in The International Herald Tribune, one of many last week explaining why Europe — and the west — has little choice but to sacrifice parts of Georgia, and maybe a lot more, to Russia’s ambitions. “Russia knows that when it comes to conducting a serious foreign and security policy, Europe is all mouth,” says Lord Chris Patten, the...

The Republican presidential candidate will make his running mate the public face of the country's drive for energy independence, according to a McCain campaign official. Mr McCain, whose selection of Mrs Palin has electrified Republican supporters, wants to capitalise on her expertise in the oil and gas sector while governor of Alaska. He believes that her record of taking on oil company chiefs will help convince the public that his government would not be in the pocket of energy fat cats, a perception that has damaged George W.Bush's poll ratings. The move would give Mr McCain political cover to resume...

Taipei, Sept 03: Taiwan called on Wednesday for expansion in cooperation on oil exploration and development with China amid warming ties between the two rivals. The CPC Corp, Taiwan, the island's state-run oil refiner, said it has proposed to work with China's CNOOC Ltd to explore possible oil reserves in the East China Sea. "We have expressed the willingness to CNOOC to work together in the East China Sea," CPC Vice President Chu Shao-hua told media. "CPC is waiting for CNOOC's response, hoping both sides will kick off talks on the proposal," he said. CPC and CNOOC set up a...

Sammy Wilson's view on climate change has angered environmentalists The Environment Minister Sammy Wilson has angered green campaigners by describing their view on climate change as a "hysterical psuedo-religion". In an article in the News Letter, Mr Wilson said he believed it occurred naturally and was not man-made. "Resources should be used to adapt to the consequences of climate change, rather than King Canute-style vainly trying to stop it," said the minister. Peter Doran of the Green Party said it was a "deeply irresponsible message." Mr Wilson said he refused to "blindly accept" the need to make significant changes to...

The Compton city attorney's office is investigating a $1-per-lot sale of government land to a housing corporation that failed to receive the tax-exempt status it sought and is associated with a Los Angeles labor union mired in a spending scandal. The housing group was established as a nonprofit in 2004, but never received an Internal Revenue Service exemption and had lost its right to do business in California for not filing its tax returns, The Times disclosed last month. It was founded under the direction of Tyrone Freeman, president of the Service Employees International Union local, whose financial practices are...

This week, the state budget impasse took on a poignant dimension with detailed coverage of the human toll of Sacramento's fiscal paralysis. The most alarming stories involve nonprofit health care providers under contract to the state to help tens of thousands of ailing residents. Without a budget, these providers are now being forced en masse to borrow money from any willing party to keep operating and keep their clients healthy. But what these stories often left out is the state's ability to ameliorate this pain even without a budget. If Gov. Arnold Schwarzenegger and the Legislature were willing, stopgap funding...

In a controversial practice known as "balance billing," health-care providers are going after patients for money they don't owe As health-care costs continue to soar, millions of confused consumers are paying medical bills they don't actually owe. Typically this occurs when an insurance plan covers less than what a doctor, hospital, or lab service wants to be paid. The health-care provider demands the balance from the patient. Uncertain and fearing the calls of a debt collector, the patient pays up. Most consumers don't realize it, but this common practice, known as balance billing, often is illegal. When doctors or hospitals...

For Immediate ReleaseOffice of the Press SecretarySeptember 6, 2008 President's Radio Address   President's Radio Address  Audio  En Español       In Focus: Energy      In Focus: Hurricane PreparednessTHE PRESIDENT: Good morning. Throughout the past week, Americans anxiously watched weather conditions in the Gulf Coast region. The people of Alabama, Louisiana, Mississippi, and Texas were well prepared for Hurricane Gustav -- and the coordination between these States and the Federal government was strong. Now, we're focusing on the relief effort. Gustav caused damage to infrastructure, forced tens of thousands into shelters, and left more than a million people without power. The Federal government is...

The government has formulated a plan to put troubled mortgage giants Fannie Mae and Freddie Mac under federal control, dismiss their top executives and prop them up financially, federal officials told the two companies yesterday, according to three sources familiar with the conversations. Under the plan, which could prompt one of the most sweeping government interventions in the workings of financial markets in U.S. history, federal officials would place the firms under a conservatorship, a legal status giving the government the option and time to restructure and revive the companies, the sources said. The value of the companies' common stock...

HOUSTON, Sept. 5 /PRNewswire-FirstCall/ -- Continental Airlines (NYSE: CAL) today announced a $15 service fee for the first checked bag for certain customers who purchase economy-class tickets. The service fee will not apply to EliteAccess customers, including those seated in First or BusinessFirst, OnePass Elite and SkyTeam Elite members, customers traveling on full-fare economy (Y) class tickets, or military personnel and their families traveling on official orders. The policy will apply immediately for tickets purchased for destinations within the U.S., and between the U.S. and Puerto Rico, the U.S. Virgin Islands and Canada for travel commencing on or after Oct....

So Far, It Just Isn't Looking Like Asia's Century By Joshua Kurlantzick Sunday, September 7, 2008; Page B03 So much for the Asian century. The Thais are bickering with themselves, and when they're done doing that, they'll bicker with the Cambodians -- again. China may be Japan's biggest trading partner, but they hate each other anyway. Malaysia and Indonesia? Two countries divided by the same language. I've spent a lot of time in Asia over the past decade, as an expat and a traveler. From where I stand, the place is a geopolitical mess. Hogtied by nationalism and narrow self-interest,...

Iran says oil price is right at $100 a barrel Angela Jameson Pressure for a cut in oil output at next week's Opec meeting in Vienna stepped up today when Iran’s Opec governor said an oil price of $100 per barrel was “appropriate” in current conditions. Mohammad Ali Khatibi made his comments as the price of Brent crude fell by $1.77 to $104.30 today while US oil also declined to $106.12. Oil is now trading nearly 30 per cent lower than its peak of $147.27 on July 11. Mr Khatibi also reiterated Iran’s view that Opec's 13 members, who are...

The US Treasury has moved closer to a rescue plan for Fannie Mae and Freddie Mac, the two struggling government-sponsored mortgage groups whose fate is key to the future of the US housing industry and financial markets. The exact form of the proposed government rescue remained unclear, but share prices for Fannie Mae and Freddie Mac declined 30.3 per cent and 26.6 per cent respectively in after-hours trading, reflecting investor concerns that the rescue plan would wipe out holders of equity in the groups while guaranteeing their debt. Speculation has been building that the government would need to act following...

Daniel Gross reports: … the poll for the House vote in the East showed that the 25 percent of the electorate making over $100,000 went big for Democrats overall, 57-42, compared with a 49-48 margin in 2004. In 2006, those making between $150,000 and $200,000 voted for Democratic candidates by a whopping 63-37 majority, and those making more than $200,000 went Democratic by a slim 50-48 margin. That’s a huge shift from 2004, when Republicans took the $150,000 to $200,000 demographic 50-48 and rang up a huge victory among the over $200,000 set: 56-40. In 2006, Democratic candidates racked up...

Representative Charles B. Rangel paid no interest for more than a decade on a mortgage extended to him to buy a villa at a beachfront resort in the Dominican Republic, according to Mr. Rangel’s lawyer and records from the resort. The loan was given to him by the resort development company, in which Theodore Kheel, a prominent New York labor lawyer, was a principal investor. Mr. Kheel, who has given tens of thousands of dollars to Mr. Rangel’s campaigns over the past decade, had encouraged the congressman to be one of the initial investors in the project. The loan, which...

Bond yields of Portugal, Italy, Greece and Spain widened to record levels against Germany on Friday as fears rose that these economies could face increasing problems in a deteriorating financial climate. Yields on benchmark 10-year Portuguese, Italian and Spanish bonds rose to their widest levels against Germany since the launch of the eurozone in January 1999, while those of Greece rose to highs not seen since it joined the single currency in April 2001. Analysts warned that these countries could run into difficulties in funding their spending programmes as their economies slow and their debt costs rise, making them less...

When the price of crude oil shot up from $100 in early March to $145 in early July, several old friends in economics and journalism blamed it on the Federal Reserve. The low fed funds rate caused the dollar to fall, they argued, which fueled a boom in commodity prices. Even the price of rice was blamed on Ben Bernanke. The Fed was said to be printing money with abandon, even though the monetary base is up 2% over the past year. Now that the dollar has been rising and commodity prices falling, consistency requires the Fed's critics to explain...

This woman is soooo on her game, Biden is just toast.

Cancel your plans for next Wednesday, it could be your last day on Earth. Or could it? If you believe a vocal lobby of doomsayers, at the flick of a switch on the Large Hadron Collider (LHC) next week the world will be consumed from the inside out and turned to a pile of grey goo. Yesterday their apocalyptic warnings were challenged by a report from the scientists behind the project outlining just how safe it is to recreate the Big Bang under the France-Switzerland border. The Large Hadron Collider - the atom-smashing machine built underneath the Alps - has...

Eshoo bill would put a stop to flavored cigarettes enjoyed by children and hipsters. Does it go too far?IT'S NOT really fair for the government to control what we smoke," says Julian Shipp, manager at Mac's Smoke Shop in Palo Alto. "The taxes we pay already are astonishing. I feel like our freedoms are being taken away one by one." Silicon Valley Congresswoman Anna Eshoo says one fact trumps all others. "Smoking is a killer, and we know that," Eshoo says. "It's just as simple as that; it's just as profound as that." New tobacco legislation co-sponsored by Eshoo, which...

In addition to her frightening lack of qualification to be vice president (much less president) of the United States, Palin is an evangelical, anti-choice, pro-gun, right-wing conservative who wants creationism taught in schools. Although in the past two years the Arctic summer sea ice shrunk to the lowest levels ever recorded, Palin apparently does not believe it is human-induced or cause for alarm. Oil and gas drilling. Palin has supported oil and gas drilling plans anywhere in Alaska, including in the Arctic National Wildlife Refuge, the central Arctic, the entire Arctic Ocean, and in fish-rich Bristol Bay and Cook Inlet....

The failure of Alpharetta’s Integrity Bank has likely wiped out the investments of some notable Atlantans, including CNN anchor Lou Dobbs and a legislator that serves on the state Senate’s bank committee.

Las Vegas - The Nevada Financial Institutions Division (FID) today announced that it has taken possession of Silver State Bank and appointed the Federal Deposit Insurance Corporation (FDIC) as receiver.

The government has formulated a plan to put troubled mortgage giants Fannie Mae and Freddie Mac under federal control, dismiss their top executives, and use government funds to prop them up, government officials told the two companies yesterday, according to sources familiar with the conversations. Under the plan, the federal government would place the firms in a legal state known as conservatorship, the sources said. The value of the company's common stock would be diluted but not wiped out while the holdings of other securities, including company debt and preferred shares, would be protected by the government. As the pace...

The Texas Department of Transportation is asking Nueces County residents to attend a public meeting in Driscoll to comment and provide input on proposed upgrades of US 77 to a controlled access facility that meets interstate standards. The purpose of the meetings is to review proposed options for upgrading US 77 and to present recommendations, TxDOT officials said. The first round public meetings were held in early March. This second round of public meetings is being held as part of TxDOT's continued effort to gain public input on issues related to proposed improvements and to provide an opportunity for public...

WASHINGTON, Sept. 5, 2008 – Dominion Resources has a simple philosophy when it comes to supporting its employees who serve part-time in the military: “Whatever it takes, for as long as it takes.” That philosophy has led to a companywide culture of support for the military and also earned Dominion the 2008 Secretary of Defense Employer Support Freedom Award. Dominion, with headquarters in Richmond, Va., is one of 15 companies receiving the award, which recognizes employers who provide exceptional support to employees serving in the National Guard or Reserve. Dominion has many programs to support its employees who are...

I'm not an economist so I can't comment on who will save you the most money. The Youtube threads make the case that Obama will save you more money than John McCain. CNN weights in on Obama's side but that is not a surprise. If somebody can counter Obama's claims I, and others, no doubt, would be willing to hear it. http://www.youtube.com/watch?v=58GAr6OX9XA http://www.youtube.com/watch?v=cNyNv_UfFUo

Just as the dollar is being pushed up by predictions that the United States may survive its current economic troubles and potentially lead a global recovery, recent developments have threatened to dispel America's remaining economic mystique, which in large part is responsible for its apparent prosperity.With its invasion of U.S. ally Georgia, Russia has boldly asserted its regional power and has shaken up global economic calculations. Although Russia's move again showcases America's murky strategic foresight, more important will be the U.S. response. If America overplays her hand, which I fear she might, the nation will be revealed to be a...

Economy: Two things need saying about Friday's jobs data showing marked deterioration in the U.S. economy. One, it's not as bad as it looks. And two, it might get worse if policymakers do nothing.Start with the first point. Yes, the unemployment rate surged to 6.1% in August from 5.7% in July and 5% at the end of 2007. And, yes, the U.S. shed 84,000 jobs for the month, bringing the year-to-date toll to 605,000. Hardly a stellar performance, and one that certainly points to worsening conditions. But it's also worth noting that 6.1% unemployment is pretty normal. That's right: Since...

Link only, AP article (rules, y'know).

LA PAZ (AFP) - Rebel governors in the east of Bolivia are mounting a "civil coup" against the government, President Evo Morales has charged, as a political crisis gripping the country edged closer to confrontation. Two weeks of road blocks and other anti-government protests in the relatively prosperous states of Santa Cruz, Chuquisaca and Tarija have started to stall the local economies there, national and regional media reported Friday. < > The building crisis stems from Morales's efforts to change the constitution to redistribute land and national wealth for the benefit of Bolivia's indigenous majority, which accounts for 60 percent...

Keep it up, folks. Us Weekly is feeling the heat. And now, they are pleading with readers to stick with them. Reader Susanna sent the following protest e-mail: During tense political times, it’s always nice to open up US Weekly and lose myself in some mindless gossip and fashion news. So imagine my DISGUST when I saw this week’s US Weekly cover: a revolting, sensationalist, bottom-feeding, partisan attack on mother and career woman Sarah Palin. You know, I’ve been rolling my eyes at your adoring coverage of Barack Obama, but I’ve put up with it in order to be...

Report: Maine growth modest Conditions are likely to deteriorate in 2008 AUGUSTA, Maine — The Maine Center for Economic Policy released its annual Labor Day report outlining the status of working Mainers and the state economy. Using 2007 U.S. government data (the most current available), "The State of Working Maine" reveals a picture of modest overall growth in Maine, coupled with limited income gains for typical Maine households. Median household income in Maine saw an increase of some $1,200, rising by 2.7 percent in real terms to $45,888. Though a welcome advance for working Mainers, it is also clear that...

Six months ago, at the height of giddy, star-struck Obamamania in Canada and Europe, Toronto Star reporter Susan Delacourt wrote what we still regard as the single giddiest, most star-struck example of the genre. Her article, which appeared in the Star’s March 8 edition, repeated a then-familiar theme -- that even as we Canadians are thrilled to bask in Mr. Obama’s American aura, we must also flagellate ourselves for not producing a Canadian specimen of equal magnificence. “Where’s the hope?” Ms. Delacourt wrote after contrasting Mr. Obama’s “big ambitions” to Mr. Harper’s “low expectations.” “Where,” she plaintively asked “is...

I was at a meeting yesterday, one of those painful presentations where a guy comes in, does twenty minutes of PowerPoint, and nearly turns his entire career to suet. That is neither here nor there. I mean, those things happen all the time. This time, it was Badnick’s turn. What was interesting to me is that in the middle of the debacle, I heard a small snap. It was the sound of a straw breaking a camel’s back. During the meeting, I realized that a certain word has now been so overused, so over-extended, so bled of any meaning, freshness...

The government of Mexico has voluntarily suspended shipments of meat and processed poultry to the United States after U.S. officials raised concerns about the quality of Mexican food processing and inspections, an Agriculture Department official said Thursday. The department's Food Safety and Inspection Service identified systemic problems with sanitation controls and recordkeeping during an annual audit that took place in Mexico between June 24 and July 31. The voluntary suspension began Aug. 29, said Amanda Eamich, a spokeswoman for the service. About 2 percent of beef and poultry in the U.S. comes from Mexican producers. "Safety concerns in multiple establishments...

Earlier this month, a California activist began gathering signatures to put a state wealth tax on the ballot. The measure would impose a new 35% income surtax (in addition to federal taxes and the existing 10.3% top state rate), and penalize people who leave the state by seizing 55% of assets exceeding $20 million. The money raised would be used to eliminate the state's budget deficit and for purchasing controlling shares in large corporations. The 17.5% surtax is unusual because it would be on a taxpayer's total (not marginal) income whenever it exceeds $250,000, with another additional 17.5 percent tax...

Media Mob has learned that The New York Times will make an announcement later today that it plans to cut the number of sections it has in the paper during some days of the week and it will fold in the Metro Section and Sports section into other sections of the newspaper. According to newsroom sources, the Metro Section is moving into the A-section and the Sports section will move into the Business section for some portion of the week. The move is being made to save money on printing. According to one newsroom source, neither metro editor Joe Sexton...

Though many are likely unaware that the law permits it, customers of a Northern California public utility that donated $250,000 toward the defeat of Proposition 8 can change providers in protest if they want. [[PGElogo.jpg]]After San Francisco based Pacific Gas & Electric made the large donation to the No on 8 campaign, thousands of the company’s frustrated customers expressed their outrage in the form of emails, letters and comments on various blogs. But a California public interest law firm that fights for conservative causes put its legal researchers to work and found another way for pro-marriage customers of PG&E to...

LONDON (AFP) - Oil prices fell below 105 dollars Friday on concerns over slowing energy demand and a strong US currency, while the market awaited next week's OPEC meeting on crude output levels, traders said. Brent North Sea crude for delivery in October dropped 97 cents to 105.33 dollars a barrel in electronic deals after slipping under 105 dollars earlier in the day. New York's main contract, light sweet crude for October, fell 96 cents to 106.93 dollars a barrel in pit trading. "Crude prices featured on the downside on persistent concerns over weakening oil demand and as the US...

WASHINGTON (AP) -- A record 9 percent of American homeowners with a mortgage were either behind on their payments or in foreclosure at the end of June, as damage from the housing crisis continues to mount, the Mortgage Bankers Association said Friday. But the source of trouble in the mortgage market has shifted from subprime loans made to borrowers with poor credit to homeowners who had solid credit but took out exotic loans with ballooning monthly payments. ... But for the first time since the mortgage crisis started, delinquencies on subprime adjustable-rate loans declined. While more than one out of...

According to the Energy Information Administration (EIA), the US imported 3,661,404,000 barrels of crude oil in 2007. That’s royalties the US Treasury didn’t collect, directly added to the annual budget deficit and ultimately the national debt. So how much money did the Democrats with their drilling ban cost the US Treasury last year? The bigger question is how much would the price of oil drop to if the US Congress had gotten it’s act together and stopped playing politics as our friends at CORE are so upset about? According to Representative John Peterson (R) of Pennsylvania’s 5th District, the current...

Unemployment Rate Hits 5-Year High As Economy Continues to Shed Jobs By BRIAN BLACKSTONE September 5, 2008 9:27 a.m. WASHINGTON -- The U.S. jobless rate unexpectedly jumped in August to a nearly five-year high as employment fell for an eighth-straight month, raising the risk of recession as households face a struggling labor market and high inflation. The data, which included a modest rise in wages, suggest Federal Reserve officials will hold interest rates steady when they meet later this month and at subsequent meetings through the end of the year. Nonfarm payrolls, which are calculated by a survey of establishments,...

Fire Sale At Orlando Sentinel (R.I.P. Dinosaur Media) Things are REALLY bad at the Orlando Sentinel. Circulation is down, costs are up, and influence among the buying public (the only real reason newspapers ever existed, with the possible exception of wrapping freshly-caught fish) is teetering on the lowest rung ever. Staff cuts, even among the most influential writers, are one indication of the trouble the Sentinel is facing. Raw dollars are a more significant warning of even worse difficulties yet to come. Things are so bad that they are ADVERTISING a 2 for 1 fire sale on their display ads,...

Topic: Memos Sent to Romenesko Date/Time: 9/5/2008 8:51:46 AM Title: Houston Chronicle to cut staff Posted By: Jim Romenesko Memo to Houston Chronicle staffers Sent: Thursday, September 04, 2008 8:01 AM Subject: Message from Jack Sweeney Dear Chronicle Colleague: It has been a difficult year for our industry and the Houston Chronicle. Revenues are down, considerably, with major expense items like newsprint showing unprecedented increases over the past twelve months. Unfortunately, as we complete our 2009 Budget Plan, prospects for a turnaround in these critical areas are not evident. Consequently, we will be initiating a job reduction program over the...

Dallas-based newspaper company A.H. Belo Corporation, which owns The Dallas Morning News, will cut more than 80 employees in addition to the 413 who will leave through a recent voluntary severance offer, the company said Thursday. About 50 of the involuntary job losses will occur at The News, with about 30 coming at The Press-Enterprise of Riverside, Calif., and an unspecified number at The Providence Journal in Rhode Island. The company anticipates completing the cuts in mid- to late October. Of the 413 employees taking the voluntary buyout, 270 came from The News. snip