http://www.freerepublic.com/tag/govwatch/ en-us Mon, 14 Dec 2009 18:46:36 GMT Focus Forum 15 http://www.freerepublic.com/focus/f-news/2407317/posts Free Shipping of Coins, Put on Credit Cards, Funds Trip to Tahiti; 'Mr. Pickles' Cleans Up Enthusiasts of frequent-flier mileage have all kinds of crazy strategies for racking up credits, but few have been as quick and easy as turning coins into miles. At least several hundred mile-junkies discovered that a free shipping offer on presidential and Native American $1 coins, sold at face value by the U.S. Mint, amounted to printing free frequent-flier miles. Mileage lovers ordered more than $1 million in coins until the Mint started identifying them and cutting them off. Coin buyers charged the purchases, sold... The Wall Street Journal http://www.freerepublic.com/focus/f-news/2407317/posts#comment Mon, 14 Dec 2009 18:46:36 GMT http://www.freerepublic.com/focus/f-news/2372823/posts At the small warehouse tucked away in the back side of the French Quarter, the shuckers at P&J Oyster Co. have arrived before daybreak for 133 years. Their in-shell and shucked oysters have been on the menus of generations of restaurateurs, from oysters on the halfshell at Acme Oyster House and Casemento’s to the seafood gumbo at Dickie Brennan’s Steakhouse. In less than two years, the tradition could become obsolete for seven months out of the year, based on newly announced oyster guidelines from the Food and Drug Administration. In an effort to reduce cases of a rare, but potentially... Nola.com http://www.freerepublic.com/focus/f-news/2372823/posts#comment Wed, 28 Oct 2009 14:22:46 GMT http://www.freerepublic.com/focus/f-news/2372053/posts Congressional Democrats are set to announce Tuesday legislation aimed at squeezing more information from foreign banks and U.S. citizens with offshore accounts to ferret out tax evaders. The bill from Senate Finance Chairman Max Baucus (D., Mont.), and House Ways and Means Committee Chairman Charles Rangel (D., N.Y.), includes some of President Barack Obama's proposals to fight offshore tax cheating. According to a summary of the bill obtained by Dow Jones Newswires, it is expected to raise $8.5 billion for the U.S. government over 10 years. Foreign banks with U.S. customers would face a 30% withholding tax on income from... WSJ http://www.freerepublic.com/focus/f-news/2372053/posts#comment Tue, 27 Oct 2009 16:17:09 GMT http://www.freerepublic.com/focus/f-news/2370282/posts WASHINGTON (AP) — A Senate plan to tackle global warming would add about $100 a year to the energy costs for a typical household, according to an analysis by the Environmental Protection Agency. The analysis released late Friday by the office of Sen. Barbara Boxer, who heads the Senate Environment and Public Works Committee, generally mirrors the cost projected by the EPA when it examined similar legislation that the House passed in the summer. The Democratic bill calls for cutting greenhouse gases from power plants and large industrial facilities by shifting energy use away from fossil fuels, especially coal. It... Associated Press http://www.freerepublic.com/focus/f-news/2370282/posts#comment Sun, 25 Oct 2009 01:57:20 GMT http://www.freerepublic.com/focus/f-news/2351167/posts The government said the fund that protects consumer bank deposits has fallen into the red and will remain there into 2012, a pointed symbol of how the aftershocks of the financial crisis will reverberate for years as banks continue to fail at a high rate. The negative balance is a headache for the Federal Deposit Insurance Corp., which runs the fund. On Tuesday, it proposed the unprecedented step of having the banking industry prepay $45 billion in fees by the end of the year to give the government more breathing room to handle future failures. online.wsj.com http://www.freerepublic.com/focus/f-news/2351167/posts#comment Tue, 29 Sep 2009 23:31:37 GMT http://www.freerepublic.com/focus/f-news/2350775/posts Employee misconduct investigations, often involving workers accessing pornography from their government computers, grew sixfold last year inside the taxpayer-funded foundation that doles out billions of dollars of scientific research grants, according to budget documents and other records obtained by The Washington Times. The problems at the National Science Foundation (NSF) were so pervasive they swamped the agency's inspector general and forced the internal watchdog to cut back on its primary mission of investigating grant fraud and recovering misspent tax dollars. (snip) For instance, one senior executive spent at least 331 days looking at pornography on his government computer and chatting... Washington Times http://www.freerepublic.com/focus/f-news/2350775/posts#comment Tue, 29 Sep 2009 14:57:08 GMT http://www.freerepublic.com/focus/f-news/2346922/posts The Swedish armed forces have been hit by a major equipment problem, according to reports. Flimsy military brassieres are unable to stand up to the strains imposed when female Swedish troops perform "rigorous exercises", routinely bursting open or even catching fire - so forcing busty young conscripts to hurriedly strip off in the field. The revelations come courtesy of the Gothenburg Post and English-language Swedish journal The Local. The Post reported yesterday on concerns raised by the Swedish Conscription Council, an organisation concerned with the rights of conscript troops in the Swedish forces. Council spokesperson Paulina Rehbinder told The Local... The Register (UK) http://www.freerepublic.com/focus/f-news/2346922/posts#comment Thu, 24 Sep 2009 02:00:13 GMT http://www.freerepublic.com/focus/f-news/2342522/posts Just as the government's grip on the lending business for higher education tightens, the Department of Education is reporting that defaults on taxpayer-backed student loans surged in 2007 at the very beginning of the credit crisis, suggesting that more losses are baked in. The national student loan default rate increased to 6.7% in 2007, up from the 2006 rate of 5.2%, the agency reported Monday. "The economic downturn likely had a significant impact on the borrowers captured in these rates," U.S. Secretary of Education Arne Duncan said. "The Department is reaching out to make sure current and prospective student borrowers... Forbes http://www.freerepublic.com/focus/f-news/2342522/posts#comment Fri, 18 Sep 2009 02:25:13 GMT http://www.freerepublic.com/focus/f-news/2342519/posts The Democratic-led House approved a bill Thursday that would overhaul college lending and spend tens of billions of dollars on student grants, community colleges, school construction and early childhood education. The bill would end a program that subsidizes private lenders that provide federally guaranteed student loans. The government itself would make all such federal loans as of July 1, effectively cutting out banks and other lenders as middlemen. That would be a major shift because direct government lending in the last academic year accounted for about a quarter of federal loan volume. The Washington Post http://www.freerepublic.com/focus/f-news/2342519/posts#comment Fri, 18 Sep 2009 02:22:06 GMT http://www.freerepublic.com/focus/f-news/2339082/posts Regulators today won't define 'systemic risk,' unlike 25 years ago. With Congress back in session and the anniversary of the Lehman Brothers failure upon us, the Obama Administration is resuming its quest for greatly expanded authority to bail out American businesses. Under the Treasury reform blueprint, any financial company, whether a regulated bank or not, could be rescued or seized by the Federal Deposit Insurance Corporation if regulators believe it poses a systemic risk. If recent history is any guide, when the feds stage their next intervention, they will not define "systemic risk" and they will refuse to release the... The Wall Street Journal http://www.freerepublic.com/focus/f-news/2339082/posts#comment Mon, 14 Sep 2009 06:46:27 GMT http://www.freerepublic.com/focus/f-news/2337723/posts SAN FRANCISCO (MarketWatch) -- Regulators closed Chicago-based Corus Bank N.A. and Woodbury, Minn.-based Brickwell Community Bank on Friday, bringing the number of U.S. bank failures this year to 91 and costing the federal deposit-insurance fund more than $1.7 billion as the credit crisis continues claiming victims. Market Watch http://www.freerepublic.com/focus/f-news/2337723/posts#comment Sat, 12 Sep 2009 00:28:16 GMT http://www.freerepublic.com/focus/f-news/2333742/posts The US Federal Reserve's policy of printing money to buy Treasury debt threatens to set off a serious decline of the dollar and compel China to redesign its foreign reserve policy, according to a top member of the Communist hierarchy. BY AMBROSE EVANS-PRITCHARD Cernobbio, Italy. Cheng Siwei, former vice-chairman of the Standing Committee and now head of China's green energy drive, said Beijing was dismayed by the Fed's recourse to "credit easing". "We hope there will be a change in monetary policy as soon as they have positive growth again," he said at the Ambrosetti Workshop, a policy gathering on... telegraph.co.uk http://www.freerepublic.com/focus/f-news/2333742/posts#comment Mon, 7 Sep 2009 04:57:25 GMT http://www.freerepublic.com/focus/f-news/2325897/posts WASHINGTON – The government insurance fund that protects more than $4.5 trillion in U.S. bank deposits fell to just $10.4 billion at the end of June, as the banking industry continues to struggle with souring loans. The Federal Deposit Insurance Corp. fund is at its lowest level since mid-1993, during the savings-and-loan crisis. That makes it likely that the government will have to charge banks another special fee to recapitalize its reserves. Officials could also consider borrowing up to $100 billion from the Treasury Department, but they have avoided this option so far. The Wall Street Journal http://www.freerepublic.com/focus/f-news/2325897/posts#comment Thu, 27 Aug 2009 18:33:41 GMT http://www.freerepublic.com/focus/f-news/2325438/posts "We just can't afford it!" Not long ago, every American child heard that, at one time or another, in the home in which he or she was raised. "We just can't afford it!" It may have been a new car, or two weeks at the beach, or the new flat-panel TV screen. Every family knew there were times you had to do without. Every father and mother has had to disappoint their kids with those words. Why is it that what parents do many times a year politicians seem incapable of doing: saying no? How many times in the last... The Union Leader, Manchester, NH http://www.freerepublic.com/focus/f-news/2325438/posts#comment Thu, 27 Aug 2009 04:33:31 GMT http://www.freerepublic.com/focus/f-news/2321568/posts On Friday, August 21, 2009, ebank, Atlanta, GA was closed by the Office of Thrift Supervision, and the Federal Deposit Insurance Corporation (FDIC) was named Receiver. No advance notice is given to the public when a financial institution is closed. FDIC http://www.freerepublic.com/focus/f-news/2321568/posts#comment Fri, 21 Aug 2009 21:32:54 GMT http://www.freerepublic.com/focus/f-news/2319982/posts A large Spanish bank has won the bidding for Austin-based Guaranty Financial Group, according to the Wall Street Journal and Bloomberg News. Federal regulators who have essentially been running Guaranty in recent months have chosen Banco Bilbao Vizcaya Argentaria as the buyer. The Wall Street Journal and Bloomberg News both said that regulators had chosen BBVA, citing unnamed sources close to the negotiations. The Federal Deposit Insurance Corp. is expected to make the announcement Friday. Under the expected scenario, the FDIC will seize Guaranty, then sell most or all of it to BBVA. Guaranty’s financial condition has been deteriorating for... Austin American Statesman http://www.freerepublic.com/focus/f-news/2319982/posts#comment Wed, 19 Aug 2009 23:42:16 GMT http://www.freerepublic.com/focus/f-news/2316103/posts WASHINGTON (Dow Jones) -- U.S. bank regulators waited too long to address problems at a Duluth, Ga.-based bank that failed last year and could cost the federal deposit insurance fund an estimated $207 million, government auditors said Monday. The Office of Inspector General for the Federal Deposit Insurance Corp. said in a report that the agency's supervision of Haven Trust Bank was "not effective in identifying and addressing problems early enough." "By the time supervisory actions were taken against the bank, failure was all but inevitable," the IG's office said in the report. Haven Trust failed last December. Dow Jones http://www.freerepublic.com/focus/f-news/2316103/posts#comment Fri, 14 Aug 2009 17:11:11 GMT http://www.freerepublic.com/focus/f-news/2316075/posts The Federal Deposit Insurance Corp is taking Colonial BancGroup Inc (CNB.N) into receivership and will sell the struggling lender's branches and deposits to BB&T Corp (BBT.N), Dow Jones said, citing a person familiar with the situation Reuters/YahooNews http://www.freerepublic.com/focus/f-news/2316075/posts#comment Fri, 14 Aug 2009 16:45:52 GMT http://www.freerepublic.com/focus/f-news/2311028/posts NEW YORK — Regulators on Friday shut down two banks in Florida, bringing to 71 the number of federally insured banks to fail this year under the weight of the weak economy and rising loan losses. The Federal Deposit Insurance Corp. was appointed receiver of the banks: First State Bank of Sarasota, Fla., and Venice, Fla.-based Community National Bank of Sarasota County. First State Bank had total assets of $463 million and deposits totaling $387 million. Community National Bank had $97 million of assets and $93 million in deposits. AP http://www.freerepublic.com/focus/f-news/2311028/posts#comment Sat, 8 Aug 2009 00:48:19 GMT http://www.freerepublic.com/focus/f-news/2306894/posts Five banks were closed on Friday, according to the Federal Deposit Insurance Corporation, bringing the national total number of bank failures to 69 for 2009. Fox http://www.freerepublic.com/focus/f-news/2306894/posts#comment Mon, 3 Aug 2009 06:48:48 GMT http://www.freerepublic.com/focus/f-news/2305496/posts NEW YORK (Fortune) -- Guaranty Bank is hardly a household name. But the Austin, Texas-based thrift's looming failure is shaping up as a big headache for bank supervisors -- not to mention a black eye for Carl Icahn and others in the smart money set. Guaranty (GFG) could be soon seized by the government in what would be the biggest bank failure in a year that has already had 64 of them. Last week, the bank warned investors to expect a federal takeover after regulators forced a writedown of its risky mortgage investments and a bid to raise new capital... Fortune / CNN Money http://www.freerepublic.com/focus/f-news/2305496/posts#comment Fri, 31 Jul 2009 19:37:47 GMT http://www.freerepublic.com/focus/f-news/2297205/posts How much does the House Democrats’ health care overhaul cost? Is it $1 trillion or $1.6 trillion? Democrats argue the number should be $1 trillion, a number provided by the Congressional Budget Office for the net cost of the portion of the bill affecting health insurance, and they boasted in press releases that the bill actually creates a $6 billion surplus over the coming decade. But the gross cost of the bill is much higher, more than $1.6 trillion, according to a Roll Call analysis of the CBO data. And despite more than $800 billion in tax and fee hikes,... Roll Call http://www.freerepublic.com/focus/f-news/2297205/posts#comment Tue, 21 Jul 2009 04:21:34 GMT http://www.freerepublic.com/focus/f-news/2296510/posts SPENDING SCARED: WHITE HOUSE PUTS OFF RELEASE OF BUDGET RECOVERY.GOV // AWARDED: $2,531,600 FOR 'HAM, WATER ADDED, COOKED, FROZEN, SLICED, 2-LB'... RECOVERY.GOV // AWARDED: $1,191,200 FOR '2 POUND FROZEN HAM SLICED'... RECOVERY.GOV // AWARDED: $351,807 FOR 'REPLACE AND UPGRADE THE DUMBWAITER'... RECOVERY.GOV // AWARDED: $1,562,568 FOR 'MOZZARELLA CHEESE'... RECOVERY.GOV // AWARDED: $5,708,260 FOR 'PROCESS CHEESE'... http://www.freerepublic.com/focus/f-news/2296510/posts#comment Mon, 20 Jul 2009 12:05:55 GMT http://www.freerepublic.com/focus/f-news/2295648/posts Two in California, one in Georgia and one in South Dakota - these FDIC closures bring the total number of failed banks in 2009 to 57. BY CATHERINE CLIFFORD NEW YORK (CNNMoney.com) -- State regulators shut down four banks Friday, the Federal Deposit Insurance Corporation said. The bank were: First Piedmont Bank, based in Winder, Ga.; BankFirst, based in Sioux Falls, S.D.; Temecula Valley Bank of Temecula, Calif.; and Vineyard Bank of Rancho Cucamonga, Calif. Friday's actions bring the total number of closings for 2009 to 57. . . . . . Friday's failures will cost the FDIC fund nearly... CNN http://www.freerepublic.com/focus/f-news/2295648/posts#comment Sat, 18 Jul 2009 19:46:12 GMT http://www.freerepublic.com/focus/f-news/2293902/posts The survival of one of the nation’s largest commercial lenders, the CIT Group, was thrown into doubt late Wednesday after federal officials rebuffed pleas to rescue the struggling company a second time. Unless a buyer emerges for CIT — a prospect that seems unlikely — the century-old lender could founder, even after it received a $2.33 billion taxpayer-financed bailout in December. The plight of CIT, which provides loans to about a million small and midsize companies, particularly in the sagging retail sector, poses a crucial test of the Obama administration’s attempts to stabilize the nation’s financial industry. The New York Times http://www.freerepublic.com/focus/f-news/2293902/posts#comment Thu, 16 Jul 2009 13:59:10 GMT