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Reform=not paying? 19 y
Any of you who have read even a sprinkling of spirit of money- know that the Pension Benefit Guarantee Corp is broke- they just haven't come out and "reported" it until now!..It seems to me, after years of "knowing" and watching- our Large infrastructures never admit their insolvency until a year after the truth is known ...maybe this cushions the impact- kinda like discounting the market! Yes, it is probably planned this way- leak the bad news, suspect the bad news, talk about the repercussions of the bad news, and then admit all the bad news is in fact a reality- very interesting...then the whole economy can be preserved until it finally collapses.
PBGC Chief: The Money Will Run Out
BY MATT BRADY
Washington Bureau -- NU Online News Service, Nov. 15, 2005, 6:03 p.m. EST
The Pension Benefit Guaranty Corp., the agency that insures U.S. workers’ defined benefit pension plans, ran a $23 billion deficit during the quarter that ended Sept. 30.
Unless Congress acts soon, “the money available to pay benefits is eventually going to run out,” says PBGC Executive Director Bradley Belt.
The PBGC reached Sept. 30 with only $56 billion in assets and $79 billion in liabilities, according to an annual report that the PBGC submitted to Cong ... read more 70M embezzled? 19 y
Perhaps this is just their way of avoiding windfall taxes-sure why not? Jeez-70M embezzled? who was watching the till?
Company Reports $70 Million Embezzlement
Earlier this month, Patterson-UTI Energy received information about unauthorized payments made by the company for assets that were not delivered.
Stephen Taub, CFO.com
November 15, 2005
Patterson-UTI Energy Inc. has announced that about $70 million may have been embezzled from the company by a former officer during a period of more than five years.
On November 9, senior management at the onshore drilling contractor received information about unauthorized payments made by the company for assets that were not delivered. The company did no ... read more IRS-Good to Know 19 y
Yes, this is good information for all residents of the USA
GAO Finds Serious Flaws in IRS Controls
As a result, the service reportedly didn’t provide ”reasonable assurance” that losses, misstatements, and noncompliance could be prevented or found out in sufficient time.
Stephen Taub, CFO.com
November 15, 2005
The Internal Revenue Service has had serious shortcomings in its internal controls and financial management systems that caused it to sap its resources in the preparation of its financial statements in the fiscal years of 2004 and 2005, according to a recent report by the U.S. Government Accountability Office.
As a result of the ... read more Pension Liabilities 19 y
Well, it's uniamnimi, your pension willbe accounted annually -just in case- it doesn't smooth out and just in case the numbers are negative...yep yup- and they are! PBGC is broke friends no one to bail the largest demographic inhistroy- this is why Social Security reform must wait-Cuz' there will be nothing no where for many if things keep up- Jeez we need the stockmarket to perform...and it just ain't gonna do it- except thru- can you say "short the market"-oh dear but that is too sophisticated for most...Oh Lord, buy me a Mercedes Benz! Yes, I must make amends!
Pensions Go on the Balance Sheet: FASB
In a unanimous vote, the accounting standards board decided last week to look into an overhaul of the retiree-benefit accounting system.
Lisa Yoon, CFO.com
November 14, 2005
Employers would be facing a bumpy road ahead if they’re no longer permitted to smooth results over a number of years when they account for the pensions and retiree health benefits they provide.
That possibility became much more immediate last Thursday, when the Financial Accounting Standards Board voted to add a project to its agenda studying pension accounting. Speci ... read more Motley Fool triggers 19 y
Or better known as "Why did Martha Stewart do Time?"
Because any one that has a stop limit order does it in writing- not by discussing with their broker and certainly not dicussing with the Chair of the Company who has inside information!
FOOL’S SCHOOL DAILY Q&A
The Motley Fool Money Guide
By Selena Maranjian (TMF Selena)
November 19, 2002
Q. What are the different kinds of orders I can place with my broker?
A. You have many choices. Here are the main ones to understand.
Market order: This is for immediate execution at the best price available when the order reaches the marketplace. This is the most common type of order and is nearly always filled, since no price is specified. As an example, you might call your broker and bark into the phone, ”Buy me 75 shares of Scrunchie Manufacturing (ticker: ... read more Fannie Mae-Error10.8B? 19 y
Whoops, just a little off there- just 10.8 Billion more than most people can imagine- in their wildest dreams! hahahahhaha- I went to college with a Bob Blakely- wonder if it's him- old money San Diego Ca!
Fannie Mae Finds $10.8B in Errors
The nation’s largest mortgage lender also names MCI executive vice president and CFO Bob Blakely as its new chief financial officer.
Stephen Taub, CFO.com
November 10, 2005
Fannie Mae has disclosed $10.8 billion in accounting errors stemming from its derivatives and hedging activities.
The nation’s largest mortgage lender also named Bob Blakely chief financial officer. He joins Fannie Mae from MCI Inc., where he served as executive vice president and CFO since April 2003. Blakely, who oversaw MCI’s restatement and restructuring of the finance, ... read more GmAC Pension Problems 19 y
Airlines, GMAC and others are contributing to the Pension bankruptcy...PBGC can't cover everyone's mistakes? Or can we?
GM, PBGC May Spar over GMAC Proceeds
When a company’s debt ratings are below investment grade and its pension fund is underfunded, the agency has some leverage on proceeds from asset sales.
Stephen Taub, CFO.com
November 10, 2005
If General Motors sells its consumer finance subsidiary, who gets the proceeds? The company? Shareholders? The folks who guarantee pension funds may have something to say about this, observed The Wall Street Journal.
If GM were to terminate its $100 billion pension plan, the Pension Benefit Guaranty Corp. would be faced with an obligation larger than ... read more House Ways & Means- Pensions 19 y
Yep! They're all in the Act Now-
House Panel OKs Pension Bill
NU Online News Service, Nov. 10, 2005, 9:38 a.m. EST
The U.S. House Ways and Means Committee voted 23-17 Wednesday to approve a major pension system reform bill.
The bill, H.R. 2830, already has been approved by the House Education and the Workforce Committee, and Ways and Means officials say they expect it to go the House floor.
Provisions in the bill would beef up funding rules for defined benefit pension plans and encourage employers to enroll employees in 401(k) plans automatically.
Rep. William Thomas, R-Calif., Ways and Means chairman, repl ... read more Corp.Pension Accounting 19 y
Don't need a weathervane to know which way the wind blows...
NEWS RELEASE 11/10/05
FASB Adds Comprehensive Project to Reconsider Accounting for Pensions and Other Postretirement Benefits
Board Seeks to Improve Transparency and Usefulness for Investors, Creditors, Employees, Retirees and Other Users of Financial Information
Norwalk, CT, November 10, 2005—The Financial Accounting Standards Board (FASB) voted today to add a project to its agenda to reconsider guidance in Statement No. 87, Employers’ Accounting for Pensions, and Statement No. 106, Employers’ Accounting for Postretirement Benefits Other Than Pensions.
The Board’s objective in u ... read more Risk/reward ratio 19 y
This is the name of the game-in Amer I ca!
risk
”You can’t expect to hit the jackpot if you don’t put a few nickels in the machine.”
-Flip Wilson
visit the page Tomato Bond? 19 y
I don't know the most appalling fact is that there is a bond consulting firm named Tomato?
Value at Risk
Profit-center treasuries are back, but not in the way you might think.
Ben McLannahan, CFO Europe
November 10, 2005
In normal circumstances, shutting down a consistently money-spinning division might cause the odd eyebrow to be raised in the boardroom or among investors. But these weren’t normal circumstances. In spring 2002, ABB was in deep trouble. The Swiss-Swedish power giant’s total debt of €9 billion ($11 billion) exceeded its market value of around $9.6 billion. The firm was facing a liquidity crunch, and potentially huge liabilities from asbestos lawsuits in ... read more US$$ @ 2 yr. HI? 19 y
So does that mean that the Europeans are doing a worse job than the U.S., while the U.S. has the greatest demographic bulge coming to age for benefits, and A WAR? Holy Smokes!
Dollar Hits 2-Year High Against Euro
By EDMUND L. ANDREWS
Published: November 9, 2005
WASHINGTON, Nov. 8 - The dollar rose on Tuesday to its highest level against the euro in two years, propelled by rising interest rates in the United States and rising pessimism about Europe.
The dollar’s move, the latest in a climb that has been under way in fits and starts for months, continued the trend away from traders’ fixation last year on the United States’ large and rising foreign indebtedness. The dollar also gained strength against the Japanese yen.
But the steady rise of the dollar m ... read more Empire of Debt 19 y
I think the gloom and doom never plays out to the extent these are predicting. But according to my readings we are the only country in history that has not paid the piper...so what are the odds? Don't ask me I would've predicted this ages ago!(Probably time to buy!) Oh and I do not have an affiliation with Agora- they are an affiliate of the A-letter-Bob bauman.
Empire of Debt: 10 Great Delusions
That Will Erode Your Wealth
Baltimore, MD - ”Watching the news is a bit like watching a bad opera,” ”Watching the news is a bit like watching a bad opera,” so
say bestselling authors Bill Bonner and Addison Wiggin. “You can tell from all the shrieking that something very important is supposed to be happening, but you don’t quite know what it is. What you’re missing is the plot.”
The highly anticipated Empire of Debt: The Rise of an Epic Financial Crisis (Wiley), Bonner and Wiggin’s follow-up to their international bestseller, Financial Reckoning Day ... read more China Trade Surplus 19 y
A-letter~ China and the US.
BOB BAUMAN FROM BEIJING:
Strange how disorienting being in the Orient is.
I’m writing this about 35,000 feet in the air aboard a Thai
Airways flight from Bangkok to Beijing, somewhere over
central China. My trusty laptop desktop tells me it’s 2:00
AM EST, Tuesday, Nov. 8, back in hurricane ravaged
south Florida. Here in the Chinese stratosphere it is two
in the afternoon the same day. A week of R&R in Thailand
mercifully allowed my body, if not my mind, to adapt to the
earth’s rotation and my insignificant place therein.
I am more than curious as to what I will see when I lan ... read more Creation of Money 19 y
This is the best and most honest evaluation I have seen on the truth of Fed Reserve, and interest rates. Greenspan and Bernanke- truly the power is limited. This is, from my study, the truth of US and our financial irresponsibility!
Our comment today is from John Pugsley, Chairman of the Sovereign
Society and a leading author on economics, investments, and free markets.
He is also the founder of The Bio-Rational Institute.
========================================================================
COMMENT: Behind the Interest Rate Curtain.
Dear A-Letter Reader:
Economists and market analysts are effusive about the appointment of Ben
Bernanke to the post of Chairman of the Federal Reserve System. The hope,
as expressed by the majority of economists and market analysts, is that the
new monetary wizard will be ab ... read more PBGC is broke now? 19 y
Gee if the Pension Benefit Guarantee Corp is already stretched now- then this new rolling pension blackout will be the overkill
Defined-benefit Plans Face $218B Deficit
’’A flat stock market, combined with a growing pension obligation, does not bode well,’’ according to a recent report.
Stephen Taub, CFO.com
November 04, 2005
Large-company pension plans will weaken this year due to mediocre returns that have not kept pace with growing pension obligations, according to a report by Credit Suisse First Boston.
The investment firm estimated that the defined-benefit plans of the S&P 500 may be underfunded by $218 billion at the end of this year, compared with $165 billion at the close of 2004.
”A f ... read more Real Wealth not a matter of $$ 19 y
I've just finished a book entitled The Soul of Money, I highly reccommend it for everyone..It explores this same topic Money and our behaviors with money and many more in depth
Last week in this section, I asked the question:
’Do you expect to be wealthy Ż why or why not?’
This elicited more response than any of our previous surveys. You all obviously have a lot of strong feelings about wealth. Many of you clarified that it’s the “love of money,” not money itself, that the Bible says is the root of all evil. Some of you still did say money is the root of all evil. Please send what you have my way as I will be happy to handle your share. Many, many of you wrote wonderful descriptions of what you consider true “wealth.”
A very smal ... read more |