| Accused adviser's former employer pays restitution
The former employer of a Joplin investment adviser accused of fraudulent practices will pay more than $1 million in restitution in fines, penalties and fees, Missouri Secretary of State Robin Carnahan announced Thursday. Two Carthage couples and a Joplin woman, all former clients of adviser Mark L. Henry, joined Carnahan in Springfield to make the announcement. State authorities say Henry mishandled approximately $800,000 in clients� funds. In November 2006, the Securities Division of Carnahan�s office issued an order accusing Henry of opening an unauthorized personal bank account and using it to conduct business as Investment Centers of America Inc., the firm that Henry sold securities through from October 1994 to September 2005. He allegedly used the account to collect clients� funds during and after his employment with ICA.
'Green mortgages' taking root
First came green homes. Now comes a mortgage to match. So-called green mortgages are the latest innovation in the push to promote more energy-efficient houses, whose owners enjoy lower utility costs thanks to solar panels, improved insulation, thermopane windows, and other money-saving products. Also called energy-efficient mortgages, they allow home buyers to qualify for larger loans on the premise that they can afford higher monthly payments due to what they save on heat, water, and other utilities. In effect, the mortgages pass energy savings on to homeowners in the form of increased buying power. "It's the most efficient way to allow people to capitalize on the value that green homes create," said Lisa Davis, development project manager for Olmsted Green, an energy efficient, 287-unit residential complex being built in Dorchester, "and it has the potential to make places more affordable to people over the long term." The concept is still in its infancy.
Canada Morning: C$ Dn On Renewed Risk Aversion, Dodge Remarks
TORONTO (Dow Jones)--The Canadian dollar is lower in continued erratic and volatile trading early Monday, with the currency under pressure from another bout of risk aversion in global markets as well as the negative fallout from weekend remarks from Bank of Canada governor David Dodge. The U.S. dollar was trading at C$0.9822 at 10:35 a.m. EST (1535 GMT), from C$0.9847 late Friday. The Canadian dollar's defensive tone to start the week has mostly been a consequence of renewed risk aversion, with sustained concerns about sub-prime mortgage exposure weighing on North American equity markets and commodity prices also mostly flat to lower. The Canadian dollar has also seen some selling pressures stemming from comments over the weekend by Dodge. Speaking to reporters at the meeting of finance ministers and central bankers from the G-20 group of nations in South Africa, Dodge said that financial market volatility and downside risks to the world economy have increased since early October, and that this "clearly poses a risk that we are going to have to take into account when setting our own policy." Currency strategists at Scotia Capital in Toronto said in a commentary that "following (Bank of Canada Senior)Deputy Governor Jenkins' comments last week regarding the downside risks to growth and inflation posed by the exceptionally strong Canadian dollar, this appeared to be another step designed to prepare the market for a rate cut at an upcoming meeting." The Canadian central bank makes its next scheduled rate announcement on Dec.
(AFX UK Focus) 2007-11-19 10:25 GMT: TFN NEWS BRIEFING: Macroeconomics highlights to 10:10 GMT
2007-11-19 10:09:08 Deutsche Bank CEO says financial mkt tension has increased again significantly LONDON (Thomson Financial) - Deutsche Bank AG CEO Josef Ackermann said "nervousness" in the financial market has increased again "significantly" lately due to recent announcements by some US banks on US subprime writedowns and uncertainties over potential losses in other financial institutions which have yet to disclose their figures. 2007-11-19 10:00:06 US govt to loan 250 mln usd to 3 investment funds aimed at Africa ACCRA, Ghana (Thomson Financial) - The US government will loan up to 250 mln usd to a trio of privately held investment funds that will seek to use the loan in Africa as seed money to build funds capitalized at three times the initial investment, a top US government aid agency official said.
Shift in bankruptcy laws staggers mortgage holders
Washington Mutual Inc. got what it wanted in 2005: a revised bankruptcy code that no longer lets people walk away from credit card bills. The largest US savings and loan didn't count on a housing recession. The new bankruptcy laws are helping drive foreclosures to a record as homeowners default on mortgages and struggle to pay credit card debts that might have been wiped out under the old code, said Jay Westbrook, a professor of business law at the University of Texas Law School in Austin and a former adviser to the International Monetary Fund and the World Bank. "Be careful what you wish for," Westbrook said. "They wanted to make sure that people kept paying their credit cards, and what they're getting is more foreclosures." Washington Mutual, Bank of America Corp., JPMorgan Chase & Co., and Citigroup Inc.
On the Move
Bank of America has named Kathie Sowa market president for the Sacramento region. She will provide business, civic and philanthropic leadership for the bank. Sowa will improve coordination among local bank business lines, align philanthropic and sponsorship resources to local market needs and lead marketing initiatives to strengthen the Bank of America brand. She is one of 14 market presidents through the state. Sowa joined the bank in 1997 and has worked in commercial real estate, special assets, risk management and commercial banking. She also is an executive in the company's global product solutions division. * * * Teri Bergthold has been named director of builder services for Augustine & Associates. She will provide leadership and guidance to the account services team.
Th Manila Candidate Survey – Nov. 5, 2007
Note: This Manila Community Services District Candidate Survey was conceptualized, assembled, proofread, and formatted by Manila resident Paul Cienfuegos, with invaluable help from Tim Ayers. Many local residents offered helpful suggestions to make it better. Tim Ayers and Aryay Kalaki coordinated the copying and mailing of this Guide to all Manila households. .
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