Wednesday, February 23, 2011
1 of every 9 banks at risk of collapse
1 of every 9 banks at risk of collapse: "The economy may be on the mend, but the nation's banks are still looking a little green in the gills.
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Ford recalls 150,000 F-150s
Ford recalls 150,000 F-150s: "Ford Motor Co. announced Wednesday it will recall almost 150,000 F-150 pickups in the U.S. and Canada for a problem that could cause airbags to deploy when they're not needed.
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Grocer freezes prices on basic necessities
Grocer freezes prices on basic necessities: "Supermarket chain Wegmans Food Markets has pledged to not raise prices on 40 products this year, despite rising commodity and energy prices.
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La Salle aide jailed in theft of $5.6 million from the university
La Salle aide jailed in theft of $5.6 million from the university: "The $2.5 million beach house in Avalon is gone. So is the $500,000 home in Blue Bell.
Stephen C. Greb's only home now is a prison cell."
Stephen C. Greb's only home now is a prison cell."
Council's study puts DROP costs at $100 million, Nutter still wants to end it
Council's study puts DROP costs at $100 million, Nutter still wants to end it: "City Council released its own figures on the cost of the DROP pension plan - about $100 million over the last 11 years, according to a report - and used the information to indicate the program might be preserved if the city can seek ways to further reduce its cost."
Philadelphia schools say voucher bill could cost them millions
Philadelphia schools say voucher bill could cost them millions: "Philadelphia's public schools could lose $40 million in state funding next year if a school-voucher bill being considered by state lawmakers is approved, School District officials said at a hearing Tuesday."
Knox won't run in mayoral election
Knox won't run in mayoral election: "Tom Knox, whose 2007 campaign attacks on Michael Nutter invoked the wrath of the city's Board of Ethics, said Tuesday that he had no stomach for the negative campaign it would take to win in 2011, and instead endorsed Nutter for a second term as mayor."
Little cars hold big lessons for Temple students
Little cars hold big lessons for Temple students: "Mission: to build a car out of toothpicks, some paper, sewing thread, and four pennies.
Official lessons to be learned: teamwork, problem-solving, economical design."
Official lessons to be learned: teamwork, problem-solving, economical design."
Philadelphia courts go after deadbeats starting Monday
Philadelphia courts go after deadbeats starting Monday: "The Philadelphia courts, reversing a long pattern of lax financial collections, are poised to aggressively go after more than $1.5 billion in forfeited bail, fines, and restitution owed by thousands of defendants."
Pennsylvania auditor general won't probe no-bid contract flap
Pennsylvania auditor general won't probe no-bid contract flap: "Pennsylvania Auditor General Jack Wagner has decided not to pursue an in-depth audit of a Philadelphia School District no-bid contract amid strong signs that the FBI has a preliminary inquiry under way into the district's procurement practices."
Tuesday, February 22, 2011
Detroit set to close half of its schools
Detroit set to close half of its schools: "In an effort to close a yawning budget deficit, Michigan has approved a proposal to drastically shrink Detroit's troubled school system over the next few years.
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Fiat-Chrysler CEO drops some bombshells
Fiat-Chrysler CEO drops some bombshells: "It has been quite a month for Fiat-Chrysler CEO Sergio Marchionne, and it isn't over yet.
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I'm 61: Should I retire or work?
I'm 61: Should I retire or work?: "My wife and I are 61 and wondering when to retire. Some say keep working, but I'd like to enjoy life. What's your take? -- David Watkins, Aurora, Colo.
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Sources: New York Knicks complete deal for Carmelo Anthony
Sources: New York Knicks complete deal for Carmelo Anthony: "
The New York Knicks acquired Carmelo Anthony on Monday night, according to the Denver Post."
The New York Knicks acquired Carmelo Anthony on Monday night, according to the Denver Post."
Chicago White Sox GM Ken Williams: $30 million for Albert Pujols 'asinine'
Chicago White Sox GM Ken Williams: $30 million for Albert Pujols 'asinine': "
White Sox general manager Ken Williams reportedly called a $30 million contract for Albert Pujols asinine."
White Sox general manager Ken Williams reportedly called a $30 million contract for Albert Pujols asinine."
NFL Owners Responsible for Starting Bad Faith Negotiations and Potential Lockout
NFL Owners Responsible for Starting Bad Faith Negotiations and Potential Lockout: "
Arlington, Texas, can lay claim to hosting the most-watched television program in Super Bowl XLV, despite some major problems ranging from uncooperative winter weather to an unprofessional ticket fiasco.
Indianapolis may not even get the chance.
Currently, NFL team owners and the league’s players, represented by the NFL Players Association, are trying to compromise and address each side’s concerns as best as possible.
The two parties agreed to federal mediation and have met for a third day, the most promising sign in weeks, if not months, in the contractual standoff.
Still, the possibility of Super Bowl XLVI’s cancellation, or an indefinite hold at least, remains real.
If this dreaded scenario does materialize, the blame lies squarely on the NFL owners’ shoulders.
Team owners foreshadowed the present deadlock when they lawfully but prematurely decided to opt out of the now-defunct contract bargaining agreement in 2008. The agreement’s early termination is quite baffling considering it was the owners, in the first place, who voted by a 30-2 margin two years earlier to extend the deal until 2012.
Owners claim that players need to take paycuts if the NFL is to remain viable and profitable while unilaterally pushing to extend the regular season from 16 to 18 games and reducing preseason games by two.
By ending the collective bargaining agreement in 2008, they can argue that the players’ union had ample time to prepare and propose a suitable compromise.
However, the owners’ main argument for the CBA’s abrupt dismissal and for their new proposal holds no water.
Foremost, with exception of the Green Bay Packers, owners have not released—and seemingly will not—their fully audited financial statements. They want players and fans alike to simply trust their word that the league faces financial trouble.
Their assertion is entirely false.
In truth the NFL has never been more profitable, according to Kurt Badenhausen of Forbes SportsMoney.
By Badenhausen’s count, the average team earned $33 million in operating profits (earnings before interest, taxes, depreciation, and amortization).
Badenhausen’s colleague, Maury Brown, reported that the NFL raked in $9.3 billion in 2009 as revenues grew 9 percent from 2008 to 2009, even in the Great Recession.
Game attendance has remained healthy over 254 home games and drew 17,007,172 people in 2010. That figure represented a 139,232 drop in paid attendance, less than one percent (0.81%).
Forbes’ most recent NFL franchise valuations reveal that 19 of 32 clubs are worth at least $1 billion. For comparison, Major League Baseball only has one team—the New York Yankees—valued at over $1 billion, as ranked by the magazine.
Moreover, John Ourand of SportsBusiness Journal has reported that ESPN and the NFL are close to a deal that would have the network paying close to $2 billion annually—a 65 percent fee increase—to broadcast Monday Night Football.
Along with ESPN, CBS, Fox and NBC will pay the NFL $4 billion a year to televise games and have agreed to do so in 2011, lockout or no lockout.
All the while, players’ salaries including rookie wages, which are tied to revenue, have not increased proportionally in recent years.
Instead, the players’ share of revenue has dropped slightly since 2006. Not since the 1980s, before the days of free agency, will the players’ share of revenue be as low if the owners get their way.
Granted, the average NFL player makes significantly more money than the average worker in any industry.
Still, in context, players have not received a fair shake notwithstanding their higher-than-normal salary and the fact that their job entails playing a sport.
Players’ health and long-term livelihood are at stake, as well.
The median length of an NFL career is just 3.6 years with a minimum salary of $320,000 to $545,000 during that span. Frequently, fans forget that headliners such as Aaron Rodgers and Tom Brady—strong supporters and team reps for the NFLPA—are the exception, not the norm.
For that reason, players show natural concern for their health; their ability to play now and life after retirement. Can they lead a full, healthy, and productive life even on a short-lived but high-paying wage?
That future may hold some atypical handicaps.
Many players sustain repeated concussions that can lead to brain damage, and the intense physicality of the game can cause lifelong implications.
A study commissioned by the NFL and conducted by the University of Michigan’s Institute for Social Research, has shown that cognitive diseases like Alzheimer’s are more common in former players.
The findings support similar independent studies, such as papers published by the University of North Carolina’s Center for the Study of Retired Athletes, regarding NFL players and the effects of their occupational head injuries.
Professors and doctors nationwide, including at New York’s Mount Sinai Hospital, have echoed and affirmed the results.
It is highly possible an uncertain future with potentially-expensive health care costs could await and hit players hard, a daunting reality that a brief period of a six-figure salary may not sustain.
To add insult to injury, the NFL has said that it will not continue active players’ health care in a lockout even with knowledge of the health issues players face.
In light of this stark circumstance, players have already made concessions.
They have repeatedly stated contentment with the previous CBA and revenue sharing, and have accepted a rookie wage scale with a “Proven Performance Plan,” which basically specifies that rookie deals would reduce in length to three or four years—creating an approximately $200 million revenue pool that would benefit retirees and fund incentives for players who outperform their contracts.
On the other hand, team owners have not provided any substantive allowances.
They will still reap millions in the end while players and fans, not to mention workers and local economies, suffer the consequences of their adamant demands.
The current impasse obviously resulted because of money.
One side already has it and, for all intents and purposes, wants a bigger piece of the pie. Yet, the owners will not disclose exactly how many chips they bring to the table.
At bare minimum, not only does their suppression thoroughly lack transparency, but it just goes to show that they took negotiating in good faith off that table from the start.
"Supermarket chain to close 10 area stores in next two months
Supermarket chain to close 10 area stores in next two months: "The bankrupt supermarket company that owns Pathmark and Super Fresh told employees Tuesday that it plans to close 10 stores in South Jersey, Southeastern Pennsylvania, and northern Delaware over the next two months."
To Get Into College, It Helps To Be Rich
To Get Into College, It Helps To Be Rich: "
Read More...
More on College Admissions
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Paying for college is one of the most popular topics here at the Juggle. But it may be time to forget the conventional wisdom that everyone should apply for financial aid.
Read More...
More on College Admissions
Friday, February 18, 2011
Bernanke Expands Global Savings Glut Research In New Paper
Bernanke Expands Global Savings Glut Research In New Paper: "Federal Reserve Chairman Ben Bernanke offers his diagnosis of the root causes of the global financial crisis in a new paper.
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PhillyDeals: Electronic guide offers fishermen a wireless-age tool
PhillyDeals: Electronic guide offers fishermen a wireless-age tool: "Joe Demalderis, co-owner of Cross Current Guide Service up in Milford near the Delaware Water Gap, makes his living taking fishermen to "where they're biting.""
Borders' debt load forces bankruptcy
Borders' debt load forces bankruptcy: "NEW YORK - Borders Group Inc., which helped pioneer superstores that put countless mom-and-pop bookshops out of business, filed for bankruptcy protection Wednesday, sunk by crushing debt and sluggishness in adapting to a rapidly changing industry."
PhillyDeals: Corbett pick is hard-liner on state pensions
PhillyDeals: Corbett pick is hard-liner on state pensions: "Gov. Corbett will push to cut pension benefits from the $25 billion Pennsylvania State Employees Retirement System (SERS), if his choice for a new board member is any guide."
111 charged in Medicare scams worth $225M
111 charged in Medicare scams worth $225M: "MIAMI - Federal authorities charged more than 100 doctors, nurses, and physical therapists in nine cities with Medicare fraud Thursday, part of a massive nationwide crackdown."
PhillyInc: More shareholders will vote on executive pay
PhillyInc: More shareholders will vote on executive pay: "AmerisourceBergen Corp. shareholders have spoken, and they want the right to vote annually on the pay packages of the company's senior executives."
Vitamin Shoppe Promotes Three Top Execs, Adds Another - cbl
Vitamin Shoppe Promotes Three Top Execs, Adds Another - cbl: "By Richard RabicoffNORTH BERGEN, N.J.-In an SEC filing, Vitamin Shoppe, Inc. (NYSE: VSI) reported th..."
Atlas Pipeline Partners Sells Interest in Laurel Mountain Midstream to Atlas Energy for $403M
Atlas Pipeline Partners Sells Interest in Laurel Mountain Midstream to Atlas Energy for $403M: "PHILADELPHIA --(BUSINESS WIRE)-- Atlas Pipeline Partners, L.P. (NYSE: APL) reported today that it ha..."
The basics of online marketing
The basics of online marketing: "Keeping an online presence for your business works differently than when you’re supplied with a physical location. By having a shop in town, you get the chance of having walk-ins, browsers and window shoppers. This helps add to your already...Nicole ThomasFebruary 10, 2011
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Only in Philadelphia would someone take up a collection for a corporation
Only in Philadelphia would someone take up a collection for a corporation: "Sandy MillerIn the past Philadelphia had an image that would make most public relations experts cringe. We were known as avid sports fans but we were the town that threw snowballs at Santa Claus.We have seen some changes to our image with Roy Halliday...February 13, 2011
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The Catholic Church is a business that is facing major PR issues
The Catholic Church is a business that is facing major PR issues: "Sandy MillerThe Catholic Church has had major damage done to its image in recent years with the continuing scandal involving priests and young children. These hits have come from all over the United States including the Philadelphia Archdiocese.The recent...February 13, 2011
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FBI search warrant reveals how it seeks to build corruption case involving Phila. Police, L&I
FBI search warrant reveals how it seeks to build corruption case involving Phila. Police, L&I: "Federal authorities are hoping to use financial records and other documents seized last week to connect the dots in a multipronged corruption investigation into kickbacks and payoffs that touch both the Philadelphia Police Department and the Department of Licenses and Inspections, according to several individuals familiar with the case."
Gov. Christie gets a mention for president
Gov. Christie gets a mention for president: "WASHINGTON - Gov. Christie had not even entered the room for what the political blogosphere billed as a major national address, and already his nonexistent presidential candidacy had come up."
Pa. gas driller also paid for Democratic senator's trip to Super Bowl
Pa. gas driller also paid for Democratic senator's trip to Super Bowl: "HARRISBURG - A Democratic senator from Western Pennsylvania who has been an ally of the natural-gas industry joined the Republican Senate president on a free trip to the Super Bowl, paid for by one of the state's largest energy companies."
Tuskegee chapter donates archives to Temple collection
Tuskegee chapter donates archives to Temple collection: "They were American heroes, determined young men who served valiantly in World War II, blazing trails across the sky, some flying missions in Europe, the Mediterranean, and North Africa, despite facing racism in their homeland."
Pa. OKs $42 million for Aker shipyard
Pa. OKs $42 million for Aker shipyard: "Aker Philadelphia Shipyard has received a $42 million lifeline from Pennsylvania taxpayers that enables the nation's second-largest U.S. commercial shipbuilder to stay afloat and construct two more oceangoing vessels on spec without buyers."
Thursday, February 10, 2011
New York Rep. Chris Lee resigns from the House
New York Rep. Chris Lee resigns from the House: "New York Rep. Chris Lee has resigned his seat. Photo by Derek Gee/Buffalo News Rep. Chris Lee (R-N.Y.) resigned from the House Wednesday evening effective immediately, an announcement that came just hours after a Web site reported that the married congressman had sent a shirtless image of himself to a woman he met on Craigslist. 'I regret the harm that my actions have caused my family, my staff and my constituents,' Lee said in a statement announcing his resignation. 'I deeply and sincerely apologize to them all. I have made profound mistakes and I promise to work as hard as I can to seek their forgiveness.' Lee's decision to vacate his Upstate New York seat came after Gawker, a gossip Web site, posted the shirtless image and what it said was correspondence between him and a 34-year-old woman.
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Ford to slash $3 billion in debt
Ford to slash $3 billion in debt: "Auto maker announces plan to cut another chunk off its debt load after trimming $14.5 billion last year.
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NewsWatch: New iPhone design cuts costs, teardown finds
NewsWatch: New iPhone design cuts costs, teardown finds: "A study says the total bill of materials for Verizon model is 9% lower from the previous version of iPhone 4.
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Twitter given $10bn price tag
Twitter given $10bn price tag: "
Social media success stories
Facebook
LinkedIn
Loss-making microblogging site loved by celebrities is sought by big players amid new dotcom boom
$10bn buys a lot of company; Harley-Davidson, the 108-year-old motorbike icon, is worth just shy of $10bn (£6.2bn). The Deutsche Börse is hoping to pay about that for the New York stock exchange.
It's also the price tag now hanging around the neck of Twitter, the loss-making five-year-old microblogging site that is being heralded as either a superstar of a new era of communication or the frothiest example yet of a new dotcom bubble.
Google and Facebook are both reportedly courting Twitter. Although talks are at a very early stage the price tag of between $8bn and $10bn seems firm.
Just two months ago Twitter was valued at $3.7bn after raising $200m in new financing. But in the interim the investment world has gone crazy for all things new media. Companies spouting the buzzwords social media, platforms, community and content are attracting offers not seen since the dotcom boom at the turn of the millennium.
Facebook, the daddy of them all, is said to be looking at an initial public offering that would value the firm at $50bn – more valuable than Rupert Murdoch's News Corp empire and nearly as much as Boeing.
Just like the last dotcom boom, there's certainly a lot of froth out there. Cheezburger, a collection of humour sites that's big on pictures of cats doing silly things, recently raised $30m from venture capital funds.
Skullcandy, makers of iPod accessories and headphones that come with big colourful skulls printed on them, is planning to raise $150m from an initial public offering.
And why not? Far less glamorous firms are rolling in it. Snap Interactive, which makes dating applications for social media sites (such as Facebook) is now valued at $114m. It reported income of $1.7m for the last three months. CrowdGather, which is a 'network of community forums,' is worth $70m, even though it made a loss of $711,272 in the most recent three months.
Richard Holway, the chairman of TechMarketView, said this time things are different. 'In the last dotcom boom, all ships were rising,' he said. This time it's just the social media firms that are attracting valuations from 'crazyland'.
'Back in 2000 everything was overvalued; that's not true now. Facebook has a fantastic business model, a lot of the advertising dollars spent on Google will eventually move over to them, I think. LinkedIn has a business model too.'
But with Twitter, he admits, 'It's hard to see what their business model is.'
Twitter now has more than 175 million users. Its revenues last year are said to have been $45m, although they are expected to more than double this year. But that's a tiny sum for a $10bn company – especially one that is losing money.
And for all the buzz around Twitter, it is still a minority interest. Just 12% of internet users in the US use Twitter, according to a recent survey by the Pew Research Centre. Facebook is used by 62%.
But hype is a subject that both Facebook and Google know more than a little about. Google saw off all-comers to become the dominant web firm of the second wave of internet companies. Likewise Facebook has beaten its competition into submission and now claims 600 million active users – almost twice the population of the US. The two firms smell gold in them there tweets.
Josh Bernoff, analyst at Forrester, said it was clear people were getting carried away by their enthusiasm for social media. 'But I'd stop short of calling it a bubble,' he added.
'You can't just sprinkle social goodness on the top of a company and expect it to be worth 10 times as much.' But he believes the impact of social media firms is real and will be long-lasting.
'What people forget about the first dotcom boom was that under all the froth there were a lot of very successful companies. Amazon, eBay – real companies. Facebook has made a permanent change in the way people interact. There is real value there.'
He said the same was true for Twitter, because the company has changed how people communicate and will continue to do so. But Bernoff has two reservations: can they keep up their phenomenal growth, and can they make any money? He was sure that Twitter would continue to grow, but the jury is still out on how much money it can make.
And that is the $10bn question.
Social media success stories
The social network phenomenon founded by Mark Zuckerberg has more than 600 million active users, almost twice the population of the United States. The company's last round of investment suggests Facebook would be valued at $50bn. Its success has created a whole new ecosystem of businesses using social media.
The business network is likely to be the first of the social media companies to go public. Analysts value it at over $2.5bn. LinkedIn claims 90 million users and says it adds one every second.
Groupon
In December Google made a $6bn offer for the online discount company. Now the Chicago-based business is pushing ahead with plans for a stock market float that could value it at $15bn. Groupon is by some calculations the fastest growing company in history. It has more than 50 million users around the world and its revenue has reached more than $1bn a year.
Zynga
More than 300 million people like to tend the virtual farms and cities set up by Zynga, a social gaming company. Analysts value it at $5.8bn.
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Facebook ponders $1bn share sale
Facebook ponders $1bn share sale: "
Sale possibility raises value of Mark Zuckerberg's company to $60bn on the day that Twitter's price tag climbed to $10bn
Facebook is weighing plans to let employees sell up to $1bn (£621m) of their shares to outside investors. The sale would value the social network at about $60bn, according to an influential industry blog.
Major investors have been clamouring to invest in privately-held Facebook. The sale would allow Facebook employees to raise money on their stakes in the company while the firm considers selling shares in an initial public offering (IPO), the All Things Digital blog said, citing Facebook sources.
At $60bn Facebook would become one of the world's most valuable companies, worth as much as Ford Motor Company. The new valuation marks yet another jump in valuation, coming just a month after company founder Mark Zuckerberg raised $1.5bn in financing in a deal that valued Facebook at $50bn.
In the interim period social media firms have been attracting ever increasing attention. Goldman Sachs led the last round of financing for Facebook and had planned to offer shares to its top tier US clients. Those plans had to be scrapped when the bank was inundated with requests for shares and the publicity over the share sale threatened to breach rules about private placements.
Zuckerberg, who started the firm in a Harvard dorm room, owns about a quarter of the company, making his stake worth $15bn. In December he joined fellow billionaires Warren Buffett and Bill Gates in The Giving Pledge, a network of super-rich people who have promised to give most of their fortunes to charity.
The news of Facebook's potentiall share sale follows revelations that Facebook and Google are both stalking Twitter, the micro-blogging site. The price for the fast growing but still loss-making firm is said to be between $8bn and $10bn. Alongside Facebook and Twitter's valuations, social media firms including Groupon and LinkedIn are planning to raise billions in IPOs.
Zuckerberg, who started the firm in a Harvard dorm room, is expected to lead the biggest social media IPO when he takes Facebook public in 2012. The company now has over 600 million members worldwide and has become the hottest investment property on the planet. Last year it eclipsed Google as the world's most visited website. According to Experian Hitwise, 8.9% of unique online visits were to Facebook last year, compared with Google's 7.2%. A survey by Nielsen found that Americans spend nearly 23% of their time online using social networks, up from about 16% in 2009.
Under US rules a private company with 500-plus shareholders must either go public or start publishing full accounts. Facebook has been keen to keep rivals from looking over its books and Zuckerberg has carefully managed those numbers up until now. The firm recently said it would publish financial results by April 2012 even if it hasn't held an IPO, according to a document sent to prospective investors.
Employees were given the opportunity to sell shares in 2009 to one of Facebook's investors, Russian investor Digital Sky Technologies (DST). Current and former employees were able to sell up to 20% of their common shares at $14.77 per share at a $6.5bn valuation. If the latest deal goes through, those who sell their shares this time will get almost 10 times that amount.
The prices have led some to claim a new dotcom bubble has been formed and is about to pop. Colin Gillis, internet analyst at BGC Partners, said: 'I wouldn't say there was a bubble but there is certainly more confidence than scepticism about. It all depends on whether you think social media is going to be more or less important in the future. Personally I think it's going to be more important.'
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Newt Gingrich: 'Barack Obama Is No Ronald Reagan'
Newt Gingrich: 'Barack Obama Is No Ronald Reagan': "Updated 1:10 p.m.
After entering the auditorium at the Marriott Wardman Park like a returning hero -- thanks, in no small part, to the blasting beat of the 1982 Rocky III comeback song, 'Eye of the Tiger' -- former House speaker New Gingrich delivered a well-received red-meat lecture to the assembled at CPAC.
His major applause line involved rebuking Time magazine's recent cover story comparing Obama and Reagan. 'Barack Obama is no Ronald Reagan,' Gingrich declared.
One thing to note: it may be his theme song, but 'Eye of the Tiger' is music from the deep past for many of those attending the conference, which draws thousands of college students. Those born the year the song was released turn 29 this year.
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After entering the auditorium at the Marriott Wardman Park like a returning hero -- thanks, in no small part, to the blasting beat of the 1982 Rocky III comeback song, 'Eye of the Tiger' -- former House speaker New Gingrich delivered a well-received red-meat lecture to the assembled at CPAC.
His major applause line involved rebuking Time magazine's recent cover story comparing Obama and Reagan. 'Barack Obama is no Ronald Reagan,' Gingrich declared.
One thing to note: it may be his theme song, but 'Eye of the Tiger' is music from the deep past for many of those attending the conference, which draws thousands of college students. Those born the year the song was released turn 29 this year.
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