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Saturday, March 12, 2005

In a vote of 74-25 last Thursday, the US Senate passed a measure that would change bankruptcy laws, making it harder for individuals seeking relief from their debt burden to avoid repayment. Almost twenty Democrats joined Republicans, who currently hold a majority of the seats in the US Senate, in passing the bill.

Lobbyists for credit card companies and financial services firms have worked for the bill during the last two administrations. A similar measure passed both the Senate and House during the previous administration, but then President Bill Clinton pocket-vetoed the measure in 2000.

Democrats sought to soften the bill by allowing bankruptcy filers to negotiate directly with lenders for relief, but the amendments were defeated by the Republican-controlled Senate. Proponents of the bill claim the rise of bankruptcy filings to nearly 1.5 million a year shows that abusers of credit use the filings to shield themselves from irresponsible practices.

“There has been an explosion of bankruptcy,” said Iowa Republican Sen. Charles E. Grassley, the bill’s sponsor. “We preserve the principle of a fresh start, but we also establish a principle that if you have the ability to repay some of your debt, you are not going to get off scot-free.” However, Massachusetts Democratic Sen., Edward M. Kennedy said, “This legislation makes the bankruptcy courts of the United States the collection agency for the credit-card industry.”

The bill impacts a broad spectrum of bankruptcy law, but the most significant impact is on personal bankruptcy filings. Individuals who get behind in repaying credit card debt face high interest charges and stiff late payment fees. By only meeting minimum payment requirements, borrowers remit to the lender over the life of the loan an amount in interest and other fees that can far exceed the value of the principal balance of the loan. This can put consumers who run up high balances on various cards at financial risk of default. Critics of the bill blame these aggressive lending practices as a contributing factor in the rising trend of bankruptcy filings from 1996.

The proposed bill doesn’t only affect debtors with credit card debt.

It also affects debtors who have run up large medical bills.

Patients with a past medical history that disqualifies them from full medical coverage, can easily find themselves facing insurmountable medical bills after just a short stay in the hospital. These individuals will no longer be able to get a fresh start after these personal disasters, and will be forced to live in poverty until they can pay off their medical bills as part of their Chapter 13 filing. (Prior to this bill, they would have been able to file Chapter 7, completely discharging their debt.)

Chapter 7, which accounts for 70% of bankruptcy filings, allows individuals to eliminate most non-secured debts after liquidating assets, with the notable exemption of one’s principle residence in most states. The Senate passed bill would change Chapter 7 eligibility by applying a means-test, where those with a median income higher than the state average would be required to file under Chapter 13 provisions. Under Chapter 13 protection, an individual’s debt is not forgiven; rather it is restructured for payment under more lenient terms.

This was the first major overhaul of federal bankruptcy law in many years.

Under the old bankruptcy law, a personal bankruptcy attorney could not be held financially responsible for his clients mendacity. Under the new bankruptcy law, the bankruptcy attorney is responsible for his client’s lies to the Court about his assets and the bankruptcy attorney and his insurance carrier can be held responsible by the Bankruptcy Court.

The result is that personal bankruptcy attorneys (this does not apply to corporate bankruptcy attorneys) are likely to flee the personal bankruptcy field when the new law takes effect. Their insurance companies will not offer the sort of coverage that they would need to continue to practice.

So when consumers need to file personal bankruptcy under the new law, they will be unlikely to find a bankruptcy attorney to represent them. Consumers will have to file pro se: such consumers will be likely to fail due to the complexity of the law.

The bottom line is that the field of personal bankruptcy law as a practice area of law will cease to exist when the new bankruptcy law takes effect, and consumers will be unable to secure legal counsel and so consumers will lose what legal protections counsel now affords them.

Under the new bankruptcy law about one half million Americans will be forest to pay for at lest 5 years on longer they will be held in servitude as chattel they will be completely subservient to a dominating influence of the company that holds the loan. Their loan will be put on the market for sale for profit. The people will be forced to work harder. People who fail to go to court will have a arrest warrant made out in their name and people who refuseto pay. They will be subject to fines and or jail. About fifty thousand Americans will punished by a fine and or about three thousand Americans every year will go to jail under the new bankruptcy law. For some people this will be a third strike they will be put in jail for life.

The bill has the support of President Bush, and its passage in the House sometime next month seems likely. If enacted into law, lending companies will recover more money on what otherwise would be written off as bad loans. Those persons of median and higher income seeking relief would be required to file under Chapter 13 status and pay up to $100 per month under court imposed conditions. It is expected the proposed changes would cause a sharp increase in filings before the new law could take effect.

Saturday, January 26, 2008

Investigators examining the wreck of British Airways Flight 38, a Boeing 777 that crash landed short of the runway at London’s Heathrow Airport in the first hull loss of a 777, are examining the aircraft’s fuel system as a possible factor in the crash. No-one was killed as the scheduled flight from Beijing, China lost power during final approach on January 17.

136 passengers and 16 crew were on board when power was lost to the two Rolls-Royce engines about two miles from the runway, at a height of 600 feet. Autopilot and autothrottle were engaged at the time, the latter having just commanded an increase of thrust to the engines when power was lost. Co-pilot John Coward, in control at the time, was subsequently praised for being able to glide the disabled plane to within 1,000 feet of the runway, clearing a number of houses along the way.

Subsequent investigation has revealed that not only did the engines not fail simultaneously, but neither failed completely, contradicting initial belief. A preliminary report by the United Kingdom’s Aircraft Accident Investigation Branch (AAIB) stated that after the autothrottle commanded more thrust “The engines both initially responded but after about 3 seconds the thrust of the right engine reduced. Some eight seconds later the thrust reduced on the left engine to a similar level… Both engines continued to produce thrust at an engine speed above flight idle, but less than the commanded thrust.” This situation prevailed until impact.

On Wednesday the AAIB stated that they were examining “All possible scenarios that could explain the thrust reduction and continued lack of response of the engines.” However, it also went on to specifically mention attention to the jet’s fuel system, saying “This work includes a detailed analysis and examination of the complete fuel-flow path from the aircraft tanks to the engine-fuel nozzles.” The AAIB also ruled out the plane having completely run out of fuel, stating that there was “adequate fuel” in the tanks when the plane crashed. In addition to the fuel required to get to the target destination or emergency alternative airport – whichever is further – aircraft typically carry between thirty and forty-five minutes worth of extra fuel as a safety margin.

Possible scenarios being examined include fuel contamination, coming either from fuel taken on at Beijing or leakage from an unknown source. In particular, a heavy contaminant at the bottom of the tanks would explain a lack of earlier problems on the flight, as the fuel levels would only have become low in the final stages of the trip. Another possibility is that a central part of the fuel system developed a leak, reducing the amount of fuel available to the engines.

It is known that, according to the AAIB, “the autothrottle and engine-control commands were performing as expected prior to, and after, the reduction in thrust,” suggesting that all software in the aircraft was functioning correctly and rendering a software failure unlikely, although this possibility also remains under investigation.

Thursday, February 8, 2007

Anna Nicole Smith, who was born as Vickie Lynn Hogan, was found unconscious in the Seminole Hard Rock Hotel and Casino in Hollywood, Florida in her 6th floor hotel room. One of her attorneys has confirmed that she was pronounced dead at a hospital less than an hour later. She was 39.

Paramedics are reported to have performed CPR on the actress and had to have breathing equipment inserted into her chest after a nurse found her passed out in her hotel room and witnesses say that Smith was receiving CPR while the ambulance took her to the hospital around 2:00 p.m. [EST]. Smith’s bodyguard is reported to have given Smith “cardiopulmonary resuscitation” before paramedics arrived.

“I can confirm that she is deceased. It’s as shocking to me as to you guys. I don’t know what the cause was. This is just tragic and that’s all you can say right now and I don’t know anything further,” said one of Anna Nicole’s lawyers, Ron Rale.

Smith was taken by ambulance to Memorial Regional Hospital and “checked in Monday [to the hotel] at 8 p.m. as a guest. She was due to check out tomorrow,” said cafe spokeswoman, Danielle Giordaano.

“Our rescue crews got there, and they were escorted to a bedroom, where they found a female alone in her room and unresponsive. We then began our normal protocol for dealing with a non-breathing individual. The victim never regained consciousness and we continued with CPR and all life-support methods right up until the time we delivered her to the hospital and then the hospital takes over,” said a spokesman for the responding paramedics team. Smith was pronounced dead at the hospital at 2:49 p.m. [EST].

According to Broward County Medical Examiner’s Office investigator, Edwina Johnson, an autopsy will be performed on Smith on Friday and that her death is currently being investigated. Authorities are not yet treating her death as a crime.

One of Smith’s attorneys, Howard K. Stern, is reported to have been staying with Smith in her room, but authorities have yet to locate Mr. Stern. Mr. Stern is identified by TRIMSPA as Smith’s husband.

“He was here with her. I don’t know where he’s at right now,” said Charlie Tiger the chief of the Seminole Police Department also adding that Smith’s 5 month old baby was not with them.

Smith was a spokeswoman for the company TRIMSPA when she passed, and TrimSpa has removed all content from their site for now, shutting it down and posting only a message in response to her death.

“Today, Anna Nicole Smith’s grief stricken and tumultuous personal life came to an end. Anna came to our Company as a customer, but she departs it as a friend. While life for Anna Nicole was not easy these past few months, she held dear her husband, Howard K. Stern, her daughter, Dannielynn Hope, her most cherished friends, beloved dogs, and finally, her work with TRIMSPA. Anna knew both the joy of giving life, and the heartache of losing a child. We pray that she is granted the peace that eluded her more recent days on earth, and that she find comfort in the presence of her son, Daniel,” said the statement on TRIMSPA’s website posted by Alex Goen, CEO and Founder of TRIMSPA.

Smith was rushed to the hospital in November of 2006 after she was suffering from symptoms of pneumonia. Smith’s son, Daniel Smith, died on September 10, 2006 shortly after Anna gave birth to a baby girl 5 months ago.

Smith was shopping for a new boat in Florida and reports say she felt ill and had a fever for at least a day.

Thursday, July 20, 2006

An Auckland, New Zealand policewoman, who has not been named, has been working part-time as a prostitute. Her employer, Auckland City Police, did not know that she had been working as a prostitute for a limited time. She has been able to keep her police job.

Prostitution became legal in New Zealand in 2003.

The police officer was prostituting herself because of financial difficulties. A person working in the Christchurch sex industry said “It’s usually either for debts or drugs.”

She is now undergoing counselling.

The New Zealand Police would not comment on how long she had been acting as a prostitute.

Lyn Provost, Deputy Commissioner, said “the nature of the secondary employment was incompatible with policing and would never have been approved.”

The police say that if a police officer was to seek secondary employment then it must be signed off, this job hadn’t been. It would have been a conflict of interest.

Ron Mark, New Zealand First Party Law and Order spokesman, said “the case is concerning, because while prostitution is legal, it is associated with criminal activity.”

A representative of the New Zealand Prostitutes’ Collective (NZPC) said there were law students and doctors who were sex workers.

“NZPC’s philosophy is that we support people that are in that secondary employment … we support them for their sexual health needs or any other needs – emotionally, physically, spiritually – that we can accommodate.” a representative of the New Zealand Prostitutes’ Collective said.

Sunday, January 27, 2008

Viktor Schreckengost, the father of industrial design and creator of the Jazz Bowl, an iconic piece of Jazz Age art designed for Eleanor Roosevelt during his association with Cowan Pottery died yesterday. He was 101.

Schreckengost was born on June 26, 1906 in Sebring, Ohio, United States.

Schreckengost’s peers included the far more famous designers Raymond Loewy and Norman Bel Geddes.

In 2000, the Cleveland Museum of Art curated the first ever retrospective of Schreckengost’s work. Stunning in scope, the exhibition included sculpture, pottery, dinnerware, drawings, and paintings.

Thursday, July 3, 2014

Ian Narev, the CEO of the Commonwealth Bank of Australia, this morning “unreservedly” apologised to clients who lost money in a scandal involving the bank’s financial planning services arm.

Last week, a Senate enquiry found financial advisers from the Commonwealth Bank had made high-risk investments of clients’ money without the clients’ permission, resulting in hundreds of millions of dollars lost. The Senate enquiry called for a Royal Commission into the bank, and the Australian Securities and Investments Commission (ASIC).

Mr Narev stated the bank’s performance in providing financial advice was “unacceptable”, and the bank was launching a scheme to compensate clients who lost money due to the planners’ actions.

In a statement Mr Narev said, “Poor advice provided by some of our advisers between 2003 and 2012 caused financial loss and distress and I am truly sorry for that. […] There have been changes in management, structure and culture. We have also invested in new systems, implemented new processes, enhanced adviser supervision and improved training.”

An investigation by Fairfax Media instigated the Senate inquiry into the Commonwealth Bank’s financial planning division and ASIC.

Whistleblower Jeff Morris, who reported the misconduct of the bank to ASIC six years ago, said in an article for The Sydney Morning Herald that neither the bank nor ASIC should be in control of the compensation program.

Tuesday, February 14, 2006

A new 154-page Government Accountability Office (GAO) report says seven federal departments together spent US$1.6 billion on 343 contracts with public relations firms, advertising agencies, and media organizations, as well as individuals involved in such activities.

Congressional Democrats requested the report after several incidents surfaced in which journalists or commentators were paid to promote the Bush administrations programs, but did not disclose the financing, so called payola. In one case, Armstrong Williams was paid $186,000 for promotions of President Bush’s No Child Left Behind law. The administrations position was that an agencies’ mission includes spreading information about federal programs.

At that time, the GAO had independent objections to the ready-to-air news stories the administration’s provided to TV stations in order to promote it policies. The administration claimed the burden of disclosure falls to the TV stations.

Congress has now inserted a provision into an annual spending bill requiring federal agencies to include “a clear notification” within the text or audio of a prepackaged news story that it was prepared or paid for by the government.

Rep. Henry A. Waxman (D-Calif.) said “Careful oversight of this spending is essential given the track record of the Bush administration, which has used taxpayer dollars to fund covert propaganda within the United States.”

The seven agencies covered by the report are Commerce, Defense, Health and Human Services, Homeland Security, Interior, Treasury, and Veterans Affairs.