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To: Crimson Ghost who wrote (22964)	2/5/2005 8:00:49 PM
From: mishedlo	Respond to of 116555

Bring lenders, not borrowers, to heel By William J. McLeod \| February 5, 2005 boston.com. CONGRESS WILL soon debate legislation that will limit bankruptcy options for many Americans. If passed, people facing bankruptcy could find their financial situations worsen by no fault of their own. Certain events typically lead someone to file bankruptcy: a job loss, divorce, or health issue. Each, in varying degrees, can adversely affect the income of a household. The Harvard Law and Medical Schools study released in the journal Health Affairs this week found that half of all bankruptcies are caused by medical-related bills and most of the affected are middle class and insured. Washington does not spend a lot of time talking about these cases. Instead, expect to hear about people who rack up mountains of credit card debt that they have no chance of ever paying in their lifetimes. You will hear of trips abroad, expensive TVs, and houses full of unpaid furniture. What you will not hear are the true stories of the too many people who use their credit cards for food, prescriptions, medical expenses, and their kids' clothes. Ultimately, the bankruptcy reform legislation would push debt-burdened individuals into payment plans -- for up to five years. A lot can happen in five years, like a divorce, a health problem, or job loss. Congress will also likely consider limiting the homestead exemption -- the amount of equity that a homeowner can shield from creditors -- which will render the recently increased Massachusetts homestead exemption of $500,000 meaningless. What's missing in this new legislation? Any change to the current practice of lending money to just about anyone. These days, there is little difference between some credit card companies and a loan shark. Of course, credit card companies do not break legs, they just increase the percentage rate if a payment is late, add a late fee, add an overlimit fee, and some even charge an annual fee for the privilege of getting more fees. There are many people trying to get out of debt, but they are being thwarted by the perfectly legal fees and interest being levied against them. The credit card industry is spending millions trying to convince Congress that the average American in debt is an irresponsible buffoon with an entitlement complex. Debtors cannot afford lobbyists. Before we let Congress shut the bankruptcy court doors on thousands of Americans, consider where you would be if your household lost a wage earner and then call your member of Congress. The problem is not with the bankruptcy process. Our leaders need to know that it does not take much for an unexpected and uncontrolled event to lead someone to the doors of the bankruptcy court. Perhaps more important, our leaders need to spend more time asking themselves what makes these financial difficulties so possible and so probable. Hopefully, honest answers will lead to more meaningful reform for people struggling with debt. William J. McLeod is a bankruptcy attorney in Boston and a member of the National Association of Consumer Bankruptcy Attorneys.

To: Crimson Ghost who wrote (22964)	2/5/2005 8:18:48 PM
From: mishedlo	Read Replies (3) \| Respond to of 116555

Layoffs Du Jour [catching up on last 2 days actually] 318 more....US Airways US Airways adds 318 to job cuts The Charlotte Observer - Feb 02 12:10 AM US Airways said Tuesday it is cutting another 318 jobs in Charlotte, part of an aircraft-maintenance shuffle that is eliminating about 1,800 positions nationwide. 60....Motorola Motorola cutting 60 jobs in Plantation Sun-Sentinel - Feb 02 12:23 AM Motorola Inc. is laying off about 60 workers from its cellular phone manufacturing complex in Plantation. According to severance papers obtained by the South Florida Sun-Sentinel , about 2 percent of the facility's work force is being eliminated. About 3,000 people work at the Plantation complex. 200....Bookham -they fired 150 last year on first layoffs so this number is conservative. DECEMBER 09, 2004 PREVIOUS NEWS WIRE FEED Bookham Adds to Layoffs SAN JOSE, Calif. -- Bookham, Inc. ("Bookham") (NasdaqNM:BKHM - News), a leading provider of optical components, modules and subsystems, announced today that on December 7, 2004 it adopted an additional cost reduction plan to reduce its overhead structure by an additional $6 million to $8 million per quarter. This plan is in addition to the ongoing cost reductions of $10 million to $12 million per quarter announced in May 2004. Bookham anticipates the combined plans to be completed before the end of 2005. The plan includes workforce reductions, the closure of certain facilities including Bookham's former headquarters in Abingdon, England, and the consolidation of certain development and manufacturing programs. The restructuring charges associated with this additional reduction cost plan are expected to be $6 to 8 million, consisting of cash expenditures of $4 million to $5 million for employee severance and retention and $1 million to $2 million for facility lease terminations. 3280....Deutsche Bank- outside Germany BERLIN - Deutsche Bank AG posted a sharp drop in fourth-quarter net profit Thursday on restructuring charges, and revealed an additional round of about 3,280 job cuts. Germany's biggest bank said net profit for the period ending Dec. 31 fell to 269 million euros ($366 million) from 436 million euros a year earlier, hit by 574 million euros ($781 million) in restructuring charges. The Frankfurt-based bank said it will cut jobs but add some positions in lower-cost locations, leading to an overall reduction of 3,280 jobs outside Germany. A spokesman for the bank declined to comment on the location of the job cuts. 35....Textron Fastening The Clarion-Ledger - 2 hours, 18 minutes ago Textron Fastening Systems said Wednesday that 35 contract employees have been laid off from the Greenville plant. The layoffs represent about 9 percent of the plant's work force, said Tim Weir, communications director for Textron Fastening Systems in Troy, Mich. 353 Delta Air Lines Delta to shut Boston center, cut 353 jobs, report says Friday, February 4, 2005 1:33:37 PM afxpress.com BOSTON (AFX) - Delta Air Lines plans to shut its Boston reservations call center Sept. 1, the Boston Globe reported Friday. The move will eliminate about 353 jobs, the paper said. Shares of Delta fell 29 cents Thursday to $5.38. This story was supplied by MarketWatch. For further information see www.marketwatch.com 112...Universal Music Group Universal Music To Shut Vinyl Record Plant In Upstate NY IWon - Money - 1 hour, 8 minutes ago GLOVERSVILLE, N.Y. (AP)--Universal Music Group (UMG.XX) is closing its vinyl record plant here, cutting 112 jobs. Universal Music Group is a unit of Vivendi Universal (V). 20...American General Life Tennessean - Feb 04 12:38 AM In a cost-cutting move, 20 employees of American General Life and Accident Insurance this week received layoff notices, a spokesman for its parent American International Group said. 1723....Illinois companies Suburban employees still facing job losses By Anna Marie Kukec Daily Herald Business Writer Posted Friday, February 04, 2005 Despite recent job gains in Illinois, the state said about a dozen companies are planning to eliminate 1,723 jobs, including more than 800 workers at five suburban companies. The companies filed the layoff notices by Jan. 31 and the list was released this week by the state. Many of the layoffs either started with the notice or will continue through March, the documents said. Reasons for the layoffs include streamlining and businesses being sold or moved. 42, Sallie Mae It was announced yesterday that Sallie Mae will lay off 42 workers - about one-third of the workforce - at the Seattle-based Student Loan Finance Association beginning March 28, and more cuts are planned. The cuts are a result of the recently completed merger between the two organizations kcautv.com 46, Westerly, Rhode Island School District thewesterlysun.com WESTERLY - "In Westerly, the budget is being balanced on the backs of teachers," Christine Sieczkiewicz, president of the Westerly Teachers Association, said at a School Committee meeting Wednesday night. The committee had just voted unanimously not to renew the contracts of 46 teachers in the public school system, as school officials have planned to cut 15 teaching positions before the end of the school year. Citing state law, School Solicitor William Nardone said that, to consider laying off the 46 teachers, the committee must inform them that their contracts will not be renewed before March 1. How many and which teachers will be dismissed is unclear, as the school department has neither a final budget nor a firm grasp on what programs will garner the most interest at the high school next year, Acting Superintendent Sylvia Blanda said. 43, General Electric qctimes.com WEST BURLINGTON, Iowa (AP) — General Electric will layoff 43 workers because of a downturn in orders, company officials have announced. The layoffs will be effective Monday and follow the layoffs of 85 workers in early January. Sharon Fisch, company spokeswoman, said the recent layoffs were the result ``a continued softening in our orders rate from customers and, therefore, the need to manufacture less switchgear products.''