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Politics : Formerly About Advanced Micro Devices -- Ignore unavailable to you. Want to Upgrade?


To: Joe NYC who wrote (482699)5/22/2009 9:41:30 AM
From: tejek  Read Replies (1) | Respond to of 1573927
 
Obama declares time has come to stop waste and inefficiency in defense spending

news.ino.com



To: Joe NYC who wrote (482699)5/22/2009 9:56:33 AM
From: tejek  Read Replies (1) | Respond to of 1573927
 
Where were you when the regulators were not doing their job under the Bush administration and allowing this and other banks to give out bad loans? How come you weren't worried about America's credit rating back then? Where were you, union buster?

BankUnited Fails in Year's Biggest Bust

"BankUnited, based in Coral Gables, is a high-profile casualty of the banking crisis. Its problems stemmed largely from its forays into risky housing loans. The bank, founded in 1984, specialized in an exotic type of mortgage made to people living outside the U.S. who wanted to buy property in Florida. As of June 30, 2008, BankUnited was holding about $1.4 billion of these so-called "nonresident alien" mortgages, representing 11.4% of the bank's total loan portfolio.

Some investors questioned BankUnited's emphasis on such loans, which primarily went to people in Latin America who wanted a Florida home for vacation or investment purposes. Skeptics argued the loans were riskier than mortgages to U.S. residents because the loans didn't finance borrowers' primary residences. When the Florida real-estate market eroded, some borrowers became delinquent or defaulted on their loans.

BankUnited holds about 2.1% of deposits in Florida, according to the latest figures, a state hit hard by a real-estate collapse. That ranks it eighth among all financial institutions in the state.

The private-equity consortium buying the bank includes W.L. Ross, Blackstone Group, Carlyle Group and Centerbridge Partners. The sale represents one of the largest private-equity investments into banks since the financial crisis began two years ago.

It's the first bank investment for Blackstone, the New York private-equity giant led by Stephen Schwarzman. The new owners hope to use BankUnited as an acquisition vehicle when other Florida-based banks go under, according to a person familiar with the group's thinking.

As BankUnited struggled, it caused problems for the federal government. In March, the Treasury Department placed the acting head of the Office of Thrift Supervision on leave amid allegations the agency allowed BankUnited to improperly report its financial condition as healthier than it was.

The Treasury is still investigating the issue. Many people have called for the government to abolish the OTS because of its supervision of several banks that have failed in the past year, including Washington Mutual, IndyMac and Downey Savings & Loan.


When word recently leaked that Mr. Kanas and other investors were contemplating investing in BankUnited, markets cheered the news as a long-awaited sign investors were starting to tiptoe back into the beleaguered industry.

But investors were willing to pump money into BankUnited only after regulators seized it and agreed to protect investors against most losses on the bank's troubled loans. That doesn't bode well for other troubled banks looking to lure outside capital.

Regulators told BankUnited in April it needed to raise capital or sell itself to avoid being seized. The FDIC shopped the thrift to a host of potential bidders over the past few weeks people familiar with the matter said. Though BankUnited is the largest financial institution based in Florida, the FDIC didn't receive the kind of interest it had hoped for. There were only two bidders that emerged, including Mr. Kanas's group, those people said.

The FDIC has tried to head off potential confusion among customers in Florida, running public-service advertisements in both English and Spanish that explain how deposit insurance works. "We'll have staff at all the branches so that customers will understand it will be business as usual tomorrow," FDIC spokesman Andrew Gray said."


—Peter Lattman and David Enrich contributed to this article.
Write to Damian Paletta at damian.paletta@wsj.com

online.wsj.com



To: Joe NYC who wrote (482699)5/22/2009 6:22:25 PM
From: steve harris  Respond to of 1573927
 
You would think any Obama supporter with a little common sense would realize it's Obama printing the money to buy more power for the democrats. It's not Bush that is printing more money than all of the previous president combined...

As Yoda might say to the Obama voters:"Proud be you should, moron elected you did..."



To: Joe NYC who wrote (482699)5/23/2009 2:06:08 PM
From: tejek  Respond to of 1573927
 
And then you guys wonder why there are unions.

Waitress says bare face led to firing


"I always thought I looked silly wearing makeup," said Shenoa Vild, 27, of North Park. - BRUCE K. HUFF / Union-Tribune

By Michael Stetz Union-Tribune Columnist
2:00 a.m. May 20, 2009

Shenoa Vild hates to wear makeup. Face goop is simply not for her. She happens to think she has a naturally healthy, vibrant complexion. After meeting her, I have to agree.

But Vild, a waitress, says her former boss had an entirely different opinion.

He wanted Vild to wear makeup.

She wouldn't.

So, she says, she got canned.

Vild had worked at Trophy's in Mission Valley for five years without wearing makeup. Apparently, for all that time, it didn't matter.

But the restaurant was sold earlier this year, and she says the new management wanted the women to doll up. Vild says she got the ax in late April when she wouldn't.

Employers have the right to do this. A few years ago, the 9th U.S. Circuit Court of Appeals ruled that it is not discrimination for employers to make women wear makeup. (Who are these judges? Maybelline stockholders?)

But just because it's legal doesn't make it right.

Mark Oliver, the new owner, said he couldn't go into details as to what happened with Vild. Oliver did say she was the only employee who was unable to deal with the transition.

Trophy's, like the other restaurants in the small chain, was a sports bar. Oliver is making it more upscale.

“Shenoa could still be here if she wanted,” said Oliver, who used to be a part owner of George's at the Cove in La Jolla. “I had no problem with anybody else. If she would have made the same accommodations that the new ownership was asking, she'd still be here.”

If Vild were a terrible waitress who gave customers a hard time or got orders wrong or kept dropping plates, I'd say fire away. But a former co-worker and a former boss told me she was a good, popular waitress.

(Full disclosure: Vild provided the names and numbers.)

Vild's former boss, Nicole Alex, said Vild was aces. She even trained new workers.

Alex left the restaurant, too, but she holds no grudge. Oliver was fair about her leaving, she said.

I asked Alex if customers ever complained about Vild's appearance.

“No.”

Still, “she's facing a real uphill battle,” said Peter Zschiesche, executive director of the Employee Rights Center in San Diego. Employers have wide latitude on hiring and firing, particularly when it comes to at-will, or nonunion, employees.

One might fault Vild for refusing to budge on the issue, but I give her credit for not caving. It's not the same as, say, putting on a uniform. You're applying something to your skin. And if you overdo it – Tammy Faye, anyone? – you could face ridicule, not praise.

“I always thought I looked silly wearing makeup,” Vild, a 27-year-old North Park resident, told me. “And I don't think I need it.”

It's not as if Vild isn't interested in her appearance or is a complete rebel. When the new management instituted a dress code of nice jeans and pressed white shirts, Vild said she had no problems conforming.

The Trophy's waitresses used to wear gym shorts and blouses.

Word is the management didn't like Vild's beach-girl look. She bleaches her hair blond. Funny, since we, um, live in a beach town. And funny, since when I went in the restaurant recently to check out the place, I saw a surfboard bolted on the wall.

My bet: That surfboard is going to be following Vild out the door.

While I was at the restaurant, I decided to have lunch. Maybe my powers of observations are lame, but I couldn't tell if my waitress was wearing any makeup.

She was very pleasant and she didn't drop my club sandwich into my lap. That's about all I care about. She told me the place is undergoing remodeling. She's only been there a couple of weeks.

Look, I have no problem with the establishment going for a makeover and Oliver putting his own stamp on the joint. You buy a place of business, you run it as you see fit. It's your Benjamins.

But Vild makes good points about how makeup can be a pain and how it's not necessarily for her. It costs money and it takes time to put on. For the waiters, it's a different story. All they have to do is be clean-shaven.

Too bad the law doesn't support people like Vild.

Times are tough enough. If Vild did get the heave-ho for this, well, I'm not handing out any trophies.

P.S. Just days ago, Vild landed a job tending bar. No makeup required.

www3.signonsandiego.com