Thursday, April 21, 2005

U.S. President George W. Bush signed into law Wednesday a major bankruptcy reform bill, making the most sweeping changes to the laws of personal bankruptcy in the past two decades. Bill S.256 is predicted to reduce the chances of filing Chapter 7 bankruptcy for 30,000 to 210,000 families per year, according to the American Bankruptcy Institute.

The legislation was strongly opposed by some consumer advocates and by some Democrats in Congress, who complained about the lack of debate on exemptions they attempted to introduce and tried to derail the passage of the bill. Those who are unable to file for Chapter 7 bankruptcy will then be forced to file under Chapter 13, which requires payment of some debts by order of a judge based on the financial resources of the debtor.

Opponents said the bill will end a chance for a fresh start in the financial lives of the American people by keeping them in debt to collection agencies, as well as credit card companies and banks who have made it easy to obtain high credit limits amid mounting consumer debt.

In his remarks before signing the bill, which he supported, Bush said, “The bipartisan bill I’mabout to sign makes common-sense reforms to our bankruptcy laws. By restoringintegrity to the bankruptcy process, this law will make our financial systemstronger and better. By making the system fairer for creditors and debtors,we will ensure that more Americans can get access to affordable credit.”

The bankruptcy bill received a 302-126 approval in the house, after receiving a 74-25 vote in the Senate last month following strong, mostly partisan debate.

The US bankruptcy system was established in 1898. It allowed judges and debtors to come to terms with the costly medical bills that can follow a relative’s death, or a family illness. Such cases form nearly half of all bankruptcies filed in the USA, according to the American Bankruptcy Institute.

Now many of those people will have to work out repayment plans suitable to creditors instead of having debts erased by a judge, according to the new law, which takes effect in six months.

In the past, a judge or court representative would calculate an individual’s income and subtract necessities of life to come up with a practical repayment plan of some debt. The new law stipulates that a graph, showing the poverty level in whichever state the consumer is living will be the criteria. It assumes that if people can subsist at that poverty level, then everything over that can be used to repay creditors.

Additionally, a provision that allowed debtors to file their own Chapter 7 fresh start bankruptcy has been changed to require a lawyer, paid by the debtor, to do the filing.

The new law also erased “usury” provisions in lending laws, with some lawmakers saying that paying 30 percent interest was not too much when a debtor was behind on payments.

But Bush said that credit will “be more affordable because when bankruptcy is less common, credit can be extended to more people at better rates,” meeting demands of the credit card companies which they have been pressing for the last eight years.

“The big winners under the new law will be the special interests that literally wrote it, particularly the credit card industry,” said Travis B. Plunkett, legislative director of the Consumer Federation of America. “This is particularly ironic because reckless and abusive lending practices by credit card companies have driven many Americans to the brink of bankruptcy.”

The forces arrayed on the losing side of this bill said it will hurt low-income working people, single mothers, minorities, and elderly and will end a safety net for people who have lost jobs or face major medical bills. People who fail (refuse) to pay or refuse to go to court will punished by a fine and or arrest warrant made out in their name. About fifty thousand Americans will be punished by a fine and or warrant about three thousand Americans every year will go to jail under the new bankruptcy law. For some people this will be a third strike so they will be put in jail for life.

But Mallory Duncan, a lawyer for the National Retail Federation, said “Bankruptcy has gone from a stigma to a financial planning tool for many.”

New personal bankruptcy filings have increased from 172,423 in 1978 to 1,599,986 last year, an increase of 828% during that time; however, it edged down slightly last year.

About 2 percent to 13 percent of those who dissolve their debts in Chapter 7 bankruptcy each year in exchange for forfeiting some assets will be disqualified from doing so under the law, according to the American Bankruptcy Institute.

Bankruptcy lawyers anticipate a rush to the courthouse to beat the six-month window before the new reforms take effect.

Thursday, July 1, 2010

A court in England, UK has jailed a policeman for ten months after he was convicted of defrauding his car insurance company.

Police Constable Simon Hood, 43, arranged for a friend who dealt in scrap metal to dispose of his Audi TT, then claimed it had been stolen.

Hood had been disappointed with the car’s value when he tried to sell it two years after its purchase in 2008. He arranged for friend Peter Marsh, 41, to drive the vehicle to his scrapyard in Great Yarmouth, Norfolk. Marsh then dismantled the vehicle with the intent of disposing of it, but parts were later found wrapped in bubblewrap at Ace Tyre and Exhaust Centre.

Marsh picked up the TT from outside nearby Gorleston police station. Records show mobile phone conversations between the conspirators that day in March, both before and after the vehicle was reported stolen. The pair denied wrongdoing but were convicted of conspiring to commit insurance fraud after trial.

The fraud was uncovered after Hood told former girlfriend Suzanne Coates of the scheme. It was alleged before Norwich Crown Court that he had confessed to her in an effort to resume their relationship. Coates said that after the pseudotheft, Hood told her “he didn’t want to look for it. He said it would be like looking for a needle in a haystack, which I thought was a bit strange.”

Shortly afterwards Hood suggested they should become a couple once more, she said; she challenged his version of events regarding the car: “He said he did it but I couldn’t tell anyone. He said he did it with Peter. Peter had a key and took the car away and it was going to be taken to bits and got rid of so it was never found.”

Hood was defended by Michael Clare and Marsh by Richard Potts. Both lawyers told the court that their clients had already suffered as a result of the action in mitigation before sentencing. Clare said Hood had resigned from the police after fifteen years of otherwise good service and risked losing his pension. “It is not a case where his position as a police officer was used in order to facilitate the fraud,” he pointed out. “His career is in ruins.” Hood is now pursuing a career in plumbing.

Potts defended Marsh by saying that he, too, had already suffered from his actions. His own insurers are refusing to renew their contract with him when it expires and his bank withdrew its overdraft facility. His business employs 21 people and Potts cited Marsh’s sponsorship of Great Yarmouth In Bloom as amongst evidence he supported his local community.

Judge Alasdair Darroch told Marsh that he did accept the man was attempting to help his friend. He sentenced Marsh to six months imprisonment, suspended for two years and ordered to carry out 250 hours of community service. He was more critical of Hood:

“As a police officer you know the highest possible standards are demanded by the public. You have let down the force. You knew throughout your career that policemen that get involved in serious dishonesty get sent to prison.”

Monday, September 24, 2007

73,000 United Auto Workers (UAW) union members launched a nationwide strike today against General Motors (GM), the largest auto manufacturer in the United States.

UAW President Ron Gettelfinger said GM would need to meet pay, health care, and job security issues. Gettelfinge said, “This is nothing we wanted…No one benefits in a strike. But there comes a point where someone can push you off a cliff. That’s what happened here.”

The strike was officially launched at 11 a.m. EDT (UTC-4) today.

Negotiations were reportedly going to occur again this afternoon, but there have been no reports of any negotiating going on from either side.

80 facilities in 30 different states closed today because of the strike.

CNN reports that GM facilities in Mexico and Canada may close soon, too.

The vice president of global vehicle forecasts for CSM Worldwide, Michael Robinet, said today that dealerships in the US likely won’t feel the effects of the strike for several weeks.

A statement from GM today said, “We are disappointed in the UAW’s decision to call a national strike. The bargaining involved complex, difficult issues that affect the job security of our U.S. work force, and the long-term viability of the company. We are fully committed to working with the UAW to develop solutions together to address the competitive challenges facing General Motors. We will continue focusing our efforts on reaching an agreement as soon as possible.”

If the strike continues, UAW strike funds will supply each striker with US$200 a month and medical coverage.

Sunday, June 4, 2017

In an analysis published on Friday in Science, scientists announced data collected from the Curiosity Rover show that Mars’s Gale Crater was once a chemically stratified lake, meaning the aquatic environment differed markedly between deep and shallow water. According to the report, “all of the physical, chemical, and energetic conditions necessary to establish a habitable environment were present on Mars between ~3.8 billion and 3.1 billion years ago.”

Analysis shows the chemical index of alteration fluctuated over time in a way that suggested the lake varied between hot, wet periods and colder, drier periods. The shallow water would have been rich in oxidants brought in from the atmosphere and groundwater, and the deeper water would have been oxidant poor. Phosphates, carbon, nitrogen, iron and sulfur, indicating chemistry suitable for life, have also been found there in a variety of compounds.

Lead author Joel Hurowitz of Stony Brook University explained, “These were very different, co-existing environments in the same lake[…] This type of oxidant stratification is a common feature of lakes on Earth, and now we’ve found it on Mars. The diversity of environments in this Martian lake would have provided multiple opportunities for different types of microbes to survive.”

The scientists also evaluated the fineness of the sediment, meaning the sizes of individual particles of dirt, dust and sand. Curiosity found larger grains near the edges of the lake where sediments from incoming rivers and streams would have fed it, and smaller ones in what would have been the deep lakebed, which is consistent with particles dropping out of the water as the current slows down. “We could tell something was going on,” Hurowitz said in a statement. “What was causing iron minerals to be one flavor in one part of the lake and another flavor in another part of the lake? We had an ‘Aha!’ moment when we realized that the mineral information and the bedding-thickness information mapped perfectly onto each other in a way you would expect from a stratified lake with a chemical boundary between shallow water and deeper water.”

Sunday, April 11, 2010

Twelve suspected Taliban insurgents were killed by Pakistani forces in the Orakzai region of the North-West Frontier Province. The attack came a day after nearly 100 rebels died in airstrikes, 54 of them from the Orakzai area.

Three hideouts of suspected insurgents were blown up by fighter jets, according to officials. Khaista Gul, a local government official, told Reuters agency that three “Taliban hideouts have been destroyed and 12 militants have been killed in Orakzai.” Samiullah Khan, another local official confirmed the death toll and added the attack was in the Sangram area of Orakzai.

Also, early on Sunday, a police patrol was attacked by rebels near the town of Mardan according to local police official Jawed Khan. Two were injured while one cop died in the incident. Khan added that the body of another police official, whose throat had been cut, was found at a checkpoint near the site where the police vehicle was ambushed.

Monday, January 21, 2008

Stock prices dropped sharply in Europe and Asia Monday, with fears of economic problems in the United States causing some of the biggest single-day losses in recent years.

In Hong Kong, the Hang Seng index fell 5.5 percent – its biggest fall since the September 11, 2001, terrorist attacks. Losses of between three and seven percent were recorded in India, China, Britain, France, Germany and Canada.

While there are many factors linking national economies, analysts blame recent losses on fears of a recession in the United States.

The United States is the main export market for many overseas businesses. Foreign investors also have bought large stakes in U.S. companies.

When American home loan companies began reporting large numbers of defaulting loans in late 2007, the losses spread to other financial institutions, tightening credit markets and sparking worries about Americans’ high levels of debt.

Last week, President Bush proposed a $145 billion stimulus plan to encourage more consumer spending. But analysts say the measure may not be able to prevent a recession – defined as a broad decline in a nation’s economy over a period of at least six months.

U.S. markets are closed on Monday for Martin Luther King Jr. Day, a national holiday, but stock futures trading indicates further losses are expected when markets reopen Tuesday.