Monday, September 27, 2010

ACORN Spinoff in Trouble; Wholesale Credit Union Bailout; Czech President Calls UN Global Tax Wrong; Labor Union March; Superman Documentary; Obama is International Villain

World Net Daily reports: A spinoff of the controversial community organizing group ACORN has failed to comply with federal grant requirements and should be placed on "inactive status," asserts a report by the inspector general of the Department of Housing and Urban Development.
ACORN, convicted in multiple voter-fraud cases, may have concealed fraud by destroying or failing to produce records, the investigation concluded.
The OIG found the group received $3.25 million in housing counseling grants from HUD between 2008 and 2009. More than $2.544 million, nearly 80 percent, of the HUD grants were used to pay ACORN's salaries.
HUD has awarded ACORN more than $19 million in housing counseling grants since 1995, the report points out.
The Wall Street Journal writes: Two years after the peak of the financial crisis, the federal government swooped in to stabilize a crucial part of the credit-union sector battered by losses on subprime mortgages.
Regulators announced Friday a rescue and revamping of the nation's wholesale credit union system, underpinned by a federal guarantee valued at $30 billion or more. Wholesale credit unions don't deal with the general public but provide essential back-office services to thousands of other credit unions across the U.S. The majority of retail credit unions are sound, but they will have to shoulder the losses through special assessments over the next decade.
Friday's moves include the seizure of three wholesale credit unions, plus an unusual plan by government officials to manage $50 billion of troubled assets inherited from failed institutions. To help fund the rescue, the National Credit Union Administration plans to issue $30 billion to $35 billion in government-guaranteed bonds, backed by the shaky mortgage-related assets.
Officials said the plan won't cost taxpayers any money. Still, it marks the latest intervention by the U.S. government into a financial system weakened by the real-estate bust. Bad bets on mortgage-backed securities have now killed five of the nation's 27 wholesale credit unions since March 2009. The federal government, which now controls about 70% of the total assets at such credit unions, said the surviving institutions will be reined in so that they take fewer risks with their investments.
UK Reuters reports: UNITED NATIONS, Sept 25 (Reuters) - Czech President Vaclav Klaus on Saturday criticized U.N. calls for increased "global governance" of the world's economy, saying the world body should leave that role to national governments.
The solution to dealing with the global economic crisis, Klaus told the U.N. General Assembly, did not lie in "creating new governmental and supranational agencies, or in aiming at global governance of the world economy."
"On the contrary, this is the time for international organizations, including the United Nations, to reduce their expenditures, make their administrations thinner, and leave the solutions to the governments of member states," he said.

The Washington Examiner reports: Stung by political setbacks and scrambling to avoid a repudiation of Democrats at the polls this November, a coalition of labor unions and liberal activist organizations is planning what it calls "the biggest progressive demonstration in decades" at the Lincoln Memorial next Saturday, October 2. The march, called "One Nation Working Together," is sponsored by the AFL-CIO, the NAACP, the Service Employees International Union, La Raza, AFSCME, the American Federation of Teachers, the Rainbow Push Coalition, the Campaign for America's Future, and several other activist groups. [I wonder if they will leave the Mall as clean as the Glen Beck group did...]
The New York Post reports: The revelatory documentary “Waiting for ‘Superman’ ” opened Friday to parents’ cheers — and union howls.
The film follows five families trying desperately to escape failing traditional public schools in favor of charter schools — and it profiles education reformers rebuilding a national school system that’s in ruins.
The unions panned the flick, naturally: It exposes how they drag kids down into the swamp, spotlighting how bad teachers are passed from school to school and how all-but-automatic tenure allows even the worst teachers to stay on the job.
But the most crushing scenes show the public lotteries that determine which kids will get the painfully few spots in charter schools they’re aching to enter. Tearful audience members called it “heartbreaking.”
Unions called it “manipulative [and] deceptive,” and bashed charters for trying to “lure” kids with the “false and absurd” premise that school choice matters.
False and absurd? Tell that to the thousands of parents who line up for the lotteries every year. And tell that to the kids stuck in failing schools. Read more:
From the Jerusalem Post:  "US standing against Iran, Obama should know we do not want his messages, rather we need to be able to trust his words." Iranian Parliament Speaker Ali Larijani slammed US President Barack Obama as an "international villain" for his comments on Iran and warned that Teheran needs to be vigilant during its confrontation with Washington, according to a Fars news agengcy report on Sunday. Larijani spoke about Obama's recent remarks on Iran and asked "how dare Obama announce that he wants to help the Iranian nation? He should know that he is an international villain, he has never sided with the Iranian nation." [Isn't is wonderful to witness how having Barack Obama for President has helped to heal our relationships with foreign governments, as promised?  Perhaps some time or another we will realize that these rogue countries had been named as enemies of America for good reasons.]
AP News reports: President Barack Obama's $30 billion small community business lending program faces one big challenge: many of the community banks and businesses it's supposed to help don't want it.
The lending program is part of a bill that passed the House of Representatives on Thursday and now awaits the president's signature. The legislation contains a mix of tax cuts and credits aimed at helping small businesses. The centerpiece of the bill is an effort to make billions of dollars available to community banks for loans to small businesses.
Bank executives say their customers don't want loans, even at low interest rates, because the sluggish economy has chilled expansion plans. Some say the federal money isn't worth it because they fear it will come with too much regulatory oversight.
"We have taken a strategic decision not to have our primary regulator, the government, also be a partner in our bank," said William Chase Jr., CEO of Triumph Bank in Memphis.

The New York Post reports: President Mahmoud Ahmadinejad's six nights in New York featured a secret sit-down with militant minister Louis Farrakhan, heckling in a hotel bar, and a fear of being rubbed out that bordered on paranoia.
The president shared a hush-hush meal with Farrakhan and members of the New Black Panther Party Tuesday at the Warwick Hotel on West 54th Street.
The meeting of the podium smackers took place in a banquet room, where the fiery leaders presumably exchanged theories on what's wrong with the world. Read more:

1 comment:

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