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It is futile, but I took pleasure in voting against the entire BOD and for all the Stockholder resolutions. I wish the stockholder meeting was not over a thousand miles away, I would like to attend. I send e-mail periodically to Sam, but he never answers, I guess he is too busy counting his money.
The projects, which were devised by I.B.M.’s citizenship group and are being coordinated through nonprofit organizations, have all the trappings of corporate philanthropy. But that is not why they were created, or how they are being used. “This is a management development exercise for high-potential people at I.B.M.,” said Randy MacDonald, senior vice president for human resources. ...
Clearly, the Service Corps concept sits well with the I.B.M. employees. More than 5,500 of them, from more than 50 countries, applied for the program. I.B.M. narrowed the pool to those who had been designated as fast-trackers, who had familiarity with volunteerism and who submitted the best short essays on how participation would help them develop as leaders. The applications of those that passed that first cut were sent to the heads of I.B.M.’s eight geographic regions, who chose which of their employees to send. ...
“It feels good to help in a developing country, even as you enhance your career,” said Julie T. Lockwood, 31, a supply chain manager at I.B.M. in Boulder, Colo., who will be on the Ghana team. “This will help my internal résumé more than an assignment in a developed country.”
A foreign student needs a degree to qualify for an H-1B visa, but seniors who are graduating this spring won't have their degrees before next Tuesday — the day that the U.S. Citizenship and Immigration Services will begin accepting H-1B petitions for the government's 2009 fiscal year.
Not only is the Federal Reserve's action unprecedented since the Great Depression — by lending money directly to major investment banks — but taxpayers are also now on the hook for billions of dollars in questionable trades these same bankers made when the good times were rolling.
“Bear Stearns has made it obvious that things have gone too far,” says Mr. Gross, who plans to use some of his cash to bargain-shop. “The investment community has morphed into something beyond banks and something beyond regulation. We call it the shadow banking system.”
America came out of the Great Depression with a pretty effective financial safety net, based on a fundamental quid pro quo: the government stood ready to rescue banks if they got in trouble, but only on the condition that those banks accept regulation of the risks they were allowed to take.
Over time, however, many of the roles traditionally filled by regulated banks were taken over by unregulated institutions — the “shadow banking system,” which relied on complex financial arrangements to bypass those safety regulations.
Now, the shadow banking system is facing the 21st-century equivalent of the wave of bank runs that swept America in the early 1930s. And the government is rushing in to help, with hundreds of billions from the Federal Reserve, and hundreds of billions more from government-sponsored institutions like Fannie Mae, Freddie Mac and the Federal Home Loan Banks.
Given the risks to the economy if the financial system melts down, this rescue mission is justified. But you don’t have to be an economic radical, or even a vocal reformer like Representative Barney Frank, the chairman of the House Financial Services Committee, to see that what’s happening now is the quid without the quo.
Last week Robert Rubin, the former Treasury secretary, declared that Mr. Frank is right about the need for expanded regulation. Mr. Rubin put it clearly: If Wall Street companies can count on being rescued like banks, then they need to be regulated like banks. ...
Last year, there was no question at all about the way Wall Street’s financial contributions to the new Democratic majority in Congress helped preserve, at least for now, the tax loophole that lets hedge fund managers pay a lower tax rate than their secretaries. Now, the securities and investment industry is pouring money into both Mr. Obama’s and Mrs. Clinton’s coffers. And these donors surely believe that they’re buying something in return. Let’s hope they’re wrong.
Despite the bipartisan support for the rebate, few economists have supported the idea. They note that we have tried rebates in the past — most recently in 2001 — and there is no evidence that they have meaningfully stimulated either consumption or growth. By and large, people saved the money they received or paid bills (which is the same thing); very few used their rebates to increase spending.
The true reason why the current rebate has been so popular in Washington is that giving away free money in an election year is good for politicians of both parties. Superficially, it looks as if Washington is responding to a real problem with decisive action. After all, if there is a recession the Democrats who control Congress will be held just as accountable as the Republicans who control the executive branch
Employees and employers are getting squeezed by the price of health care. The struggle to control health costs is viewed as crucial to improving wages and living standards for working Americans. Employers are paying more for health care and other benefits, leaving less money for pay increases. Benefits now devour 30.2 percent of employers' compensation costs, with the remaining money going to wages, the Labor Department reported this month. That is up from 27.4 percent in 2000. ...
Since 2001, premiums for family health coverage have increased 78 percent, according to a 2007 report by the Kaiser Family Foundation. Premiums averaged $12,106, of which workers paid $3,281, according to the report. ...
Researchers Ezekiel J. Emanuel and Victor R. Fuchs say that employer-sponsored health-care plans create the "myth" that workers are getting their health benefits for little or nothing. But, in fact, "workers and households pay for health insurance through lower wages and higher prices," they wrote in the March 5 issue of the Journal of the American Medical Association.
A 43-year-old woman wrote about going without insurance in the first year of her business. “I lived in terror of needing a doctor visit or worse yet, lab tests or something more,” she said. She then moved to an H.M.O. for sole proprietors through a local chamber of commerce. The cost of that plan, which she said was $171 a month in 2001, has now risen to $500 a month. At the same time, she wrote, co-payments have increased and services have been cut. ...
The unluckiest are those with chronic illnesses or the dreaded pre-existing condition that results in a denial of coverage. Many of these people abandon dreams of entrepreneurship altogether because they need jobs that come with a health plan and they cannot find a way to self-insure. ...
A woman in business with her 57-year-old husband wrote to say that her husband is presently uninsured because, as a diabetic with high blood pressure, she cannot find an insurance company in Florida that will cover him. The stories go on. There were reports from Americans happily insured while living in Europe and Canada. And, of course, there were numerous pleas to Washington.
There's just one obstacle on the road to Brown's retirement adventure: health insurance. Brown, along with 2.8 million of the oldest boomers, will be eligible for Social Security benefits this year, but he won't be eligible for Medicare until he turns 65.
Finding a way to bridge that gap -- eligible for Social Security but not for Medicare -- will be the hardest and costliest challenge for many of the boomers who want to retire early or are forced out of their jobs. For Brown and his wife, Judy, who's already retired, figuring out how to pay for medical coverage "is absolutely our biggest concern." ...
In the past, retirees could often count on their employers to provide health insurance until Medicare kicked in, or sometimes even after they were eligible for Medicare. But in 2007, only a third of large employers offered retiree health insurance, down from 66 percent in 1988, according to a survey by the Kaiser Family Foundation and the Health Research & Education Trust. Only 5 percent of employers with fewer than 200 employees offered retiree health insurance last year. ...
Guy Colson, 61, of Hudson, Fla., confronted the health care coverage gap after he took a buyout package from IBM 2½ years ago. Colson, a retired chief petty officer for the Navy Reserves, says his "saving grace" was the Defense Department's Tricare plan, available for active-duty and retired service members. The plan, which provides coverage for Colson and his wife, costs $460 a year. That compares with more than $940 a month if he'd bought IBM's retiree health insurance. Retiring before age 65, he says, "can be a great challenge if you don't have a medical option."
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