“Man pulled from roof is familiar to rescuers - Statesman Journal” plus 4 more |
- Man pulled from roof is familiar to rescuers - Statesman Journal
- Off Shore Tax Amnesty Ends Thursday; No More Extensions - CNBC
- JPMorgan profit surpasses estimates on fixed income - Daily Business Review
- Financial bailout given to AIG to be discussed today on Capitol Hill - New Orleans Times-Picayune
- Watchdog: Treasury wasn't prepared for AIG bonuses - Yahoo News
| Man pulled from roof is familiar to rescuers - Statesman Journal Posted: 14 Oct 2009 07:45 AM PDT Robert Brownell was roofing a two-story fort for his grandson when he slipped on a shingle and stuck out his left leg to steady himself Sunday. He didn't fall from the fort, but his artificial left hip, at least eight years old and "well beyond its warranty," dislocated, he said. Brownell was stuck, but he also was prepared. After all, this wasn't the first time his hip had failed him. "Prior to that, I was thinking, 'If I got stuck up there, how would they get me off?' This time, I took my phone with me just in case," Brownell said. Several years ago, Brownell had a similar experience near the Willamette River. He was trying to put on a swim fin along an unpopulated piece of the bank when his hip popped out of place. That time, Brownell didn't have a cell phone. He "inchwormed" over to and up a ladder, a horizontal distance of about 60 feet, through riverside bushes and shrubs. At his truck, he called for emergency services, Brownell said. Through the summer, Brownell, 68, had spent Sunday afternoons working on the playhouse, which is at least 30 years old. Brownell was restoring it for his 7-year-old grandson, who quit working on the project when he was told that he couldn't climb onto the roof because it was dangerous. "I was afraid he was going to end up on the ground in a heap and I would be in trouble," Brownell said. But Sunday, the grandfather was lucky it wasn't him on the ground in a heap. Brownell, who said his hip pops out of place several times per year, used his cell phone to call his wife — who couldn't do anything from 20 feet below on the ground — and then the fire department. His hip had to be replaced because of a high school sports injury, Brownell said. Marion County, Salem and Keizer fire and emergency-services personnel responded to rescue Brownell from the roof of the playhouse in the 4500 block of 42nd Avenue NE. A Marion County firefighter and an emergency medical technician recognized Brownell, having been to the home about three months ago, when Brownell last dislocated his hip. Salem firefighters who had responded to the Willamette River incident also recognized the man. This content has passed through fivefilters.org. |
| Off Shore Tax Amnesty Ends Thursday; No More Extensions - CNBC Posted: 14 Oct 2009 07:59 AM PDT A U.S. Internal Revenue Service tax amnesty program ends Thursday for wealthy Americans believed to have undeclared income hidden in offshore accounts. An estimated $100 billion in U.S. taxes is lost annually because of individual and corporate tax evasion, according to a U.S. Senate committee. Following are some of the recent developments related to attempts to pierce the veil of bank secrecy that help rich taxpayers hide their wealth. UBS Lawsuit, Arrests The centerpiece of U.S. government efforts is a long-running case against Swiss banking giant UBS AG. The bank in February settled for $780 million a criminal investigation accusing it of helping American clients evade taxes on about $20 billion in offshore accounts. In August, the bank settled a separate civil probe agreeing to turn over the names of 4,450 account holders to the U.S. government. As part of the criminal deal, UBS admitted it "participated in a scheme to defraud the United States" and that its private bankers and managers "actively" helped U.S. clients hide funds. Seven people have pleaded guilty in connection with the UBS [ Loading... () Four foreigners were charged with helping Americans evade taxes and remain fugitives from U.S. arrest. They are ex-UBS bankers Raoul Weil and Hansruedi Schumacher; Swiss lawyer Matthias Rickenbach; and Mario Staggl, a banker who was not an employee of UBS. The Swiss government in August sold its 9 percent stake in UBS, which it had acquired to help it weather the economic crisis, amid steep losses from soured investments. In a dramatic congressional hearing last year, Birkenfeld appeared by television with his face obscured and voice altered. Several executives invoked their Fifth Amendment rights. U.S. Amnesty Program The IRS's offshore tax amnesty program initially set a Sept. 23 deadline for taxpayers to come forward. The deadline was extended to Oct. 15 and IRS officials say there will be no more extensions. Individuals who participate in the program get a reduced fine, pay back taxes and interest and are generally free from criminal prosecution if their income did not come from illegal sources and meet other criteria. The IRS in late September estimated that more than 3,000 individuals have turned themselves in to authorities to take advantage of the reduced fines. Offshore Tax Havens In April, G20 leaders agreed to name and shame countries that refused to cooperate in ending offshore tax evasion. Pressure was especially intense on Switzerland, which manages about one-third of an estimated $7 trillion of offshore wealth. Switzerland has now signed tax information pacts with a dozen countries, the requirement for it to be removed from the list of international offenders. The Cayman Islands, the British Virgin Islands, Bermuda and Luxembourg are among the countries that have signed 12 bilateral tax information pacts, qualifying for removal from the "gray" tax haven list of non-compliance maintained by the Organization for Economic Cooperation and Development. This content has passed through fivefilters.org.  This posting includes an audio/video/photo media file: Download Now |
| JPMorgan profit surpasses estimates on fixed income - Daily Business Review Posted: 14 Oct 2009 08:14 AM PDT
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| Financial bailout given to AIG to be discussed today on Capitol Hill - New Orleans Times-Picayune Posted: 14 Oct 2009 07:38 AM PDT By The Associated PressOctober 14, 2009, 9:20AMThe pitched drama over bonuses for bailed-out executives will be revived on Capitol Hill today as a government watchdog explains how some executives nearly brought down the financial system -- then pocketed millions. In a report released Tuesday, Barofsky wrote that the Treasury Department did not understand AIG's byzantine pay structures when it gave the firm billions in aid last fall. The government has committed a total of more than $180 billion to wind down the New York-based insurance and financial services conglomerate, and now owns about 80 percent of the company. AIG's bonuses sparked a political firestorm earlier this year when it was revealed that the government could not legally stop AIG from paying millions in bonuses even after taking billions in bailout money. Barofsky's appearance is expected to recall testimony in March by Treasury Secretary Timothy Geithner, who was president of the Federal Reserve Bank of New York when AIG first was bailed out. The Federal Reserve provided AIG's first lifeline. Geithner said at the time he had not known about nearly $1.75 billion in bonuses, retention payments and deferred compensation that AIG was contractually obligated to pay its workers. Millions went to employees in the unit whose bets helped sink the company. Barofsky found no evidence that Geithner knew about the payments before March. But he wrote that it was a "failure of communication" for the top executive of the agencies overseeing AIG to be unaware of the payments. AIG has asked employees to return some of the money voluntarily. The report also said the Obama administration's pay czar has asked American International Group to withhold some of the millions in bonuses promised to its employees. Kenneth Feinberg, the special master for executive compensation, "has informally advised AIG not to pay the full $198 million" employees expect to receive, the report said. Feinberg is locked in negotiations with the seven companies that received the most expensive taxpayer bailouts. AIG's was by far the largest. To secure its bailouts, AIG argued to Treasury that its failure would doom the broader financial system. It took officials from the Federal Reserve Bank of New York months to untangle AIG's "staggeringly complex, decentralized" compensation structure, the report says. They eventually discovered 620 bonus programs totaling $455 million, and 13 retention plans allocating $1 billion. The company is talking to Feinberg about matters "including future payments to employees of AIG Financial Products," spokeswoman Christina Pretto said in a statement. Employees have until the end of the year to return voluntarily some of the bonus pay they received in March, she added. Barofsky's report recommends that Treasury work closely with officials from the New York Fed, which is funding parts of the AIG bailout. It also suggests Treasury improve oversight of companies that it owns, including reviewing compensation programs before buying major ownership stakes in companies. In a written response, Herbert M. Allison Jr., Treasury's assistant secretary in charge of the government bailout, said the department is implementing the guidelines and "has no present intention" of buying another financial company. "We welcome your comments and suggestions as Treasury continues to strengthen oversight of financial institutions" receiving government assistance, Allison wrote. This content has passed through fivefilters.org. |
| Watchdog: Treasury wasn't prepared for AIG bonuses - Yahoo News Posted: 14 Oct 2009 07:31 AM PDT WASHINGTON – The fierce debate over bonuses for bailed-out executives was revived on Capitol Hill Wednesday as a government watchdog explained how some executives nearly brought down the financial system — then pocketed millions. Neil Barofsky, the special inspector general for the $700 billion financial rescue program, is expected to answer questions about a new report outlining the official missteps that led to massive bonus payments for executives at insurer American International Group Inc. In a report released Tuesday, Barofsky wrote that the Treasury Department did not understand AIG's pay structures when it gave the firm billions in aid last fall. The government has committed a total of more than $180 billion to wind down the New York-based insurance and financial services conglomerate, and now owns about 80 percent of the company. AIG's bonuses sparked a political firestorm earlier this year when it was revealed that the government could not legally stop AIG from paying millions in bonuses even after taking billions in bailout money. Barofsky's appearance recalls testimony in March by Treasury Secretary Timothy Geithner, who was president of the Federal Reserve Bank of New York when AIG first was bailed out. The Federal Reserve provided AIG's first lifeline. Geithner said at the time he had not known about nearly $1.75 billion in bonuses, retention payments and deferred compensation that AIG was contractually obligated to pay its workers. Millions went to employees in the unit whose bets helped sink the company. Barofsky found no evidence that Geithner knew about the payments before March. But he wrote that it was a "failure of communication" for the top executive of the agencies overseeing AIG to be unaware of the payments. AIG has asked employees to return some of the money voluntarily. The report also said the Obama administration's pay czar has asked AIG to withhold some of the millions in bonuses promised to its employees. Kenneth Feinberg, the special master for executive compensation, "has informally advised AIG not to pay the full $198 million" employees expect to receive, the report said. Feinberg is locked in negotiations with the seven companies that received the most expensive taxpayer bailouts. AIG's was by far the largest. To secure its bailouts, AIG argued to Treasury that its failure would doom the broader financial system. It took officials from the Federal Reserve Bank of New York months to untangle AIG's "staggeringly complex, decentralized" compensation structure, the report says. They eventually discovered 620 bonus programs totaling $455 million, and 13 retention plans allocating $1 billion. The company is talking to Feinberg about matters "including future payments to employees of AIG Financial Products," spokeswoman Christina Pretto said in a statement. Employees have until the end of the year to return voluntarily some of the bonus pay they received in March, she added. Barofsky's report recommends that Treasury work closely with officials from the New York Fed, which is funding parts of the AIG bailout. It also suggests Treasury improve oversight of companies that it owns, including reviewing compensation programs before buying major ownership stakes in companies. In a written response, Herbert M. Allison Jr., Treasury's assistant secretary in charge of the government bailout, said the department is implementing the guidelines and "has no present intention" of buying another financial company. "We welcome your comments and suggestions as Treasury continues to strengthen oversight of financial institutions" receiving government assistance, Allison wrote. ____ AP Economics Writer Martin Crutsinger contributed to this report. This content has passed through fivefilters.org. |
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