plus 4, Fla. judge won't delay prison for UBS informant - Yahoo Finance

Fla. judge won't delay prison for UBS informant - Yahoo Finance
Andrew Corn Of Bacon Trust Company Looks Towards Established Biotech ... - Yahoo Finance
Webster Bank Announces $850 Million in New Lending in 2010 Targeted at ... - CNBC
The TIAA-CREF Institute Announces Winners of the TIAA-CREF Paul A ... - CNBC
Panthers fans get a look at USO Mobile Center - News 14

Fla. judge won't delay prison for UBS informant - Yahoo Finance

Posted: 04 Jan 2010 07:38 AM PST

MIAMI (AP) -- A federal judge refused Monday to postpone prison or consider a lighter sentence for a former Swiss banker-turned-informant who helped launch a massive U.S. tax evasion investigation into banking giant UBS AG.

The decision by U.S. District Judge William Zloch means Bradley Birkenfeld must report to prison Friday to begin a sentence of three years and four months, which is longer than what prosecutors had sought. Zloch also refused to schedule a hearing on whether to reconsider the sentence. Birkenfeld pleaded guilty last year to a fraud conspiracy charge.

Prosecutors credit Birkenfeld, 44, with exposing wrongdoing at UBS and leading investigators to thousands of suspected American tax cheaters who hid assets in the Swiss bank's accounts. But they also said Birkenfeld failed to disclose his own crimes, including his work for a California real estate magnate who pleaded guilty in 2007 to tax charges.

Prosecutors declined comment on Zloch's ruling, and Birkenfeld's attorney did not immediately respond to an e-mail seeking comment. At Birkenfeld's sentencing hearing in August, prosecutors said they may seek a sentence reduction if he continues to cooperate, but to date have not done so.

In court documents, Birkenfeld lawyer Robert Stickney said the ex-banker is "ready, willing and able to cooperate further with the government." However, no meetings have been held since his August sentencing.

Birkenfeld, a U.S. citizen who lived in Switzerland for 15 years, has been described as the single most important informant in the U.S. probe of tax evasion and secrecy at UBS and other banks. Armed with his disclosures, U.S. officials reached a deferred prosecution agreement with UBS last February in which the bank agreed to pay a $780 million fine and reveal names of some 150 clients.

Later in 2009, UBS agreed under U.S. pressure to release names of 4,450 wealthy Americans suspected of using secret accounts to evade billions of dollars in U.S. taxes. None of those names has been made public, but several other former UBS clients have been prosecuted in the U.S. based on the initial disclosures.

Birkenfeld, meanwhile, has applied with the Internal Revenue Service for a whistleblower reward that, if approved, could bring him tens of millions of dollars, if not more. That request remains pending.

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Andrew Corn Of Bacon Trust Company Looks Towards Established Biotech ... - Yahoo Finance

Posted: 04 Jan 2010 08:07 AM PST

67 WALL STREET, New York - January 4, 2010 - The Wall Street Transcript has just published its GARP And Other Investing Strategies Report offering a timely review of the sector to serious investors and industry executives. This 59 page feature contains expert industry commentary through in-depth interviews with public company CEOs, Equity Analysts and Money Managers. The full issue is available by calling (212) 952-7433 or via The Wall Street Transcript Online.

Topics covered: Broadly Diversified Asset Allocation Strategy - Emerging Markets in International Investing - Underlying Growth - Global Marco and CTA Space - Dispersion Between Individual Equities and Individual Credits - High-Quality International Equities - The Mexico Fund - Under-Followed Businesses - ETFs and ETNs - GARP Investing

Companies include: Grupo Televisa (TV); Texas Instruments (TXN); Abbott Labs (ABT); Amazon (AMZN); America Movil (AMX); Apple (AAPL); Banco Bradesco (BBD); Banco Compartamos (BMOSF.PINK); Bank of America (BAC); Bed Bath & Beyond (BBBY); Bolsa (BOLSAA.MXK); British Petroleum (BP); Burlington Northern. (BNI); Campbell Soup Company (CPB); Cemex (CX); China Life, (LFC); China Mobile (CHL); Cisco (CSCO); Creditcorp (BAP); Cubist Pharmaceuticals (CBST); Deutsche Bank (DB); EOG Resources (EOG); Fuqi International (FUQI); Genomma Lab (LABB.MXK); Goldman Sachs (GS); Google (GOOG); Grupo Bimbo (BIMBO.MXK); Grupo Mexico (GMBXF.PINK); HDFC Bank (HDB); Hengan International Group (1044.HK); ICICI Bank (IBN); ITT Educational Services (ESI); Ingersoll-Rand (IR); Itau Unibanco (ITUB); JP Morgan (JPM); James River Coal (JRCC); Kohl's (KSS); Manulife (MFC); MetLife (MET); Nestle (NSRGY); Nordstrom (JWN); Novartis (NVS); Oriental Financial Group (OFG-A); Petrobras (PBR); Prudential (PRU); SYSCO (SYY); Shinhan Financial Group (SHG); Standard Chartered (LON:STAN); Tyco Electronics (TEL); Walmart de Mexico (WMMVY); WellPoint (WLP); Wells Fargo (WFC); Wimm-Bill-Dann (WBD).

In the following brief excerpt from the 59 page report, Andrew Corn discusses the outlook for the investment sector and for investors.

Andrew Corn is the Chief Investment Officer and Executive Vice President at Beacon Trust Company. Prior to joining Beacon Trust, he was the founder and Chief Investment Officer of Clear Asset Management. He developed the vision and premise of the firm's investment process, multifactor models, and trading strategy. Until May 2004, he was SVP of TheStreet.com and its institutional broker-dealer subsidiary, Independent Research Group Inc. Previously, he was Executive Vice President of Citigate, Inc. From 1989 until 2000, he was the Chief Executive Officer of Admaster Communications, a specialty financial communications firm, and MasterApproach, an investment industry focused software developer.

Both were sold in 2001 to Citigate. As CEO of Admaster, Mr. Corn consulted on product development and marketing for institutional money managers, mutual funds, investment banks, pension consultants, and brokerages. Mr. Corn developed IPO road shows and analyst presentations in every industry supporting investment banks, public or soon to be public companies, and their advisors. He also co-founded and sold a magazine publishing firm as well as a custom applications and web solutions firm. Mr. Corn is a former board member of Junior Achievement of NY and Jacobs Pillow Dance Festival. He is a frequent speaker at conferences and universities and guest analyst in the financial media. His investment, markets, and political blog is syndicated on over 800 web sites.

TWST: The volatility then in the markets over this year has actually been helping to drive your investment philosophy?

Mr. Corn: Absolutely. We also look on a portfolio level at volatility. We look at data; we look at our sector exposures and industry exposures, and actually two of our best months were January and February of this year, where the market went down dramatically. We had some trouble keeping up with the initial return in March, but since then we have been able to keep up pretty well. The volatility actually helped us but some of that was our portfolio management skills, not stock picking, meaning the skill of managing the entire portfolio. And then other success factors were GARP and value investing. It's really a multifaceted approach rather than just using stock picking, which most people focus on. We spend a lot of time on risk management, a lot of time on portfolio level statistics.

TWST: About your sector and industry exposure, where have you been increasing your weighting and where have you been underweighting?

Mr. Corn: We were underweighting health care for a while, as well as utilities and a little bit on consumer staples. Then we started upping it in staples, and we've been slowly raising it in health care. What we found is it's not just the sector, but it's the industry. Essentially in staples, we prefer manufacturers over retailers. I'd rather buy a company that makes a box of something and then sells it in many places than owning a lot of retailers. We do not own a lot of retailers on the discretionary side or on the staples side. On the utility side, there needs to be a return to the amount of energy used before the financial crisis; it is about capacity and utilization. We have a glut of coal in this country; we have a glut of natural gas in this country. There's just not been the all pistons firing yet return. That's had us underweight a little bit to utilities, again, looking for strong dividends usually with the utilities.

On health care, there's a lot of uncertainty. We've looked more towards biotech and generics, more of the established than the emerging, and a couple of the integrated. But in integrated, looking for potential consumer plays, not just pure pharmaceutical. We have been staying pretty clear, but we are watching out for what's going on with health insurance companies. We have been holders specifically of WellPoint (WLP), and we've actually done quite well on the stock this year. But we've really had our ups and downs with what's going on with Washington. Once there is clarity there, I could see us increasing our weights in health care.

TWST: A factor that we haven't mentioned is financials. What are your views on them and will they be considered turnaround sometime?

Mr. Corn: Some of them are and actually my favorite, and one of my favorites of them, is JP Morgan (JPM), which was a company that "helped save the world," or they are just doing good business. Its stock has been hurting the last couple of months when you compare it to their peers. They have a strong capital base, and they've paid back the money they've had to borrow from the government. And I think that they are doing a great job, and they are going to be a leader for the next century.

Another one that I like quite a bit is MetLife (MET), insurer and number one life insurer in the United States. Again a strong capital base, very good sales, really good sales network. They know how to generate earnings, how to generate revenue and how to create new products based on what the market needs. Financials have played a large piece of the story for us. Another good financial story for us has been Shinhan Financial Group (SHG). It's an ADR, and basically it's a multinational financial services company based in South Korea.

The Wall Street Transcript is a unique service for investors and industry researchers - providing fresh commentary and insight through verbatim interviews with CEOs and research analysts. This 59 page special issue is available by calling (212) 952-7433 or via The Wall Street Transcript Online .

The Wall Street Transcript does not endorse the views of any interviewees nor does it make stock recommendations.

For Information on subscribing to The Wall Street Transcript, please call 800/246-7673

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Webster Bank Announces $850 Million in New Lending in 2010 Targeted at ... - CNBC

Posted: 04 Jan 2010 08:00 AM PST

WATERBURY, Conn., Jan 04, 2010 /PRNewswire-FirstCall via COMTEX/ -- Webster Bank, the main subsidiary of Webster Financial Corporation (NYSE: WBS), announced today that it intends to expand its business lending by $400 million in 2010 in order to stimulate economic growth and job creation across Webster's four-state region. In total, Webster expects to originate more than $850 million in new loans to businesses this year.

"Our economy is at an inflection point and poised to resume growth," said James C. Smith, Webster chairman and CEO. "As the largest independent commercial bank headquartered in New England, we believe we have a special responsibility to provide the credit that businesses in our region need to grow and get Americans back to work. By announcing our intent to expand our lending to small- and medium-sized businesses by over $400 million in 2010, we are reminding New England businesses that Webster Bank is here to help them to achieve their financial goals." Smith continued, "Helping customers during difficult times is part of Webster's DNA. My father founded this bank in 1935 during the depths of the Great Depression to help hard-working families to build their own homes at a time when it was very difficult to get such loans. Today, businesses and consumers can look to Webster for all of their banking needs." Serving businesses, consumers, and governmental entities stretching from Boston's financial district through Westchester County in New York with 181 branches, 492 ATMs, and a robust online presence, Webster Bank delivers the full suite of financial products and services of a big bank with the personal service of a local bank.

Webster has a demonstrated record of helping small and medium-sized businesses grow. For the second consecutive year, Webster Bank was named Connecticut's number one U.S. Small Business Administration (SBA) lender, both in terms total loans and total dollar value, for 2009. For the eighth straight year in 2009, Webster was the state's top SBA 504 lender, and it was also Connecticut's number one lender for the SBA's new America's Recovery Capital (ARC) Loan Program.

Webster was the leading SBA lender to minority and women-owned businesses in Connecticut.

In consumer lending, Webster has enabled hundreds of homeowners over the past year to modify nearly $80 million in outstanding mortgage balances and remain in their homes. Smith added, "Throughout these trying times, we have worked constructively with our borrowers who are facing hardship and have not had to revert to adversarial proceedings." About Webster Webster Financial Corporation is the holding company for Webster Bank, National Association. With $17.8 billion in assets, Webster provides business and consumer banking, mortgage, financial planning, trust and investment services through 181 banking offices, 492 ATMs, telephone banking and the Internet.

Webster Bank owns the asset-based lending firm Webster Business Credit Corporation, Center Capital Corporation, an equipment finance company headquartered in Farmington, Conn., and provides health savings account trustee and administrative services through HSA Bank, a division of Webster Bank. Member FDIC and equal housing lender. For more information about Webster, including past press releases and the latest annual report, visit the Webster website at www.websteronline.com.

Forward-looking statements This press release may contain forward looking statements within the meaning of the Securities Exchange Act of 1934, as amended. Actual results could differ materially from management expectations, projections and estimates. Factors that could cause future results to vary from current management expectations include, but are not limited to, general economic conditions, legislative and regulatory changes, monetary and fiscal policies of the federal government, changes in tax policies, rates and regulations of federal, state and local tax authorities, changes in interest rates, deposit flows, the cost of funds, demand for loan products, demand for financial services, competition, changes in the quality or composition of our loan and investment portfolios, changes in accounting principles, policies or guidelines, and other economic, competitive, governmental and technological factors affecting our operations, markets, products, services and prices. Some of these and other factors are discussed in the annual and quarterly reports of Webster Financial Corporation previously filed with the Securities and Exchange Commission. Such developments, or any combination thereof, could have an adverse impact on the company's financial position and results of operations. Except as required by law, Webster does not undertake to update any such forward looking statements.

SOURCE Webster Financial Corporation URL: http://www.websteronline.com www.prnewswire.com Copyright (C) 2010 PR Newswire. All rights reserved -0- KEYWORD: Connecticut INDUSTRY KEYWORD: FIN SUBJECT CODE: CXP

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The TIAA-CREF Institute Announces Winners of the TIAA-CREF Paul A ... - CNBC

Posted: 04 Jan 2010 08:00 AM PST

NEW YORK, Jan 04, 2010 /PRNewswire via COMTEX/ -- The TIAA-CREF Institute is pleased to announce the winners of the fourteenth annual TIAA-CREF Paul A.

Samuelson Award for Outstanding Scholarly Writing on Lifelong Financial Security. George A. Akerlof, Koshland Professor of Economics, University of California, Berkeley and Robert J. Shiller, Arthur M. Okun Professor of Economics, Yale University were recognized for their book, "Animal Spirits: How Human Psychology Drives the Economy, and Why it Matters for Global Capitalism" (Princeton University Press).

"Akerlof and Shiller's compelling book regarding how powerful forces of human psychology contribute to our economy ties directly into the underlying goals of the TIAA-CREF Samuelson Award," said Madeleine d'Ambrosio, Vice President and Executive Director, TIAA-CREF Institute. "The award was designed to encourage and recognize thorough examination of economic principles and theory that can help inform policy decisions and improve financial security for individuals and their families." The authors examine financial market phenomena in light of John Maynard Keynes' famous claim that psychological forces or "animal spirits" help drive the economy. They conclude that these forces provide a plausible explanation for the often-volatile activity that plagues financial markets and offer insights for policymakers seeking to stabilize the economy.

Akerlof and Shiller present significant evidence on how psychology helps explain economic behavior in the banking, real estate and financial markets, and conclude that the government should play a more active role in guiding and stabilizing the economy. They contend that carefully monitored government regulations would help financial service professionals manage portfolios more effectively by introducing greater stability into the markets, and ultimately help individuals seeking to plan and accumulate a steady lifetime income by reducing the likelihood of dramatic swings in portfolio values.

"The events of 2008 and 2009 have been a dramatic reminder that macroeconomic conditions and financial markets interact in ways we do not fully understand.

'Animal Spirits' presents a lucid analysis of the interplay between them," said Luis M. Viciera, George E. Bates Professor, Harvard Business School, and a member of the independent panel of Samuelson Award judges. "This book should be a starting point, not an end point, to continue a debate that hopefully will lead to a much better understanding of uncertainty in macroeconomics and of the interrelation of macroeconomics and finance, and with that to improved policy making, regulation, and savings-product design." Professor Akerlof received his B.A. from Yale University and his Ph.D. from MIT.

Currently, in addition to his position at the University of California, Berkeley, he is a Senior Fellow at The Brookings Institution. He was the 2001 Nobel Laureate in Economics for his theory of asymmetric information and its effect on economic behavior. He was the 2006 President of the American Economic Association and served earlier as vice president and a member of its executive committee. He is also on the North American Council of the Econometric Association. Akerlof is perhaps best known for his article "The Market for Lemons: Quality Uncertainty and the Market Mechanism" published in the Quarterly Journal of Economics in 1970, in which he identified certain severe problems that afflict markets characterized by asymmetrical information.

Dr. Shiller received his B.A. from the University of Michigan and his Ph.D. in economics from MIT. He has written on financial markets, financial innovation, behavioral economics, macroeconomics, real estate, statistical methods, and on public attitudes, opinions, and moral judgments regarding markets. "Paul Samuelson was a teacher of both George and me, and a deep influence on our lives' work. He gave us direction that led eventually to this book. We are most grateful that the TIAA-CREF Institute has chosen to grant us this award in his honor," said Dr. Shiller.

He has been a research associate at National Bureau of Economic Research (NBER) since 1980, and has been co-organizer of NBER workshops on behavioral finance with Richard Thaler since 1991, and on macroeconomics and individual decision making (behavioral macroeconomics) with George Akerlof since 1994. He is also a TIAA-CREF Institute Fellow. Dr. Shiller won the first TIAA-CREF Paul A.

Samuelson Award in 1996 for his book "Macro Markets." Shiller is also the best-selling author of "Irrational Exuberance" and "The Subprime Solution" (both Princeton University Press).

The award is named after Nobel Prize winner Paul A. Samuelson in honor of his achievements in the field of economics, as well as for his service as a CREF trustee from 1974-1985. The TIAA-CREF Institute will present the award to Akerlof and Shiller on January 3, 2010 in Atlanta, GA during the Allied Social Science Associations annual meeting.

About TIAA-CREF TIAA-CREF (www.tiaa-cref.org) is a national financial services organization with more than $402 billion in combined assets under management (9/30/09). TIAA-CREF Individual & Institutional Services, LLC and Teachers Personal Investors Services, Inc., members FINRA, distribute securities products.

About the TIAA-CREF Institute The mission of the TIAA-CREF Institute, part of TIAA-CREF, is to foster objective research, build knowledge, support thought leadership, and enhance understanding of strategic issues related to higher education and lifelong financial security. For additional information regarding the TIAA-CREF Paul A.

Samuelson Award and other TIAA-CREF Institute initiatives and research, please visit www.tiaa-crefinstitute.org.

TIAA-CREF Institute is a division of Teachers Insurance and Annuity Association (TIAA), New York, NY.

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Panthers fans get a look at USO Mobile Center - News 14

Posted: 04 Jan 2010 07:24 AM PST

CHARLOTTE -- Before Sunday's Panthers-Saints game, tailgaters got the chance to catch the debut of the new USO Mobile Center outside Bank of America Stadium.

Retired Carolina Panther Mike Rucker, an ambassador for the USO, was on hand greeting fans at the debut.

Organizers say the mobile center will be used to take USO services to members of the military in areas not served by the fixed site centers, which are located in Charlotte, Raleigh, Jacksonville and Fayetteville.

"This allows us to really impact more people," said John Falkenbury, president of the USO of North Carolina. "Any homecoming, any deployment, anytime a troop passes through our airport centers, the USO of North Carolina is there providing a home away from home."

A World War II Navy veteran from Gastonia donated the 34-foot RV and Bank of America made a donation to turn the RV into a mobile center.

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