Posts Tagged Business
The Joke of the Day – 1/13/2013
A man wrote a letter to the IRS: “I have been unable to sleep knowing that I have cheated on my income tax. I understated my taxable income and have enclosed a check for $200.00. If I still can’t sleep, I will send the rest.”
The basic principle underlying progressive taxation is that, generally speaking, the more you make, the higher your tax rate. The fiscal cliff deal passed last week made the tax code more progressive in one way by raising income tax rates on the wealthiest Americans, but unfortunately there remain numerous egregious examples of how our tax code is rigged in favor of the privileged few at the expense of middle-class workers.
Exhibit A in this rigged game is what we’ll call the Mitt Romney Loophole, a special giveaway that exclusively benefits private equity and hedge fund managers. In wonk speak, it’s called the “carried interest” loophole. We’ll let our Center for American Progress colleagues explain:
The carried interest loophole allows people who manage investment funds—such as private equity funds and hedge funds—to convert their income into lower-taxed capital gains.
Here’s how it works: The partners in businesses that manage pools of money on behalf of investors are paid in two ways. One part of their income is a “management fee” for managing the investments. This fee is generally taxed as ordinary income, according to progressive tax rates that currently top out at 39.6 percent. The other part of the fund managers’ income is their cut of the fund’s profits. The fund managers treat their part of the fund’s earnings as a capital gain, subject only to a top rate of 20 percent.
Investment managers, who include some of the world’s richest people, typically take a management fee equal to just 2 percent of the assets they manage—plus a 20 percent cut of their investors’ profits. In doing so, they are able to shield the bulk of their income from ordinary tax rates.
(You can find a more detailed explanation HERE.)
Lower tax rates on capital gains and dividends already disproportionately benefit the wealthiest Americans, but the Mitt Romney Loophole goes above and beyond that by allowing a narrow category of often extremely wealthy individuals to unfairly avoid paying their fair share.
This loophole is one of the main reasons that Mitt Romney paid a tax rate of just 13.9 percent on income of more than $20 MILLION. Meanwhile, millions of middle-class workers pay a much higher rate on their much, much lower salaries.
Closing this loophole would not only make our tax code fairer and more progressive, it would help raise the revenue that we need in order to protect vital programs and leave room in the budget for investments to grow the middle class. Closing just this one loophole that often benefits the ultra-wealthy would raise over ten years.
- A Former Hedge Fund Manager Breaks Down How Wall Street Uses Its Favorite Tax Loop (businessinsider.com)
- Dyal Capital, PE Fund Buying Hedge Firm Stakes, Tops Target (pehub.com)
- the Progress Report (mbcalyn.com)
- Field: The Return-Reducing Ripple Effects of the ‘Carried Interest’ Tax Proposals (taxprof.typepad.com)
- the ProgressReport (point4counterpoint.wordpress.com)
- Why the DC “game is up” for the active fund managers (henrytapper.com)
- Cliff Deal Left Asset Wealthy Untouched (rushlimbaugh.com)
- London’s Quantitative Hedge Funds Report Second Year of Losses – Bloomberg (bloomberg.com)
- Apple Inc. (AAPL): David Einhorn Among the 10 Most Committed Hedge Fund Managers (insidermonkey.com)
- The Tragedy of the “Smart” Money (fool.com)
The Joke of The Day
New customer to Tech Support: “It says, hit any key and when I do that nothing happens’.
Tech Support: Can you try again and tell me what happens?
Customer: ‘Tried but nothing”
Tech Support: “What key did you hit?
After a moment and some chick ling sound the customer replied: Well, first I tried my car key and just now my office key.
- You want some technical support? Morning humour for you all! (manyofus1980.com)
- tech support (idea) (everything2.com)
- Share your tech support files with the public (damniwish.com)
- Typographic Tech Woe Songs – The Ballad of Tech Support Represents for the Nerdy Crowd (TrendHunter.com) (trendhunter.com)
- Trio eyes big biz in tech-support to SOHOs: Young Turks (moneycontrol.com)
- I want to be able to talk and phrase things in a diplomatic non confrontational manner like a tech support / customer service representative, where can I find more information about doing this? (ask.metafilter.com)
- What’s Fake Tech Support & Why You Shouldn’t Trust Everything You See on Google (makeuseof.com)
- Thanksgiving tech support survival kit – 2012 edition (zdnet.com)
- Very cool time-lapse Vblock construction video (virtualgeek.typepad.com)
- Tech Support Scammers Offer to Clean Up “Frozen Trojan” (news.softpedia.com)
Businesses push debt-limit hike as part of deal on ‘fiscal cliff’
By Peter Schroeder - 11/23/12 06:00 AM ET
Businesses want Washington to increase the U.S. debt limit as part of a package to avoid the “fiscal cliff,” thus averting two crises in one go.
But conservative Republican lawmakers would cry foul. For, while corporate America wants to head off market turmoil and the economic uncertainty that debt-limit drama might bring, Republicans want to use the threat of a debt-limit standoff to extract the biggest spending cuts possible.
The Treasury Department says the government will reach its $16.4 trillion borrowing limit by the end of the year. But “extraordinary measures” could delay the need for a new, higher, limit until early 2013.
Businesses and Wall Street want Washington to fix the issue well before that. Specifically, they want Congress to agree on a lame-duck package that avoids the automatic spending cuts and tax hikes dubbed the “fiscal cliff” and provides a framework for a broader deficit reduction deal next year. At the same time they want to prevent 11th-hour brinksmanship of the sort that triggered a U.S. credit downgrade in the summer of 2011.
“The downside risk here is significant if we don’t include it,” said Rob Nichols, president and chief executive officer of the Financial Services Forum; “It’s very sensible to include that, so we don’t roil the global capital markets any further.”
The U.S. Chamber of Commerce, the nation’s largest business lobby, agrees. While not explicitly demanding a debt-limit hike be part of fiscal-cliff talks, it says it’s the perfect place to do just that.
Washington is expected to hammer out an agreement to avoid the cliff and also establish a framework for broader fiscal reforms, including tax reform, that could be accomplished in coming months.
Ken Bentsen, head of the Washington office at the Securities Industry and Financial Markets Association (SIFMA), says tackling the debt limit now would let the next Congress get to work on those big projects.
“As a practical matter, it would make sense to wrap it in,” he said. “You could move on to deal with tax reform and fiscal reform and all other things … and not have this looming cataclysmic event hanging over you.”
Negotiations in 2011 produced one of the most protracted and dramatic fights of the 112th Congress. The drama ended with a deal only hours before the government would have run out of money to pay its debts.
The political brinksmanship roiled markets and led to the first-ever downgrade of America’s credit rating.
Conservative Republican lawmakers are still stinging over that fight, feeling they have little to show for it.
The August 2011 agreement created a “super-committee” of House and Senate negotiators. If they failed to cut the deficit by at least $1.2 trillion, automatic “sequestration” would take effect, cutting spending across the board.
That’s what happened; the bipartisan panel failed to get the job done and now Congress is trying to find a way to avert the automatic cuts.
It’s left some Republicans wary of future efforts to hike the debt ceiling. “If you would raise the debt ceiling in some kind of agreement here in the lame duck, you would have raised the debt ceiling twice and not cut any spending,” said Rep. Jim Jordan (R-Ohio), chairman of the House Republican Study Committee, who opposed the last hike. He added, “To me, that’s a huge problem.”
It would also be uncomfortable to have the debt limit raised with the votes of many lawmakers who are leaving office. “There’s a philosophical problem with doing lots and lots of big things in a lame-duck Congress,” Jordan said.
Rep. Tim Huelskamp (R-Kan.), another conservative Republican who opposed the last deal, said congressional leaders and the White House do not have time to craft a deal that could justify another debt-limit increase.
“The agreement they would come up with [in the lame duck] would be too small and not be substantial enough,” he said, adding garnering rank-and-file Republican support would be much harder if the fiscal-cliff package included tax increases.
“The debt deal was just a real disaster for most of my colleagues,” he said. “To wrap that into what could be a tax increase proposal … makes it harder to pass.”
He also pushed back against the warnings of market turmoil coming from the business sector. He maintained that the nation’s fiscal trajectory is the real economic threat to worry about.
“I never thought the stock market was a very accurate predictor of economic reality,” he said. “I’d rather listen to Main Street than Wall Street.”
- Matt Miller: Obama must kill the debt limit – The Washington Post (mbcalyn.com)
- U.S. Businesses Want Debt Limit Addressed (personalliberty.com)
- U.S. businesses want debt limit addressed (upi.com)
- Top Nomura Economist Is Skeptical Of Fiscal Cliff Progress – And There’s Good Reason To Take Him Seriously (businessinsider.com)
- Geithner: We Shouldn’t Have a Debt Limit, Eliminate It (conservativeread.com)
- Debt ceiling may collide with fiscal cliff (money.cnn.com)
- Bernanke: Congress Must Raise Debt Limit To Prevent US From Defaulting (washington.cbslocal.com)
- Bernanke Warns of ‘Fiscal Cliff’ Danger (live.wsj.com)
- A Battle The GOP Can’t Win? (andrewsullivan.thedailybeast.com)
- U.S. Congress may face another debt-limit showdown in 2013 (news.yahoo.com)
Jovial Man Must Not Be Aware He Works At Airport Burrito Restaurant | The Onion – America’s Finest News Source
Jovial Man Must Not Be Aware He Works At Airport Burrito Restaurant
DENVER—According to bewildered sources near gate B52 at Denver International Airport, the man cheerfully and energetically going about his tasks behind the counter of the Burrito Beach Mexican Grille must not be aware that he works at an airport burrito restaurant.
“Hi, there! Where you folks headed today?” said the jovial man, who, judging by his upbeat attitude and easy-going manner, has no idea that he is an adult human being making $7.64 an hour to serve a never-ending stream of agitated, ungrateful customers. “Orlando? I love Orlando!”
“You folks are going to have an absolute blast,” the man continued over the screams of crying children and the intermittent drone of flight announcements, apparently forgetting that he wakes up at 5:30 a.m. and spends his entire shift interacting solely with people who want nothing more than to get food from him as fast as possible so they can be on their way. “Say hi to the dolphins for me!”
Travelers departing from terminal B this morning confirmed the man currently singing along to the horrendous soundtrack of top 40 hits assaulting the restaurant’s loudspeakers has been observed chatting amiably and cracking jokes, as if his job didn’t involve wrapping burrito after burrito for impatient customers who do not enjoy the food’s taste and frequently complain about its price.
In addition, the man who spends 50 minutes every single morning finding a parking spot and then going through airport security before he can even clock-in for his mind-numbingly bleak job has reportedly requested high-fives from a number of children.
“More pico?” the man has been overheard to inquire throughout the day, in a tone indicating he is unmoved, unconcerned, or incognizant of the fact that he receives less than $2 in tips over an eight-hour period. “You want guacamole? Sour cream?”
“Tell you what: I’ll throw in some hot sauce just in case,” he has added with an encouraging nod, as though the restaurant’s patrons have the slightest appreciation for his extra effort or care about anything other than grabbing their burrito and getting away from the atmosphere of buzzing fluorescent lights and chemical food smells in which he spends every moment of his working life.
Noting the man’s habit of enthusiastically drumming on the countertops and neatly arranging the napkins and utensils on each customer’s tray, several travelers speculated the man might suffer from a personality disorder that prevents him from noticing he’s 15 years older than all his colleagues and passes his days more-or-less standing in a single spot with no view beyond the closed-down Panda Express nearby.
Moreover, observers expressed particular astonishment that the man had not once produced a long sigh, weary look, or downtrodden gesture of any kind, not even while wiping refried beans off the collar of the lime-green-and-red shirt he is required to wear every day.
“I really don’t understand why he’s smiling,” said United Airlines passenger Alex Rosenberg, who claimed he heard the jovial man say the words “Hey, I like your style!” to a customer ahead of him in line. “Is he somehow under the impression that he doesn’t work here?”
“It doesn’t make sense,” Rosenberg continued. “Every day the guy has to haul himself in here and do the same thing over and over again. He does know that, right?”
At press time, the man had reportedly waved goodbye to his coworkers, swiftly cleaned the countertops, and locked up the restaurant.
- Quick & Guilt Free Chimichangas (redtri.com)
- Burrito Wars (trevorsaurus.wordpress.com)
- ‘Breakfast burrito bandits’ hit Esquimalt McDonald’s (theprovince.com)
- El Pollo Loco Debuts Two New Flavor-Packed Chicken Burritos (prweb.com)
- Blood bank to offer free burrito certificates (goerie.com)
- IoS exclusive: Secret plan for four-runway airport west of Heathrow (independent.co.uk)
- DIA concessionaire competition for leases to take wing (denverpost.com)
- Florida restaurant taking heat for racist menu items (ktrh.com)
- Florida restaurant taking heat for racist menu items (schnittshow.com)
- Florida restaurant taking heat for racist menu items (radio.woai.com)
Fiscal cliff threatens small businesses
Williams-Pyro supplies defense contractors but its CEO worries that the fiscal cliff’s looming cuts would drastically cut business.
NEW YORK (CNNMoney) — Potential massive cuts in federal spending are still months away, but some small businesses that rely on government contracts are already feeling the pinch.
The $110 billion in cuts for 2013 will kick in on Jan. 2 unless Congress agrees on an alternative. They will hit particularly hard but also affect other popular non-defense programs funded by Washington.
It’s not yet clear exactly which government agencies or programs would be affected, or how deeply the axe would slash at each.
But contractors say agencies have responded to the uncertainty by throttling back projects, delaying bids and terminating programs.
Among the businesses seeing it firsthand is Invertix in McLean, Va., located just outside Washington, D.C., with numerous other small companies that depend on government contracts. The firm develops software for the Army, Federal Emergency Management Agency and others.
“There’s just paralysis. People aren’t making long term strategic decisions. They’re inching along,” said Craig Parisot, the company’s chief operating officer.
That immobilization is not new. Small businesses that get government contracts say the system is fraught with uncertainty. Congress hasn’t passed a formal budget since 2009, relying instead on short-term extensions of current spending levels.
And now loom the so-called sequestration cuts, which Parisot calls “a line in the sand” where the problems will intensify.
Parisot cites a recent project in which three of his employees spent five months developing software for a federal agency — only to have the agency drop it after what he said was a successful pilot phase. He declined to name the agency.
For the 175-employee company, “the opportunity cost was massive,” Parisot said. “We have to pick and choose how we invest our time and money. We could have taken those same resources and put them on another project that would have gone forward and grown.”
Another firm already struggling with the slowdown is Port Tobacco Consulting in La Plata, Md. The firm’s vice president, Dennis Chappell, said projects with the Navy have been whittled down, and few projects are getting renewed. A year ago, the firm had six contracts up and running. Now, there are only two.
“The inability of Congress to compromise and arrive at decisions on how to conduct the business of the United States means we’re losing business,” Chappell said.
Many small firms that supply larger contractors also fear the oncoming “fiscal cliff.”
Williams-Pyro, a company in Fort Worth, Texas, that sells testing equipment to and Boeing, recently lost a top manager spooked by the cuts. The employee left a few weeks ago for a job outside the defense industry.
“How long can you keep people on like that?” said CEO Della Williams.
Lockheed said the sequestration threat hasn’t affected its work with Williams-Pyro. spokeswoman Sara Tournade, while declining to comment on its supplier, noted that “sequestration would have a devastating impact on the defense industrial base, including the many small and medium sized U.S. suppliers that make up this industry.”
In Franklin, Ohio, defense contractor Ferco Aerospace Group is bracing for what could be a complete transition to commercial buyers. Although military programs fund 25% of its yearly sales, drastic government cuts would mean more work with commercial airliners and less work on jet engines for the F-35 Lightning II.
The company’s chairman, Joe Murphy, said he would be forced to let go of 20 to 30 employees if the F-35 program is scaled back. Moving entirely to the commercial sector would also redefine the company. Serving the U.S. military was a cornerstone of the beliefs of its founder, a Cuban man who fled the communist island decades ago.
As noted by Deputy Secretary of Defense Ashton Carter in testimony on Capitol Hill last week, “The best thing that can happen for private companies” is for Congress to act soon to avoid the 2013 spending cuts.
- Fiscal cliff threatens small businesses (politicalticker.blogs.cnn.com)
- Fiscal cliff threatens small businesses (money.cnn.com)
- Fiscal cliff threatens small businesses (money.cnn.com)
- Congressional Brinkmanship Threatens Economic Recovery (usnews.com)
- Analysis: US ‘Fiscal Cliff’ Actually a Fiscal Ramp Over 4 Mos (forexlive.com)
- Yelp and Others Change the Way Small Businesses Do Business (prweb.com)
- Getting Health Insurance as a Small Business Owner (bizsugar.com)
- Economists See Slower Growth as Fiscal Cliff Looms (247wallst.com)
- Will Your Small Business Fall off the Fiscal Cliff in 2013? (fastupfront.com)
- The Fiscal Cliff Is Within Months (independentsentinel.com)
Corporation Concept Aborted Before Becoming an Actual Person
July 9, 2012
By Sarah Wood
It is still questionable when a corporation is first considered a person, but recently a corporate concept that was even given initial investment funding has been aborted due to the economic recession, and lack of interest by the consumer.
George Ferryton just wasn’t ready for his conception of a traveling bingo parlor to become a full person and wanted to end his corporation before fully allowing it to become a person. He said,“I just couldn’t see it fully becoming a person and then going bankrupt and dying on its own. It would just be too heartbreaking to have to go through that, so my partner and I decided to dissolve the corporation before it showed signs of life.”
Ferryton wishes more people would notice the failure of these ideas before even conceiving them, but at least he feels good in his decision to end his corporation early on. He feels that if he had waited longer, he might not have been able to do it, and would have built the parlor to its full capacity to adopt it out to those that may have been a better fit for its industry. That way it would’ve been able to thrive on its own.
Looking back on his decision, Ferryton has no regrets other than wishing he had sought legal protection in the first place so that he wouldn’t have been taken advantage of.
This was one corporation out of thousands that never got to exist as a person, but Ferryton and his partner plan on trying again soon when they are ready. There is still the question of whether a corporation’s life begins at conception or when it incorporates. Unfortunately, this will be a debate that will continue on for years to come.
- “To Each, His Own” (phil2100dsu12a.wordpress.com)
- This Is What An Abortion Looks Like (thegloss.com)
- Texas to ban doctors from mentioning abortion to their patients (dailykos.com)
- ENECON Corporation Announces a New Polymer Composite for Rubber & Flexible Repairs – FLEXICLAD ER (prweb.com)
- How “Extreme” is Opposing Abortifacient Contraception? | Live Action News & Opinion (amhec.wordpress.com)
- “I Had An Abortion” Project Collates Women’s Accounts Of Abortion (thefrisky.com)
- Judge saves Mississippi’s only abortion clinic … for now (csmonitor.com)
- Our Gender System Sucks for Men Too | Woman Posts Abortion Pics Online | Tosh and Rape Jokes: Not Funny (womensphilanthropy.typepad.com)
- The GOP War on Women: Lawsuit to block Arizona’s most restrictive abortion law in the nation (blogforarizona.com)
- What are Singularities? (larvalsubjects.wordpress.com)
Thursday, 28 June 2012
Who Owns Your Neighborhood? The Role of Investors in Post-Foreclosure Oakland
Since 2007, there have been over 10,000 completed foreclosures in the City of Oakland. With the much needed attention given to foreclosure prevention, there has been very little focus on what has happened to properties after foreclosure. This report seeks to fill this gap. The point of departure for our analysis is the precise moment of loss—when the foreclosure process is legally complete and a home is sold at a trustee sale. From there, we tell the story of who is benefiting from the new opportunities created out of the life altering misfortunes of others.
All Completed Foreclosures, 2007-2011
Investor Acquired Foreclosures, 2007-Oct 2011
The collapse of housing values in Oakland brought about by the foreclosure crisis has opened up a colossal opportunity for those individuals and corporate entities with the financial resources to play the real estate investment game. Our analysis shows that eighty one percent of the 10,508 completed foreclosures in Oakland (since 2007) reverted to REO status; that is, they ended up being owned by banks, other financial institutions, or one of the Government Sponsored Enterprises (GSEs). However, that status—in large part—has proven to be only temporary, revealing just one aspect of Oakland’s post-foreclosure reality. In fact, 16 percent of foreclosed properties never reached REO status, and instead were purchased by investors at trustee sale auctions. Moreover, investors acquire a significantly higher volume of properties post-foreclosure through direct purchases from financial institutions. Our analysis reveals that—as of October 2011—investors had acquired 42 percent of all properties that went through foreclosure since 2007 in Oakland. Of these properties acquired by investors, 93 percent are located in the low-income flatland neighborhoods of the city. Further, only ten out of the top 30 most active investors are located in Oakland.
Our analysis also revealed that while non-investor individuals are very rarely able to engage in the trustee sale auction process (due to the fact that cash is required to purchase at auction), they have demonstrated a significant demand for affordable homeownership opportunities through REO purchases. Between 2007 and October 2011, non-investor individuals acquired 55 percent of the REOs sold by banks and the GSEs, even in the face of the competitive advantage that cash investors wield at multiple stages in the post-foreclosure home buying landscape. Further, we found that non-investor individuals or entities were six times more likely than investors to retain ownership of their REO or trustee sale acquisition. In large part, the post-foreclosure transaction churn grinds to a stabilizing halt when non-investor purchasers are able to successfully engage in the process and buy a home as an owner-occupant.
· Of the 10,508 completed foreclosures in Oakland between 2007 and October 2011, 81 percent reverted to REO status (owned by a bank, GSE or government entity) at the trustee sale. As of October 2011, 69 percent of these REO properties were subsequently sold by their foreclosing beneficiary; the remaining 31 percent of REO properties were still owned by a financial institution.
· Deutsche Bank foreclosed upon 1,511 properties in Oakland between 2007 and October 2011, the most of any financial institution. US Bank, Wells Fargo, Fannie Mae, and Bank of America are the other institutions among the top five foreclosing entities.
Speculative Real Estate Investment Pipeline
· Of all completed foreclosures in Oakland between 2007 and October 2011, 42 percent were acquired by investors, either at trustee sales or through direct purchases from financial institutions. Investors acquired 45 percent (2,681) of the 5,923 REOs sold by banks, GSEs, and government entities.
· Investor activity at trustee sales of Oakland properties picked up significant momentum after 2008, rising from a 7 percent share of all trustee sales in 2008 to nearly 25 percent in 2010.
· Of the 886 homes acquired at trustee sale and subsequently flipped by investors, 312 were purchased by a second investor.
Investor Profits Draining Local Wealth
· Only ten of the top 30 foreclosure investors in Oakland are actually based in Oakland.
· 93 percent of investor-acquired properties are located in the low-income flatland neighborhoods of Oakland—the same communities targeted by predatory lenders in the years preceding the foreclosure crisis.
· As of October 2011, Community Fund LLC had flipped 120 homes with an average acquisition price of $124,535 and an average selling price of $195,256, for an average gross gain of $70,721 per property.
· As of October 2011, REO Homes LLC had flipped 10 homes, with an average acquisition price of $128,270 and an average selling price of $315,250, for an average gross gain of $186,980 per property.
- Report Finds Investors Buying Up Foreclosed Oakland Homes (sanfrancisco.cbslocal.com)
- Avail the Opportunity to have Property at Lower Prices through Miami Foreclosures – Real Estate – Foreclosures (rawbusinesslaw.com)
- Investors buying, renting many Oakland foreclosures (sfgate.com)
- Foreclosure Investing – Foreclosure Notices Are Required Reading – Real Estate – Foreclosures (rawbusinesslaw.com)
- Using Partial Sales to Avoid Foreclosure (lawprofessors.typepad.com)
- Bank Owned Homes Hidden From Public Affect Home Values Nationwide (prweb.com)
- The Pros & Cons of Bank Owned Foreclosures – Real Estate – Foreclosures (rawbusinesslaw.com)
- Nearly 66,000 Completed Foreclosures Nationally in April (commercialappraiser.typepad.com)
- Foreclosures spike in May (cbsnews.com)
- Wells Fargo Accused of Discrimination Against Minority Foreclosures (helpwithforeclosurenews.com)
SUNTRUST BANK – You’d evict a 76 year-old woman who lived in home for 44 years over $41? – Mandelman Matters
SUNTRUST BANK – You’d evict a 76 year-old woman who lived in home for 44 years over $41?
It’s Friday afternoon and I’m tired… damn tired.
I haven’t slept in 24 hours but I can’t stop just yet because of you.
William H. Rogers… you’re the CEO, right?
If I could just have a moment of your time…
I’ll make this short…
I’m sure you’re a busy man…
Allow me to run it down for you…
The woman is 76 years old.
She lives alone.
This is her 44 year in her home.
Don’t look at me like I’m nuts, it’s your bank that said it.
I read the email your bank sent.
She’s been trying to get her loan modified for 4 years.
Is that how long it takes you guys to steal a house, Mr. Rogers?
She said the investor wouldn’t modify the loan.
We asked who the investor might be and she said US Bank was the investor…
then Citi Bank was the investor… than Bank of America was the investor,
and now she claims it’s a “private investor.”
Do you think I’m stupid, Mr. Rogers?
I saw her financials and I think she has a $300 surplus,
and with her daughter being willing to help, she’d have a $600 surplus.
But your bank still says she’s $41 short.
Do you have trouble with math, Mr. Rogers?
Do you know how incredibly STUPID
this whole conversation is, Mr. Rogers?
Does your mother know you’re doing this Mr. Rogers?
How about your Board of Directors?
Your shareholders? Do you even know this is happening?
Your bank is going to attempt to take a 76 year-old woman’s home away from her
after 44 years because of FORTY BUCKS. I’ll chip in the $41… or maybe you
could find it on the floor of your car, Mr. Rogers.
Do you know who I am, Mr. Rogers?
I am the poster child for “ANNOYING.” They call me “REPUTATIONAL RISK.”
I’m just getting started.
Unless you really can’t fix stupid, because it is as it does.
Of course, we could just forget the whole thing.
What do you say?
Just one big misunderstanding. I’ll apologize, you’ll apologize…
we go on to fight another day?
That would be better for everyone, I can promise you that.
I’ll give you the weekend to sleep on it. Fair enough?
Mike McCoy Area of Emphasis: Corporate and Financial Issues Information
Hugh Suhr Area of Emphasis: Lines of Business and Geographies
BASED ON THE EMAILS ABOVE WHICH ARE CORRECT, I’M GUESSING IT’S:
Or I suppose it could be…
- Suntrust Online Banking (answers.com)
- SunTrust investment boosts minority-owned bank (thegrio.com)
- Stop Increasing Bank Fees that Target Struggling Customers (forcechange.com)
- SunTrust To Raise Minimum Balance, Overdraft Fees On Everyday Checking Accounts (huffingtonpost.com)
- Report: SunTrust Hiking Checking Account Fees (miami.cbslocal.com)
- SunTrust adds Morea to board (bizjournals.com)
- SunTrust unit CEO Wood joins Southern Co. board (bizjournals.com)
- Booze Badger Tags SunTrust Bank (thedailycity.com)
- New SunTrust CEO expects ‘orderly transition’ (hamptonroads.com)
- SunTrust ups ante to avoid checking fee (ajc.com)