Banking – WBTS Forum http://wbts-forum.org// Tue, 27 Apr 2021 13:29:46 +0000 en-US hourly 1 https://wordpress.org/?v=5.7.1 http://wbts-forum.org//wp-content/uploads/2021/04/default1.png Banking – WBTS Forum http://wbts-forum.org// 32 32 Japan’s SBI Adds XRP to Cryptocurrency Lending Service http://wbts-forum.org//japans-sbi-adds-xrp-to-cryptocurrency-lending-service/ http://wbts-forum.org//japans-sbi-adds-xrp-to-cryptocurrency-lending-service/#respond Tue, 09 Mar 2021 10:56:39 +0000 http://wbts-forum.org//japans-sbi-adds-xrp-to-cryptocurrency-lending-service/ Bloomberg Big Oil sees money coming, but investors won’t get it yet (Bloomberg) – After one of the most difficult years in the history of the oil industry, crude prices have recovered and major producers are finally generating cash. Investors really want to get their hands on it, but most will likely be disappointed, as […]]]>

Bloomberg

Big Oil sees money coming, but investors won’t get it yet

(Bloomberg) – After one of the most difficult years in the history of the oil industry, crude prices have recovered and major producers are finally generating cash. Investors really want to get their hands on it, but most will likely be disappointed, as the pandemic has created a legacy of debt for the world’s largest international oil companies, many of whom borrowed to fund their dividends when prices fell. Mobil Corp. and Total SE, which bore the financial pressure of maintaining payments to shareholders last year, any additional cash will go towards debt relief. Chevron Corp. and Royal Dutch Shell Plc have said they want to resume buyouts, but not yet. Only BP Plc is suspending the possibility that returns to shareholders will improve soon, after a year and a half of turnaround on its payments policy. First quarter results for the coming week should show a significant improvement in earnings and of cash flow after a disaster. 2020, but probably nothing that will change investors’ disenchantment with oil majors. “They have limited appeal as long-term investments because they cannot demonstrate that they can generate cash flow on a sustainable basis and return it on a sustainable basis,” said Christyan Malek, Head of Sector Oil & Gas EMEA at JPMorgan Chase & Co .. “The key is consistency. We haven’t had any. The first quarter will be an inflection point for the industry, according to JPMorgan. Company data and estimates compiled by Bloomberg show free cash flow – what’s left after operating expenses and investments – is expected to rebound to $ 80 billion for the five supermajors this year, from around $ 4 billion. By 2020, with around $ 22 billion, Exxon will total $ 19 billion and even the lowest-ranked BP will have around $ 11 billion. That will be enough for each of the five majors to cover their expected dividends for 2021 and together have more than $ 35 billion remaining. It is not known how much of this could end up in the pockets of shareholders. First quarter free cash flow will vary, ”said Will Hares, analyst at Bloomberg Intelligence. “BP has reached its debt target and should announce the resumption of buybacks. Shell announced a slight increase in the dividend, but it is unlikely to resume buybacks given its net debt target of $ 65 billion. BP buyouts After increasing its dividend by 2.4% in February 2020, then cutting the payout in half six months later, BP came under pressure to prove that it can deliver reliable returns to shareholders. The stock of the London-based company has been the worst performing of its peer group over the past 12 months. Even its CEO Bernard Looney acknowledged that investors were wondering if BP could pull off its reinvention for the low-carbon era. Earlier this month, BP managed to stand out from its peers in a positive way, signaling the clearer of imminent redemptions. The company said it hit its goal of reducing its net debt to $ 35 billion about a year ahead of schedule and will provide an update on the timing of share buybacks on Tuesday when the season opens. Big Oil results. improve shareholder returns. In August, BP had set its goal of returning 60% of excess cash to investors as the fifth priority after dividend financing, reducing net debt, shifting spending to low-carbon projects. and spending on basic oil and gas assets. Peers, whose stocks performed better last year, are not moving as fast. France Total, which was the only major oil company in the region to maintain its dividend last year, said any extra cash from rising oil prices will be used to reduce debt. Its next priority will be to increase investments in renewable energy to around 25% of its overall budget. Redemptions will only come after that. Shell announced a 4% increase in its dividend in October, after cutting the payment by two-thirds earlier in the year. Its goal is to reduce its net debt by $ 10 billion before returning additional money to shareholders. Banks such as Citigroup Inc. and HSBC Holdings Plc predict that this will not happen until 2022, as net debt rose in the last quarter of 2020 to $ 75 billion Unlike BP and Shell, the North American majors have been successful. through 2020 with their payments. intact, but at a high cost. Exxon’s debt jumped 40% during the pandemic to $ 73 billion, prompting Moody’s Investors Service to downgrade the company’s bonds twice in the past 12 months. losses. The company said it would maintain its annual dividend of $ 15 billion while paying off debt if oil and gas prices remain at current levels. JPMorgan sees Exxon’s free cash flow rebound to $ 19.6 billion this year, giving it a sizable surplus to reduce borrowing. Of the five supermajors, Chevron has the best track record and “good prospects” for a stock buyback, according to HSBC analyst Gordon Gray. The California-based company said in March it is expected to generate $ 25 billion in free cash on top of its dividend until 2025 if Brent stays at $ 60. As the pandemic unfolded last year, companies cut spending to the lowest combined level in 15 years, according to data compiled by Bloomberg Intelligence. The grip will continue this year, with investment spending only increasing slightly despite the recovery in oil. Chevron and Exxon have both blocked spending plans at drastically reduced levels until 2025. Total has slightly increased its capital budget for this year, as BP and Shell have set a hard cap on spending. If the combination of rising oil prices, lower spending, and asset sales results in increased cash flow that will help solve short-term supermajors’ problems, it could be. creating a long-term headache. Shell admitted earlier this month that it was not investing enough in new projects to offset the natural decline in production from its existing oil and gas fields. Bell. In the long run, “capex cuts, debt, and divestitures could do as much if not more harm than good, and none are truly sustainable.” For more articles like this, please visit us at bloomberg.com’s business news source. © 2021 Bloomberg LP

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Fact-check of Biden’s comments on Ivy League and loan forgiveness: NPR http://wbts-forum.org//fact-check-of-bidens-comments-on-ivy-league-and-loan-forgiveness-npr/ http://wbts-forum.org//fact-check-of-bidens-comments-on-ivy-league-and-loan-forgiveness-npr/#respond Tue, 09 Mar 2021 10:56:39 +0000 http://wbts-forum.org//fact-check-of-bidens-comments-on-ivy-league-and-loan-forgiveness-npr/ At a CNN town hall on Tuesday night, President Biden was asked if he supports the idea of ​​canceling up to $ 50,000 in student loan debt for individuals. His answer: No. He supports the cancellation of $ 10,000 in debt, he explained. But he said he was wary of wiping out big chunks of […]]]>
The new face of college

At a CNN town hall on Tuesday night, President Biden was asked if he supports the idea of ​​canceling up to $ 50,000 in student loan debt for individuals.

His answer: No. He supports the cancellation of $ 10,000 in debt, he explained. But he said he was wary of wiping out big chunks of loans for people who went to Ivy League schools: “The idea that … I’m going to forgive the debt, the billions of dollars in debt, for people who went to Harvard and Yale and Penn … “

Instead, he explained, he prefers to use that money for other priorities, like early childhood education or free community colleges.

But here’s the problem: Regardless of the larger question of whether loan forgiveness is a good idea, Biden’s comments don’t reflect the true picture of the $ 1.6 trillion owed by federal student borrowers or borrowers. who would benefit most from forgiveness.

Most student loan borrowers does not have attend highly selective colleges, as most students do not go to these schools. People who attend Ivy League schools make up less than 0.5% of the nearly 15 million undergraduates in the United States, and many of them don’t have to take out student loans for do it.

“Misconceptions that higher education graduates all come from elite institutions are pervasive and do not help educate the public about the value of post-secondary education,” says Fenaba Addo, associate professor who studies student debt at the University of North Carolina, Chapel Hill.

Think about it: students who do going to the more selective schools tend to come from wealthy families, and many pay full tuition. Last year, 54% of undergraduates at the University of Pennsylvania, for example, weren’t even eligible for financial aid, according to to school data. At Harvard, the number was 45%.

These highly selective colleges have long struggled to enroll students who are not from the highest level of wealth in this country. A new report shows that, even today, low-income students who qualify for the federal program Pell Grants represent less than 16% of enrollment in many of these schools.

And for the students of these establishments which do need financial help? Many offer financial aid programs designed to keep students free from federal student loans. At Harvard, only 2% of the undergraduate population receives federal student loans, according to the College Scorecard.

Instead of focusing, like Biden did, on who should not get the benefit, we should focus on who would really benefit from a loan discount, argues Jalil Mustaffa Bishop, researcher at the University of Pennsylvania.

He says using the Ivy Leagues to advocate for much lower, if any, debt reduction is misleading: “The idea that modest debt forgiveness or no debt forgiveness is the best way. to be continued because an insignificant number of wealthy people may profit is a topic of discussion to distract, “he says. Households with student debt tend to have the least wealth, according to federal data. People who have struggling to repay their student loans are usually those who have not graduated and have low debts.

“Yes [Biden] is concerned that the rich or the elite will benefit, “Bishop adds, and then there are policy approaches to deal with it:” He can focus on raising taxes on households earning over 400,000 $ as he promised during his campaign ”.

Bishop’s research focuses on the debt burden of black borrowers, who are often the hardest hit by student debt. They face discrimination in the labor market, higher unemployment rates, lower family wealth and other forms of systemic racism.

He argues that the $ 50,000 loan cancellation figure could go a long way in reducing inequalities in a system that both forces black families to take on more debt and have more difficulty repaying those loans.

Addo at UNC-Chapel Hill agrees: “We know that black borrowers struggle to repay themselves regardless of their type of institution and whether or not they have graduated.”

And so his advice for Biden the next time he’s asked about this issue? If you only get three sentences on debt cancellation, she says, “why not recognize that $ 1.7 trillion in debt is a sign of serious problem.”

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Atlanta acquires Venezuelan defender Ronald Hernandez on loan from Aberdeen FC http://wbts-forum.org//atlanta-acquires-venezuelan-defender-ronald-hernandez-on-loan-from-aberdeen-fc/ http://wbts-forum.org//atlanta-acquires-venezuelan-defender-ronald-hernandez-on-loan-from-aberdeen-fc/#respond Tue, 09 Mar 2021 10:56:39 +0000 http://wbts-forum.org//atlanta-acquires-venezuelan-defender-ronald-hernandez-on-loan-from-aberdeen-fc/ TRANSFER TRACKING STATUS: Signature Atlanta united have signed Venezuelan national team defender Ronald Hernandez on loan from Scotland’s Aberdeen FC for the 2021 season, the club announced on Thursday. Hernandez, 23, has made 17 appearances for Venezuela and recorded six appearances in the Scottish Premiership since joining Aberdeen in January 2020 from Norwegian club Stabæk. […]]]>

TRANSFER TRACKING STATUS: Signature

Atlanta united have signed Venezuelan national team defender Ronald Hernandez on loan from Scotland’s Aberdeen FC for the 2021 season, the club announced on Thursday.

Hernandez, 23, has made 17 appearances for Venezuela and recorded six appearances in the Scottish Premiership since joining Aberdeen in January 2020 from Norwegian club Stabæk. Atlanta United and Aberdeen have previously entered into a strategic partnership ahead of the 2020 season.

“Ronald is a talented young defenseman and we are happy to add him to our list,” Vice President and Technical Director Carlos Bocanegra said in a statement. “Like many international players he has had to endure difficult circumstances over the past year and we look forward to giving him the opportunity to compete in a new environment.

Before any right-back, Hernandez joins after the Five Stripes sent Franco Escobar on loan to Argentina’s Old Boys club Newell for the 2021 season. While playing time was hard to come by in Aberdeen, he could have better situation in his new club.

“From a personal point of view Ronald has been a great player to work with, but we have to recognize that he made a number of personal sacrifices in Scotland, including having to spend alone in Aberdeen,” said the manager. Aberdeen, Derek McInnes. A liberation. “Due to visa restrictions due to the pandemic, he had not seen his wife or young daughter for almost a year until he was granted compassionate care leave in December, and the impact sustainability of this should not be underestimated. “

At Stabæk, Hernandez made 61 appearances in all competitions in three seasons. He started his professional career with Zamora FC, the Venezuelan side of the Primera Division, where he played from 2015 to 17.

Atlanta United are entering their first season under the direction of Argentine coach Gabriel Heinze. They are looking to return to the Audi MLS Cup playoffs, missing last year after winning the MLS Cup in 2018.

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Eleventh Circuit Says University Cannot Arbitrate Student Breach of Contract and Misrepresentation Claims | Carlton Fields http://wbts-forum.org//eleventh-circuit-says-university-cannot-arbitrate-student-breach-of-contract-and-misrepresentation-claims-carlton-fields/ http://wbts-forum.org//eleventh-circuit-says-university-cannot-arbitrate-student-breach-of-contract-and-misrepresentation-claims-carlton-fields/#respond Tue, 09 Mar 2021 10:56:39 +0000 http://wbts-forum.org//eleventh-circuit-says-university-cannot-arbitrate-student-breach-of-contract-and-misrepresentation-claims-carlton-fields/ In Young vs. Grand Canyon University, the Eleventh Circuit Court of Appeals ruled that the United States District Court for the Northern District of Georgia erred in requiring a student to arbitrate a student’s breach of contract and misrepresentation claims against a university, such as Federal Rule 34 CFR § 685.300 (e) – (f) prohibits […]]]>

In Young vs. Grand Canyon University, the Eleventh Circuit Court of Appeals ruled that the United States District Court for the Northern District of Georgia erred in requiring a student to arbitrate a student’s breach of contract and misrepresentation claims against a university, such as Federal Rule 34 CFR § 685.300 (e) – (f) prohibits a college or university that accepts federal student loans from enforcing pre-dispute arbitration agreements when a student presents a claim. “Borrower’s defense request”.

Plaintiff Donrich Young was enrolled in a doctoral program at Grand Canyon University in Arizona and took out federal loans to pay for the program. As part of Young’s admission process, GCU asked him to sign a comprehensive arbitration agreement, which stipulated that any disputes arising from his listing would be resolved through binding arbitration.

Young and seven other students filed a class action lawsuit against GCU claiming that GCU misrepresented students that they could complete a doctorate in 60 credit hours – but in reality, GCU designed their program to finish in 60. credit hours are unlikely, which then students must take and pay for additional continuing research courses. Young and the other students brought forward claims for breach of contract, intentional misrepresentation, unjust enrichment, and violations of the Arizona Consumer Fraud Act. The district court dismissed the claims made by all of the plaintiffs, except Young, on the grounds of personal jurisdiction.

GCU then decided to force arbitration in accordance with the agreement Young had signed as part of his application for admission. District Court allowed GCU’s motion to compel, ruling that Young’s breach of contract, misrepresentation and statutory fraud claims were not “borrower’s defense claims” within the meaning of the settlement. federal law in question and, therefore, were not subject to the prohibition of the regulation on the various arbitration agreements.

The regulation defines “borrower’s defense claim” as “a claim that is or could be raised as a borrower’s defense within the meaning of section 685.222 (a) (5), including a complaint other than one based on § 685.222 (c) or (d) which can be invoked under § 685.222 (b) if reduced to a judgment. The main disagreement between the parties was whether the expression “including a claim other than” means to include or exclude claims based on Article 685.222 (c) or (d) – that is, claims alleging breach of contract and material misrepresentation. The district court interpreted the sentence as exclude claims for breach of contract and for material misrepresentation of the settlement definition of “borrower’s defense claim” and ordered Young’s claims to arbitration.

On appeal, the Eleventh Circuit disagreed, arguing that the settlement’s definition of “borrower’s defense claim” includes claims for breach of contract and for material misrepresentation and therefore protects these claims from arbitration. The panel noted that the district court’s interpretation defies common sense, asking, “Why would a settlement that everyone admits was designed to protect student loan borrowers exclude the most basic and fundamental claims?” that they are likely to present? ” The panel also recognized that the district court’s tense interpretation would only include non-contractual and unmistakable claims if they were reduced to judgment, which would make the “so reduced to judgment” aspect of the protection of claims. meaningless borrower defense. As a result, the panel overturned the district court’s decision.

Young v. Grand Canyon University, Inc., N ° 19-13639 (11th Cir. 16 November 2020).

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Will millions of student debts be canceled, asks MP http://wbts-forum.org//will-millions-of-student-debts-be-canceled-asks-mp/ http://wbts-forum.org//will-millions-of-student-debts-be-canceled-asks-mp/#respond Tue, 09 Mar 2021 10:56:39 +0000 http://wbts-forum.org//will-millions-of-student-debts-be-canceled-asks-mp/ The Education Department is due to repay $ 7.3 million in student loans, but most of it – $ 5.6 million – falls into the “bad debt” category. Arviat North-Whale Cove MP John Main asked the March 4 legislature whether the Education Department was prepared to write off those outstanding loans. Ibrahim Suleiman, director of […]]]>

The Education Department is due to repay $ 7.3 million in student loans, but most of it – $ 5.6 million – falls into the “bad debt” category.

Arviat North-Whale Cove MP John Main asked the March 4 legislature whether the Education Department was prepared to write off those outstanding loans.

Ibrahim Suleiman, director of financial operations for the department, acknowledged that overdue amounts represent a “significant balance”.

“We are looking at different fundraising possibilities and how we can collect this money, but if these steps are not successful, we will approach the Department of Finance to determine what would be the best steps to take moving forward.” Suleiman said.

Main wanted to know how many years the unpaid amounts had been going up, but Education Minister David Joanasie did not have the information in hand. He could only say that “they go back a long way.”

Main also asked if any of this “confusion or mess” could be attributed to the “outdated” computer or database systems in use at the Nunavut Student Aid Office in Arviat.

“I couldn’t answer that question either,” Joanasie said.

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Financial results audited by Inbank for 2020 Tallinn Stock Exchange: INBB070026A http://wbts-forum.org//financial-results-audited-by-inbank-for-2020-tallinn-stock-exchange-inbb070026a/ http://wbts-forum.org//financial-results-audited-by-inbank-for-2020-tallinn-stock-exchange-inbb070026a/#respond Tue, 09 Mar 2021 10:56:39 +0000 http://wbts-forum.org//financial-results-audited-by-inbank-for-2020-tallinn-stock-exchange-inbb070026a/ In 2020, Inbank achieved a net profit of 5.9 million euros, 41% lower than the previous year. Inbank’s loan portfolio increased by 19% compared to 2019 to reach 402 million euros. At the same time, the deposit portfolio grew by 4% to reach € 391 million at the end of the year. The annual return […]]]>

In 2020, Inbank achieved a net profit of 5.9 million euros, 41% lower than the previous year. Inbank’s loan portfolio increased by 19% compared to 2019 to reach 402 million euros. At the same time, the deposit portfolio grew by 4% to reach € 391 million at the end of the year. The annual return on equity was 10.8%.

  • The annual sales volume in 2020 was 300 million euros; that is, a 4% increase from one year to the next. In all markets, sales financing activity grew by 38% to 206 million euros. At the same time, the sales volume of personal loans fell 51% to 36 million euros, while auto financing decreased 11% in sales volume to 58 million euros.
  • Provisions for loan losses increased by 91% year-on-year to € 11.5 million.
  • At the end of 2020, the number of active contracts reached 690,000, up 25% year on year. The number of active partners increased by 31% and reached 3,800 at the end of the year.

Jan Andresoo, Chairman of the Management Board, comments on the results:

“ Without a doubt, 2020 has been a difficult year, and the coronavirus crisis has also put Inbank to the test. Nevertheless, we can be satisfied with the results.

The fact that we were able to increase our sales by 4% during this difficult year is a good message in itself. Sales financing continued to grow and green financing emerged as a new segment. We also launched a next-generation credit card and app and expanded our line of payment products later.

In total, our loan portfolio grew by 19%, with a significant contribution from the Polish business unit, whose portfolio grew by 128% or 50 million euros over one year. I see 2020 as a breakthrough year for the Polish unit, and it seems that we have finally found the right strategy and our niche: we are competing in the market with our products and our innovation.

We ended the year with a decent profit of 5.9 million euros, despite the additional provisions we have made to cover future loan losses due to the coronavirus crisis.

In addition, the year-end share issuance made it clear to us that Inbank’s business model and team are still attractive to investors. To support future growth, we raised € 8 million in new capital through a share issue, which brought the market value of Inbank’s equity to € 149 million.

I look to the future positively. If 2020 was the year in which the foundations for international growth were laid, then in 2021 we have a clear goal: to enter a new market and continue to innovate in the buy now, pay later segment. ”

Key financial indicators December 31, 2020

Total assets 490.0 million EUR
Loan portfolio EUR 402.2 million
Deposit portfolio € 391.3 million
Equity € 61.2 million
Net profit 5.9 million euros
Return on equity 10.8%

The Consolidated Annual Report of Inbank AS 2020 has been attached to the announcement and will be available on Inbank’s website at the following address: https://inbank.ee/en/investor/reports/.

Inbank is a consumer credit-focused digital bank active in the Baltic States and Poland, with additional deposits accepted in Germany, Austria and the Netherlands. Inbank has more than 3,800 active partners and 690,000 active contracts. Bank bonds are listed on the Nasdaq Baltic Stock Exchange.

Further information:

Merit Arva
Inbank AS
Head of corporate communications
merit.arva@inbank.ee
+372 553 3550

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COLUMN: Talent lent by God | Free sharing http://wbts-forum.org//column-talent-lent-by-god-free-sharing/ http://wbts-forum.org//column-talent-lent-by-god-free-sharing/#respond Tue, 09 Mar 2021 10:56:39 +0000 http://wbts-forum.org//column-talent-lent-by-god-free-sharing/ This is an opinion piece. WWe have heard it said hundreds of times, as have many of you, “Talent lent by God”. Some of Rush’s Limbaugh critics liked to say the statement was haughty. But those of us who knew him recognized his famous signature on his radio show as humility and not ego. Rush […]]]>

This is an opinion piece.

WWe have heard it said hundreds of times, as have many of you, “Talent lent by God”. Some of Rush’s Limbaugh critics liked to say the statement was haughty. But those of us who knew him recognized his famous signature on his radio show as humility and not ego. Rush was truly an extraordinary talent, a media icon of unprecedented stature. His radio audience of 27 million Americans turned to him not only for advice and ideas, but also to express their deepest beliefs and deepest concerns. Every time he sat behind his golden EIB microphone, Rush would say what millions of patriotic Americans were thinking and feeling who had no platform to speak out.

Although he enjoyed monumental success, Rush was a humble man who readily acknowledged the source of his talent and success. He has now returned home to be with his Creator, Lord and Savior. It is said that angels sing when a true child of God comes home. We like to think that instead of singing, they’ve all come together to listen to Rush talk about the state of our nation; a nation that God has blessed above all others, but a nation in which many now take his blessings for granted while refusing to acknowledge their source.

I, Oliver North, have worked with Rush on many projects. We’ve teamed up to raise money for conservative causes and support the heroes of our armed forces, firefighters and law enforcement. These are the men and women he admired above all. Ironically, Rush never seemed to realize that for these American heroes, he was a hero. Author of seven books, Rush has helped me become a bestselling author by showcasing books I have written on his radio show. Along the way, we have become more than media colleagues, we have become soul mates. America has lost its most influential voice for conservative values ​​and we have all lost a dear friend.

If the American conservatives had a guru, it was Rush Limbaugh. Receiving the Presidential Medal of Freedom – America’s highest civilian honor – was a fitting and well-deserved cornerstone for a media career spanning more than three decades. At the presentation of the award, during the State of the Union address in January 2020, President Donald Trump thanked Rush for his “decades of tireless dedication to our country”. In doing so, the President revealed in a few words why Rush’s show lasted 33 years and was broadcast on more than 600 stations: “… tireless dedication to our country”.

Unlike some in the media, Rush’s radio program was not about him; it was America, the country he loved passionately and unceasingly. Rush understood that America is not just a geographic location on a map of the world, but an idea; an idea imagined by our founders over 240 years ago. The foundational elements of this idea include individual freedom, limited government, personal responsibility, opportunity, and free markets. Few in the history of our great nation have made such a commitment to upholding these ideals of our founders. Even fewer have been more influential in educating millions of people in these ideals.

Diagnosed with stage IV lung cancer, Rush Limbaugh survived his doctor’s prognosis. But he didn’t live long enough. In an age when America’s history is rewritten by ideologues who reject our founding principles and values, we could use its firm voice at the microphone of excellence in broadcasting. At a time when left-wing politicians are rejecting the economic principles that made America the envy of the world for socialism, we could use Rush’s no-frills analysis of their nefarious and misguided plans. Rush told his audience an unfailing truth and it resonated with patriotic Americans who are tired of being patronized by media elites, Marxist professors, and dilettantes in Congress and Hollywood mansions.

He gave voice to the everyday Americans who do the hard work to make our country work, who put their lives on the line every day in fire departments and law enforcement, who grow the food we eat, and who fight and die as soldiers, sailors, airmen, guards and marines. He spoke on behalf of the Americans who kneel down for God and defend our flag, who proudly sing our national anthem, no matter how insignificant they are, and who want little from the government except to be left alone. .

Rush knew that America had become the world leader in innovation, inventions, technology, manufacturing, and charity because of our core principles of freedom, opportunity, and American work ethic. That is why he has dedicated his professional life to the preservation of these principles. He was a firm believer in American exceptionalism and used every ounce of his substantial influence to preserve the factors that make America exceptional. For Rush, America is good and great at the same time; a status that he considered useful to fight to preserve it. America has lost not only a media giant, but a staunch, articulate and shameless patriot who gave his life fighting for our country. Rest in peace, Rush. You will be missed but not forgotten.

Oliver north is a Combat Decorated US Marine, # 1 bestselling author, Founder and CEO of Fidelis Publishing, LLC and Fidelis Media, LLC. David Goetsch is a Marine Corps veteran, business professor, Christian advisor, and author of 26 books.

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Authorities accuse Lakeway hospital of obtaining loans through bribes – News – Austin American-Statesman http://wbts-forum.org//authorities-accuse-lakeway-hospital-of-obtaining-loans-through-bribes-news-austin-american-statesman/ http://wbts-forum.org//authorities-accuse-lakeway-hospital-of-obtaining-loans-through-bribes-news-austin-american-statesman/#respond Tue, 09 Mar 2021 10:56:39 +0000 http://wbts-forum.org//authorities-accuse-lakeway-hospital-of-obtaining-loans-through-bribes-news-austin-american-statesman/ In a case that has been under investigation for years, federal prosecutors filed a lawsuit Wednesday accusing a Lakeway hospital and its former managers of obtaining federally insured loans under a bribe program. Earlier this year, the government reached an agreement with seven legal persons and officers. Wednesday’s filings in federal civil court expose the […]]]>

In a case that has been under investigation for years, federal prosecutors filed a lawsuit Wednesday accusing a Lakeway hospital and its former managers of obtaining federally insured loans under a bribe program.

Earlier this year, the government reached an agreement with seven legal persons and officers. Wednesday’s filings in federal civil court expose the case against Surgical Development Partners, which prosecutors say violated the False Claims Act, the primary tool used to recover federal funds lost to fraud.

The Tennessee-based company, which previously developed and managed the operations of what was then Lakeway Regional Medical Center, applied for a mortgage insured by the US Department of Housing and Urban Development. Court documents say that as developers prepared to build the hospital, physician support for the facility began to erode, resulting in a shortfall of around $ 5 million to secure the loan.

RELATED: $ 7.9 Million Verdict Slashes Lakeway Regional Medical Center

“The failure or success of any new hospital largely depends on the support of local doctors who will practice and refer patients to the hospital,” according to court documents. “Unbeknownst to (federal officials), the accused made and conspired to make numerous material misrepresentations and omissions during the application process in order to exaggerate the support of doctors at the hospital.”

Prosecutors said that, rather than informing the federal government of the funding shortfall, Surgical Development Partners asked investors to cover a significant portion of the deficit. As part of the deal, the money would later be repaid through fees that investors could charge the hospital.

The hospital’s board of directors agreed that board members Brad Daniel and Jeff Rush would loan the hospital $ 1.5 million in exchange for $ 1.4 million in hospital fees. for unspecified work to be performed.

In 2010, Lakeway Regional received the largest mortgage guarantee ever granted by HUD to a for-profit hospital – $ 164 million. The hospital defaulted on the loan in August 2013.

Baylor Scott & White Health acquired the hospital in 2016 and is not mentioned as part of the investigation.

In addition to the medical center and Surgical Development Partners, the US government is suing G. Edward Alexander, CEO of Surgical Development Partners; Frank Sossi, lawyer and consultant for the hospital; and John Prater, Chief Financial Officer of Surgical Development Partner. Prosecutors are asking for a jury trial.

Prosecutors accused Sossi of negotiating, with the agreement of Alexander and the Prater, side agreements with members of the hospital’s board in the days leading up to the shutdown.

“As you know, HUD was nervous about this deal and would not respond well to a change in the deal documents at this point that increases fees for insiders,” Sossi wrote in an email to Daniel, explaining why they did not report the transaction in documents from Surgical Development Partners that would be sent to the Department of Housing and Urban Development.

Rush and Daniel were among those who agreed to settle their case with the government in June. They and several other companies agreed to pay the United States $ 1.1 million to receive the project funds, prosecutors said.

“We will continue to hold accountable those who knowingly violate these requirements and waste essential program funds,” then Deputy United States Attorney General Jody Hunt said.

RELATED: HUD Secures $ 50 Million for $ 164 Million Lakeway Hospital Loan

In a statement sent to the US statesman on Thursday, Sossi said he and others named in the complaint strongly disagreed with the allegations.

“We believe the allegations are false and will demonstrate their falsehood when the time comes,” Sossi said. “Because the case is ongoing, we cannot comment specifically, other than that we will vigorously defend the case and look forward to refuting the (Department of Justice) allegations.”

Alexander and Prater did not return emails asking for comment, and court documents do not mention the names of the lawyers representing them.

After the hospital defaulted on the loan, its management attributed the failure to lower than expected hospital admissions. However, doctors began to withdraw from the hospital in 2010, which federal authorities would have found alarming had the hospital reported, prosecutors said.

“The defendants knew that (the hospital) did not have enough cash to close and took active steps to hide this fact from HUD,” prosecutors wrote. The Lakeway Regional Medical Center “was built at a significant cost but was a failure from the start.”

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Thousands of businesses are still waiting for loans months after government pledges to help, group of businesses say http://wbts-forum.org//thousands-of-businesses-are-still-waiting-for-loans-months-after-government-pledges-to-help-group-of-businesses-say/ http://wbts-forum.org//thousands-of-businesses-are-still-waiting-for-loans-months-after-government-pledges-to-help-group-of-businesses-say/#respond Tue, 09 Mar 2021 10:56:39 +0000 http://wbts-forum.org//thousands-of-businesses-are-still-waiting-for-loans-months-after-government-pledges-to-help-group-of-businesses-say/ Five months after the Liberal government announced increased support for cash-strapped small businesses in the form of government guaranteed loans, tens of thousands of business owners still have not been able to access this helps, according to a group of leading companies. The situation is causing stress and anxiety for people like Angela O’Brien, owner […]]]>

Five months after the Liberal government announced increased support for cash-strapped small businesses in the form of government guaranteed loans, tens of thousands of business owners still have not been able to access this helps, according to a group of leading companies.

The situation is causing stress and anxiety for people like Angela O’Brien, owner of Esteem Lingerie in West Kelowna, British Columbia. She applied for an additional interest-free loan of $ 20,000 under the Canada Emergency Account program.

O’Brien said that when she applied for the initial $ 40,000 CEBA loan last year, the process was “transparent” and the money was in her account a few days later.

Since asking for the extra money on application opening day in December, she said, she has spent hours on the phone struggling to find out why her application was not approved.

“Everyone was pointing fingers at everyone. Nobody seemed to have any information,” O’Brien told CBC News.

According to Corinne Pohlmann of the Canadian Federation of Independent Business (CFIB), around 60,000 to 80,000 businesses may still be waiting for the financial “lifeline” of additional CEBA assistance.

This rough estimate is based on conversations with federal officials, calls to CFIB from business owners and publicly available information on CEBA adoption, said Pohlmann, senior vice president of national affairs and partnerships. of the CFIB.

Export Development Canada (EDC) – which administers the CEBA program – and Small Business Minister Mary Ng’s office declined to say how many companies are still waiting for money.

An EDC spokesperson would only say that “a small portion of CEBA expansion candidates” have been “affected”.

EDC said in a media release that it was working with applicants who were unable to receive the loans to help them provide “further clarification or information.”

A ‘desperate need’ for help

It appears that the process by which business owners provide this information has itself encountered problems. An EDC official said it took extensive technical work between CEBA and the financial institutions, such as banks, that made the loans.

The official said the goal was to solve the problem “in weeks, not months”.

In the meantime, Pohlmann said, many companies have faced new lockdowns since the expansion began in early December.

“There is a real desperate need for this money,” she said.

Finance Minister Chrystia Freeland speaks to media in Ottawa before releasing her Fall Economic Statement on November 30, 2020. (Blair Gable / Reuters)

On Monday, the CEBA website was updated to recognize that the process is “taking longer” for some applicants.

Business owners have also been given a new extended deadline to resolve these issues.

Previously, small businesses had until the end of March to apply for CEBA expansion. This deadline has now been extended to May 7 for companies that need to provide additional information.

Canada’s Emergency Business Accounts were first launched in April, giving businesses access to $ 40,000 in interest-free loans guaranteed by the government. Up to $ 10,000 of an individual loan is forgivable if it is repaid before December 31, 2022. Almost 840,000 businesses have registered.

The problems began as the pandemic dragged on and the government decided to expand the program to provide businesses with better access to cash. On October 9, Finance Minister Chrystia Freeland pledged additional loans of $ 20,000, up to half of which would be forgivable.

WATCH | Small business owners facing long lead times for CEBA loans:

Small business owners trying to access additional loans through the Canada Business Emergency Account are frustrated with delays and unable to access the money they need. 1:59

Details on how to apply will be made available “in the next few days,” Freeland said at a press conference.

In fact, applications for the expanded loans did not open until December 4 – and although 470,000 of them applied successfully, many found themselves in the same situation as O’Brien.

The CEBA website tells applicants that once they have applied, uploaded the necessary documents and validated their eligibility, funds should be available within 10 to 15 business days.

Ng’s office declined a request for an interview. In response to several written questions, his office sent a brief statement that did not explicitly acknowledge any issues.

“We are working with over 200 financial institutions to finalize a process so that more eligible businesses can get the help they need as quickly as possible,” a spokesperson said.

Ng’s office handed EDC further questions.

O’Brien said that while she was grateful to the government for creating the CEBA loan program in the first place, more transparency during that process would have made life easier for small businesses like hers.

“Just patting your head and saying, ‘Don’t worry, we’ll take care of you’ is not a sufficient response,” she said. “It does not relieve stress.”

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Taxi Workers Alliance’s Bhairavi Desai on Why Drivers Need a Rescue Plan http://wbts-forum.org//taxi-workers-alliances-bhairavi-desai-on-why-drivers-need-a-rescue-plan/ http://wbts-forum.org//taxi-workers-alliances-bhairavi-desai-on-why-drivers-need-a-rescue-plan/#respond Tue, 09 Mar 2021 10:56:39 +0000 http://wbts-forum.org//taxi-workers-alliances-bhairavi-desai-on-why-drivers-need-a-rescue-plan/ What was the role of Uber and Lyft? They started a race to the bottom and destroyed a full-time job which, especially for immigrant workers, was one of the last where you could make a decent living. Uber and Lyft launched a business model that not only sought to destroy existing industries in the most […]]]>

What was the role of Uber and Lyft?

They started a race to the bottom and destroyed a full-time job which, especially for immigrant workers, was one of the last where you could make a decent living. Uber and Lyft launched a business model that not only sought to destroy existing industries in the most unfair and anti-competitive manner, but they did so by going after drivers.

What could the taxi drivers and their union have done differently?

First, drivers had to take a break before signing up to work for Uber and Lyft. They put bonuses on the table and all of these incentives, and you understand the desperation that many drivers feel. But it took too long for our union to really grow in numbers. The corrupt political class was not going to stop these big companies who were lobbying. It would only be a united voice of the pilots.

What role did the Taxi and Limousine Commission play?

The TLC tells you which shade of yellow you should have on your car. It would have been impossible for the yellow cab drivers to assume that the TLC did not have a robust regulatory system in place. So many drivers have become homeowners spending their savings on buying a locket just because TLC said, “It’s a good investment.”

Why do you think a bailout will be successful?

We say $ 125,000 is the limit on medallion loans. Amortized at 4% over 20 years, that’s $ 757 per month. These numbers reflect what we consider to be the maximum that locket owners can pay. We tried to balance an amount that was livable for those with active loans and also an amount that would not reduce the value of the locket.

How can the city help?

The second part of our proposal is to get the city to support the loan of medallions. If someone bids more, the city doesn’t have to buy it. The city can also sell the loans after the purchase. Lenders can be confident that loans are at their lowest point, and they don’t have to keep re-evaluating them.

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