Financial


Generous lawyer

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“Our research shows that out of a yearly income of at least $500,000, you give not a penny to charity. Wouldn’t you like to give back to the community in some way?”

The lawyer mulled this over for a moment and replied, “First, did your research also show that my mother is dying after a long illness, and has medical bills that are several times her annual income?”

Embarrassed, the United Way rep mumbled, “Um … no.”

The lawyer interrupts, “or that my brother, a disabled veteran, is blind and confined to a wheelchair?”

The stricken United Way rep began to stammer out an apology, but was interrupted again.

“or that my sister’s husband died in a traffic accident,” the lawyer’s voice rising in indignation, “leaving her penniless with three children?!”

The humiliated United Way rep, completely beaten, said simply, “I had no idea…”

On a roll, the lawyer cut him off once again, “So if I don’t give any money to them, why should I give any to you?”

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Global Stocks Plunge as U.S. Crisis Spreads
Sell Offs on All Major Exchanges

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Even pedestrians are reflected on the electronic market board in Tokyo Monday, Jan. 21, 2008. The Nikkei 225 index shed 535.35 points, or 3.86 percent, to close at 13,325.94 points on the Tokyo Stock Exchange, tracking declines on Wall Street and around Asia, on worries that the U.S. economy is recession bound.

A visitor studies stock prices at the Australian Securities Exchange in Sydney, Australia, Monday, Jan. 21, 2008. The Australian stock market closed lower for the eleventh session in a row on Monday. At the close the S&P/ASX200 index was down 2.9 per cent to 5,580.4 with the All Ordinaries down 2.91 per cent to 5630.9.

A visitor adjusts his glasses as he studies stock prices at the Australian Securities Exchange in Sydney, Australia, Monday, Jan. 21, 2008. The Australian stock market closed lower for the eleventh session in a row on Monday. At the close the S&P/ASX200 index was down 2.9 per cent to 5,580.4 with the All Ordinaries down 2.91 per cent to 5630.9.

People watch a giant screen showing Bombay Stock Exchange index on BSE building in Mumbai, India, Monday, Jan 21, 2008. Indian shares plunged Monday amid a regional market sell-off sparked by worries that the U.S. economy may enter a recession. The country’s leading stock index appeared to be headed for its biggest ever single day loss.

Stock markets around the world plummeted yesterday as a financial crisis that began in the market for U.S. home mortgages spread to almost all corners of the globe.

U.S. markets were closed for Martin Luther King Jr. Day, but all the world’s other major economies experienced sell offs. Stock prices fell more than 7 percent in Germany and India, 5.1 percent in China, 5.5 percent in Britain and 3.9 percent in Japan. Many countries experienced their worst market declines since Sept. 11, 2001, and the only country whose stock market rose was Sri Lanka.

Asian markets continued their steep drop today, with Japan down 4.4 percent in morning trading. As the market opened in India, shares fell nearly 10 percent, triggering an automatic halt to trading.

“Where the bottom is now is anyone’s guess,” said Wesley Fogel, a market strategist for HSBC.

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Officials at the Treasury Department, in the Federal Reserve system and at major stock exchanges worked the phones yesterday, calling one another and their counterparts around the world. They were preparing for what looks likely to be a volatile week on Wall Street: Futures markets yesterday forecast a 4.5 percent drop in the Standard & Poor’s 500 stock index when exchanges open this morning.

A Treasury spokeswoman said only that the department is always monitoring markets and in touch with participants. A spokeswoman for the Fed declined to comment.

The markets fell as fears spread that massive losses on loans made to U.S. home buyers would cascade through the world financial system. Some of the firms that play important, but usually invisible, roles in the global financial architecture are turning out to be exposed to the downturn in the housing market in such a way that their ability to function is threatened.

The companies that insure bond investors against defaults are having to make massive payouts. One, ACA Financial, owes $60 billion that it cannot afford to pay and has been taken over by the Maryland insurance regulator. Its credit rating has been lowered.

The problems among bond insurers have meant that a wide variety of financial institutions cannot count on receiving payments due them, causing further losses.

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Other news yesterday shows just how widely the damage has spread. A Chinese newspaper reported that the Bank of China is exposed to subprime U.S. mortgage loans to a degree it had not previously disclosed and may have to write down the value of its $8 billion in such investments. Several large European banks have taken similar hits.

Those losses could have importance beyond the hit they cause to the banks’ share prices. Banks and other financial institutions play an important role in an economic downturn: lending to businesses and consumers so they can help the economy get back on track. The multibillion dollar losses could make them unable to play that role.

Moreover, foreign investors have been plowing capital into U.S. banks to help them continue lending, which made the losses particularly worrisome, some analysts said.

“Those infusions of capital have been crucial to maintaining performance to date,” said Joseph Mason, a finance professor at Drexel University in Philadelphia. “If foreign investors should significantly retreat from U.S. markets, that leaves us to our own recovery. In that case, the current credit crunch will continue to bite and we maintain a very high risk of recession.”
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Thank you Rajesh Nirgude, an AP News writer
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Boy, am I glad that I don’t play the stocks!

OK people…here we go…do not panic…it is infectious! Do not stop being a consumer…that is what hurts the economy.

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~The Baby Boomer Queen~


Baby Boomer Women:
Secure Futures or Not? is a “first-of-its-kind” study. With baby boomer women facing unique employment, financial, retirement, housing and health care challenges, this study provides answers on how baby boomer women and women of all ages may experience abundant, secure and fulfilling lives.

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As a collaboration between the Harvard Generations Policy Program and the Global Generations Policy Institute [GGPI], Baby Boomer Women:
Secure Futures or Not? comprises a series of “cutting edge” research articles. The expert authors, drawn from the academic, business and policy communities, examine a number of critical and often overlooked employment, financial, health care, housing and retirement challenges facing women. GGPI’s Chair Paul Hodge has observed:

“Baby Boomer Women:
Secure Futures or Not? is a culmination of a year of rigorous collaborative work by and among our Harvard partners and our most gifted authors. This pro bono, groundbreaking, public service venture was conceived, funded and led by GGPI as part of its Women’s Abundance Leadership Initiative.

As I have cautioned in my publications and presentations to, among others, the White House, the Aspen Institute, the World Economic Forum and recently at Oxford University:

Baby boomer women are in trouble. Unlike any other time in our nation’s history, unless there are dramatic policy shifts, in terms of absolute numbers, baby boomer women, most particularly minority women, will find their elder years to be a “never ending” struggle. After selflessly caring for their children and aging parents, a significant number of our country’s 40 million plus boomer women will not be able to afford to retire, will fall below the poverty line and experience financial insecurity and poorer health in their later years with limited aid from traditional safety nets.

Many of our boomer women will not have secure retirement futures because of diverse and interrelated demographic, social, cultural, political and economic societal factors. Almost 30 million boomer women will face uncertain employment, financial, heath care, housing and retirement futures because of gender-biased public and private sector policies.

Now is the time for our nation to recognize the singular needs of women as they age and to develop and implement public and private policies which target and address this demographic reality. In the workplace, we must update policies to reflect the changes in family structures and accommodate the compelling needs of single parenting women. We must eliminate the “glass ceiling” and age/gender discrimination policies and practices in the work place.

We must guarantee our nation’s baby boomer women and women of all ages an equal chance for capital accumulation, growth and retention in their working years and an abundant, secure and dignified quality of life in their increasingly vulnerable elder years.

Baby Boomer Women: Secure Futures or Not? is a unique study because it provides answers and solutions to women planning their employment, financial, retirement, health care and housing futures. It will stimulate informed dialogue among our nation’s citizens and business, governmental, spiritual, nongovernmental and academic communities and will lead to the creation of caring, “out-of-the-box”, systems-focused, intergenerational national policies which address the critical needs of our nation’s women.”

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For more information, please contact us at (617) 491-1171, fax at (617) 547-1431 or email us at genpolicy@genpolicy.com
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Thank you The Global Generations Policy Initiative, Inc.
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GLENDALE, California, A 17 year old died just hours after her health insurance company reversed its decision not to pay for a liver transplant that doctors said the girl needed.

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Nataline Sarkisyan died Thursday night at about 6 p.m. at University of California, Los Angeles, Medical Center. She had been in a vegetative state for weeks, said her mother, Hilda.

“She passed away, and the insurance company is responsible for this,” she said.

“They took my daughter away from me,” said Nataline’s father, Krikor, who appeared at a news conference Friday with his 21 year old son, Bedros.

Mark Geragos, attorney for the girl’s family, said he plans to ask the district attorney to press murder or manslaughter charges against Cigna HealthCare in the case. The insurer “maliciously killed her” because it did not want to bear the expense of her transplant and aftercare, Geragos said.

Nataline had been battling leukemia and received a bone marrow transplant from her brother. She developed a complication, however, that caused her liver to fail.

Doctors at UCLA determined she needed a transplant and sent a letter to CIGNA Healthcare on December 11. The Philadelphia based health insurance company denied payment for the transplant.

On Thursday, about 150 teenagers and nurses protested outside CIGNA’s office in Glendale. As the protesters rallied, the company reversed its decision and said it would approve the transplant.

Despite the reversal, CIGNA said in an e-mail statement before she died that there was a lack of medical evidence showing the procedure would work in Nataline’s case.

“Our hearts go out to Nataline and her family, as they endure this terrible ordeal,” the company said. ” … CIGNA HealthCare has decided to make an exception in this rare and unusual case and we will provide coverage should she proceed with the requested liver transplant.”

In their letter, the UCLA doctors said patients in situations similar to Nataline’s who undergo transplants have a six month survival rate of about 65 percent.

District attorney spokeswoman Sandi Gibbons declined to comment on Geragos’ planned request for murder or manslaughter charges, saying it would be inappropriate to do so until Geragos submits evidence supporting the request.

Officials with CIGNA could not immediately be reached for comment Thursday night.

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Thank you AP News
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First of all…MY condolences and sympathy to Nataline’s family and friends. A needless death due to financial gain is inconceivable!

As you know Baby Boomers I have no or little time for Insurance companies, lawyers and pharmaceutical companies…this is the reason why. I myself am uninsurable. I have been turned down for insurance since 1991.

Here a young lady lost her fight for life because of the financial end of an insurance company. This is not the first and will not be the last life lost due to their greed and corrupt ways…

They bet on you every day that you won’t get sick, hurt or injured and when you do, they drop you like a hot %$^$%#@% potato!!! Car insurance, health insurance and even home insurance…ask all or any of us, here in FLorida, about the latter!

~The Baby Boomer Queen~

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In from RIO VISTA, California, two whales that lost their way more than a week ago spent a second day circling near a Sacramento River bridge Tuesday, about 70 miles from the open waters of the Pacific Ocean.

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Both whales are wounded, apparently from a run-in with a boat’s propeller.

“The wounds appear to have worsened over time and their skin has changed from smooth and shiny to irregular and pitted,” said Frances Guiland of the Marine Mammal Center.

Fresh water from the Sacramento River could hamper the whales’ recovery, biologists said. Skin samples taken from the mother whale on Monday were sent to out-of-state labs to assess her general health and help identify her population stock.

Crews in the more than two dozen boats blocking the humpbacks’ path up the river tried herding the mother and her calf downstream by banging metal pipes beneath the water.

The challenge, officials said, was encouraging the pair to return to salt water quickly but without resorting to tactics that could upset the whales.

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“Stressing even a healthy whale is not good. Stressing an injured whale is worse,” said Brian Gorman, a spokesman for the National Oceanic and Atmospheric Administration.

The humpbacks, nicknamed Delta and Dawn, had traveled 90 miles inland more than a week ago before turning around at the Port of Sacramento on Sunday. They were making progress Monday until they reached the Rio Vista Bridge and began swimming in circles. (Watch crowd cheer on the whales )

Scientists theorized the whales began circling because vibrations from traffic upset them. The pair could not be coaxed forward even when the drawbridge was raised to halt the flow of vehicles.

Scientists have been watching the two closely because their route includes sloughs leading to muddy deltas where the whales could become lost and trapped.

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The pair also face a couple more highway bridges between Rio Vista and San Francisco Bay, including the Golden Gate.

Federal officials have authorized researchers to fire darts carrying a satellite tracking device beneath the mother’s fin to monitor her location, but two days of gusty winds and choppy waters have delayed the tagging.
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Thank you Associated Press…
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Our rivers and tributaties are polluted…this is proof…these poor whales are getting worse because they are swiming in it. Their wounds getting worse.

Big business is distroying our plant. For centuries they have polluted our eco system. Now even the fish and mammels are suffering…glacers are melting at increadable rates…China will soon be driving cars at an alarming rate…the global pollution will increase…I see no end to this cycle.

Many years ago there was a tire invented that would never have to be replaced…but the tire company(s) bought them out and so we have to continue to buy tires…which when burned make horrible pollution.

Drug companies only make medicines that endure diseases instead of cure diseases. Can you imagine what amount of money is made from the common cold, alone???? It is a million dollar business alone…look at the shelves in drug stores. Look at the pain releiver shelves… It breaks my heart to know that there are drugs out there that can harm and kill you and yet the American comsumer rushes to buy them…

Well, Baby Boomers, as usual…I am off on one of my rants again…but if I have reached just ONE of you…it was worth it!!!

Smiles and world peace but REMEBER…BUY NO GAS ON MONDAYS,
~The Baby Boomer Queen~

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In from WASHINGTON…The nation’s first baby boomer applied for Social Security benefits Monday, signaling the start of an expected avalanche of applications from the post World War II war generation.

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Kathleen Casey~Kirschling, a former teacher from New Jersey, applied for benefits over the Internet at an event attended by Social Security Commissioner Michael Astrue. Casey-Kirschling, who now lives in Maryland, was born one second after midnight on Jan. 1, 1946, making her the first baby boomer, a generation of nearly 80 million born from 1946 to 1964, Astrue said.

Casey~Kirschling will be eligible for benefits after she turns 62 next year.

An estimated 10,000 people a day will become eligible for Social Security benefits over the next two decades, Astrue said.

The Social Security trust fund, if left alone, is projected to go broke in 2041, though Astrue said he hopes Congress will address the issue, perhaps after the 2008 presidential election.
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Thank you AP News
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What did they do with all of the money we have been putting into the system????

DO NOT GET ME STARTED!!!

~The Baby Boomner Queen~

In from WASHINGTON, Secretary of State, Condoleezza Rice, challenged the world’s biggest polluters Thursday to “cut the Gordian knot of fossil fuels” by shifting toward energy sources that will reduce global warming, without harming their economies.

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“Ultimately we need to answer just one fundamental question: What kind of world do we wish to inhabit and what kind of world do we wish to pass on to future generations?” Rice said at the start of a two-day climate meeting called by President Bush.

The United States has lined up with China, India and other major polluters in opposition to the mandatory cuts in Earth-warming greenhouse gases sought by the United Nations and European countries.

Rice said the challenge of global climate change cannot be dealt with entirely as an environmental question, but “in a way that does not starve economies of the energy that they need to grow.”

“Though united by common goals and collective responsibility, all nations should tackle climate change in the ways that they deem best,” she said. “Managing the status quo is simply not an adequate response. … We must cut the Gordian knot of fossil fuels.”

A White House statement said the meeting will emphasize creating more diplomatic processes to find a solution to global warming, rather than setting firm goals for reducing carbon dioxide and other gases blamed for heating up the atmosphere.

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The nations summoned by Bush will seek agreement on how the nations might set their own strategies beyond 2012, when the U.N.-brokered Kyoto Protocol expires, but also could include “a long-term global goal,” the statement says.

Despite the emphasis on bureaucracy, James Connaughton, chairman of the White House Council of Environmental Quality, told participants: “This has to be about more than presentations.”

European leaders, who concede that the biggest polluting nations must be part of any solution, walked a thin line between skepticism and optimism.

“We can’t do this on the basis of talking about talking or setting goals to set goals,” John Ashton, a special representative on climate change for the British foreign secretary, said in an interview. “We know that a voluntary approach to global warming is about as effective as a voluntary speed limit sign in the road. We don’t just need an approach that works; we need an approach that works very quickly.”

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Bush’s meeting notably includes the fast-emerging economies whose exclusion from the group of industrialized nations participating in Kyoto has been cited by his administration as reasons for rejecting that international climate accord.

“This relatively small group of countries holds a key to tackling a big part of the problem,” said Yvo de Boer, the top U.N. climate official.

Yet Bush also has competed for attention with the climate change summit that was held Monday in New York City at which U.N. Secretary-General Ban Ki-moon warned 80 world leaders that “the time for doubt has passed” and urged fast action to save future generations from potentially ruinous effects of global warming.

The U.S.-led talks Thursday and Friday unite countries at both ends of the economic spectrum, the haves and have-nots, in opposition to mandatory cuts in greenhouse gases, but for different reasons. The already-industrialized nations do not want to harm their economies, as Bush has argued. Developing nations do not want to give up ground toward industrializing and meeting basic human needs.

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“For a developing country, the main task is to reduce poverty,” Xie Zhenhua, vice chairman of China’s national development and reform commission, told a forum Wednesday sponsored by the Center for Clean Air Policy, a think tank.

Mexico’s environment minister agreed. “We have always to bear in mind that half our population is at the poverty line,” said Juan Rafael Elvira Quesada. “We are also extremely concerned about the consequences, the adverse effects of climate change.”

They expressed a strong preference for the climate negotiations later this year sponsored by the U.N. Framework Convention on Climate Change, for which Ban’s summit Monday was intended to build momentum.

“All these discussions should be taken within the framework of the UNFCCC and the Kyoto Protocol,” Xie said.

But developing countries still are trying to curb their emissions while lifting the welfare of their citizens, said Sergio Serra, Brazil’s first ambassador in charge of global warming issues.

“It is a myth to think the developing countries are doing nothing to address climate change,” he said
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Thank you
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Well Baby Boomer…I don’t know but if I were sitting at this conference and I was told to address “cut the Gordian knot of fossil fuels” by shifting toward energy sources that will reduce global warming , without harming their economies…
by of of the top gas gusslin’ countries of the WORLD…whose President was one of the leading oil men of the free world…I think I would have been HIGHLY insulted or laughed in her face!

And HELLO shouldn’t this have been done years ago…aren’t we really in a war over oil…

I dont know I am just an average person…what do I know…you decide Baby Boomers!

Green Peace out…
~The Baby Boomer Queen~

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