Monday, November 23, 2009

“Pay-slip fraud nets big loans (ABC via Yahoo!7 News)” plus 4 more

“Pay-slip fraud nets big loans (ABC via Yahoo!7 News)” plus 4 more

Pay-slip fraud nets big loans (ABC via Yahoo!7 News)

Posted: 23 Nov 2009 03:45 PM PST

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Attorney General auditing SSU loans to Carinalli (The Santa Rosa Press Democrat)

Posted: 23 Nov 2009 11:05 AM PST

SSU President Ruben Armiana, who serves as chairman of the foundation, disclosed the audit in an e-mail sent late Friday to faculty and staff.

We have supplied the Attorney General with all documentation requested and will continue to be responsive to the Attorney Generals requests, according to the e-mail, which was sent by Armiana and three other members of the foundations executive committee.

Armiana said a second audit of the foundation is now being conducted by the California State University Trustees internal auditor, who reports to the CSU Board of Trustees. He pledged to make the audit public when it is completed.

The foundation loaned Carinalli at least $9.6 million from 1994 to 2003. It made its first loan to Carinalli two days after he resigned from the foundations board of directors to avoid a potential conflict of interest.

Previously, the university said it had created a campus committee to review conflict of interest laws that apply to the SSU Academic Foundation and other auxiliary organizations. SSU will consider implementing standards of practice that exceed the current legal requirements, according to the note from the foundations executive committee.

On behalf of the entire Foundation Board, we are committed to being as transparent as we are legally able. We will continue to the very best of our abilities to be trustworthy stewards of funds donated to our academic and student programs, the foundations executive committee stated.

The statement did not address whether the SSU Academic Foundation will have to return a $232,500 payment from Carinalli, whose recent payments to creditors are being heavily scrutinized in court after he filed the largest personal bankruptcy in county history.

The note was authored by Armiana, foundation president Patricia McNeill, foundation vice president/chief operating officer Larry Furukawa-Schlereth, and foundation secretary/chief financial officer Letitia Coate.

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San Joaquin County offers loans to aid businesses as RV center defaults (Lodi News-Sentinel)

Posted: 23 Nov 2009 02:41 AM PST

Indexes

The following stories have received the most reader comments during the last 7 days.

San Joaquin County offers loans to aid businesses as RV center defaults

Thanks to the recession, San Joaquin County is faced with three businesses in default of loans made by the county. One of them is an Acampo firm.

The Board of Supervisors recently declared the Lodi Truck Center in default of its $100,000 loan. The company's balance due is $47,174, plus accrued interest.

Although the news seems to be bad, county officials look at the default declaration as a way to keep businesses afloat and help employees keep their jobs, said John Solis, executive director of the county Employment and Economic Development Department.

The Acampo business, recently renamed Lodi RV Center, has done a good job making its payments, Solis said, but it fell victim to an economy in which people can't afford to have RVs or maintain them. That doesn't help a business with RVs as its life blood.

The business continues to be in operation. Lodi RV Center is located on the western Highway 99 frontage road, just north of Woodbridge Road. According to Solis, the Board of Supervisors approved a $100,000 loan in 2004 from the revolving loan fund budget.

In 2008, the Board of Supervisors approved a request by owners Eric and Maurene Neal to modify their loan to interest-only payments, Solis said. But the Neals filed for Chapter 13 personal bankruptcy on April 13 of this year.

Eric Neal declined to comment on the issue Wednesday afternoon at his shop.

"You'll have to contact the county," Neal told a News-Sentinel reporter from the service department where he was working.

San Joaquin County got into the lending business in 1977, when the U.S. Department of Commerce allocated $5 million to the county. Through interest collected on loans since that time, the county's revolving fund has doubled to the $10 million range, Solis said. That gives the county more money to lend to businesses.

"We've created and retained thousands of jobs," Solis said.

About 41 percent of businesses that enter into loans with the county go into default, but the county collects about 93 percent of the payments, Solis aid.

The county lends businesses between $25,000 to $1 million at an interest rate one or two percent above what a bank would charge, Solis said. But a business can apply for a loan from the county when they are turned down from a bank.

Applicants must show a demonstrated history of paying back loans, Solis said. When businesses are successful in the county programs, banks are sometimes willing to refinance for a lower rate, he added.

"If the bank shows the ability to pay, we became the lending source of last resort," Solis said. "This is not a bailout in any way."

The Board of Supervisors also declared default on two other loans last week — Timbron International from Stockton, which borrowed $1 million in 1999, and Mandal Truck and Trailer, a Lathrop firm which borrowed $370,000 in 2004.

Contact reporter Ross Farrow at rossf@lodinews.com.

Reader Feedback

Note from Editor Rich Hanner: Please be civil — or be gone.

Our online comments are not reviewed before they are posted. We expect readers to post comments that are respectful and constructive. This is not a forum for personal attacks or invective. Those who post comments that ridicule or disparage will be warned and then blocked from making further comments. Readers who spot comments they believe are inappropriate are encouraged to use the "Report Abuse" links next to each comment. Thank you. Let's play clean.

dnoone wrote on Nov 23, 2009 1:53 PM:

" " Another classic example of the hipocrisy of LNS-

"religiousnonsense wrote on Nov 19, 2009 4:47 PM:

" Can't the city just F off for once? A bunch of bored undersexed people who can't find anything better to do! Didn't they hassle the hotdog guy in front of the post office? Way to go! "

So when someone expresses an opinion that may be contrary or critical to LNS they get censored or banned but this post that drops an F bomb and insults people in general is ok?

Once again it's a liberal media bias, or is it?

What say ye Richie Hanna? " "


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Call to slash court-imposed interest rates on personal debt (Irish Examiner)

Posted: 22 Nov 2009 06:01 PM PST

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Call to slash court-imposed interest rates on personal debt

By Shaun Connolly Political Correspondent

Monday, November 23, 2009


COURT imposed interest rates for debtors unable to pay back loans need to be slashed in half in order to help people out of financial despair, Labour last night warned.


With the slump provoking a huge rise in household debts, Labour front bench spokesman Ciarán Lynch urged Justice Minister Dermot Ahern to act.

Mr Ahern has the powers to reduce the 8% rate which has remained unchanged since it was brought down from 11% in 1989.

Mr Lynch says the level is more than twice the rates of most lenders and that the minister could alter it with "a flick of the pen".

The court judgments do not cover mortgage arrears, but personal debts such as credit cards and bank loans.

Labour has called for a radical overhaul of how personal debts are dealt with by the courts as the party brands the system "unjust".

Mr Ahern says the situation is under review, but Mr Lynch called for urgent action.

"We all know that 'under review' is code for the fact they are not going to do anything about it.

"The law is crying out for reform and needs to be looked at as a priority as so many families are failing to keep up with loans and credit card payments because of unemployment and the state of the economy generally.

"While people should pay back what they can afford, the present system is just putting them further into debt as the interest rates imposed are punitive – nearly two and a half times the going rate.

"The level of interest imposed by the courts is grossly excessive and operates as a penalty, bears no relationship to bank rates of interest and is oppressive on a hard pressed debtor. It also encourages litigation as the creditor gets a windfall under the current system.

"Also, uncontested cases have a flat level of costs, but, if challenged, the rate of costs is connected to the level of the claim, so this is also wrong and creates a bonanza for solicitors and barristers involved as the hapless debtor must pay interest on the costs awarded against him or her too, so they take a double hit," Mr Lynch said.

 

This story appeared in the printed version of the Irish Examiner Monday, November 23, 2009

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Flood victim loan deadline arrives (USA Today)

Posted: 23 Nov 2009 09:42 AM PST

SBA spokesman Richard Daigle says the applications must be postmarked by Nov. 23.

The loans cover losses not covered by flood insurance or federal grants. Already the SBA has approved more than $40 million in disaster loans related to September's historic flood.

A homeowner can receive up to $200,000 in loans for real estate loss and up to $40,000 in loans to replace an automobile or furniture or other personal items. Renters can receive up to $40,000 in loans for the contents of their apartment. Businesses can receive loans up to $2 million.

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Posted by Rakhma at 4:04 PM

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